Who's got the Extended Bumper-to-Bumper Warranty?
07-22-2005, 12:46 AM
#61
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Join Date: Jan 2005
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Originally Posted by JGrimm
*grins*
In my case, it wasn't an extra $12 a month - GAP insurance + Platinum Coverage was almost $50/month!
Bah, says I.
And don't forget, by not buying that insurance outright, not only are you spending, say.. $1500 on the coverage, but you're financing $1500 for five years at your interest rate.. which costs even more money ... and it puts you that much farther in negative equity on your car.
*shrugs*
My only thing is - you're under warranty. Why not wait a year and see if you need it rather than finance it at 5.4% or worse? And... what on earth is going to run you 5-large to fix? A rebuild on an automatic tranny's about the most expensive single thing I can imagine having to do to a car under warranty, and that's barely $2-1/2 large from a dealer mechanic, last I checked. Yeah, it's expensive.. but having to do that under 100k miles is about unheard of, unless you're ragging out the car.. .and that's not covered anyway.
Collisions and glass and the rest are all insurance claims, keep in mind.
edit: I may be biased - my last car was an Explorer with nearly 400k miles on it, hard-used. The only major repair in that car's life was a tranny rebuild.. sure, I've replaced one water pump and several alternators, and routine maintenance... but if you take care of a car, major mechanical faults like a cracked block or a thrown rod really just... don't happen very often.
Grimm
In my case, it wasn't an extra $12 a month - GAP insurance + Platinum Coverage was almost $50/month!
Bah, says I.
And don't forget, by not buying that insurance outright, not only are you spending, say.. $1500 on the coverage, but you're financing $1500 for five years at your interest rate.. which costs even more money ... and it puts you that much farther in negative equity on your car.
*shrugs*
My only thing is - you're under warranty. Why not wait a year and see if you need it rather than finance it at 5.4% or worse? And... what on earth is going to run you 5-large to fix? A rebuild on an automatic tranny's about the most expensive single thing I can imagine having to do to a car under warranty, and that's barely $2-1/2 large from a dealer mechanic, last I checked. Yeah, it's expensive.. but having to do that under 100k miles is about unheard of, unless you're ragging out the car.. .and that's not covered anyway.
Collisions and glass and the rest are all insurance claims, keep in mind.
edit: I may be biased - my last car was an Explorer with nearly 400k miles on it, hard-used. The only major repair in that car's life was a tranny rebuild.. sure, I've replaced one water pump and several alternators, and routine maintenance... but if you take care of a car, major mechanical faults like a cracked block or a thrown rod really just... don't happen very often.
Grimm
Man I got a great rate and I am planning to have this car paid off in 14 months so that isn't that much interest. Helps when you have a 700+FICO.
Insurance claims risk you getting higher premiums and it is smeared on your record. This usually puts you higher in that claim scale they have that makes or breaks your policy amount. The more claims you have the less attractive you are to insurance companies.
Sure a tranny could cost you 1200+ but keep in mind other things could go wrong too and add up: air conditioning, suspension problems, engine block problems, $400+labor clutch, electrical problems blah blah all can add up. I got the platinum because also it would help tandem to the SC warranty if that SC would ever cause problems to anything else at least I am covered.
Like I said, if you get that one lemon, you will feel lucky.
I say again, if you have the money get it, if you are unsure and are a bit tight on budget but are planning to keep this car till it dies I'd think about it. If you are only going to keep your tC for under 36k/3years I wouldn't get it.
07-23-2005, 01:43 AM
#62
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Join Date: May 2005
Location: Maryland
Posts: 637
got the warranty because i refuse to get my hands dirty when the tranny decides to go . plus a piece of mind and selling point .
i got the platinum 7year with 0 decductible for $1075.
i might regret buying this though since its a camry engine but it might be worth it if the tranny quits im on the fence about my purchase at this point
i got the platinum 7year with 0 decductible for $1075.
i might regret buying this though since its a camry engine but it might be worth it if the tranny quits im on the fence about my purchase at this point
07-29-2005, 09:27 PM
#63
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Join Date: Jul 2005
Location: Irvine, CA
Posts: 166
I found out how we can remove the warranty!!! All you need to do is REFINANCE your car loan with your bank... That way, you'll "Payoff" your car finance and that means you can LEGALLY remove the warranty! You'll pay less too once you refinance with your bank! And you'll get your money back at the very moment!
07-29-2005, 09:39 PM
#65
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Location: Irvine, CA
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Refinance... Meaning, payoff off the Toyota Loan you got from the Dealership and get a new loan from your bank. You'll pay less because most likely the loan from the dealership is higher than the one from the bank.
For Example: Current Finance with Toyota is 6.99 interest rate so my car totals 26,000 over the term. Changing to my bank, interest changes to 4.99 so now my total cost would be 24,000. I'm sorry you didn't understand, it's loan talk. But because you refinanced, the bank PAID OFF the loan with toyota so you transferred to theres. On the warranty it mentions you'll get all your money back from the Warranty once the loan is paid off, that's why people hesitate to remove their Warranty because they have to wait for years. But by refinancing, your current car loan would reduce its balance and you can get a complete refund for the warranty. It's pro-rata, even if it's past 90 days, they'll deduct a few bucks from the warranty.
That's the explanation of Refinance, you learn something new everyday.
Tim
For Example: Current Finance with Toyota is 6.99 interest rate so my car totals 26,000 over the term. Changing to my bank, interest changes to 4.99 so now my total cost would be 24,000. I'm sorry you didn't understand, it's loan talk. But because you refinanced, the bank PAID OFF the loan with toyota so you transferred to theres. On the warranty it mentions you'll get all your money back from the Warranty once the loan is paid off, that's why people hesitate to remove their Warranty because they have to wait for years. But by refinancing, your current car loan would reduce its balance and you can get a complete refund for the warranty. It's pro-rata, even if it's past 90 days, they'll deduct a few bucks from the warranty.
That's the explanation of Refinance, you learn something new everyday.
Tim
07-29-2005, 10:19 PM
#66
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Join Date: Jan 2005
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lol ok. um well that doesn't sound so good for peeps like me cause I got 4.65% from toyota to begin with 
.
get your money back from what? I've never heard that if you pay off your car you get some kind of money back scenario from your extended warranty... ( I have paid cash for cars with extended warranty and never got any 'discount or money back')
so again... wtf are you talking about? lol
.get your money back from what? I've never heard that if you pay off your car you get some kind of money back scenario from your extended warranty... ( I have paid cash for cars with extended warranty and never got any 'discount or money back')
so again... wtf are you talking about? lol
07-30-2005, 05:27 AM
#71
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Join Date: May 2005
Location: HB, CA
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Originally Posted by jaydub
Actually, the parts in question have to be proven to have caused the failure.
Originally Posted by Magnusson-Moss Warranty Act
Will adding after market products void my warranty?
The Magnusson-Moss Warranty - Federal Trade Commission Improvement Act of 1975 protects consumers from such fradulent activity by new car dealers. Under this Act, aftermarket equipment that improves performance does not void a vehicle manufacturer's orginial warranty, unless the warranty clearly states the addition of aftermarket equipment automatically voids your vehicle's warrany....
or if it can be proven that the aftermarket device is the direct cause of the failure. The easiest way to check this is to look in your owner's manual under, "what is not covered". Under Magnusson-Moss Act a dealer must prove, not just vocalize, that aftermarket equipment caused the need for repairs before they can deny warranty coverage. If they cannot prove such claim-or offer an explanation- it is your legal right to demand compliance with the warranty. The Federal Trade Commission (202.326.312
administers the Magnusson-Moss Act and monitors compliance with warranty law.
The Magnusson-Moss Warranty - Federal Trade Commission Improvement Act of 1975 protects consumers from such fradulent activity by new car dealers. Under this Act, aftermarket equipment that improves performance does not void a vehicle manufacturer's orginial warranty, unless the warranty clearly states the addition of aftermarket equipment automatically voids your vehicle's warrany....
or if it can be proven that the aftermarket device is the direct cause of the failure. The easiest way to check this is to look in your owner's manual under, "what is not covered". Under Magnusson-Moss Act a dealer must prove, not just vocalize, that aftermarket equipment caused the need for repairs before they can deny warranty coverage. If they cannot prove such claim-or offer an explanation- it is your legal right to demand compliance with the warranty. The Federal Trade Commission (202.326.312
administers the Magnusson-Moss Act and monitors compliance with warranty law.it would appear "or" is the killer of "mods" in magnussen-moss.
i have not read the scion warranty so i don't know if they used this "out" provision but as you can see, the manufacturer doesn't necessarily have to prove anything about after market parts as long as they initially stated that if you add any aftermarket parts the warranty is voided.
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