Does "Knapp Vehicle Service Contracts" sell genuine GM Protection Plans

[The Raven]

4 minutes ago, KARNUT said:

It worked for me and it’s working for my kids. I paid off my first home in 12 years into a 30 year note. I put that money into my second home paid it off early. Built an another home on my property I now get rent from. That’s a hedge against inflation. I retired at 58. My parents were business owners I became a partner after I started my own business. I sold that business bought into my parents business. I later sold my part to my brother. My mother is still alive. I stand to inherit a fortune that I helped them acquire by working with them. My kids like me are thriving in their field of work. Will be financially independent when they retire. When we pass more so. We all acquired wealth by following the strategy of our grandparents on down. I think I’ll stick with it.

 

Don't get me wrong, like I said, it's ok.  I just wanted to point out that Ramsey doesn't deserve any credit...and also that there are better ways to do it. 

 

You had the good fortune of having parents with an established business...my parents were blue collar workers so I started out with no help at all - no money no connections.  I had no choice but to take out loans for post-secondary education and borrow money so I could have reliable independent transportation and a roof over my head while I built my future.  Had I followed Ramsey's "advice" I would have had to essentially sit out my late 20's and early 30's so that I could be completely out of debt just in time to be too tired to party.  Instead I had my fun, borrowing responsibly and now that i'm well into an established career that I love and I have a secure future, I have the extra income to get square and still enjoy life.  Nothing wrong with that.

 

Retirement looks the same for both of us yet our paths to get there are VERY different.

[KARNUT]

28 minutes ago, The Raven said:

 

Don't get me wrong, like I said, it's ok.  I just wanted to point out that Ramsey doesn't deserve any credit...and also that there are better ways to do it. 

 

You had the good fortune of having parents with an established business...my parents were blue collar workers so I started out with no help at all - no money no connections.  I had no choice but to take out loans for post-secondary education and borrow money so I could have reliable independent transportation and a roof over my head while I built my future.  Had I followed Ramsey's "advice" I would have had to essentially sit out my late 20's and early 30's so that I could be completely out of debt just in time to be too tired to party.  Instead I had my fun, borrowing responsibly and now that i'm well into an established career that I love and I have a secure future, I have the extra income to get square and still enjoy life.  Nothing wrong with that.

 

Retirement looks the same for both of us yet our paths to get there are VERY different.

I don’t agree with everything he says. Property ownership is one key to financial independence. Another is having an IRA. I don’t believe in total sacrificing for the future. You may not make it. Another is keeping overhead low. Instead of having an oversized house. Build two, rent one out. You’re probably on the right track. Multiplying your money is the key. Property ownership and or an IRA type investment.

[redwngr]

5 hours ago, The Raven said:

 

That's not actually the "Ramsey method".  That's just basic 20th century money management.  There's nothing special about it, it's the same advice we all got from our parents (if we had good parents - I know not all of us were that lucky).  Problem is, the 20th century ended over 20 years ago.  If you want to manage your finances like your parents and grandparents did that's ok...but in the 21st century there are much better ways.

 

 

What's laughable is that you think they can collect $1200 (or whatever) a vehicle and pay out $3000/vehicle, and cover all the costs of promoting and selling and be in business. 

 

Of course some will collect.

But most won't. 

 

I've been buying new vehicles for more than 40 years.

I've had very few failures. None that extended warranty would gave covered.

Edited March 24, 2024 by redwngr

[The Raven]

22 hours ago, redwngr said:

 

What's laughable is that you think they can collect $1200 (or whatever) a vehicle and pay out $3000/vehicle, and cover all the costs of promoting and selling and be in business. 

 

Of course some will collect.

But most won't. 

 

I've been buying new vehicles for more than 40 years.

I've had very few failures. None that extended warranty would gave covered.

 

No.  What's laughable is that you know how much a lifter replacement costs, and how much an extended warranty on our trucks cost...and yet you still hold onto an outdated claim that is disproven by those two facts.

 

I already explained how this works.  They absolutely CAN and DO collect $1200 and pay out $3000/vehicle and still cover their costs.  Did you even read my post?

 

 

[todd308]

One thing to be aware of that appears to have changed the last few years.   

 

It used to be you could get the GM extended warranties any time as long as you were within your current 3/36 warranty.   Evidently that's no longer the case, you need to have at least 30 days and 1000miles remaining to do it.   So the old idea of waiting as long as possible to renew it, it no longer a great idea  

 

If you are under 30 days or 1000 miles left on your 3/36 warranty you need to have the vehicle inspected as a used vehicle and apply for the used car extended warranties that top out at 60 months and cost significantly (50%) more. 

Edited April 15, 2024 by todd308

[916TrailBoss]

On 4/11/2024 at 12:24 PM, todd308 said:

One thing to be aware of that appears to have changed the last few years.   

 

It used to be you could get the GM extended warranties any time as long as you were within your current 3/36 warranty.   Evidently that's no longer the case, you need to have at least 30 days and 1000miles remaining to do it.   So the old idea of waiting as long as possible to renew it, it no longer a great idea  

 

If you are under 30 days or 1000 miles you need to have the vehicle inspected as a used vehicle and apply for the used car extended warranties that top out at 60 months and cost significantly (50%) more. 

Not true. I purchased mine a few months after buying my truck and had about 2,500 miles at the time. No inspection was required.

[The Raven]

On 4/11/2024 at 3:24 PM, todd308 said:

It used to be you could get the GM extended warranties any time as long as you were within your current 3/36 warranty.   Evidently that's no longer the case, you need to have at least 30 days and 1000miles remaining to do it.   So the old idea of waiting as long as possible to renew it, it no longer a great idea   

 

It never really was a great idea - you pay A LOT more if you wait until the end of your factory warranty.  You really should make your decision on the extended warranty within the first year of ownership...because once you pass that first year or 12k miles, the price jumps BIG TIME.  After you pass 30k miles it takes another big jump.  So you're paying a lot more for the exact same thing...or I suppose you could say you're paying a lot more for the privilege of waiting until the last minute.

Edited April 15, 2024 by The Raven

[todd308]

2 hours ago, 916TrailBoss said:

Not true. I purchased mine a few months after buying my truck and had about 2,500 miles at the time. No inspection was required.

I think you mis-understood my post, I meant with less than 30 days or less than 1000 miles left on the 3/36 warranty you can't get the extended GM warranties, not within the first 30 days or 1000 miles. 

[todd308]

1 hour ago, The Raven said:

 

It never really was a great idea - you pay A LOT more if you wait until the end of your factory warranty.  You really should make your decision on the extended warranty within the first year of ownership...because once you pass that first year or 12k miles, the price jumps BIG TIME.  After you pass 30k miles it takes another big jump.  So you're paying a lot more for the exact same thing...or I suppose you could say you're paying a lot more for the privilege of waiting until the last minute.

This appears to be true as well esp. now that they are no longer based on current months/mileage but total vehicle months/mileage.    Especially if they take price jumps at mileage increments inside the 3/36 warranty. 

 

I've also heard there is another extended warranty option that allows for 5yr/60 bumber to bumper from GM but it can only be purchased at the time of vehicle purchase.  Anything you buy after purchase is not as good as the bumper to bumper, even the platinum.