Did i get taken to the cleaners on my extended warranty?

Unfortunately you were scammed just like me. I was also sold the 7yr/100K extended warranty for $2150. The good news is that you have 30 days to cancel without any penalty. I've already contacted Toyota Financial Services and gone through the process. It is very easy.

As soon as I receive the refund check, I'll be ordering the same service through another dealer (recommended by Prius Chat). Look at the various posts and you'll see how much the dealer ripped us off.

 

Checkout the following post:

http://priuschat.com/forums/sponsor...rius-extended-warranty-service-contracts.html

Also checkout:

Toyota Extended Service Coverage and Prepaid Maintenance Plans | WarrantyShack

 

Good luck!!!

 

Just keep after them for written proof of cancellation and refund.

 

Turbo, I am a lawyer in California and I have dealt with litigation on those extended warranties. I have to go on a bike ride so have to make this quick.

Trust your instincts in asking about it on this Forum. Yeah, they are a ripoff. They are worthless.

The dealer who sold it to you gets about 50 to 70 percent of the money you paid as a commission. So there is a strong incentive to sell you the warranty and also to talk you out of canceling it.

Insist on getting your money back. Make sure they follow through and don't inflate the financing and sales price elsewhere to make up for the loss. [That would be illegal if they did that, but they might try. For example, they might say "Oh, that low APR financing was only good if you extended the warranty on the car, so to protect the Bank's interest/collateral." BS.]

Generally those policies require that you have a certain time period to cancel it [due to the fraud and ripoff aspect of these, and that many companies offering the warranties go bankrupt, state laws mandate a cancellation period.]

April 2008 Consumer Reports Annual Car Issue did a story on these warranties. Get it from the store magazine rack. CR said they are a ripoff and that fewer than 10% of the people who bought these policies had a net gain, meaning that they made a claim within the warranty period that exceeded the amount paid for the warranty.]

And don't fall for their sales pitch on what the warranty covers. There's lots of fine print designed to make it difficult to make a claim.

CANCEL THE POLICY! And do it in writing so the dealer can't claim you did not cancel it. You say the dealer is good, but IMHO a good dealer would not sell you a worthless policy for a top end price, $2k is a LOT to pay for such warranty.

Read Consumer Reports if you don't believe me or think I am exaggerating.

 

Never seen a bad word written against the extended warranty offered in the PC store however I think if you drive a Toyota then the extended warranty isn't needed. See my signature.

 

You got taken to the cleaners by a lot, not as much as others have, but still a lot.

Your dealer even charged you more than the MSRP of the warranty, which is $1850. And as you know, you can get the exact same warranty here through Troy/WarrantyShack.com/Toyota of Greenfield, MA for $990.

Keep pressure on your dealer. Get stuff in writing. Make sure it is cancelled and that you got a full refund.

Then you have up to 3 years/36,000 miles from the date you bought the car to decide whether to buy the Toyota extended warranty. If I were you, I would wait until the near last minute to decide whether to buy the warranty. That way you'll have 3 years of experience with the car and you'll know better as to (1) whether to get the warranty or not, and (2) which warranty, in terms of years and miles, to get. In this regard, note that if you elect to get a warranty with fewer years and/or miles, you'll pay 2 or 3 hundred dollars less than that $990 price for the 7yr/100k miles warranty.

BTW, IMO the Consumer Reports article on car extended warranties was really weak. But I don't want to get into it here. If you want to read different opinions on the pros and cons of the extended warranty, there are lots and lots of threads here on the subject. It's been discussed ad nauseum, several times over.

 

Our dealer tried to sell us a lot of items. Warranty, interior protection, exterior protection, gap insurance etc. They were OK because when we said no there was no pressure. If they can get you to bite it is just extra money for them. I think that these products are much more expensive at the dealer and generally not worth the money.
Same as extended protections on other products.

 

Bought a 08 Prius through a Houston Texas Auto Nation Dealership, platinum warranty with a 50 buck deductible, 2300 dollars. Went through a recomended warranty site from Prius Chat, 990 bucks, no deductible, 84 months or 100000 mile coverage.
When I called to cancel through the number on the policy, I asked who sets the price on these contracts and was told the dealership. Thanks Prios Chat for saving me a bunch of cash!
To top it of I got 84 months coverage instead of 72 months.

 

Wow Coot, you got taken to the cleaners too. The MSRP for that 6 year Platinum Plan is $1350 for the 75,000 miles coverage, and $1625 for the 100,000 miles coverage. Glad you found PriusChat in time.

Here's a link to the Toyota Financial Services webpage with Toyota's different protection plans and MSRPs:

Toyota Financial Services

 

Mighty white of 'em lol.

But a good result for you.