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.

 

I paid $1,430 for 7yr-125K

 

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

 

It's quite possible that since you purchased your car here in California - that you would have 72 hours to cancel this warranty. I would do that immediately. You are covered for the next 48 months - so no need to rush into this.

 

^^^^+1 to that!

Lou

 

This warranty can be cancelled at any time.

 

^^^^Jerry is thinking about the OP forfeiting this $150.00, that's the reason he should cancel it post haste.

Lou

 

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...

 

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/

 

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?

 

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

 

This is true but you would only get a prorated return. In my case, I tried to cancel it 2 weeks afterwards and I was only offered 70% of what I paid.

 

Haitwun, did you read your contact to see the exact cancellation terms? What State are you in?

 

@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.

 

As per Lexus Financial webpage