question on extended warranty
#1
Driver School Candidate
Thread Starter
Join Date: Nov 2012
Location: ca
Posts: 2
Likes: 0
Received 0 Likes
on
0 Posts
question on extended warranty
Hello
My name is Adam Birozy and I just purchased a 2013 300ESH black on black luxury. I think I got a pretty good deal on the car itself ($43,000 for the car and $1,250 for chrome wheels).
However, I was not prepared for the extended warranty pitch and think I may have been taken advantage of. The dealer said the warranty's usually run 10% of sticker, but he would give me mine at $3,500.00. It supposedly extends the warranty to 7 years and 100k miles.
1) was this a high price to pay on the warranty?
2) what would be a good price to pay for the warranty?
3) if I did get taken advantage of, they said I could cancel my warranty and it would cost like $150.00. Could I cancel it then repurchase it for a reasonable price?
Thanks. Any help is appreciated.
My name is Adam Birozy and I just purchased a 2013 300ESH black on black luxury. I think I got a pretty good deal on the car itself ($43,000 for the car and $1,250 for chrome wheels).
However, I was not prepared for the extended warranty pitch and think I may have been taken advantage of. The dealer said the warranty's usually run 10% of sticker, but he would give me mine at $3,500.00. It supposedly extends the warranty to 7 years and 100k miles.
1) was this a high price to pay on the warranty?
2) what would be a good price to pay for the warranty?
3) if I did get taken advantage of, they said I could cancel my warranty and it would cost like $150.00. Could I cancel it then repurchase it for a reasonable price?
Thanks. Any help is appreciated.
#3
Yes, I would cancel the warranty and then do some research here on a Platinum Warranty and buy it wherever you get the best deal. There is no hurry to buy it and I think you will save some money.
Congratulations on the new black on black ES.
Dave Mac
Congratulations on the new black on black ES.
Dave Mac
#4
Driver
Join Date: Oct 2012
Location: Central Coast, CA.
Posts: 155
Likes: 0
Received 0 Likes
on
0 Posts
Hello
My name is Adam Birozy and I just purchased a 2013 300ESH black on black luxury. I think I got a pretty good deal on the car itself ($43,000 for the car and $1,250 for chrome wheels).
However, I was not prepared for the extended warranty pitch and think I may have been taken advantage of. The dealer said the warranty's usually run 10% of sticker, but he would give me mine at $3,500.00. It supposedly extends the warranty to 7 years and 100k miles.
1) was this a high price to pay on the warranty?
2) what would be a good price to pay for the warranty?
3) if I did get taken advantage of, they said I could cancel my warranty and it would cost like $150.00. Could I cancel it then repurchase it for a reasonable price?
Thanks. Any help is appreciated.
My name is Adam Birozy and I just purchased a 2013 300ESH black on black luxury. I think I got a pretty good deal on the car itself ($43,000 for the car and $1,250 for chrome wheels).
However, I was not prepared for the extended warranty pitch and think I may have been taken advantage of. The dealer said the warranty's usually run 10% of sticker, but he would give me mine at $3,500.00. It supposedly extends the warranty to 7 years and 100k miles.
1) was this a high price to pay on the warranty?
2) what would be a good price to pay for the warranty?
3) if I did get taken advantage of, they said I could cancel my warranty and it would cost like $150.00. Could I cancel it then repurchase it for a reasonable price?
Thanks. Any help is appreciated.
Trending Topics
#8
Driver School Candidate
Thread Starter
Join Date: Nov 2012
Location: ca
Posts: 2
Likes: 0
Received 0 Likes
on
0 Posts
thanks
Thanks everyone so far for your answers... It seems like I got jipped a little. I will call monday to cancel my current warranty and shop around... Hopefully it falls within the 72 hour timeframe. I was told you had to cancel the warranty through lexus financial...I purchased the car thursday evening and lexus financial is not open on the weekend.
1) Does anyone know if I cant, should I be charged a maximum of $150.00?
2) Pilot, who did you get your warranty through and was it at purchase? You seemed to get a MUCH better deal than me.
3) Also, any recommendations on IF I should even get a warranty? I dont drive more than about 11k a year, but this is a first year hybrid for the ES.
Thanks again, any input is great...
1) Does anyone know if I cant, should I be charged a maximum of $150.00?
2) Pilot, who did you get your warranty through and was it at purchase? You seemed to get a MUCH better deal than me.
3) Also, any recommendations on IF I should even get a warranty? I dont drive more than about 11k a year, but this is a first year hybrid for the ES.
Thanks again, any input is great...
#9
Driver
iTrader: (1)
I have canceled prior contracts, after trading in a Lexus. Granted a partial refund issued was given. But I found this link.
http://putnam-extended-warranty.com/...um-warranty-5/
http://putnam-extended-warranty.com/...um-warranty-5/
#10
You need to read your agreement. Usually there is no charge of any kind if you cancel early on, typically 90 days. Who told you there was a $150 fee to cancel. Do you have this in your agreement?
#11
Lexus Fanatic
iTrader: (1)
The Lexus Platinum warranty is refundable, with the total ranging from the full amount that you paid to a pro rata portion of the payment.
The owners of new Lexus vehicles (meaning those who originally purchased their Lexus as a new car) have 60 days to cancel the warranty after they receive the agreement, and will be given a full refund.
http://putnam-extended-warranty.com/...um-warranty-5/
For a discounted quote on a Lexus Platinum warranty..
Jerry Johnson
Midwest Toyota
Midwest Superstore
1100 east 30th
Hutchinson, Ks 67502
Phone 800-530-5789
Cell 620-664-8844
jerryj@midwestsuperstore.com
The owners of new Lexus vehicles (meaning those who originally purchased their Lexus as a new car) have 60 days to cancel the warranty after they receive the agreement, and will be given a full refund.
http://putnam-extended-warranty.com/...um-warranty-5/
For a discounted quote on a Lexus Platinum warranty..
Jerry Johnson
Midwest Toyota
Midwest Superstore
1100 east 30th
Hutchinson, Ks 67502
Phone 800-530-5789
Cell 620-664-8844
jerryj@midwestsuperstore.com
Last edited by Joeb427; 11-18-12 at 04:04 PM.
#12
#14
@abirozy - I have purchased extended warranties before, and then canceled them (all), either because of a re-think or because of buyer's remorse. Any way one looks at it, an extended warranty for a new car does not make a whole lot of sense, especially for the Lexus / Toyota brand.
One can buy an extended warranty later, when the car is older and perhaps the factory warranty is running out for a reasonable $ amount; but even then, the ext warranty is probably superfluous, unless something big happens to the car.
I would put that money into a Lexus service agreement - about $500-$700 will purchase oil changes, tire rotations, general service and some "freebies" for four years / 50K miles. That usually is a good deal, because oil changes on the ES300h (e.g.) are synthetic, which costs more - by the time 40K miles rolls around, one has recouped the initial cost. And the feeling of driving into a Lexus garage and coming out with a $0 bill is great.
BTW - you can cancel the warranty at any time, but the sooner the better to get back all of your costs. I know this post is late for you, but good to know next time.
One can buy an extended warranty later, when the car is older and perhaps the factory warranty is running out for a reasonable $ amount; but even then, the ext warranty is probably superfluous, unless something big happens to the car.
I would put that money into a Lexus service agreement - about $500-$700 will purchase oil changes, tire rotations, general service and some "freebies" for four years / 50K miles. That usually is a good deal, because oil changes on the ES300h (e.g.) are synthetic, which costs more - by the time 40K miles rolls around, one has recouped the initial cost. And the feeling of driving into a Lexus garage and coming out with a $0 bill is great.
BTW - you can cancel the warranty at any time, but the sooner the better to get back all of your costs. I know this post is late for you, but good to know next time.
#15
Driver School Candidate
Join Date: Nov 2012
Location: NY
Posts: 25
Likes: 0
Received 0 Likes
on
0 Posts
As per Lexus Financial webpage
Cancellation
Lexus Extra Care|VSA may be cancelled at any time. You are entitled to a full refund less a twenty-five-dollar ($25.00) processing fee for cancellations within the first 30 days on both new- and used-vehicle contracts -- for whatever reason you decide to cancel--as long as no claims have been filed on your contract. In all other cases, the refund will be pro-rated based on the elapsed time or mileage from the date the coverage began (less a $25.00 processing fee).*
Lexus Extra Care|VSA may be cancelled at any time. You are entitled to a full refund less a twenty-five-dollar ($25.00) processing fee for cancellations within the first 30 days on both new- and used-vehicle contracts -- for whatever reason you decide to cancel--as long as no claims have been filed on your contract. In all other cases, the refund will be pro-rated based on the elapsed time or mileage from the date the coverage began (less a $25.00 processing fee).*