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Extended Warranties

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Comments

  • adragadrag Posts: 3
    I had one for my Honda Civic Si. Sounded good at the time. Ended up being useless. First off, no repair shops recognized it. Second, the warranty covered things that hardly ever go wrong with a Honda or most cars for that matter. Third I believe it came out of pocket first then the company re-inverse me.
    I did read the contract. It was long with a lot of small print. Most of these warranties are written with this in mind and will sound good. The warranty is offered right before you finalize buying the car. The anticipation of a new car and wanting everything to be perfect is the opportune time.

    That is until you actually need it then everything becomes a lot more clear. The company that provided the warranty was blatant about letting me know the warranty was pretty much useless.
    When I finally did try and use it. I would never do it again and advise others not to bother. Definitely don't listen to the car salesman.
  • Hello everyone, I wish I had stopped in and posted prior to finding a specific vehicle I liked at a dealership. Anyways, I purchased a 2008 SR5 4Runner with 40k miles. When I went to financing, they offered me a 8yr 125k "Extra Care" Warranty for $1980. It already includes a 1yr/12 month warranty. but this seemed like a possible peace of mind. I can cancel the warranty up to 30 days after the date I purchased it and then they prorate after that if you cancel. Looking for input on the vehicle/extended warranty. Anyone that has used it or recommendations on even keeping it. The $1980 is about 8.3% of the cost of the vehicle, and it probably will overlap the current 1yr 12k miles cpo warranty. Coverage is good until April 2016, so I am only gonna get approximately 3 years and 6 months coverage since I likely wont drive 125k in the same time-frame.

    If I did decide to cancel it, would anyone recommend a competitive warranty for a toyota product that is out of manufacturer warranty? Penfed was offering a 5yr 100k warranty for $1280 but its just a third party deal. Price seemed more reasonable and I can add it on at the end of the cpo warranty time-frame.
  • fushigifushigi Chicago suburbsPosts: 1,459
    Cancel it & put the money in the bank. $1980 will cover pretty much any repair up to a full engine or transmission replacement. Unless you think the car will need more than that in repairs, then it's way too expensive.
    2017 Infiniti QX60 (me), 2012 Hyundai Elantra (wife)
  • texasestexases Posts: 8,922
    I agree with everything above - cancel it, put the money in the bank, you'll likely never need it all. This is especially true if it's not a factory-backed warranty. Never buy a warranty from other than the factory, so many are next to useless. This should answer your second question.

    You've just bought an exceptionally reliable vehicle, make the most of it!

    Finally, expect the dealer to do everything possible (including lying to you) to stop you from cancelling. These are extremely high profit items, they will NOT want to let it go...
  • Can anyone talk to me about what i bought through toyota? Its called "Extra Care" and im not sure if its even a legit toyota warranty.
  • texasestexases Posts: 8,922
    It might or might not be factory - backed - you'll need to read through the contract to see.
  • you should never buy these things... trust me... i know... i used to sell them!
  • 2008 4Runner got the award for JD Power Most dependable/ Reliable vehicle. Already can tell a different on gas vs my xploder. Getting about 19mpg vs 14mpg. Even if I overpaid by $1000 for the vehicle, I am really happy with the extras. Gonna price out the carchex warranty and see if that makes sense. Wish I knew if I could get other toyota dealerships to compete for my extended warranty business. Wouldn't mind keeping the same warranty for 1k less. Anyone work at a toyota dealership and sell "Extra Care" warranties on CPO vehicles with over 36 miles?
  • texasestexases Posts: 8,922
    Let me say this clearly: do NOT buy any third party (non-Toyota) warranty, regardless of the price. Many have been proven worse than useless, with many rejected claims and bankruptcies. It doesn't matter what the price is. These companies are often investigated for fraud. Avoid them!
  • Our family just purchased a used 2004 Yukon XL Denali with 65,000 miles. One owner. The car has been well taken care of, but we are undecided on whether to purchase an extended warranty. Everything I read is very contradicting. We did not want to finance the warranty, so it would be cash out of pocket. We were quoted $650 for 12 months/12,000 miles. Anyone have any thoughts they would like to share?
  • a4dave:

    You just listed two (2) items that are specifically listed in their contract as NOT covered. This isn't in small print, nor is it "grey area"...they list like 20 or 30 items not covered, most of it belts, hoses, batteries, brake pads, etc...crap we've always paid for...anything else NOT listed is covered, or the other 5,000 parts on the car.

    I'm in a GM certified service department and Olympicare pays out more than most...and when they don't it's ALWAYS plainly listed on the contract as not covered...not that people are excited to get that news anyway, but I've dealt with worse when you have to argue a case because the language is so vague. With that said, if you're buying a GM get the GMPP extended coverage...it's more expensive but your ball joint would have been covered.
  • Purchased a 2007 Volvo S60 (37K). Dealer offered 2yr/24,000 Gold+ extended warranty w/Fidelity Warr Service for $2,200. Wife commutes approx 20,000 miles to work a year, so doesn't make much sense.

    Should we re-negotiate, increase contract term or cancel? If so, any warranty suggestions are appreciated. Car was prev lease/1-owner/exc condition/all service&maintenance completed.

    Thanks!
  • texasestexases Posts: 8,922
    Please look at the last few pages of comments, you'll find nobody in favor of these warranties.
  • Kirstie_HKirstie_H Posts: 11,077
    That about sums it up - not much left to add.

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  • Are you saying no extended warranties are worth it, or only that the third party warranties are never worth it? my Nissan Altima is about 1.8 years old and I have not quite decided whether I will purchase the extended warranty. I am thinking that even one major repair like a belt, for example, would make it worthwhile.
  • texasestexases Posts: 8,922
    3rd party warranties are never worth it to me because of the very high likelyhood of refusal of coverage because of shady or bankrupt sellers. Not all are, but many are, and have been widely exposed.

    Factory backed warranties are not 'worth it', in that you'll likely get much less $$ out than you pay (that's why dealers push them so hard). But if you put a VERY high value on 'peace of mind', then, OK, I guess.

    Your example of a belt would make me wonder if a wear item like that would even be covered.

    My rule: if I can't afford the loss, buy the insurance. If I can afford the loss, cover it with money in the bank.
  • Kirstie_HKirstie_H Posts: 11,077
    Belts are like brake pads - wear & tear item. Regular maintenance items as outlined in the owners' manual aren't covered under any extended warranty.

    Many times, you can find the coverage listed online. If not, ask for a copy of it and read it carefully before even considering. In addition to the shady/bankruptcy issues, there are often many exclusions and loopholes to the contract provider's benefit.

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  • andrew73andrew73 Posts: 1
    edited December 2011
    Hi,

    I've just bought a 2003 Chevy Cavalier for 3900.

    Before buying the car the dealer told me that the car would have needed some fixes (one front wheel bearing and one tie rod end needs to be changes).

    Should I get an extended warranty and have them fix this issues in their policy? Even if I replaced myself this parts, should I still get an extended warranty?

    Thanks,
    Andrea
  • texasestexases Posts: 8,922
    edited December 2011
    No, usually not worth it, and I'd be surprised if one would cover existing problems.
  • robr2robr2 BostonPosts: 8,863
    ...and I doubt you'll be able to get an extended warranty on a 9 YO used car that'll be any good.
  • walletlesswalletless Posts: 40
    edited January 2012
    I bought a brand new Nissan Altima 2012. While purchasing the car, the finance guy offered me the "Nissan Maintenance Plus" Package, which covers all the regular maintenance, oil changes, filter replacement, tire rotations, 30/60k service, etc. The price for this package was 1895+tax. It covers these factory-suggested maintenance for 5 years/75000 miles.

    Is it worth it?
    Nissan suggest's an oil & filter change every 3750 miles. So in 75000 miles, it's 20 oil/filter changes. Generally, each oil change is around $35 at non-dealerships, so thats $700.
    Tire rotations are required once every 7500 miles. So 10 times. Each tire ration is around $15 at non-dealerships - so that's $150.
    There is an "intermediate service" required at 15k, 45k, and 75k miles. The dealership cost for this is $289, so I am assuming most non-dealerships will do it for around $200.. so $600 for that.
    30k/60k servicing is generally the most expensive. Dealership charges $660, but from my experience, it is $400 at non-dealerships. So $800 for that.

    So, if I do all this maintenance myself, I expect to pay 700+150+600+800 = 2250.. so this seems like a good deal, right?

    I have time before reaching 3750 miles to add/buy this package.. so what do people suggest?
  • texasestexases Posts: 8,922
    I wouldn't, even if your math is correct you may not be able to have the dealer do all these things. And you say 'Nissan suggets an oil&filter every 3750 miles'. Really? That's in the factory manual? Or is that in a dealer-supplied 'manual'? I'd be surprised if normal service required oil changes more often than 5000 or 7500 miles.
  • rayainswrayainsw Posts: 3,028
    From the Nissan 'Service & Maintenance Guide (PDF, 732K) '
    on their web site...

    SCHEDULE 1 (more severe operating
    conditions), every 3,750 miles or 3
    months, whichever comes first
    Use Schedule 1 if you primarily operate your
    vehicle under any of these conditions:
    ● Repeated short trips of less than 5 miles in
    normal temperatures or less than 10 miles in
    freezing temperatures
    ● Stop-and-go traffic in hot weather or low
    speed driving for long distances
    ● Driving in dusty conditions or on rough,
    muddy, or salt-spread roads
    ● Towing a trailer, or using a camper or car-top
    carrier

    SCHEDULE 2 (less severe operating
    conditions), every 7,500 miles or 6
    months, whichever comes first.
    Schedule 2 features 7,500-mile service inter-
    vals; with Schedule 2 fewer maintenance items
    are regularly checked or replaced than with
    Schedule 1.
    Generally, Schedule 2 applies only to highway
    driving in temperate conditions. Use Schedule
    2 only if you primarily operate your vehicle un-
    der conditions other than those listed in
    Schedule 1.
    2016 BMW 340i
  • walletlesswalletless Posts: 40
    edited January 2012
    Thanks for the reply.

    Yes, 3750 miles schedule is recommended in the Nissan Owners guide. I fall in the severe category because I will have repeated trips of <5 miles in normal temperature. One problem is that it will take me MUCH longer to reach 3750 miles than 3 months (I expect to reach that many miles in 8-10 months since this is my 2nd car that I do not use for daily commute to/from work).

    Also, this is honored across nation at all Nissan dealerships with the exception of Alaska.

    They do have three different "levels" of service though - Gold, Silver, Bronze (http://www.nissanusa.com/content/dam/nissan/pdf/extended-service-plan/Maintenan- cePlus.pdf). The price above is for the Gold level. I need to call and inquire about the pricing of other 2.. Since all Nissan dealerships honor this, I think it might be useful if I keep the car for 5 years (which I think I will).. Initially I was concerned primarily because I thought it was tied to the dealership, and I was not sure if I will stay close to the dealership for the next 5 years.
  • texasestexases Posts: 8,922
    Wow, Nissan is far more aggressive with their oil change requirements, that 3 months is just nuts. While I'd be sure you could go 6 months no problem, it is a warranty issue, so I guess you'll have to follow it.

    Nissan seems to have institutionalized high service revenue...most others do it with a dealer 'service recommendations' list that exceeds the owners manual requirements.
  • They do have separate maintenance+ plan for the 7500mile interval too, but I have not checked on price for that.

    One question - are these generally negotiable? If so, I can do some math and try and see if they are willing to add it below a certain price point..
  • jipsterjipster Louisville, KentuckyPosts: 5,722
    In 5 years will you drive 75,000 miles in 5 years? You gonna buy your next set of tires at expensive dealership? Many of the dealership recommended services i.e cleaning of fuel system, early trans fluid and coolant flushes...arent listed in manual.

    Have you checked around other Nissan dealerships? I can routinely get my oil changed for $19.99 at my Mazda dealership.

    I think you'd probably end up spending more going with the Nissan "minus" plan.
  • Hi Jipster,

    I *definitely* will not drive 75k miles in 5 years. My average is likely going to be closer to 5k per year..

    BUT, the manual recommends oil change every 3750 (or 7500) miles / 3 months (or 6 months) - whichever comes earlier.. so regardless of how many miles I drive, it seems that the manual recommends an oil change every 3 months.

    I will call and check for oil change specials at other dealerships around to see how much they charge. I doubt there is a $20 special anywhere nearby unless I manage to haggle my way to that price..
  • I pinged 3 dealerships nearby. Cheapest oil change is $24.95. 30/60 service is in line with retail price. Intermediate service just covers some inspection, which could be done at any other dealer as long as there is an itemized receipt as proof that the inspection was done. Tire rotation can also be done anywhere, and typically costs $10 at a nearby tire place.

    So yes, the M+ plan does not seem worth it anymore.
  • jipsterjipster Louisville, KentuckyPosts: 5,722
    O.k, with fewer miles, you'll need fewer tire rotations. A lot of the inspection stuff they do will be done during oil changes. If they have an oil chane only package, may be worth a look

    You have a CVT transmission? No transmission fluid flushes. How you like that CVT transmission by the way?

    Really like the looks of the Altima.
    Would like to buy one myself. Congragts.
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