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Extended Warranty? Should I cancel?

Discussion in 'General 4Runner Talk' started by alama113, Jun 9, 2019.

  1. Jun 9, 2019 at 8:02 PM
    #1
    alama113

    alama113 [OP] New Member

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    Just purchased a 2014 4runner Trail yesterday with 74,500 miles on it. Didnt do my research on the warranties before and this was a first time, anxiety provoking purchase. I am a 28yo female so I think I got cheated. Got suckered into the extended warranty and went with $795 gap insurance, $595 Toyota autocare @ 4/55,000 miles and $2895 Platinum ExtraCare @ 3/36,000.

    After doing some research, seems like I could have gone without the warranty and may have gotten ripped off with the extra care price. I am pretty sure I have 30 days to cancel. On the fence now...I have had a BMW before so the trauma of the maintenece issues lured me to get this warranty..totally different cars i know. Thoughts???
     
  2. Jun 9, 2019 at 8:28 PM
    #2
    PVT Pablo

    PVT Pablo Ultra Junior Member

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    I'd ditch the warranty. 100,000 miles between a Tacoma and 4Runner and never once touched the warranty.

    Depending on how much you paid, gap may be useless too. I bought my 4Runner new and skipped gap insurance because I put a huge deposit down. Four years later and I barely owe over 10k, and trade in is over 35k.
     
    WallyT4R and Backslider like this.
  3. Jun 9, 2019 at 11:43 PM
    #3
    MeefZah

    MeefZah Curmudgeonly

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    Things with stuff, but nothing much
    Cancel.

    And FYI, the stuff like GAP, warranties - all the shit the finance guy is seeking - are damn near pure profit items for them. They are absolutely negotiable, if you want them.

    Dump all that shit except possibly GAP, as noted, that's dependent on how much you owe.
     
    WallyT4R likes this.
  4. Jun 10, 2019 at 2:16 AM
    #4
    Braves95

    Braves95 New Member

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    Dump everything and keep gap. They will either send u a check for the price plus your tax. Or will issue you a credit on the price of the truck.
     
    WallyT4R likes this.
  5. Jun 10, 2019 at 4:22 AM
    #5
    alama113

    alama113 [OP] New Member

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    I didn’t put any money down. With everything included except the estimated interest my loan was about 31,000. All the warranties put my loan at 5,000 more. I’m a first time buyer so I didn’t know any better. He did lower the warranty prices but still seems high based on what’s I have read. Kicking myself bc my monthly payments are 80$ more now. Lesson learned. Will call today to cancel.
     
  6. Jun 10, 2019 at 4:28 AM
    #6
    scottalot

    scottalot Stockalot

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    I’d definitely ditch the warranty.. that’s to much for it I’m the first place.
     
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  7. Jun 10, 2019 at 9:15 AM
    #7
    ipnpulz

    ipnpulz New Member

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    Cancel ! I got 7 yrs/125,000 mile no deductible $1400 and they started @ $3,500.00 with $100 Deductible. I also got back $1,000 from the old warranty....
     
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  8. Jun 10, 2019 at 10:18 AM
    #8
    alama113

    alama113 [OP] New Member

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    Wow, I really got ripped off. I am canceling it, however toyota financial told me the agreements haven’t been processed yet from dealership in their system. Said it takes 3-5 days. So I’ll call back at end of the week since I’ve only had car two days. I contacted the financial manager to see if he would modify my agreement to go back to my monthly payments w/o it but no luck. Thanks for the advice. Lesson learned.
     
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  9. Jun 10, 2019 at 1:00 PM
    #9
    PVT Pablo

    PVT Pablo Ultra Junior Member

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    For the future anyone looking, don't buy anything from the finance guy. Most of the warranties and extra nonsense (tint, clear coat protection, ect.) can be had for cheaper elsewhere.

    An example of this is I bought a four year warranty through my motorcycle dealership for 1000. Called Kawasaki and the exact same warranty was 700 through them. Cancelled that crap the same day.
     
    scottalot, aroyalsfan and WallyT4R like this.
  10. Jun 10, 2019 at 6:02 PM
    #10
    aroyalsfan

    aroyalsfan New Member

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    Agree...the finance guy is the biggest crook in the place. Say no to everything, though I did say yes to 5 years oil changes for $250, but everything else....lol

    Also bring your own financing. I had secured the best interest rate I could find.....finance guy new that and still pushed a loan of nearly twice the rate I had anyway. They have no shame.
     
  11. Jun 10, 2019 at 6:23 PM
    #11
    alama113

    alama113 [OP] New Member

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    Thanks. I learned a lot for my first purchasing experience. They dropped the interest rate 4% throughout the whole back and forth. I probably could have gotten 1% lower if I shopped before hand and knew what I was doing. For my first car purchase I didn’t do that bad, just got cheated out of the warranty but bc it’s only been 3 days since purchase they will credit the amount I loaned for the warranty back to the lender and it’ll go towards principle balance. Either way the add on to my monthly payment sucks :/
     
  12. Jun 10, 2019 at 7:02 PM
    #12
    aroyalsfan

    aroyalsfan New Member

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    Don't beat yourself up over it. Happens to a lot of us. It's a learning experience you'll never forget and the next time you buy a vehicle you'll come out in better shape. Same thing happened to me back in 1999. Bought the extended warranty. Then they fought me the entire life of the warranty and even once charged me $80 to tell me I had a bad battery....and I still had to go buy a battery. To this day I've never stepped foot back on a Jay Wolfe dealership's lot and I never will.

    FYI...you should be able to refinance that loan at the principle balance at some point to bring your payment back down. Call the lender and ask them how long you need to wait. Unless you got hosed on your loan too, generally there's no early payoff penalties on car loans. If that's the case for you they'll probably be willing to refinance it sooner than later. If not then another lender (like your local credit union) will gladly help you out.

    Check out some of this guys videos on YouTube. His videos are great and very informative on the car buying process.

    https://www.youtube.com/user/Lvillechevydude
     
  13. Jun 10, 2019 at 8:06 PM
    #13
    4runningMan

    4runningMan New Member

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    6 Tacoma's and now a 4runner in the last 25 years and I've never paid for a repair. Just oil changes, tires, and plugs. Granted, I'd get rid of them at about 80-100k miles. But they just seem to go and go.

    Over time, you're better off instead by just putting that warranty money toward any repairs that might come up. And you'll probably come out ahead.

    That's just my approach. Is it gonna work out for me in the end? Probably. But it might not lol. You just never really know. Not really a one size fits all answer. Everyone's financial situation is different. But these trucks are pretty solid.
     
    4Runner fun and aroyalsfan like this.
  14. Jun 11, 2019 at 5:31 AM
    #14
    RusPro17

    RusPro17 New Member

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    Congrats on the new 4Runner. Everyone has there own opinion on warranty service. I know these are Toyota’s and I have had a lot over the years. I never bought extended one until I bought my new 17 Pro. I already new I was planning on keeping this for a long time. So I took the extended 10years 100000miles. Which is the platinum. It’s also transferable. I did not have a problem worrying about if I lost the money for not using it. Now if I was buying a used one with 74000 miles on it I would have tried to get the best warranty deal on it. The only reason I say this for me because of past experience. I bought a 2003 Acura a few years back and it had owner with 67000 miles on it. Well taken care of but I took the 4years 48000 miles on it. Well at 82000 miles the transmission went out. For a new transmission thru Acura plus needing the new pcm to go with it was $7000.00. All covered under warranty. Some times you need to roll the dice and decide if you think you need it or not. I know on my Pro if that headunit with the Nav goes out on me at 80 or 90 thousand miles it will cost way more than my warranty was. Hope this helps.
     
  15. Jun 11, 2019 at 6:14 AM
    #15
    alama113

    alama113 [OP] New Member

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    Thank for the response. I love it, it is a beast! Well worth it whatever I decide. I am still a little indifferent, so much thinking about it makes me not want to do anything lol. I think the thing that bothers me the most is that the warranty that probably really matters (extracare), is only 3 years or 36,000 miles. Which will put me at 110,000 miles when it expires. And the kicker is I paid 2800 dollars for it which high. The toyota care is still high at 595$ for only 4/55,000 years, which will expire at 129,500. I will probably keep gap insurance. I am wondering if i cancel the warranties if I can get the same ones somewhere else for cheaper at any time. Is that an option?
     
  16. Jun 11, 2019 at 6:52 AM
    #16
    RusPro17

    RusPro17 New Member

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    Yes that does seem high but it seems to be depending on your location all the warranty’s seem to be very different. Not sure if you search around if you could get it cheaper.
     
  17. Jun 11, 2019 at 7:02 AM
    #17
    jrabenaldt

    jrabenaldt New Member

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    I agree it's a roll of the dice. I've only purchased 1 and it was for my 2011 Wrangler. Paid $2200 for it (felt stupid at the time) but it has covered multiple rear axle seals, a PCM, burned up (locked up) Alternator, and a rear main seal. Since I'm making the dealership stand behind the work I'm about $1500 ahead at this point. I have coverage for another 7 months so I'm sure it will go back in for something before it expires...
     
  18. Jun 11, 2019 at 8:40 AM
    #18
    nimby

    nimby in the drink

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    One thing I would recommend is going to your local credit union to see if they can re-finance your loan with a cheaper interest rate. Many can. That's another way to bring those monthly payments down. They will buy the loan off the dealer and you'll be making cheaper payments to the credit union instead.

    If you want to get another warranty for your vehicle, shop around and know that they are negotiable. Put one dealer against the other to bring the price down as low as they will go.

    A word of advice.........you will want to get the warranty from the place that will be servicing your car rather than getting a warranty from some random place. Reason being is that getting the cost of repairs covered will be much easier if the warranty is from the establishment that is doing the repairs.
     
  19. Jun 11, 2019 at 8:50 AM
    #19
    DGP1961

    DGP1961 New Member

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    Relax if you enjoy the vehicle let it go... Chock one up for them live and learn. If your affording the payments all is good. I had XM Radio on the phone last night for a 1/2 hour only bought out six months this time for 35.00 they all suck.
     
  20. Jun 11, 2019 at 9:26 AM
    #20
    Braves95

    Braves95 New Member

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    Yes you can get them at another time but within the OEM warranty period after that you can't go through Toyota. And you can go to ANY dealership and compare shop with all of them.
     
  21. Jun 11, 2019 at 10:35 AM
    #21
    alama113

    alama113 [OP] New Member

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    Right, I had a BMW x3 and once it went over 90,000 so many things went wrong and services were 500+ every time. So i have some residual trauma impacting my ability to let go of the warranty even though it is high lol
     
    ipnpulz likes this.
  22. Jun 12, 2019 at 4:43 AM
    #22
    ipnpulz

    ipnpulz New Member

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    My BIL has a 5 series and every time he takes it in its $500-$700 bucks for two yrs now he has been screaming hes going to get rid of it.....
     

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