Advise Needed Regarding Extended Warranty

Hi everyone, so I got purchased a new 2020 Tundra TRD Pro almost 2 weeks ago and need some advise. The dealership recommended I add a 8 year bumper to bumper extended warranty for around $2900. Id have to look at the paperwork but im assuming its 8 years total including the 3 year standard warranty. I can ask that they remove it and im wondering if I should or shouldnt. My last experience with an extended warranty on a used car was bad as I had an issue that was not covered under that warranty as it was not clearly defined. I told myself I would never again buy an extended warranty but look at me now.


Opinions?


Thanks in advance.

PS: This is a truck I plan on keeping a very long time.

 

Totally depends on what is covered. That is a good chunk of $, but extended warranties can be great. I have seen engines and transmissions replaced under them, and in those types of cases they were always well worth the price.

If it covers most everything and you plan to keep your truck a long time, and keep it stock, it could be worth the cost. However, you may never need to use it. The one time I did purchase one was when I bought my 4th gen 4Runner. Never used the warranty.

Bottom line, they can be worthwhile but you need to clearly know what is covered and what is not. Generally speaking, Toyota has better quality overall so extended warranty is more about a peace of mind. Now if I had purchased a Ford, Dodge, GM......you bet I would have an extended warranty for as long as I planned to own the vehicle.

 

Don’t do it.
You have until 3 years/36k miles to purchase your extended warranty. After that you can’t purchase one. You can purchase the warranty from any Toyota dealer.

Wolverine Toyota in MI consistently has the best deals on warranties so I’d reach out to them whenever you want to. Shouldn’t be more than $1500 or so. Good luck.

 

My thoughts exactly. Thank you. Its a Toyoya and these 5.7s appear to be super reliable.

 

Thank you. I had no idea you can purchase the warranty anywhere.

 

I too am covered bumper to bumper for 4 years after the given 3 year warranty or 100 k ! 1500 bucks, piece of mind for covering electronics and the like.

 

These are great responses and all you need to know. Definitely don’t pay that price, and almost definitely don’t purchase it when buying the truck.
Honestly, I’m not inclined to buy them at all at this point, and didn’t on our last two purchases. I’ve got a Sequoia with over 200,000 miles, a Tundra with 125k, another Tundra with going on 60k, and another Sequoia with about 25k on it. Nothing has ever broken on any of them, and the warranties were never used.
Obviously you never know, but at this point I’m confident enough in the brand to skip extended warranties altogether.

 

My Tundra will have a low usage as I work from home now, we have 3 other cars, and it will mainly be used on weekends and trips if anything. I will absolutely baby this car so I feel I will take your advise and shove it in their faces.... the sad part is the desk manager is a close family friend and said he would give me a good deal. He had given my sale to a nice young sales associate but when the day came the sales associate was busy and said he had to have the senior sales associate help him wrap up the paper work. I foundout the senior guy is close to the desk manager like best friend close. I think they took advantage of the fact I was rhe family friend for their own benefit instead of mine. I was initially told id save at least a few hundred off msrp and/or be given some freebies but none of that happened. I paid full msrp which im fine with due to the scarcity of the Pro model but wish I got a bit of a better deal.

Anyways, I will cancel this warranty ASAP. I wonder if it has to be done FTF or if I can just do it over the phone.

 

Warranties are a waste of money, just another way to separate your money from your wallet.

 

If you already purchased the warranty then you have to call Toyota financial and cancel it through them. There is a gentleman there, forget his name, who is super helpful and friendly. If you took a loan out on the vehicle they will cut a check for the amount of the warranty cost and send it to the bank that holds the loan. The warranty value check will go towards the loan. If you paid cash then they will issue you a check for the amount of the warranty.

 

Check if your insurance offer it. I have Geico and I added Mechanical Breakdown Insurance (MBI) for $41 for 6 months. This is the fine print ---

MBI coverage protects you from expensive auto repair bills when your car experiences a mechanical failure. It is more affordable and offers more protection than the Extended Warranty offered by your car dealership.

What is Mechanical Breakdown Insurance (MBI)?

Mechanical Breakdown Insurance covers many mechanical repairs to your car, protecting you from expensive repair bills. This coverage is only available for vehicles with less than 15,000 miles that have been purchased within the last 15 months. A $250 deductible per claim applies. Mechanical Breakdown Insurance is similar to a dealer's extended warranty protection. It's in excess of coverage provided by the manufacturer's warranty.


Mechanical Breakdown Insurance covers repairs to the following systems:




Engine Steering Air Conditioning
Transmission Cooling Brakes
Drive Axle Suspension Electrical



EXCLUSIONS: MBI does not include regular maintenance services such as tune-ups, suspension alignment, wheel balancing, filters, lubrication, coolant and fluids, spark plugs, brake pads and lining, brake shoes and tires (includes tire wear and/or tire damage). Breakdown repairs made necessary by intentional damage, rust and oxidation, misuse, or improper maintenance are not covered. Mechanical Breakdown coverage is in excess of coverage provided by the manufacturer's warranty.

 

On hold waiting for toyota financial right now.... called the dealership and was transferred 4 times trying to get to finance. That doesnt include the 7 times I was rerouted back to the operator. I think they know what they did
Hopefully going straight to Toyota Financial will help.

 

Looks like my deal is too new and is not in the system. Guess ill have to wait for finance to call back, keep trying, and/or make a ftf appearance.

 

Happened to me, too. Set a reminder in your phone to call back Toyota financial in two weeks. Sucks you’re paying interest on something you’re going to eventually cancel but going FTF probably won’t help. I did that and got the run-around. They’re going to tell you “it’s been sent to Toyota financial and there’s nothing they can do about it.” It’s like arguing with a rock..

 

I just got a call back from a surprisingly nice guy in the finance department at the dealership I bought it from. He told me they can refund me FTF and the amount will get sent to the bank to bring down the cost of the amount financed which to translates to 3 months+ fewer payments. I think im gonna go in today and get it over with. Since its within 30 days I can get the full amount back.

 

+1, and they almost all recommend especially over priced ones which $2900 is x 2. I almost walked out when i bought my last Tacoma because of the finance manager pushing the warranty. I was surprised they did not when i bought the Tundra. They did try to tack on an extra $600. The finance office is where they make their money on a sale.

 

What he said. I purchased mine through her.

 

I have a 2018 Tundra with 29k miles, already had rear diff resealed, passenger cam tower resealed, cowl replaced due to warpage and my front timing cover is starting to leak, though not bad enough for me to let them open it up. I purchased 10 yr warranty for piece of mind and if i do sell someone gets a nice toyota warranty with the truck. First vehicle i ever purchased a warranty for and did it because of these issues and it wasnt all that expensive through Wolverine.

 

I bought a 6/100K warranty from Jennifer at Wolverine Toyota. Wolverine has the best prices. Think it cost me $860.00. You have plenty of time before you need to explore an extended warranty.

 

That right there ^^^^.

With that said I've had 8 new-from-the-dealer Toyotas. Cars and trucks. Starting in 1985. I've never once gotten an extended warranty. And never once wish I had gotten an extended warranty.

But remember >>> YMMV.

 

according to the pricing i got a year ago from Wolverine Toyota (may have changed), for an 8yr Toyota platinum warranty
75k miles - $800
100k miles- $1155
125k miles - $1570

 

To all of you recommending Wolverine Toyota, will they warranty my vehicle with seeing it and if im from a different state? My Toyota dealership finance guy said they would have to do an inspection later on if I wanted to add back the extended warranty.

 

as far as i know, as long as you are in the 3yr/36mo period, you are good to go. I believe its just the dickhead finance managers blowing smoke so you buy one there and now.

I'm about about 1.5weeks away from 36mo, i'd been putting off trying to cancel my 3rd party extended warranty and purchasing one from Wolverine. I plan to call the dealership first then the company tomorrow and if i can get it canceled, i'm ordering from Wolverine

 

Ouch

mechanical breakdown coverage from GEICO covers almost anything. $250 deductible but it only costs me $27.40 PER YEAR on my 20 Tundra. It can be renewed for up to 7y/100k. IF you have GEICO for your insurance...

 

I donhave Geico so maybe something to look into.

 

That all depends where you live. For example, Florida is much different,

Wow. Huge price difference from Florida, which is where I am, and Ca.

 

Pretty sure your dealer

Thats nice but that won’t cover you if a BSM sensor gets fried (mine did; only had to pay a $50 deductible) or something along those lines. Have a LED headlight burn out? Doubt that’s covered as a mechanical breakdown..

 

The thing about extended warranty is that if you do any mod to your car and you bring it in for warranty covered problem they'll always try and say "it's not covered because you did this and that". I bought the extended warranty on my wife's 2017 Honda Pilot for $1,200 10 yr/100k miles bumper to bumper because I know I'm not changing anything on the car. I'll take my chances with Geico warranty on the Tundra since it's only $80 a year and I know for a fact ill be doing mods on it.

 

My Geico rate here in California. I have a 20 yr old driver in my policy so could be why it's a whole lot more.

 

That’ll do it. I’m 54, just me on the policy, clean record