Additional purchased warranty

I've never heard of a dealer refunding (at the end of term) insurance or extended warranty simply because you never used them. If you don't feel you need them, ask for your refund right now.

 

You will not get the Gap insurance back for sure. Insurance companies calculate the cost of insurance based on a pool of contributors and a much smaller subset of claims. If that was reimbursed they would basically just be losing money and i do not think any of the actuaries would let that happen. The additional warranty is a little different but in a sense it is still an insurance product - I find it hard to believe that would be refunded if it was not used - I do not know for sure, but really, the whole thing is a gamble - you come out ahead if you use the warranty, they come out ahead if you don't. Honestly - I don't have the documents and more importantly the fine print in front of me, but it sounds like the finance guy or the salesperson who closed the add-on sales bumped up their commission on the sale at your expense by misleading you and misrepresenting their product. I would investigate this more closely if I were you.

That all being said I personally have purchased both of these in the past, and I have realized that I am typically better off just investing that amount into a savings, as you are more likely to come out ahead if you go that route. If the car makes it 3 years and 36k miles your probably going to make it 10 years and 150k easily aside from an accident.

 

Yes... You're a very "valuable customer" to your dealer... They very much appreciate your business and it's only $2,299 dollars that you're throwing away on the most reliable economy car currently being made...

So of course you should let them keep your money!

I mean they'll be sure to find something that's not wrong with your car if you don't use the warranty so they don't have to refund the money... And $2,299 is like not very much money to buy absolutely nothing for anyways... I mean who cares about being scammed out of an extra 23 hundred bucks... Just be happy and enjoy your really, really nice car.

 

i got the 8 year warranty from my dealership

only cause 1, it covers roadside assistance towing etc, and i was looking into getting CAA (AAA) anyways so that covered that,
and also i was told that none of the stereo/nav system,etc is covered under the normal warranty
and the keys are worth $500 each, extended warranty covers them

it only up'd my payment by like 7 bucks or so

 

I bought my C yesterday and opted for the Toyota extended warranty. They included a free third year of maintenance but after looking at the maintenance schedule (1 year/10k miles) I realized that it's not a big deal.

Also I was told the standard warranty doesn't cover wear and tear, only defects. This seems to be true. I don't plan on owning the car more than 3 years so I'm thinking of cancelling the warranty. They said I'll receive a prorated refund (this may be what OP was referring to), which works out to about half of the $1500 cost. This is my first hybrid, and in fact my first car since the invention of the iPhone (point being that technology has changed a lot) and all the electrical components worry me. I don't keep my computers or phones for more than 2 years anymore. The list of things that break can be intimidating.

 

Understandable - but rest assured - the drivetrain in this vehicle has a very good track record of reliability.

 

It's true a warranty covers defects, not use. The electronics are covered in the 3/36 part of the warranty. Are you sure the extended warranty covers wear? Did you read the extended warranty? Did you read the manufacturer's warranty? Did you just believe whatever the salesman said?

Gap insurance will benefit the person who is under water on their loan when the car is totaled. The best advice is to break the cycle--stop buying cars that one can't afford.

 

Gap insurance wasn't necessary for my purchase. For the warranty, yes I verified what the salesman was saying. The electronic components are covered if it's determined to be defective and not from say, going over speed bumps too much (hyperbole I know but you get the idea). I've done some searching on the site and I'm still torn. I would be interested in seeing a poll (not sure if that's possible).

 

Haha, my dealership tried to do this with me. I put half the price as a down, have a 713 credit score and they still wouldn't budge on the 4.9% financing. They said if I bought liek $3000 in warranty they could give me a better rate. In my opinion its all be big scam, my biggest worry is that you'd pay all that and they'd find a way to weasel out of fixing your car if something did come up.

 

Thats a crock of sh..t to get a better rate and dependant on a warranty purchase. You could of gone outside instead of Toyota Finance to get a better rate of course. My 720ish score got me a 2.9% rate.

 

Yeah I know, since I had already spent 2 hours there I went ahead with the purchase. Phoned my dad, and he will basically lend me the other 10k to pay it off, interest free just because he hates Toyota financial. yay for parents!

 

Interesting we got 1.9% APR through Toyota Financing and our down payment was only $5K.