Your experience with Toyota Warrenty?

Yes, you overpaid a huge amount. My dealer offered me, and I bought a 7yr/100,000, no-deductibles, "platinum" warranty for $1,000. Also, I traded-back my warranty on my CR-V and got back about 25% of the principal (after only using it once for a few hundred dollars. Warrantees carry a decreasing cash-value as they mature, and sometimes you can get your principle back if you don't use the warranty. But even then, they had your money for 7 years. At 5% compound interest, you still lose an amount equal to 41% of what you gave them.

As other have said - it does protect you against major equipment failure after the 3 yr/36,000 mfgr warranties ends.

PLEASE DON'T WAIT TO CANCEL YOUR BAD DEAL!!

 

Wait. What refund from the state? We just bought a Prius here in Austin and got CFC, but I've never heard of any state program.

<edit>

Okay found it:

http://www.tceq.state.tx.us/implementation/air/mobilesource/vim/driveclean.html

Cool.

 

Ya, it's the Air Check Texas program they've been running for a while. It has pretty restrictive income requirements, which worked for me, as currently I'm a student, but for a lot of people it'd probably eliminate them from qualifying.

 

I am kinda new to this site, but after reading what everyone has said about the extended warranty, I decided to cancel the one I GOT SUCKERED into as well. I paid about $1900 for 6yr/100k warranty and another $1300+ for the pre-paid maintenance...both of which I canceled about a week after I bought my 2010 III.

I went to the dealer and the finance guy said that since the loan had already funded (I financed through Toyota) there was nothing financially he could do...in other words, he/dealership could not give me a refund, but would contact Toyota Financing to request my cancellation of my extended warranty and pre-paid maintenance. He also told me that my refund would show up as a credit to the principal amount that I owe on the car...or in other words, the term of my loan would be shorter and they apply the credit to the back end of your loan amount.

Three days later, I called Toyota Finance (number from their website) and the financing people said the same thing...I would see a credit to the amount I owe on the vehicle. So in other words, I will have about 6-7 less payments towards the end of my loan term.

I, like most people on this site have decided to wait till the end of the 3yr/36k warranty to decide if I want to extend it. if I do, I'll call Troy at Warranty Shack as it sounds like he has the best prices for extended warranties for Toyota.

But, I would jump on this ASAP as the 30 days can go by pretty fast if you're not paying attention.

 

Ok, so I went and canceled with the same financial manager who sold me the stuff in the first place. She was nice about it, and the process was very quick. I just signed a piece of paper, and she said it would take about 3-4 weeks for the paperwork to go through, then the amount would be deducted against my principal. But after the fact I realized I didn't get a copy of what I signed. Now I'm feeling worried that if an issue comes up I won't have any proof that I canceled my warranties well within the 30 grace period. Does anybody have handy the phone number I should call for Toyota, to let them know that I've canceled? I need to look through my other paperwork. Or should I also call my dealership and have them fax over proof that the cancellation of my warranty has gone through? What do y'all think?

 

I had an extended warrenty with my 2006 prius and it paid for itself. I had 3 issues that were covered. They provided rental coverage as needed. I believe I paid about $1200 for 100,000. I just got my 2010 and again purchased the warrenty.

 

Sometimes it pays off, but most of the time, it doesn't. If I were a betting man, I wouldn't place my money on the table for an extended warranty...

Bryan

 

ya thats a bad deal ,Dont worry ,it happens.Don’t blame the dealers, they are supposed to lie and make you buy the extended warranty, but you should do your homework before you go in to buy a new car. Noone put a gun to your head to sign it. One good thing that you have few days to think about it and cancel. My dealer started to sell me the warranty when I was signing the papers; he started at 3000, when I said no it kept coming down, stopping at 976. You figure out how it went from 3000 to 976 for the same warrenty.
Enjoy your new car.

 

I don't understand why the dealers are happy to cancel, instead of just offering you a better deal when you say you are canceling????

Let me explain. I bought the warranty, and like many others on this thread, I overpaid. I paid $1500 from the dealer, and Troy just gave me his quote for $999. No, I can go back to Toyota like many here did, and say I want to cancel because I found a better deal. From what others have posted, Toyota will not give me that money back, but instead that will take that $1500 off my loan amount. But, in doing that, the dealership just lost the $500 profit they made in selling me that plan. It is probably more than $500, because Troy is still making a profit at $999, so it would be $500 plus that amount. If I was that dealer, I would say "don't cancel, I will come close to the deal you were offered." I would say something like "let me take $450 off what I charged you, and credit your account with that." This way, the dealer effectively sold me the plan for $1050, and still made "some" profit, instead of losing the whole deal to Troy. It's not the large profit they had before, but it is still some profit, instead of losing the whole deal. Yeah, I will have spent $50 more, but that would save me from doing all the extra work, and coming up with the cash, instead of leaving it on my financing. Seems like a win for both parties

So, has anyone who went to the dealer to cancel the extended warranty ever have this happen? Has any dealers ever matched what Troy is offering when you went to cancel? Just curious????

 

Did you get a refund? If not, you should go today!

 

Don't blame the dealers? No. Don't trust the dealers. Blame them entirely because they are the ones trying to cheat you out of a fair shake. If Troy's deal was just slightly better I could understand, but 2k better? That is ridiculous.

Also, they did do something similar to the ol' gun to the head trick. They lied and told me that I had to buy the extended warranty the day I bought the car or else the platinum level was not available to me.

I will never buy from Toyota Santa Monica again because of the BS they tried to pull on me with this warranty.

 

I heard that out of state warranty companies are not valid in California and that you need to buy it from the manufacturer/dealer. Is this true? Thanks!

 

I purchased the 2010 IV in early June. This means I didn't benefit from all the smart people here who bought theirs and shared about not getting the warranty. Any chance I can get a refund even though it's been over 90 days?

Thanks!

 

I think you can cancel if less than 90 days, you might want to check your cancellation policy at the back of your policy. Either way, its prorated and you should get some $$ back.

 

who or what is this Troy that some posts have mentioned?