Extended Warranty

It's been awhile since I read the fine print, but isn't the extended warranty refundable?

 

When I bought my Prius I did buy the warranty because the dealer told me it was "on sale" for a limited time at $2400.00 I came home and saw on Prius Chat that I could get it for $990. The dealer had a 30 day return policy. No problem. Phewww!!!!

 

<div class='quotetop'>QUOTE(Bendial @ May 14 2007, 08:01 PM) [snapback]442048[/snapback]</div>

Check right now and see if you have a grace period to cancel. Then cancel it. You can buy it here from Troy for probably less than you paid.

 

you have a 30day return policy, but you can even return it after 30days. We just cancelled our (40 days) you just get charged a prorated price + the $25 processing fee

 

Use the refund to buy a 12 month CD. Extended warranties are insurance, priced to make a profit for the seller.

 

I bought mine with cash for $1200. I figured that I'd pay a lot more if I attached it to my loan, since I'd be paying interest on it. So I just bought it outright.

 

I got mine for $0...

And, it covers nothing and I don't have to turn in any paperwork.

Today is my 15 month anniversary, just over 50,000 miles. So far, no problems that would have gotten me anything out of that warranty.

How far do I gotta make it before I'd have run past the end of the warranty and never used it? 100,000 miles?

I know I flew past that 36,000 mile one without needing to call in to the main ranch for the repair wagon.

 

It's a Toyota warranty, and you have 30 days to cancel and get a full refund. As others have said, after the 30 days they only charge you for the warranty you have "used" (actually, warranty time you have used, nothing to do with repairs).
Tell the dealer you are going to cancel, and get it for under $1000. Give him the chance to price match or come close enough for you to keep the one he sold you. He still makes a profit. He just doesn't get to buy a new yacht -this- year.

 

<div class='quotetop'>QUOTE(richard schumacher @ May 15 2007, 09:31 AM) [snapback]442349[/snapback]</div>

On that philosophy, one can justify no home owner's, auto, life, med, umbrella, unemployment, disability, as well as extended warranty insurance. Yet, theirs (ins. industry) is the largest / strongest lobby on capitol hill. Looks like an awful lot of folks don't seem to follow your logic ... which if i understand, means that if the insurance policy makes a profit, then it's a bad deal? Or what ARE you saying. Heck, if you buy a CD, aren't the banks making a profit? And thereby the "deal" is suspect?

 

<div class='quotetop'>QUOTE(David Beale @ May 15 2007, 09:23 AM) [snapback]442390[/snapback]</div>

make sure you follow the request posted here on prius chat ...

 

<div class='quotetop'>QUOTE(hill @ May 15 2007, 09:24 AM) [snapback]442391[/snapback]</div>

The implicit part of that advice is, in situations which you can afford to self insure you should do it. Most people (including me) can't afford self insurance for catastrophes like the loss of a house or major medical. In contrast anyone who can afford a new Prius can afford to pay for a refurbished MFD or the like if necessary. "Peace of mind" is a sales slogan, not good financial advice.