Plantinum Care Refund

[GreenSpeed]

Wow, i just came across your sitatuation and replies from people regarding the Extended Warranty and how dealers sell it at an expensive clip. I purchased the Platinum Plus plan and i'm not quite sure how much i payed for it but i believe the dealer convinced me to get it because when i was sitting down for the financing he said:

"Well i can drop another point off of your Financing if you purchase the Platinum Plan. It'll be like you're not buying it because you'll save that on the 1% discount i'm giving you"

I'm already over 30 days of my purchase on my Prius and I've seen the calculation HERE (See Platinum Plus Cancellation down at bottom)

Car Info:
Date of Purchase: 3/1/2006 (5 Months ++ Days at the time of this posting)
Mileage: 17000+

Say for example i purchased the plan for $1000 (It's probably more but i'll have to check) should i get a refund? I'm sure it will be pro rated and because of my mileage most probably i'll get hit with that. How is that calculated?

[jbarnhart]

I did a google search on "toyota platinum warranty" and found this page. It covers your question toward the end of the document:

http://www.vfaq.net/docs/ExtendedWarranty.html

[jeromep]

<div class='quotetop'>QUOTE(jbarnhart @ Aug 4 2006, 05:39 PM) [snapback]298001[/snapback]</div>

I did a google search on "toyota platinum warranty" and found this page. It covers your question toward the end of the document:

http://www.vfaq.net/docs/ExtendedWarranty.html
[/b]

The VFAQ document is good, however it doesn't provide a forumla to use, say to compar the pro-rata over time vs. over mileage.

My best advice to you is to call the administrator, in the case of any Toyota extended warranty, that would be Toyota Motor Credit. The administrator's toll free number is on the extedned warranty contract document. If you call them and tell them you want to know how much you will be reimbursed for the warranty if you turn it back into them, they will ask you about your purcahse date, mileage you currently have on the car and go from there.

I have no doubt they will ask why you are interested in releaseing it, you have no obligation to tell them anything, especially not that you feel like you overpaid for it at the dealer. I suppose if you wanted to give a polite response, it could be that you do not believe you have the utility for it, or that you just need the money.

Keep in mind that the cost of the warranty was rolled into your total financing cost. It would be in your best interest, if you get a pro-rata refund to take the proceeds you receive and make a principal payment on your car with that. Then turn around and purchase cash the warranty you want from a lower priced source.

[tmgrl3]

I wondered about this myself...I was up to paying for the car and the "business manager" called me in and offered the additional 4 years for "special"price of $1799. I took it...I didn't know what to do...

Guess they figured...older woman..she;ll be a sucker for this....should I try to refund it...I don't have roadside service with my 06 which is 3 weeks old now and only has just under 300 miles.

I payed for the car ...no financing.

HELP!!

I only drive about 6000 miles a year, but plan to have the Prius forever...

The business manager said I have no "roadside assistance" but now I understand I DO have it for flat tires, jump start, key lock-out....for 36,000...he said for extra money, I could get a plan..

What does Allstate or AAA offer that "roadside assistance" doesn't offer as covered by Toyota??

I'll call my dealer's business manager tomorrow and have this discussion.

[ttayloriii]

<div class='quotetop'>QUOTE(terri @ Aug 6 2006, 07:19 PM) [snapback]298774[/snapback]</div>

I wondered about this myself...I was up to paying for the car and the "business manager" called me in and offered the additional 4 years for "special"price of $1799. I took it...I didn't know what to do...

Guess they figured...older woman..she;ll be a sucker for this....should I try to refund it...I don't have roadside service with my 06 which is 3 weeks old now and only has just under 300 miles.

I payed for the car ...no financing.

HELP!!

I only drive about 6000 miles a year, but plan to have the Prius forever...
[/b]

I purchased an extended warranty from my dealer. I got a 6 year 75k mile policy. I dont't drive all that many miles bc I have 2 vehicles. My policy is fully[i] refundable if there are no claims on it. I thought this was pretty good for a technologically advanced vehicle. I figure that if I got the best Prius around I would get my money back. If there are problems, I can easily see spending more than the policy for repairs.

[tmgrl3]

That's kind of how I felt, ttaylor...

But the roadside assistance isn't listed anywhere, yet when a tire blew out in the first 20 miles (I pulled over and ran over something) they told me to call Toyota Roadside Assistance...so does it come with the 06 or doesn't it...and does it last for 7 years since that is the Platinum...

I will call tomorrow.

t

I have come out about even over the years on extended warranties...gotten completely new appliances or electronic equipment when mine couldn't be repaired...it happens.

[IsrAmeriPrius]

<div class='quotetop'>QUOTE(terri @ Aug 6 2006, 06:25 PM) [snapback]298798[/snapback]</div>

...so does it come with the 06 or doesn't it...[/b]

It does not come with the 06, only with the 05 and earlier models.

[Bearcatzzz]

<div class='quotetop'>QUOTE(ttaylor @ Aug 6 2006, 05:39 PM) [snapback]298782[/snapback]</div>

I purchased an extended warranty from my dealer. I got a 6 year 75k mile policy. I dont't drive all that many miles bc I have 2 vehicles. My policy is fully[i] refundable if there are no claims on it. I thought this was pretty good for a technologically advanced vehicle. I figure that if I got the best Prius around I would get my money back. If there are problems, I can easily see spending more than the policy for repairs.
[/b]

I had the same refund in the plan offered by my dealer. I bought the 7 yr/75K mi plan for $2K. After I purchased, I found this site and the link to Toyota Financial and found I paid about $800 for the refundable option. I'm in the process of cancelling and will buy my 7 yr/100k mi plan for less than $1K. It seemed better to me.

I buy warranty plans on most major purchase items. I have heard the arguments against warranty plans about a waste of money, but, overall I'm money ahead.

[jbarnhart]

<div class='quotetop'>QUOTE(jeromep @ Aug 6 2006, 01:31 PM) [snapback]298711[/snapback]</div>

The VFAQ document is good, however it doesn't provide a forumla to use, say to compar the pro-rata over time vs. over mileage.
[/b]

Gee, I though it was VERY clear...

In all other cancellation cases (less than 30 days but there has been a claim, or over 30 days with no claim), you will be given a pro-rata refund based on the elapsed time or mileage (whichever means less $) from the in-service date/mileage of your vehicle (NOT the date/mileage you purchased the agreement), minus a $25 processing/cancellation fee.
[/b]

In other words, calculate it over time and over milage -- you get the lesser of the two.

[IsrAmeriPrius]

<div class='quotetop'>QUOTE(ttaylor @ Aug 6 2006, 05:39 PM) [snapback]298782[/snapback]</div>

My policy is fully refundable if there are no claims on it.
[/b]

Who underwrote that policy? If it was not Toyota, I'd be concerned that the company may not be in business by the time you file a claim or apply for the refund.

I learned the hard way. A Mercedes dealer sold me a non Mercedes Benz extended warranty years ago. By the time that I needed to use it five years later to fix a costly air conditioning problem ($1,200), the insurance company and its reinsurer were both out of business.