Did I make a good deal? 2008 Toyota Yaris

[WMF1125]

I bought my used 2008 Toyota Yaris Base (two door hatchback) on 10/13/2008.

Sale Price: $12,995

Down payment: $1,000

Mileage on Odometer when purchased: 12,127

Monthly Payments: $298.47

*Toyota Extra Care Platinum 72 months/75,000 miles: $2,495.00 (Too much?)

*The Optional Insurance (GAP): $203.01

Total Cash Price: $13,930.30

Including the Extended Service Agreement and GAP Insurance: $2495+203.01

$16,628.31 - $1000 down payment =

$15628.31

Good or bad deal? After reading about the insurance stuff, I think I might cancel mine.

[Revsson]

Welcome WMF1125 !!

I am not an expert on buying cars, but I think you paid a little too much.
The total cost is about what I paid for a 2009 with 7 miles on it. I did get
the Platinum extended service plan for about $1050. Could it be that since
your car is used, it would cost more? :iono: I don't know. These cars are
hard to find, especially a good used one. I do have to say that I didn't
finance, so perhaps that is another cost I didn't figure into the equation.

One of my co-workers already has 93,000 miles on his 2007 LB. He hasn't
had a lick of problems, but is considering getting a service plan that would
go beyond the 100,000 miles He says his dealership sent him a letter offering
to buy the car back, as there is such a high demand for that car. He said
he wouldn't trade it for anything.

Don't feel bad if you might have paid too much. You will love the car, and
save a lot of money on gas down the road. However, I would check into
the costs of the service plan. I used to have a link somewhere that told
the approximate costs of the plans, but I can't find it at this time.

Be sure to post a pic and update your profile with the color, etc.
Of course, if it is a Meteorite Metallic, they are the best. :w00t:

[custom Lftback]

I have a brand new 2008 yaris LB with the power package/15" allow rims. MP3 auxiliary jack, floor mats... I got it about 2 months ago and I payed (after taxes/tags) $16,000, with a $2,000 down payment. That is $14,000 financed which equals $242/month for me. I think the insurance stuff isn't needed but that is just my opinion. I didn't get any of that.

[Stargate YARlantIS]

12,127 on an '08? I have an '07 bought Jan 1, 2007 and only have barely 18,000 mi on her. Maybe I just don't drive alot....

[WMF1125]

Welcome WMF1125 !!

I am not an expert on buying cars, but I think you paid a little too much.
The total cost is about what I paid for a 2009 with 7 miles on it. I did get
the Platinum extended service plan for about $1050. Could it be that since
your car is used, it would cost more? :iono: I don't know. These cars are
hard to find, especially a good used one. I do have to say that I didn't
finance, so perhaps that is another cost I didn't figure into the equation.

One of my co-workers already has 93,000 miles on his 2007 LB. He hasn't
had a lick of problems, but is considering getting a service plan that would
go beyond the 100,000 miles He says his dealership sent him a letter offering
to buy the car back, as there is such a high demand for that car. He said
he wouldn't trade it for anything.

Don't feel bad if you might have paid too much. You will love the car, and
save a lot of money on gas down the road. However, I would check into
the costs of the service plan. I used to have a link somewhere that told
the approximate costs of the plans, but I can't find it at this time.

Be sure to post a pic and update your profile with the color, etc.
Of course, if it is a Meteorite Metallic, they are the best. :w00t:

I'd appreciate it if you could send me that link once you find it. Mine is a black Toyota Yaris (they didn't have any other color at the time of purchase).

I was afraid someone would say I paid too much...but after talking with my parents, the GAP insurance I bought was a good decision ($203). However, it's the $2,450 Platinum Extended Warranty that ruffles my feathers. I can't find REAL prices on the extended warranties anywhere (other than peoples' testimonials). I'm assuming they think of a random number depending on how gullible the client is. How long do I have before I can't cancel the warranty?

By the way, I'm a first time driver and just received my license in September; bought my car in October; and have been on the road ever since. 20 years old with a 720 FICO credit score. Everything else on my credit report is in the 650's.

O, I FORGOT TO MENTION, they gave me a 5.4% APR!! Good or bad??

:barf:

[TinyGiant]

i got mine brand new with power, coldweather, spoiler, carpet , armrest options for abou the same price.. had 5 miles on it

[Bob_VT]

5.4% very good on a used car.
Gap excellant choice.
Extended warranty ......... that was too high. The mark up on those is usually twice the cost or more. If the warranty is to be cancelled you must do it in person and in writing.

[TinyGiant]

no down payment 8.65% though

[TinyGiant]

you have 30 days to get out of the extended warranty.. i went back and got my money back on it.. the car is super reliable.. its up to you.. GAP is a good idea though

they wanted to charge me $1650 for the Extended warranty..

that warranty is pure profit for them ... pretty much.. so they like to push you into it.. they are banking on the possibility (and likelyhood) that you'll never need it.. or if you do it probably will be for minimal things and they will still make out like the bandits they are

[PetersRedYaris]

Skip the extended warranty, you won't need it, it's a Toyota...

[Rotorheader]

Agree with just about everyone ~ don't need the extended warranty. Git out of it if you can. Put that money into a savings account and enjoy your ride.

[WMF1125]

you have 30 days to get out of the extended warranty.. i went back and got my money back on it.. the car is super reliable.. its up to you.. GAP is a good idea though

they wanted to charge me $1650 for the Extended warranty..

that warranty is pure profit for them ... pretty much.. so they like to push you into it.. they are banking on the possibility (and likelyhood) that you'll never need it.. or if you do it probably will be for minimal things and they will still make out like the bandits they are

I still have the manufacture's warranty still in effect until I drive 36,000 miles. I was cautious about being a first time driver, so I opted for the Toyota 70,000 / 72 months package.

The reason why I did it was because I could finance it with my "low" APR. I heard that if you didn't buy it at the time of purchase, you would need to pay cash later on. I read you can only finance your extended warranties with dealership when buying your car. Websites have stated that 80% of all people who purchased an extended warranty and needed repairs within a five year period were "glad" that they bought it.

And, if I do decide to sell the car, I'm sure my extended warranty will increase the value of my Toyota Yaris. But I don't plan on ever selling it--EVER! That's another reason why I should cancel it. It has been more than a month now...but I read somewhere that a person has sixty days to cancel their extended warranty; however, I could be wrong? Do I still have a chance to cancel?

Without the Extended Warranty, I would save $2,495.

The Federal Truth-in-Lending Disclosure says:

Annual Percentage Rate: 5.4 %

Finance Charge (The dollar amount the credit will cost you): $2279.89

Amount Financed (The Amount of credit provided to you or on your behalf): $15628.31

Total of Payments (The amount you will have paid after you have made all payments as scheduled): $17,908.20 <--- this I DON'T understand. When I calculate it, it comes around $17,251.06.

Including my down payment, total sale price: $18,908.20.

If we minus the Extended Warranty: $16,458.20

What do you think?

-- By the way, I'm glad I bought the GAP insurance, too!

[PreciousPups4U]

We had taken out a maintenance warranty. I cancelled it. Had to be done in person and a form had to be signed. They did charge me $50, but credited the rest to the loan balance. So, I did not get any money back and they did not adjust the financing, but the pay off is less.

Make sure you get a copy. Give them 30 days or so then double check with the finance company and make sure you were issued a credit.

[tetzyamis]

*Toyota Extra Care Platinum 72 months/75,000 miles: $2,495.00 (Too much?)


Is this an extended warranty?
I bought 2nd Yaris earlier this month and I was offered 84 month (7 year) warranty (instead of 3 years) for $990.
$2,495 sounds too crazy expensive to me.

[WMF1125]

I am going to cancel it as soon as possible. I thought they were being honest with me, but finding out about this rip off disappoints me. $2,450 IS outrageous!

[WMF1125]

We had taken out a maintenance warranty. I cancelled it. Had to be done in person and a form had to be signed. They did charge me $50, but credited the rest to the loan balance. So, I did not get any money back and they did not adjust the financing, but the pay off is less.

Make sure you get a copy. Give them 30 days or so then double check with the finance company and make sure you were issued a credit.

Is this an extended warranty?
I bought 2nd Yaris earlier this month and I was offered 84 month (7 year) warranty (instead of 3 years) for $990.
$2,495 sounds too crazy expensive to me.

Is it alright if I bought it on 10/13/2008, but now it's 11/30/2008? Not too late to cancel the extended warranty?

[dg4rez]

bought mine used with under 5k miles on it, and I paid 12,400 cash.. bought it used and off just a person, not a dealership, and well... save you ALOT of money.. just takes alot more time to find the car. has the power package, and its auto

[Revsson]

I'd appreciate it if you could send me that link once you find it. Mine is a black Toyota Yaris (they didn't have any other color at the time of purchase).

I was afraid someone would say I paid too much...but after talking with my parents, the GAP insurance I bought was a good decision ($203). However, it's the $2,450 Platinum Extended Warranty that ruffles my feathers. I can't find REAL prices on the extended warranties anywhere (other than peoples' testimonials). I'm assuming they think of a random number depending on how gullible the client is. How long do I have before I can't cancel the warranty?

By the way, I'm a first time driver and just received my license in September; bought my car in October; and have been on the road ever since. 20 years old with a 720 FICO credit score. Everything else on my credit report is in the 650's.

O, I FORGOT TO MENTION, they gave me a 5.4% APR!! Good or bad??

:barf:

I found the link for prices on Vehicle Service Agreements for a NEW car.
It is here:

http://www.toyotafinancial.com/consumer/tfs.portal?_nfpb=true&_pageLabel=pg_VSAPricing&carSelected=Yaris

Is your car a Toyota Certified Used Car or just a Used Car?
Unfortunately, they don't list prices on the pages for those categories,
just the new one.

In my brochure, it says that one needs to cancel the agreement within
30 days, and the cost will be a $25 processing fee. In Texas, there would
be no processing fee. However, since you are past the 30 days, they would
"pay a pro rata refund based on elapsed time from the
Agreement Application Date or elapsed mileage from the Agreement
Application Mileage (whichever refund dollar amount is less), minus a
$25 processing fee"

"For Agreements issued in Alabama, Hawaii, South Carolina, Texas, and
Wyoming, a penalty of 10% of the Agreement Purchase Price per month
must be added to cacellation refunds not received by You within forty-five
(45) days after the Administrator receives the cancellation request."


If you haven't gotten a copy of the service agreement in the mail, you might
want to call Customer Service:

http://www.toyotafinancial.com/consumer/tfs.portal?_nfpb=true&_pageLabel=pg_CustomerService

They recommend you take the service agreement back to the selling dealer.
If you can't do that, then call:

Toyota Customer Service 1-800-228-8559


I just noticed that the agreement I got in the mail shows mileage expiration
of 75,000 when I paid for the 100,000 miles package as detailed on my
car buying contract. Guess I need to call the dealership on Monday. :mad:

[Revsson]

Is it alright if I bought it on 10/13/2008, but now it's 11/30/2008? Not too late to cancel the extended warranty?

I think if you check with Customer Service, that you can cancel, but will
be charged a fee and pro-rated a refund as I stated above. :frown:

[WMF1125]

I think if you check with Customer Service, that you can cancel, but will
be charged a fee and pro-rated a refund as I stated above. :frown:

Thank you so much. Actually, I wonder if e-mailing customer support is just as effective? I sent them an e-mail yesterday after reading everyone's comments, informing them, "The price I paid for my extended warranty was outrageous!" Then I quoted the price.

But what does "10% of the Agreement Purchase Price per month
must be added to cancellation refunds not received by You within forty-five
(45) days after the Administrator receives the cancellation request" mean?

Sounds a bit scary. 10% of 2,450? $245 for what? The lingo is mind boggling to me.

[CKaelin]

I agree overpriced. You paid $495 more then I did for my brand new 5speed Convienence Package in June. All taxes/registration transfer etc etc included. (Out The Door)

[TinyGiant]

i got the "employee discount rate" which was 1600 they said it was normally 2400 and even the dealer told me that if it was 2400 he wouldnt bother getting it but if it was 1600 it was worth it. so i got it .. then after a few days on YW noticed that chances are more likely that the car wont have an issue.. and most of the issues the yaris has are cheap.

lol you can buy a whole engine on ebay from time to time for $500 bux.

Toyotas are reliable


So i went back and said i didnt want it if its within 30 days the refund the WHOLE amount.

they will just send a check to the bank holding your loan and take the amount off the principle. It wont do anything to your payments just reduce the number of them

[MadMax]

WMF1125

Another San Antonian! Outstanding!

If I may ask, where did you buy your Yaris from? Red McCombs, Alamo, Universal or Cavender? Or did you get it from another dealership?

I got my 08 from Red, paid $16,600 if I recall correctly and it had the rims and tires, tint plus the convenience package (had to have the MP3 connection) and cruise control. I put $6K down, wanted my trade-in (a 1996 VW Passat) to cover taxes, title and transfer, and got a Toyota loan for the remainder at 5.1% or something like that (it may have been 5.49% USAA was offering 5.9%, and Toyota beat it). My payments are $198/month.

I would get rid of the extended warranty and the maintenance contract, both are rip-offs!

But we'll have to get together for the mid-Texas YarisWorld meet (http://www.yarisworld.com/forums/showthread.php?t=8665), if not sooner!

Cheers! M2

[tetzyamis]

Is it alright if I bought it on 10/13/2008, but now it's 11/30/2008? Not too late to cancel the extended warranty?

The warranty that they offered me was something that I can cancel anytime for full refund as long as I didn't use it.
If I don't use it for the full 7 years, they would give me full refund automatically.
I still didn't buy it because none of the Japanese cars I bought (5 of them) ever broke down :smile:

[TinyGiant]

should be fine.. if its not in 30 days they pro rate it .. so you'll get like 80$ less.. which is stupid since the warranty doesnt kick in for 3 years .. since you already have a 3 year bumper to bumper that comes with the car

[otterhere]

NEVER buy extended warranty; ALWAYS a waste of money...

Eh; I got my '08 (new) with just 95 miles for $13,700 out the door (that's taxes, fees, license, etc.; final cost total), but it took some doing and a lot of blood, sweat, and tears. Automatic with convenience and all-weather.

But it's done-and-done, so just enjoy it now!!!

:w00t:

[Revsson]

NEVER buy extended warranty; ALWAYS a waste of money...


I respect :respekt: your opinion on the Extended Warranty. However, I have known
some people that had highly rated and reliable Hondas. In one case, the
ECU went on the Civic. It was $900 to replace that. The extended
warranty paid for itself in that case. The Yaris might prove itself to not
need the warranty, but I decided I wanted to get it. I also thought, if I
EVER sell the car the warranty is transferable so it might help with the sale.

I could be wrong, but that is my opinion and I'm sticking to it :headbang:

[tetzyamis]

I respect :respekt: your opinion on the Extended Warranty. However, I have known
some people that had highly rated and reliable Hondas. In one case, the
ECU went on the Civic. It was $900 to replace that. The extended
warranty paid for itself in that case. The Yaris might prove itself to not
need the warranty, but I decided I wanted to get it. I also thought, if I
EVER sell the car the warranty is transferable so it might help with the sale.

I could be wrong, but that is my opinion and I'm sticking to it :headbang:

Just wondering... Didn't he pay more than $900 for the extended warranty? :confused:

[Pitt Yaris]

i payed somewhere around 700 bucks for my warranty 6 or 7 years, and i think 72k miles......most everything is included in it. i would of liked to have the 700 bucks in my pocket, but we'll see if there's problems and i get my money back in the next 7 years

[otterhere]

I respect :respekt: your opinion on the Extended Warranty. However, I have known
some people that had highly rated and reliable Hondas. In one case, the
ECU went on the Civic. It was $900 to replace that. The extended
warranty paid for itself in that case. The Yaris might prove itself to not
need the warranty, but I decided I wanted to get it. I also thought, if I
EVER sell the car the warranty is transferable so it might help with the sale.

I could be wrong, but that is my opinion and I'm sticking to it :headbang:

Okay; correction: waste of money on a TOYOTA because nothing should go wrong with these babies... Honda, I wouldn't bet the bank on... : D

[Revsson]

Just wondering... Didn't he pay more than $900 for the extended warranty? :confused:

I will have to ask him again, but I think he paid about $1000 for the Honda
warranty at the time.

[tetzyamis]

I will have to ask him again, but I think he paid about $1000 for the Honda
warranty at the time.

Let's say he paid $1000.
By the time extended warranty expires, it's 7 years.
Let's say the average inflation is 4%.
He would need to spend $1315 in repair under extended warranty to make par with what he had paid.

For me, for example.
I had Japanese cars until 5 years old, 6 years old, 8 years old, and 9 years old.
None of those 4 needed any repair.
If I bought extended warranty for $1000 for each of those car, then I'd be regretting now.

My theory is.
If they don't make money out of doing extended warranty, then they wouldn't do it.
They are doing it so that they can make money.
If they're making money, then people who buy extended warranty are losing money.