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Extended warranties

Schmoe

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Steve6611 Enthusiast

Steve6611

Posted
Posted

I agree that the house has the advantage, but I always buy one just for the peace of mind--I know that if something goes wrong, the most I'm out is the $100 deductible.  I agree with sticking with GM (I bought mine through Ally) and not the after-market ones--that way, repairs are covered at all GM dealers with zero hassle.  Even though the house has the advantage, the consumer does win sometimes.  I went through 3 transmissions in my wife's Acadia, and everything was covered under warranty except the deductible.  Even if nothing ever goes wrong, I still have peace of mind.

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lebag335 Enthusiast

lebag335

Posted
Posted

With this being a new model year, I bought one (5/60,000).  Piece of mind for me.

RetChief Enthusiast

RetChief

Posted
Posted
1 hour ago, lebag335 said:

With this being a new model year, I bought one (5/60,000).  Piece of mind for me.

Keep in mind bumper to bumper 36/36 

Drivetrain 5/60. Got a quote for

75/72 GM platinum 0 ded. for 1600.00

I'm still thinking about it. Alot of expensive gizmos beside the drivetrain can run the bill up quick. 

lebag335 Enthusiast

lebag335

Posted
Posted
1 hour ago, RetChief said:

Keep in mind bumper to bumper 36/36 

Drivetrain 5/60. Got a quote for

75/72 GM platinum 0 ded. for 1600.00

I'm still thinking about it. Alot of expensive gizmos beside the drivetrain can run the bill up quick. 

I financed for 5 years, so when it's paid off the bumper to bumper extended warranty will be up, and I'll look to move into another one.  

RetChief Enthusiast

RetChief

Posted
Posted
15 minutes ago, lebag335 said:

I financed for 5 years, so when it's paid off the bumper to bumper extended warranty will be up, and I'll look to move into another one.  

I keep my trucks 7-9 on average. Thats why I'm considering the extended.  Hope it works out it your favor. 

aseibel Senior Enthusiast

aseibel

Posted
Posted
4 hours ago, Steve6611 said:

I agree that the house has the advantage, but I always buy one just for the peace of mind--I know that if something goes wrong, the most I'm out is the $100 deductible.  I agree with sticking with GM (I bought mine through Ally) and not the after-market ones--that way, repairs are covered at all GM dealers with zero hassle.

Let me fix that one sentence: "I know that if something goes wrong THAT IS COVERED, the most I'm out is the $100 deductible."

 

I ended up buying my extended warranty too, only because I planned to keep it for the full length of the warranty (and beyond) and I know how expensive these electronics are to repair. And yet today, I still wish I didn't buy it.

 

I just want everyone who is shopping for an ext. warranty to carefully check over the list of items that are not covered. You'd be surprised. People think this the same as a bumper to bumper warranty, IT IS NOT. You don't want to be disappointed when you later go in for some repair to find out your warranty is useless. I feel like the salesman that sold it to me is a massive liar, too bad I only figured it out at a later visit.

20190523_141809.jpg

Steve6611 Enthusiast

Steve6611

Posted
Posted
1 hour ago, aseibel said:

And yet today, I still wish I didn't buy it.

At least in my state (Georgia), you have the right to cancel your warranty and get a pro-rated refund at any time.  This may differ depending on what state you're in.

aseibel Senior Enthusiast

aseibel

Posted
Posted
20 minutes ago, Steve6611 said:

At least in my state (Georgia), you have the right to cancel your warranty and get a pro-rated refund at any time.  This may differ depending on what state you're in.

Yes, I know. I thought about it. If I could go back in time and keep my full amount I would. But at this point, for the less than 50% of money I would get back, I'll roll the dice. Every day my truck gets older, the warranty "should" become more valuable.

 

I just want others to be educated when deciding to buy. The sales guy doesn't care about you at all, he only wants to separate you from your money. I want people reading this thread to be fully aware of what they are getting before falling for the high pressure sale. You may win, you may lose. So far, my purchase has just been a donation to the dealership. I still have a couple years yet to find out how I come out of it at the end.

Schmoe Enthusiast

Schmoe

Posted
  • Author
Posted
On 5/22/2019 at 6:21 PM, Dmart said:

I cancelled mine about a week after I bought my truck. That was on April 6, have yet to see that amount refunded into my account

Mind if I ask how much you paid/ how much you are supposed to get back?

Dmart Enthusiast

Dmart

Posted
Posted
1 hour ago, Schmoe said:

Mind if I ask how much you paid/ how much you are supposed to get back?

I paid $1800 for 6/72000, I'm getting all of it back

zzrsouth Enthusiast

zzrsouth

Posted
Posted

I did a 10y/100k warranty at the urging of my wife.  She negotiated the price to something we could live with and since I got the 1st model year of a new truck with the new turbo engine we did it even though like said earlier in the thread the probabilities are against us and I've typically avoided them in the past. The fact we'd just shelled out 2k for repairs on her 5yr old 60k mi Tahoe might have had something to do with it.

 

The other risk I haven't seen mentioned woth extended warranties is that if you total your truck the ins co won't pay you back for the warranty

scdaren Enthusiast

scdaren

Posted
Posted

I have been buying warranties through my credit union (EECU in California) for years, and it has almost always paid off.  On my 2019, I got a 5 year, 125k mile warranty for $850 with a $200 deductible.  Bumper to bumper, including all electronics/infotainment.  Every claim I have ever had on my past vehicles went through with no problem.  Just went to the dealership like with any other warranty -- though they let you go to any licensed shop.  Their warranties even cover windshield repair and paintless dent removal.

 

I drive about 36k miles a year.  My last truck was a 2017 1500 TL Z71.  Air conditioner went out at about 75k miles, and that one repair was more than the cost of the warranty.

 

My previous truck was a 2014 Ram.  It had TONS of problems, many of which were during the extended warranty period -- bad fuel level sensor, exhaust manifold leaks, water pump, power window, and a few more I'm forgetting.  Warranty paid for itself over and over again.

 

The few times I have not used it, since I only keep my trucks about 3 years, I was able to get the prorated balance of the warranty refunded no problem -- it's state law in California they have to.

 

The way I look at it, as long as you pay a reasonable price for the warranty, and not the ridiculous prices they want at the dealership for the "manufacturers" extended warranty, it's well worth it.  When I bought my 2019, it was like $3500 for a 100k mile warranty -- that is very likely NOT worth it.  The finance guy told me his cost was like $2500.  But under a thousand?  Yes sir. 

 

Especially on these new vehicles, where there are many very expensive things that can go wrong.  I usually get one with a $200 or so deductible which brings down the cost a bit, because it's those larger items I'm really worried about.  The way I see it, if I'm making a payment on the truck, I don't want to have to worry about a surprise thousand dollar repair bill (or many of them in the case of my Ram).

 

I know some 3rd party warranties are problematic, but I have had a great experience getting the ones from my credit union.  It's a really good CU, and they don't sell something if it's sketchy.

Gagliano7 Enthusiast

Gagliano7

Posted
Posted
On 5/23/2019 at 3:22 PM, aseibel said:

Let me fix that one sentence: "I know that if something goes wrong THAT IS COVERED, the most I'm out is the $100 deductible."

 

I ended up buying my extended warranty too, only because I planned to keep it for the full length of the warranty (and beyond) and I know how expensive these electronics are to repair. And yet today, I still wish I didn't buy it.

 

I just want everyone who is shopping for an ext. warranty to carefully check over the list of items that are not covered. You'd be surprised. People think this the same as a bumper to bumper warranty, IT IS NOT. You don't want to be disappointed when you later go in for some repair to find out your warranty is useless. I feel like the salesman that sold it to me is a massive liar, too bad I only figured it out at a later visit.

20190523_141809.jpg

Most of the stuff on that list i figured wasn't covered. My friend had a 16 that had injector problems and the drivetrain didn't cover it so it cost him almost $2000 for 4 injectors to be replaced with some trouble shooting. An extended warranty would have saved him from this expense. He was so pissed off after he got it back and it still wasn't running right he traded it in on a new ford F150. All warranties are refundable a ford finance man told me this but are prorated from when the warranty starts. I had a refund from a subaru. The thing is most dealers don't tell you this and you will only get the refund if you ask for it. So if someone trades in or sells their car they won't get a refund unless the contact the warranty company.

tanner709 Enthusiast

tanner709

Posted
Posted

Just traded in a 2016 with about 25k miles and 2 years remaining on a bumper-bumper extended warranty - they give me back around $1200 of the original $3400, which I thought was more than fair.


Did I use the extended warranty? No, not once, because there is still a $100 deductible for any item outside your regular powertrain or 60k bumper-bumper. Even something as simple as a rear tailgate easy-lift spring.

 

The service guy basically said, build up a pile of issues, and then bring it in. Which is the exact opposite of what I wanted out of the extended warranty. I wanted it fixed the day it breaks.

 

When I traded the truck, there was a tie-rod requiring replacement, the center console USB was spotty, and the tailgate spring was bad.

 

Is it worth it, no. Put the money into the bank on a high interest account and use it for maintenance as needed outside your warranty.

FDHog Enthusiast

FDHog

Posted
Posted

I look at it this way. For the first 3 years I have no worries at all. Just before I get to the 3 year mark and I decide to keep the truck, I might buy the warranty depending on how the track record has been. I know you pay a little more at that point, but if one of the computers goes, it almost pays for itself. There are too many electrical components on these vehicles. It's not the good ol days anymore.

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