Extended Warranty Purchase?

@AZTundra
Spoke to Jerry today thanks for the hook up. Dealer wanted $3,100 for 10yr/100k
I got the 10yr/125k for $2,070.

 

Damn!!! Hope I get a deal like that

 

Jerry is the nicest guy also, super helpful

 

Actually you can. I get an letter in the mail every few weeks from a company offering an extended warranty. It specifically says the vehicle doesn't have to be under warranty. We toss it with the rest of the junk mail.

 

I don't know of any company that will refund the premiums paid over the lifetime of a warranty. If you're aware of one, please let me know. That would be a good deal - an extended warranty for several years with all the money given back at the end if you don't use it. How do they make any profit?

 

"...most warranties can be canceled and you’ll get a prorated amount refunded"

Article here

 

It’s the Toyota platinum warranty, they will give a pro-rated amount of the unused portion of the warranty, if u sell or trade in early.

 

Just throwing this out there:

2k @ 7% return over 7 years is $3200.

returns over past 7 years were easily 10%-12% for medium risk investments, that would put you at $3900.

over ten years at 12% return is $6200.

Understand taking a warranty for extra piece of mind but understand what that piece of mind is costing you, especially on a reliable Toyota. Especially if you roll it into the loan, now it’s costing you and extra 2.49%.

 

All true facts, but I look at it like this, $1545 for 10 year 100k, if I use it for one large repair or 2 small repairs I break even. Then any other use is “house money”

also if I invested the 1545, it would never grow because my wife and kids spend it as fast as I can make it.

 

Where did you and "texasrho83" get the notion I'm going to cancel or sale/trade in the truck early. I don't plan to get rid of my truck for another decade or so.

 

Most ppl, such as myself, don't even know where to start doing something like that.

 

No one said "YOU" would do anything. I'm explaining my earlier statement that warranties are refundable.

 

Do what u want. The fact remains that “IF” you don’t use it Toyota will prorate the unused portion.
And I keep cars 12-15 years so I get that you don’t intend to turn it in early, but it’s nice to know you have the option

 

Not only will Toyota do it, but Ford will (personal experience). I am pretty sure it's a standard deal for automotive warranties - one dealer's financial guy mentioned that most people don't know about it and it's a bit of info they won't tell you unless you happen to ask.

 

Yeah, I get it. You can pay a pro to do it for you (recommendations from others you trust are the best way to go). Or do it yourself, it’s not much harder than signing up for and posting on this forum. Go to TD Ameritrade and create an account (free). There are steps to link it to your bank account (call them they will help, or stop by an office). You just need a copy of a check to get your account # and routing #. You can buy any fund option you want but keep it simple and low risk. No stocks. Recommend a fund which basically follows the market and gives average returns, a quick google will provide some that have been around for 30+ years, like the largest fund in the world. Vanguards total stock market index (VTSAX). All you have to do is, in the TDameritrade APP search VTSAX, and buy it. Do not worry if it goes down, just wait a year or two and it will recover. Sell it whenever you want, but preferably when the market is higher which is easy to determine with a quick google search. Right now shits going down, wait a year or so because it’s probably gonna keep going down and buy low and don’t expect to sell for another 5+ years because that’s how long it takes to recover, potentially 10 years. Do not invest money you think you will need at an exact certain point in the future.

 

@AZTundra I’m interested also. Thanks.

 

@AZTundra would you mind sharing? Coworker just realized she paid $7000 for extended warranty for a rav4, and I’m trying to help her out with a better option. Thanks in advance.

 

I got the warranty couple years ago on my 2016 tundra i bought used and had a problem with a vibration with the carrier bearing and they denied it because of the level lift that was installed. They were the ones that recommended the place that i got the lift from. Any thoughts on this? TIA

 

PM sent.

 

Hi can you send it to me as well. thx.

 

The dealer will sale you a truck with an aftermarket lift on it and won’t honor the warranty. If it’s not a factory installed Toyota part, Toyota won’t pay the bill. Some dealers are bigger scumbags than others.

 

@AZTundra
You should get a referral fee... lol btw send me the info too... thanks

 

@AZTundra saved me over 2k. Thanks for doing this sir!

 

PM Sent.

The funny thing is that he has no idea I've been referring all of you to him. He said feel free to pass his info along to others which I've been doing now for quite some time. I bet he sometimes wonders where everyone is getting his phone number.

 

Yep this guy is doing us a service yet I see several folks warning of third party warranties and be cautious - either take advantage of the info provided here or don’t pretty simple. But don’t throw your $.02 around when it’s not necessary or for that matter not even correct…

I’ve said it before…. thanks AZTundra

 

I don’t have my Tundra yet but I have it “ordered”. May I have one of these PM’s?

 

PM Sent.

 

I'd appreciate a PM too, please!

 

PM sent.

 

Very Interested.
Can someone please send me the info?
Just picked up my 2021 because of the steering recall.
Thank You.