Join Date: Feb 2012
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Thanks for the advice on this thread. I figured that for my situation and the used RAV4 I just bought, it may pan out to have the extended warranty. I learned a couple of things that I'll share:
1. If you finance the car and roll the extended warranty in with the loan, you don't actually get a check in the mail for the refund - the dealer I bought from would only allow the refund to go back to the lien holder (TFS, in this case). So, your payments don't get changed, you just make fewer of them, since they deduct the purchase price from the balance. Not great, but technically you get your money back. It's okay for me since I'm going to pay off the loan anyway, but beware!
2. Jerry Johnson at Midwest Toyota is a really nice guy to deal with. He must make a small margin, but he really doesn't need to "sell" them - he just gives you the prices. I recommend buying from him if you decide to get an extended warranty.
3. By all means, DO THE MATH on your driving habits and the coverages provided. The dealer led me to believe that there was only one extended warranty (7 year/100k miles). Jerry showed me the other options, and I went with a 5 year/100k that saved me nearly a thousand dollars over the dealer, and my mileage will time out about the same time as the clock does. I would have hit 100k miles WELL within 7 years, given my projected driving habits.
This is my first post on this board, but so far, this free service has saved me a bundle! Thanks to everyone who contributes! I'm looking forward to participating.