so its been bugging me lately as to how i financed so much with the purchase of a $20,000 car. this was my first new car purchase on my own, and they basically told me i needed this, this, this, or were just that good at selling, i dont know. i signed the papers at 9pm.

anyway, it looks like i paid almost 2000 for a "platinum" service agreement, which looks to be a full bumper to bumper warranty up to 100,000 miles.

without a service agreement like this, what kind of warranty does the tc hold, and do i really need this package?

the reason i ask, is i just bought a house, and am a little low on funds, and if i dont really need this, i want to get a refund for it (which it states in the paperwork that i can).

what do yall think? did i just get sold on something i dont really need cuz im young or what?

 

unfortunately...u might have been sold on something. it depends

the basic toyota/scion warranty is 2years/20k miles
the 100k mile warranty u got was the extended warranty

...but here's the thing. the 100k extended warranty isnt a bad deal exactly. some people need it/want it...some people dont. its all about preference and how u will be taking care of ur car....if ur someone what wants/trusts the dealership to care of the car of a longer period of time or would u rather just take care of the car all on ur own...after the free 2yr/20k service of course

for me, the extended warranty would be good because i like my dealership and they do a good job, but at the same time...i want to take care of my own car as much as possible and am perfectly a-okay cutting loose from the dealership.

also, i believe that the extended warranty (any warranty really) is good at any toyota/scion dealership, doesnt have to be where u bought it at

so all in all, u might need it might not...but nothing really to get sad about and feel like u've been had

oh yea, congrats on the house!

 

It's a little upsetting that you drop 20,000+ dollars on something and don't ask questions. That's really messed up. Anyways, you want the Platinum warranty. They gave you a booklet which specifies what it covers compared to what the normal warranty covers. It covers a lot a lot more. I'd hang onto it. If you A/C goes, you have made your money back already. It's really nice for the big problems that can arise, as well as the small ones since they are all free of charge to you. Now, to answer your question about refunding you and you being low on funds, if you are low on funds right now, refunding this warranty will not help you. If your monthly payment is $300 lets say, it will still be $300 after you get refunded. What they do is just give you the 2,000 back on your payoff amount, not your monthly payment. You'd have to refinance your loan to do that. So, yes, you are stuck with it. And if you still want to refund it, just know that it is a prorated amount, so if it was 2,000 when you left the dealership, that number keeps getting lower on the amount you are going to get back if you refund it. If it's been a few months, you'll only get about 1900 back. Always ask questions, I'm actually a little glad that they sold you on something you have no idea what it is for the simple fact that you will learn from this and hopefully understand for next time to make sure you understand everything before you leave. I couldn't imagine leaving the dealership without fully understanding everything. Don't play that 9PM card either. Hopefully the same thing didn't happen with your house.

 

At the time I was paying attention. It's the house that's getting me second guessing cuz my car note in 430 a month.

 

Keep the warranty. Just like criminal said, it's a bumper to bumper warranty...not just powertrain or anything like that. I opted to get it because I just wanted to know that the car is under warranty for as long as I'm making payments on it.

As Justin said...2000 is a good deal for this kind of coverage. I may have been "sold on it" by the finance guy when I sat down, but it only raised my payments by like 10 bucks a month...I'll take that.

You want peace of mind when you make large purchases like your car or your home. The last thing you want is for something to happen to the car and your stuck with a repair bill on top of your loan and mortgage payments and other bills.

 

Extended warranties are a gamble; will you need $2k of repairs before 100k? From my experience with toyotas I can tell you that you won't. Also, if they cover tires they will give you the cheapest POS they have so you should back out now.

 

Of course they are a gamble...that's what warranties and insurance are all about. The provider is taking a gamble and making a bet that they won't have to pay you back what you spend on the warranty/insurance.

That doesn't mean you don't get valuable peace of mind from the purchase.

 

all good points. im going to keep it. like i said, just second guessing a lot of spending cuz of the house. what i really need to do is stop buying damn energy drinks, lol.

the only thing i dont like, is the seat fabric isnt covered, cuz im under 11k and right in the middle of the driver seat its starting to fray :/ seems like a little too soon since my last dodge was at 114k and seats were fine

 

I'd just keep it. I wish I had gone with it since I bought my car in march and I already put 25,000 miles on it. Standard warranty is 3yr/36,000 mile warranty. Plus the first gen were notorious for a water pump leaking so I'd stick keep the warranty since that is an expensive fix and I personally will only go to a dealership when needing the motor pulled apart. so right there would be about half of the money. plus I dont know where your from, but if you have bad winters and a lot of salt on the roads, your calipers will probably corrode and hang up before the warranty is up. those are also expensive to fix. regardless it is a gamble but it will end up costing you the same to drop it because one the things I learned is that the dealerships will try and load your payment so they can squeeze more money out of you. Mine tried to do that to me since I'm 21, but my uncle is an accountant so I made sure the dealerships numbers matched his before I signed my life away for 5 yrs

 

It's actually 3yrs/36k basic, 5yrs/60k powertrain.

 

Criminal TC's info is accurate.
Sometimes you can get in touch with your lender and ask them to adjust your payment when the prorated refund hits the account, but I've really only seen that with local credit unions. The larger banks won't typically make the adjustment. Keeping it isn't a bad idea, just remember to cancel it if you decide to sell or trade out of the car.
The Platinum coverage is the best coverage offered by Toyota.

I'm going to throw this tidbit out there for anyone looking at these coverages in the future on this thread:

If you are considering a Service Contract (Extended Warranty) make very sure you take into consideration your driving habits. The OP in this thread mentioned that he got a 100,000 mile coverage, but not how many years it was for. Most people leave with a 6 or 7 year 100,000 mile warranty, but what good does the 7 years do you if you're driving 25,000 miles per year? Consider your driving habits and ask questions. Dealer cost on a 4 year 100,000 mile warranty is about 60% less than a 7 year so if you're driving a lot, you can negotiate a better rate by going with a different plan. And if you're driving low miles, maybe a 7 year 75,000 mile plan is a better fit. Also much lower cost than a 100,000 mile coverage.

Just something to keep in mind.

 

yea. mixed up warranty with scion service boost

 

They weren't notorious for water pump failure; it happened to some people but I believe that the majority of owners had no issues. I would rather get a piggy bank and put money in it each month for repairs. Then when nothing breaks you have a nice lump of cash for your next car.

 

^
My buddy worked for toyota in Mass and he said that the water pump was always leaking on the tc whenever they would come in. im not trying to start anything but my other 2 toyotas never had a problem with the water pump. I would just replace mine whenever i replaced my timing belt since that only makes sense. I just hope that this car will be as reliable as my avalon and tundra were

 

Toyotas come with a 3 year/36k mile warranty on everything everything but powertrain. Then it's 5 year/60k for powertrain. Waterpumps in most newer Toyotas leak. It seems like every car that comes in has a leaking waterpump lol. They are covered to 60k. P/S racks leak in every sienna, these things add up quickly if they are not covered. But that being said, it's already covered for 5 years so there is a good chance you will be ok.

 

$2k and your car is covered until you fall out of love with it?
Keep it

 

I know that this doesn't really have anything to do with your post, but you mentioned your seats fraying, have you seen these?

http://www.trdsparks.com/displaypart...&parts_id=3974

They look super easy to install in their videos, and look like they fit really well

 

yea ive been considering it if my seat keeps getting worse, i just prefer cloth seats

 

Keeping it is a good call IMO. With so many people having issues with the transmissions in the tC2, and I read a guy with an automatic had to change his tranny out at 10k. Granted that was covered under the basic warranty. If you are having money problems now, imagine having to drop $3500+ on a new tranny at 37000 miles. I personally did not get the warranty but, if my tranny went out tomorrow, and the dealer wouldn't warranty it, (they would, im just giving an example) I have the money in savings to cover the repair. If I didn't, you can bet I would have gone with the warranty.

 

They do not. "wear items" like tires, brakes, bulbs, filters, things that are meant to wear out are not covered. Now, the dealership I work at did a "tires for life" promotion where if all of the service is done at our dealership we will buy tires and customer pays mounting and balancing fees plus buy a four wheel alignment.

Go talk to your dealer about the seats. Make sure to talk to the service manager and most of the time they will either "good will" it (fix it for free), do a 50/50 parts warranty, or find a way to get it covered under warranty. With 11k on it the seats should be fine.

Trans is covered 5/60k