Extended Warranty

[duckman06]

I am going to jump into the decision about extended warranty. I just bought my wife a 2013 SR5 and choose to get a 5 year extended warranty or 80,000 miles for $1,400. Dollars. Normally I don't get extended warranties but they offered it I got the extended warranty to drop apr down to 1.9 % for 5 years. I did some quick math and it would pay for itself with out any warranty claims over 5 years with just going from 3% apr to 1.9 % apr rate.

I am curious now if I cancel the extended warranty can they a right to adjust my apr? I don't see how but just wanted to ask. Since I had bought so my toyotas from my dealer at cost plus $500. I don't belive I will cancel right away but wait till the 2nd or 3rd year and cancel. I know it will be prorated but good to have once manfactors warranty runs out. I see if any problems come up during the first couple of years if so will keep if not will cancel. Pleas any thoughts or opions on this will be great help.

Duckman06/Adam Whatley

 

[RobDek]

APR reduction due to warranty purchase?? Sounds like you've been scammed... It's no wonder that so many dealers and sales people have such poor reputations.

 

[Flip-er]

cancel it
i did same with a service warr.
they said i couldnt do this unless i bout it, so i said ok
went in 2 weeks later canceled it and had them refund the 100% i paid and applied it to loan pymnt.
they first said i could cancel it, i said show me in writing where i cant, they couldnt, so it kinda pissed them off.
a warr. or service contract will not dropp your apr.
infact you can talk them down on the apr.
i have done that in the past, told them i could do better else where.
had one dealer tell me to bring it in, i said ok, by the way mr dealer, i will bring it in after i buy else where, and i got up and started to walk, they met the apr .
this works best if you great credit score.

 

[minamhere]

I am going to jump into the decision about extended warranty. I just bought my wife a 2013 SR5 and choose to get a 5 year extended warranty or 80,000 miles for $1,400. Dollars. Normally I don't get extended warranties but they offered it I got the extended warranty to drop apr down to 1.9 % for 5 years. I did some quick math and it would pay for itself with out any warranty claims over 5 years with just going from 3% apr to 1.9 % apr rate.

I am curious now if I cancel the extended warranty can they a right to adjust my apr? I don't see how but just wanted to ask. Since I had bought so my toyotas from my dealer at cost plus $500. I don't belive I will cancel right away but wait till the 2nd or 3rd year and cancel. I know it will be prorated but good to have once manfactors warranty runs out. I see if any problems come up during the first couple of years if so will keep if not will cancel. Pleas any thoughts or opions on this will be great help.

Duckman06/Adam Whatley

Duckman06, I ended up canceling the warranty that I purchased through the dealer, and didn't buy one from anyone else. I just called Toyota Financial Service, and they had me fax a letter to them giving my VIN and Current Mileage. Since I was within 30 days, they credited the entire cost of the warranty. My loan was through a credit union so they just mailed a check to them and basically prepaid my loan for a month.

As others have said, the warranty _shouldn't_ be tied to your loan rate. The dealer may have given you a lower rate as an "incentive" to purchase the warranty, but they aren't actually connected. You should be able to cancel without changing your interest rate.

Basically, if you don't want the warranty (or if you do want it and want to get it from Jerry at his awesome rates), cancel it through TFS before 30 days. Get all of your money back. Enjoy your low interest rate.

Note that if you change your mind, you are always able to purchase the extended warranty at any time prior to your regular warranty expiring. So if you are approaching 3 years or 36k miles, and you think you want the warranty, you can buy it then. You DO NOT have to purchase it right now. And it should not be tied to your loan.

(Read the paperwork. People WILL always lie to you. Signed paperwork will never lie, and at the end of the day, is the only thing that matters.)

 

[milgrad]

Cancel it. Not only can't they raise you apr you paid way too much. I have the 6 yr 100k platinum warranty no deductible and paid $755

 

[Bay33saw]

I am going to jump into the decision about extended warranty. I just bought my wife a 2013 SR5 and choose to get a 5 year extended warranty or 80,000 miles for $1,400. Dollars. Normally I don't get extended warranties but they offered it I got the extended warranty to drop apr down to 1.9 % for 5 years. I did some quick math and it would pay for itself with out any warranty claims over 5 years with just going from 3% apr to 1.9 % apr rate.

I am curious now if I cancel the extended warranty can they a right to adjust my apr? I don't see how but just wanted to ask. Since I had bought so my toyotas from my dealer at cost plus $500. I don't belive I will cancel right away but wait till the 2nd or 3rd year and cancel. I know it will be prorated but good to have once manfactors warranty runs out. I see if any problems come up during the first couple of years if so will keep if not will cancel. Pleas any thoughts or opions on this will be great help.
Duckman06/Adam Whatley

Cancel it, I used to work at a motorcycle dealership and we would do the same thing, we would say "your loan is 2 points higher on your APR, but if you protect your vehicle with an extended warranty we can offer you 2 points less for protecting your investment"
That's why I got out of financing, total scam....Tell them you want to cancel the warranty and keep the low APR. If the finance guy gives you a hard time go to the sales manager. You have a right to cancel anything they sell you in the finance office.

Stand your ground and take no BS, they will give you a million excuses, stick to your guns and be polite about it, no need to be a D@*k about it, just explain you'd like to cancel it.
Good luck and keep us posted

 

[RobDek]

Same thing happens with life & disability insurance...

Such as...congrats...you're approved but the finance company is requesting that you take such & such insurance coverage. Total BS!!!

So many scams to fleece the customer. Have you noticed that admin fess keep going up and up? Always negotiate the final out the door price to avoid fees getting piled on after the negotiation.

 

[duckman06]

Ok I will be making a call tomorrow morning. I felt that their was something wrong with the 2% apr if I bought extended warranty but I didn't listen to my gut. The bad thing is the finance guy is going to be in trouble because he lied to me propely for a spiff. As I am really good friends with owner, sales manager etc... I have bought 7 vehicles from them over the past 10 years and my company does work for the owner.


Ok if I cancel will they just credit that amount of the extended warranty towards my loan amount? Also the gentleman you all speak of Jerry to buy extended warranty from how does that work for me in northeast LA? How do I pay him for the new extended warranty? Cut a check, get charged by toyota fin services? Please just any more info. On the ends and outs of how this works.

Thanks

 

[mjohns2]

Ok I will be making a call tomorrow morning. I felt that their was something wrong with the 2% apr if I bought extended warranty but I didn't listen to my gut. The bad thing is the finance guy is going to be in trouble because he lied to me propely for a spiff. As I am really good friends with owner, sales manager etc... I have bought 7 vehicles from them over the past 10 years and my company does work for the owner.


Ok if I cancel will they just credit that amount of the extended warranty towards my loan amount? Also the gentleman you all speak of Jerry to buy extended warranty from how does that work for me in northeast LA? How do I pay him for the new extended warranty? Cut a check, get charged by toyota fin services? Please just any more info. On the ends and outs of how this works.

Thanks

You actually need to call Toyota. There's a number on the back of the warranty paperwork, that's the number you call and speak to them. As Minamhere stated, they ask you to fax a quick letter saying you want to cancel, include the VIN and current mileage.

 

[WhiskeyCop]

Duck, just call Jerry. CC over the phone.

Ok I will be making a call tomorrow morning. I felt that their was something wrong with the 2% apr if I bought extended warranty but I didn't listen to my gut. The bad thing is the finance guy is going to be in trouble because he lied to me propely for a spiff. As I am really good friends with owner, sales manager etc... I have bought 7 vehicles from them over the past 10 years and my company does work for the owner.


Ok if I cancel will they just credit that amount of the extended warranty towards my loan amount? Also the gentleman you all speak of Jerry to buy extended warranty from how does that work for me in northeast LA? How do I pay him for the new extended warranty? Cut a check, get charged by toyota fin services? Please just any more info. On the ends and outs of how this works.

Thanks

 

[duckman06]

Ok guys I will give Jerry and toyota fin. Services a call as well. I still will be calling my local (trustworthy) toyota dealer to express my concern/disappointment in the matter. I am not looking to get anyone in trouble but just to see why they would have treated a loyal buyer like this. I don't shop around I trusted them and this is how they treat me. I don't think so.

I am in sales and I always explain every option to a customer and why or why not I suggest something. While I deal with hvac (heating and cooling) I have earned a good name over the years by telling the truth and treat each and everyone of my customers like they are my family. That is how I felt I should have been treated at the dealership. I again have bought many new toyota trucks, SUVs and cars from there and recommended to others to do the SE
For years. I just want answers!!!!

 

[Bay33saw]

Ok guys I will give Jerry and toyota fin. Services a call as well. I still will be calling my local (trustworthy) toyota dealer to express my concern/disappointment in the matter. I am not looking to get anyone in trouble but just to see why they would have treated a loyal buyer like this. I don't shop around I trusted them and this is how they treat me. I don't think so.

I am in sales and I always explain every option to a customer and why or why not I suggest something. While I deal with hvac (heating and cooling) I have earned a good name over the years by telling the truth and treat each and everyone of my customers like they are my family. That is how I felt I should have been treated at the dealership. I again have bought many new toyota trucks, SUVs and cars from there and recommended to others to do the SE
For years. I just want answers!!!!

Sales managers work on commission,back end and front end, don't feel bad for your buddy. Just cancel the warranty and get it over with...Trust me.

 

[duckman06]

I took care of it monday. They are going to make it right with me on some other things that is being done to my tundra. I still canceled the warranty.


Question: what is the best warranty to buy from Jerry? I called and talked with him great honest guy and there will be business done with him in the future. my wife drives on average 12-15 k a year. So i am thinking 6 or 7 year or 100,000 mile warranty to be the most cost effective? thoughts from everyone please?

 

[Ukie]

my wife drives on average 12-15 k a year. So i am thinking 6 or 7 year or 100,000 mile warranty to be the most cost effective? thoughts from everyone please?

I guess # of warranty years depends for how long you are going to keep 4runner,
and warranty mileage is # warranty years * miles driven per year.

 

[bigharv6875]

I just purchased an 8 year 75,000 mile warranty from Scott at Acton Toyota for $695 which i thought was a really good deal. I only drive about 8,000 miles a year so the years were more important than the miles. Scott was easy to deal with and it was a quick transaction!!

 

[sandcrawler]

I just purchased an 8 year 75,000 mile warranty from Scott at Acton Toyota for $695 which i thought was a really good deal. I only drive about 8,000 miles a year so the years were more important than the miles. Scott was easy to deal with and it was a quick transaction!!

Acton, Massachusetts? i just got quotes for the same 8/75k Platinum from Jerry and Troy for $709. my 3/36k expires in ~6 weeks.

 

[ONS]

Wow I overpaid badly from the dealership

$1250 for 5 year/125,000 miles for the platinum

 

[DannyLlama]

Wow I overpaid badly from the dealership

$1250 for 5 year/125,000 miles for the platinum

Call up your dealer and ask to give you the next plan up for the same price as what Jerry is offering at. I got my 8 year 125k plan for 1450.

The same thing happened to me and I called the finance manager, told him, I can either cancel what we have and go through this other guy or give you the extra $150 or whatever it was to match the next step up.

Would make more sense to do that than cancel, they will prorate your refund.

 

[bigharv6875]

Acton, Massachusetts? i just got quotes for the same 8/75k Platinum from Jerry and Troy for $709. my 3/36k expires in ~6 weeks.

Yes action in Massachusetts but the price will only be good through tomorrow as they are offering $100 off there normal prices. So it would have been more than what Jerry quoted you without the money off.

 

[sandcrawler]

Wow I overpaid badly from the dealership

$1250 for 5 year/125,000 miles for the platinum

don't take it too hard. generally speaking, if the dealership's finance office was selling it, it was overpriced.

Yes action in Massachusetts but the price will only be good through tomorrow as they are offering $100 off there normal prices. So it would have been more than what Jerry quoted you without the money off.

thanks for the info. sounds like you got a great deal!