is the toyota extra care vehicle service agreement worth it?

[waylandchin]

I bought my yaris on 3/27/07 with an extended warranty of 84 months, or 75,000 miles. I paid 1980.00 for this

I can still cancel the extended warranty and get my money back within 60 days.


I also paid 700 for 72 months of gap insurance.


should I cancel the extended warranty? did you guys buy one too?

[AustinYaris]

no... not worth it.

[drg]

These are some of the most reliable cars on the road. The extended warranties are a rip off. In fact, the dealer gets to keep half the money off the top, that is why they push them so hard.

[Black Yaris]

not worth it, you will never get your money's worth

[brickhardmeat]

get your money back

[Dbeau]

Nope did'nt bother with it either. However I did put out the 600.00 for the paint and interior protection.

[Edd]

Heh... This is one of those things that if you buy, you won't ever use, but if you don't buy, you'll have some major problem down the road. Life's like that sometimes... :D

[jamal1984]

i dont think the yaris will have any problems after 150k, so that is totally not worth it

[ColinT]

I got one for 7 years 100,000 miles and there is a clause where if I don't use the the extended policy I get 100% of payment back at end of policy. So if you have this option I think it is worth it.

[Unknown_Epiphany]

I got the same clause on mine as well Colin. Totally worth it in my case.

[waylandchin]

ColinT and Unknown_Epiphany, can you show me the clause? maybe it's on mine too.

[PetersRedYaris]

No, not worth it.

[msagowitz]

Take that same 2k and put it in a savings account. Best thing you can do with it.

[AustinYaris]

I got one for 7 years 100,000 miles and there is a clause where if I don't use the the extended policy I get 100% of payment back at end of policy. So if you have this option I think it is worth it.

it would be stupid NOT to get it in that case. are you 100% sure you'll get your money back? no fine print or loophole?

[Kid]

I agree with Austin. If anyone doesn't, your probably missing something.

[Unknown_Epiphany]

Let me look at it when I do get home from work but yes I did read over it and it does say specifically If no maintence is performed in the 100000 miles or the years a check will be issued to the payee.

[msagowitz]

Still makes no sense. Pay interest on the $2000 for your million year loan and MAYBE get your money back after SEVEN YEARS? Don't you wonder where the catch is? Simply open a savings account and let your money earn interest.

[Edd]

There's no way it's 100% of your money back after 7 years. That would basically Toyota making themselves break even or lose money on this deal. That's not how insurance ever works.
It may be possible that they've researched that in 7 years, something worth $100-$200 breaks, in which case your $2000 warranty paid for something cheap and therefore you get nothing back at the end.

[Unknown_Epiphany]

I really need to get the paper work but with the terms I read AS LONG AS THE TOTAL AMOUNT (1980 DOLLARS) ARE NOT USED then the refund will be given to you. I do agree about the savings account idea but the reason I got the warranty is because of resale deals. Warranty=Higher Value on vehicle especially since this one is in fact transferrable.

http://www.edmunds.com/townhall/chat/transcripts/chiricotranscript101000.html#transcript

go to this link about warranties on cars.

[Unknown_Epiphany]

Also,

How would Toyota lose money on this deal Edd?

[Edd]

Think about it.
[1]If nothing goes wrong, Toyota give you back your money. That means they break even, and so do you.
[2]If something (or multiple things) goes wrong worth over what you paid, then they lose money, and you profit.
So if the above were most likely, this deal wouldn't exist, because Toyota would have no possible gain. Therefore I'm guessing (as I said before):
[3]That something only a few hundred $$$ wears out over the warranty period, meaning you will not get your money back and you've spent nearly $2k for something that wouldn't have cost you anywhere near that to replace it at your own cost.

Remember that [3] is the ONLY way Toyota actually make money from offering this deal, which means it's probably the most likely. I'd say the extended warranty isn't worth it.

EDIT: I also realise it's possible that the extended warranty is parts only? No labour? That's another catch that sometimes gets people - the parts are often peanuts in comparison to the work involved in disassembly/reasssembly.

[Unknown_Epiphany]

It is quite possible, I really need to remember to find that Agreement so we can find out the legal jargon.

[dr_evo]

It is quite possible, I really need to remember to find that Agreement so we can find out the legal jargon.

from what i understood about extended warranties is that you can cancel them anytime prior to the end of the contract prorated to the number of days/miles since the purchase of the car. what im trying to remember if it is actually cancellable after the 3/36 standard warranty. when i got a honda accord before, i actually bought one. then i realized a year later that i did not want a honda so i cancelled the warranty and traded in the car and used the money as a downpayment for another car. i did not get the entire value though. they already prorated it. i dont know if toyota warranty works the same way.

[Unknown_Epiphany]

Toyota does prorate the agreement. The amount at the end of the 7 years is prorated. I am tempted to cancel my warranty but it may be worth the cash just in case.

I am already going to be paying off my car by the end of the year. So the warranty in a nutsell covers my car for 6 more years.

Sorry for any disagreements I may have caused. The agreement is worded very specifically. Gotta love contracts.

[Unknown_Epiphany]

By the way I found this info out from a Lexus/Toyota rep through email.

[Sabretooth]

Now with the extra care warranty from my dealer, it also plays with the whole "If we find that you broke it" aka Negligence, that they even cover those claims... Now...my dealer also offers the ability to cancel anytime, and recieve the amount that i didnt use over time in a check...

Now my question, when I start adding performance upgrades, im sure it negates anything they hold in the terms, mainly because the car isnt stock?

Should i just cancel if that be the case?

[brickhardmeat]

Now with the extra care warranty from my dealer, it also plays with the whole "If we find that you broke it" aka Negligence, that they even cover those claims... Now...my dealer also offers the ability to cancel anytime, and recieve the amount that i didnt use over time in a check...

Now my question, when I start adding performance upgrades, im sure it negates anything they hold in the terms, mainly because the car isnt stock?

Should i just cancel if that be the case?


I think the only stuff you actually lose the warranty on will be the parts you have modified or changed. Such as, changing your springs will probably eliminate any coverages for your suspension in general but that wouldn't ruin the warranty on the 02 sensor unless you have modified under the hood. This is just the way I understand it. I didn't purchase any warranties myself.

[naossoan]

I purches mine it was 1599 I think I might go back and cancel it before they send the forms away on Monday.

It seems like a ripoff because the only reason I think they offer extended warranties is becuase they're almost purely profit for them ebcause nothing evre goes wrong with their cars lol

[graywolf_14]

I opted for the 6yr 100k but I am thinking of getting rid of it. But if I stay at my job I will basicly use up the standerd warr. in 2 years. Plus the extended does free towing and if u are 151+ from ur home they will pay up to $100 for food a day if u break down. Plus will pay for a hotel up to 5days I believe.

[naossoan]

The main reason I'm going to get rid of mine is because my insurance is crazy expensive because of an accident I had in 2005 that I kinda forgot about until I went to insure my car after I bought it $279/month WOW!!!!!

So what I have to do is get rid of collision, and get rid of the warranty, so thats 80/month less which makes it more manageable. Cause the warranty is an extra ~30/month

[thomasward00]

Wow,

I bought my Yaris with 2500 miles on it as a Toyota Certified used car, it already came with a 7yr 100k mile powertrain warranty and at first the finance manager tried to sell me an upgrade to a 7yr 100k bumper to bumper, he wanted 1100.00 bucks, I declined but the next day before I picked up my car, he called me and offered me the 7yr 100k bumper to bumper platinum for 495.00, I jumped on it. It covers just about EVERYTHING, even the Radio and speakers. And its fully transferable if I decide to sell the car, I'ts much better to buy a Certified Used Toyota with less than 5k miles, it comes with a better warranty and there is more wiggle room with the price. 100k miles is alot of bumper to bumper......

[Nutzoids]

I have 8000 Miles on my car... And I guarantee my Warranty is already Void!

But hey... to each their own!

:evil:

[waylandchin]

hmm... i have a platinum with with 7 year 75,000 miles expiration, not 100 like you guys. in los angeles area.

[mojoyaris]

I have 8000 Miles on my car... And I guarantee my Warranty is already Void!

But hey... to each their own!

:evil:

You already voided your warranty? How? Supercharger?