Extended Warranty Refund

[mhawkin1]

I have had my 2007 Prius for 12+ months and paid the $1,400 or so for the extended warranty (6yrs-75k) (I did not find PC until a few months after the purchase ) and really wish I wouldn't have purchased the warranty. My car currently has 17k miles; is there any way to get a prorated refund?
(Or get the refund and then buy the 100k from Danny? for $990)

Thanks in advance.

[mcbrunnhilde]

<div class='quotetop'>QUOTE(mhawkin1 @ Nov 26 2007, 03:27 PM) [snapback]544434[/snapback]</div>

I have had my 2007 Prius for 12+ months and paid the $1,400 or so for the extended warranty (6yrs-75k) (I did not find PC until a few months after the purchase ) and really wish I wouldn't have purchased the warranty. My car currently has 17k miles; is there any way to get a prorated refund?
(Or get the refund and then buy the 100k from Danny? for $990)

Thanks in advance.
[/b]

Yes, you CAN cancel and get a prorated refund. However, it would be best to check and see how much of a refund you would be getting. You could call the toll-free number for the warranty, or simply contract Troy through this site and find out how much (if anything) you would actually save.

[mhawkin1]

I paid $1,495, which means after a year I will end up with a $1,200+ refund. This of course will go straight to the principal with my lean holder. I will reevaluate my need or want for the extended warranty when my car nears 36k. I feel like I really don’t need this coverage, but regardless I would rather have my $1,200 back and get an extra year and an extra 25k mile warranty for $210 less than my refund! I think this is a no brainer, they totally pressured me into this deal and I fell for it because it was my first hybrid, a-holes.

[Slartibartfast]

<div class='quotetop'>QUOTE(mhawkin1 @ Nov 26 2007, 05:27 PM) [snapback]544434[/snapback]</div>

I have had my 2007 Prius for 12+ months and paid the $1,400 or so for the extended warranty (6yrs-75k) (I did not find PC until a few months after the purchase ) and really wish I wouldn't have purchased the warranty. My car currently has 17k miles; is there any way to get a prorated refund?
(Or get the refund and then buy the 100k from Danny? for $990)

Thanks in advance.
[/b]

We got our warranty canceled and fully refunded because we did it within three months of buying the car. Until we could look in detail at the factory warranty, we did not want to sit in the finance office arguing for an hour over whether to get it. When the guy gave us $300 off and said it was refundable if we changed our minds, I said go ahead. Since we bought in CA, I knew the expensive HSD parts would be covered up to 150000 miles. I just had to convince the wife, who despite (1) working with several people who already owned a Prius and (2) knows several Toyota engineers through work, still wanted to spend the money. Finally I got her home, showed her the list of covered parts and explained exactly how little coverage she was getting for the money. She went in the next week and cancelled.

Since you're in Indy, the warranty is not as good as in the CARB states, but I have seen few reports of complaints on here about any real problems. You might want to get the 100k from Danny if you can get a decent prorated refund if you still want the peace of mind. Since the actual extended warranty doesn't kick in for 19k more miles, depending on the contract, you should be able to get most of your money back and get something more comprehensive.

[omgitsroy326]

my dealer gave me rate of 7.9 apr initially and said that they would give me the extended warranty for same price but with 6.0 apr... sounded good.. so in terms of savings i'd pay 888 dollars for the 6yar/100,000mi

dunno .. maybe i should cancel?

[Boo]

If I were in the position where I paid more than what Troy/Prius Chat charges for the extended warranty --- especially if I paid more than the MSRP (see Toyota Financial website for MSRP) --- and was seeking a pro rata refund of the extended warranty, I would at least ask for a pro rata refund of the price Troy charges for the warranty ($990 for the top/max warranty), and a full refund of the amount above the price Troy charges. That way, even if the dealer were to say "no", I would know the degree that the dealer were a mensch or not.

[mhawkin1]

Well it is a done deal - they were very nice about it and refunded me $1,133 of my $1,495. If I choose to get a 7/100 for $990 I will do so when I get closer to 36k.... although I may just order an 08 Touring with Nav.

[DaveinOlyWA]

not positively sure about this, but pretty sure the prorated refund would be on the mileage OR age of the car which ever is less. with that in mind, your refund would be less based on the 17,000 miles traveled.

[mhawkin1]

<div class='quotetop'>QUOTE(DaveinOlyWA @ Nov 27 2007, 10:26 AM) [snapback]544691[/snapback]</div>

not positively sure about this, but pretty sure the prorated refund would be on the mileage OR age of the car which ever is less. with that in mind, your refund would be less based on the 17,000 miles traveled.
[/b]

You are correct, they based my refund on the miles traveled. They did not ask for proof of the miles (when i offered they said NO)... so I could have told them 8k.... I just hate being an honest person!

[DaveinOlyWA]

<div class='quotetop'>QUOTE(mhawkin1 @ Nov 27 2007, 08:31 AM) [snapback]544710[/snapback]</div>

You are correct, they based my refund on the miles traveled. They did not ask for proof of the miles (when i offered they said NO)... so I could have told them 8k.... I just hate being an honest person! [/b]

LOL.... ya honesty does suck some times, but keep in mind, its the years owned OR miles which ever comes first, so they would have gone by the length of time you had it if it would have given you a smaller refund....

glad everything worked out for you