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Toyota Extra Care Platinum - Money Back question

Discussion in 'Gen 4 Prius Main Forum' started by Id View, Apr 3, 2017.

  1. Id View

    Id View New Member

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    2017 Prius
    Model:
    Two

    I purchased a 2017 Prius Two Eco over the weekend and am yet to decide on the warranty, thou there is a debate on the usefulness of the warranties, the question i have is on the below. My Financial guy at dealership says that the warranty when purchased as new car has a money back option (you get principal, not the interest) at the end of warranty period if we have not used it and even when we use he said if usage is less than 90% remainder amount we can get back.

    Primary question, is on the toyota financial site there is no clear reference from the minimum search i did towards this. Also in addition he mentioned, that if I decide to purchase the same after 2 years but before my factory warranty expires (3 year/36k miles), it looks like the money back option doesnt exist and that whatever money we pay is lost even if we have not used the warranty whatsoever. Is this true.

    Irrespective of the plus/minus of having a warranty, is this money back option applicable only when bought as a new car vs towards expiry of factory warranty?

    Thanks for any insights.
     
    #1 Id View, Apr 3, 2017
  2. xliderider

    xliderider Senior Member

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    Get it in writing, on a contract, if you purchase an extended warranty that promises money back.

    I will be getting over $1800 back at the end of this month when my 7 year/100k mile extended warranty expires on my 2010 Camry because I didn't make any claims against it. I have the signed contract that states the terms of the refund, etc.

    I called the dealer today and they confirmed that I only need to bring the car in to verify the odometer reading and provide a copy of the vehicle registration.

    Our dealers have stopped offering this refund option on extended warranties. Our 2011 Prius doesn't have the refund feature.

    In addition to getting it in writing, make sure you apply for the refund according to the terms on the contract. In our case, 90 days from the expiration date of the warranty, or within 3000 miles of 100k miles.
     
    #2 xliderider, Apr 3, 2017
    Last edited: Apr 4, 2017
  3. xliderider

    xliderider Senior Member

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    For those that argue that extended warranties aren't worth it, my warranty was financed into a 5 yr, zero percent APR loan. Combine that with a refund of the principal price of the extended warranty if not used, it was a no brainer.
     
    #3 xliderider, Apr 4, 2017
  4. ATHiker

    ATHiker Senior Member

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    What would you have done I'd you were faced with a $600 repair 2 years ago?
     
    #4 ATHiker, Apr 4, 2017
  5. bisco

    bisco cookie crumbler

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    this is the first i've heard of this policy, and xl's experience. so i would go with his advice. make sure you get it in the contract, i don't think it's a toyota policy.
     
    #5 bisco, Apr 4, 2017
  6. xliderider

    xliderider Senior Member

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    Pay out of pocket to preserve the refund of the purchase price. The extended warranty was purchased to cover major system like air conditioning compressor, etc.
     
    #6 xliderider, Apr 4, 2017
    RCO and bisco like this.
  7. djSyndrome

    djSyndrome Member

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    My 2003 Matrix was purchased with a 100k powertrain warranty through Toyota, which I needed at 97k when the oil pump took a vacation and killed the engine with it. At that time the Toyota warranties did have a refund clause, which I was getting ready to exercise at 100k.

    When offered a Toyota warranty on my '16 Prius I specifically asked if there was any refund for any unused portion and was told 'no'. I didn't inquire further and I didn't ask to see a copy of the warranty agreement.

    Your documentation for the warranty will spell out if there is any refund. If there isn't a clause in there, it doesn't matter what your dealer says.
     
    #7 djSyndrome, Apr 10, 2017
    RCO likes this.
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