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Extended Warranties

2873 messages,  Last post on Dec 02, 2009 at 2:13 PM

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What is this discussion about? Car Warranties

Edmunds article: Third-Party Extended Warranty Scams

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#2829 of 2873 Re: Mastertech Extended Warranty [carnetguy] by mitzij Oct 07, 2009 (12:26 pm)
Replying to: carnetguy (Oct 02, 2009 12:18 pm) Oh, I see! Your 'Premium' is the money the service contract company receives, not the amount the customer pays out. That makes a big difference! The middleman, be it the dealer or a website, makes a sizeable profit on top of the 'premium'. The average consumer would think when you say '80% of premium' that you are talking about the amount he forked out for the contract.    I find it very unusual that a company would only have a 20% markup, considering overhead, personnel, and other costs.   Yes, Warranty Gold had a risk retention group. Replies to this message: deltheking (Oct 07, 2009 1:14 pm)
#2830 of 2873 Re: Mastertech Extended Warranty [mitzij] by deltheking Oct 07, 2009 (1:14 pm)
Replying to: mitzij (Oct 07, 2009 12:26 pm) Yes,Warranty Gold was a scam !! A rip off company!!
#2831 of 2873 Re: If you are tempted to buy an extended warranty [euphonium] by oldfarmer50 Oct 07, 2009 (2:39 pm)
Replying to: euphonium (Oct 07, 2009 7:28 am) "...You shouldn't have bought that vehicle in the first place..."   Exactly. When I bought my wife's car that's pretty much what I told the F&I guy who was trying to sell me a third-party warranty for $1300.
#2832 of 2873 Carmax warranty? by bekins2 Oct 07, 2009 (11:56 pm)
#2833 of 2873 Carmax warranty ? by bekins2 Oct 08, 2009 (12:06 am)
Just curious on my last car a 2006 impala with 7k bought in 08 at Carmax they said i had 5mths remaining on the origansl warr.I purchased their (best) extended for 1695.00 for 7yr 7500.50 ded if u brought it to CM 100 if brought to like GM.I used it once for defective manifold gaskets the bill was 900 when i totaled my car recently they refunded me 1025.00 for the unused part of the warr.My ? after reading the posts is it was a 3rd party by CM right? And was i just lucky? I thought the warranty was Carmaxs but i guess i was wrong according to these posts i guess.Also i thank everyone who responded to my ?s ill stick with GM after the certied warrant wears out at 12/12000.Thank you guys for the info Al Replies to this message: corvette (Oct 08, 2009 11:54 am)
#2834 of 2873 Re: Carmax warranty ? [bekins2] by corvette Oct 08, 2009 (11:54 am)
Replying to: bekins2 (Oct 08, 2009 12:06 am) Carmax states pretty clearly on their website that "their" warranties are issued and administered by third parties and not by Carmax themselves.
#2835 of 2873 Dealership Waranties ofer worthit by sundance6 Oct 14, 2009 (7:06 am)
I have a postcard and an offer from a Company named Dealership Waranties for $2.600 to provide a major component warranty for 5 years and 150k miles beyond the 88k that I already have on my 2003 xc-90 Volvo.   There is no option foe a Volvo warranty on this old a car.   Thoughts/experience?   Thanks Replies to this message: raa1 (Oct 14, 2009 7:58 am) carnetguy (Oct 14, 2009 4:15 pm) deltheking (Oct 15, 2009 6:17 am) carnetguy (Oct 15, 2009 1:07 pm) mikefm58 (Oct 15, 2009 5:39 am)
#2836 of 2873 Re: Dealership Waranties ofer worthit [sundance6] by raa1 Oct 14, 2009 (7:58 am)
Replying to: sundance6 (Oct 14, 2009 7:06 am) be careful, there are so many out there. I have not heard of these folks. If you most have the warranty, check who the mother insurance holder is and how financial solvent they are, the with the BBB for complaints. One last suggestion, call the Vovvo shop and ask if they have ever worked with them. Hope this helps. Rudy
#2837 of 2873 Re: Dealership Waranties ofer worthit [sundance6] by carnetguy Oct 14, 2009 (4:15 pm)
Replying to: sundance6 (Oct 14, 2009 7:06 am) It is highly likely that this will not be a good option for you. A warranty is basically a promise to perform a service in the future. Pay me now and I promise to pay you later. While most on these forums say manufacturers or nothing, or all 3rd party warranties are useless, this is too broad a brush. If the company is a household name and is vertically integrated (the company, the administrator and the insurer are all owned by the same multi-billion dollar company - like the manufacturer) it is a pretty safe bet they will honor the agreement. There is a reason that no one but a no name company will sell such an agreement for so long a time on a breakdown prone vehicle with so much mileage - they have no intention of paying. Good luck! Replies to this message: deltheking (Oct 15, 2009 6:17 am) carnetguy (Oct 15, 2009 1:07 pm)
#2838 of 2873 Re: Dealership Waranties ofer worthit [sundance6] by mikefm58 Oct 15, 2009 (5:39 am)
Replying to: sundance6 (Oct 14, 2009 7:06 am) have a postcard and an offer from a Company named Dealership Waranties for $2.600 to provide a major component warranty for 5 years and 150k miles beyond the 88k that I already have on my 2003 xc-90 Volvo   Hmmm, let's see, they're going to warranty a car up to well over 200K miles. If it sounds too good to be true, it probably is.

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