I am looking over the deal my father struck with the dealership and I see two forms here from Toyota Financial Services labeled "Toyota Extra Care Vehicle Service Agreement Application" & "Toyota Care Plus Prepaid Maintenance Program Application".

Here are the particulars for each:

A.)Toyota Extra Care Vehicle Service Agreement Application is either platinum or gold but it's difficult to tell because the x marks are kind of touching both equally haha. $0 deductible plan code B80 for 8 years 100000 miles @ an agreed purchase price of $1,880. On the back of the contract it states everything covered so i guess this is pretty straightforward.

I kind of like knowing that if anything breaks before 100K they will cover it and I mean everything from all the computers to anything electrical or anything that is lubed. I can list it all if asked. If I have 30 days to cancel this, should I?

B.) Toyota Care Plus Prepaid Maintenance Program Application is either premium or classic but its difficult to tell because the x's are kind of touching both boxes but I think it might be closer to classic. Agreements service interval miles is set at 10,000. Plan code is SYJ for 5 years 55,000 miles at a purchase price of $1050.

This is where I am a bit confused as I am not sure what exactly was purchased for $1050. Does this mean that my father basically purchased an extra 3 years on top of the 2 year coverage or is this for 5 years starting after the basic 2 year warranty expires? What is he paying to receive every 10k for the next 55,000 miles? Should I cancel this before it's too late?

I don't even recall being asked if I wanted extra coverage when I bought my T4R but earlier this year when I bought a BMW I know that I was. They called it the BMW extended service contract and had 2 or 3 tiers of coverage, silver, gold, platinum (the higher tier covering all that was listed in the lower, plus more.. you get the picture). This was not really BMW providing the coverage because the contract is with an external company, in my case Fidelity which offers extended service warranties for a very hefty sum. In most cases the manufacturer's warranty runs concurrently with the purchased extended so yes, during the manufacture's period of coverage you're purchased warranty is being wasted. I took a quick look at some of the components that were covered and some parts were listed in surprising detail. For example under the Cooling and AC portion, it listed belts, pullies, bearing but yet not the condensor which would have been the most expensive component to replace. I declined. Afterwards, I did some searches and found too many horror stories involving people who had paid a lot of money for coverage only to find out that getting their expensive repair paid for is next to impossible. If there is a dispute (you think you are dealing with Toyota, but in the end you really are not). Some of these warranty companies go bankrupt, some are under investigation, etc. I imagine there are legitamte ones as well but please do your homework and don't be pressured through fear tactics.