Good deal on Platinum extended warranty on my 2006 Matrix Certified pre owned?

[Dharma Beat]

Hi everyone, i apologize in advance if i have posted this in the wrong forum.

I'm after a little advice regarding my recent purchase of a certified pre owned Toyota Matrix 2006 (2wd) (65,370 miles) from Power Toyota Irvine.

The car itself is great, but i think i may have been charged far too much for the extended warranty. Will i need it anyway? I'm not convinced that i'll need either the VCP or tire & wheel (only) protection plan also.

- Toyota Platinum extra care Vehicle service plan ($0 deductible, 5yr/60 miles) Agreement type= used plan. (agreement application mileage 65,370) - $2495.00

- VCP ( oil change and tyre rotation) service interval 5,000 miles - 60,000 mile/ 60 month plan - $415

- 5yr tire and wheel (only) protection plan - $349

I understand that with a Certified pre owned Toyota you get 1yr/ 12,000 miles comprehensive warranty (great!) and 7 yr limited powertrain warranty (this, unfortunately, will probably be void as the vehicle will be 7 yrs old in 2013).

It was my first experience of buying a car from a Car Dealership and the whole process was a little overwhelming. I have just recently immigrated from the uk to California and so needed to secure a car pretty quick. I'm sure that i got a good deal with the car but am unsure as to whether i need these 'extras' or if i just got overcharged for them to compensate for the 'good deal' i got with the car. Are they a good price? Could i get a better deal on these 'extras' elsewhere? (As i only purchased the vehicle a week ago i still have time to cancel the extras)

As i haven't got a trusted mechanic to look after my vehicle over here- like i did back in the UK- i don't know whether it would be best to have an extended warranty plan on the vehicle for peace of mind, or not. From my research, the 2006 Matrix (2WD) seems like a pretty reliable car, right?

I am financing the vehicle for 66 months (2.9% apr) and put a $4000 down payment. Money is tight (isn't it always), so if i can save myself some money that would be great!


Any help/ guidance with this matter would be greatly appreciated.

Thanks in advance.

Pete

[zythr]

Hi:

Let me see if I understand this, you put $4000 down on a 5 soon to be 6 (if not 7) yr old car, with financing for 66 months or 5 1/2 years?

Let's break it down, How much was the asking price of the car? With your $4000 down payment how much is your monthly payment going to be?

On to your question about the extended warranty, to answer, Yes you will be paying to much. If you can cancel it, cancel it, unless they can come down a lot on the price. Even though, the mileage is under 100K, the car is still several years old.

That being said, sorry to say, this dealership, "sized" you up when you walked in the door, and "reamed", to put it nicely, you good. One thing to learn from your experience, dealerships, and many car oriented services (ie mechanics, lock smiths, tow trucks, etc) aren't your friend. They are in business to make as much money on consumers as they can, period. Hopefully, if you decide to purchase another car in the future, you'll remember this.

[Dharma Beat]

Originally Posted by zythr

Hi:

Let me see if I understand this, you put $4000 down on a 5 soon to be 6 (if not 7) yr old car, with financing for 66 months or 5 1/2 years?

Let's break it down, How much was the asking price of the car? With your $4000 down payment how much is your monthly payment going to be?

On to your question about the extended warranty, to answer, Yes you will be paying to much. If you can cancel it, cancel it, unless they can come down a lot on the price. Even though, the mileage is under 100K, the car is still several years old.

That being said, sorry to say, this dealership, "sized" you up when you walked in the door, and "reamed", to put it nicely, you good. One thing to learn from your experience, dealerships, and many car oriented services (ie mechanics, lock smiths, tow trucks, etc) aren't your friend. They are in business to make as much money on consumers as they can, period. Hopefully, if you decide to purchase another car in the future, you'll remember this.

Hi, thanks for the speedy reply.

The asking price of the car was $10983.00

TMIS = $2495
An VCP = $415
Tire & Wheel = $349
Lojack = $695 ( we have already had this fitted, so no going back unfortunately)

Monthly installment excluding listed items = $133.40
Monthly installment including listed items = $199.25

(2.9% APR) 66 months

we put down $4000.

Yeah, they got me good and proper :-(

So i should cancel all the extras? Am i right in assuming that the car is fully covered for a year/ 12000 miles as it is a certified pre owned vehicle?

Thanks in advance for your help with this, it is very much appreciated ;-)

[zythr]

Originally Posted by Dharma Beat

Hi, thanks for the speedy reply.

The asking price of the car was $10983.00

TMIS = $2495
An VCP = $415
Tire & Wheel = $349
Lojack = $695 ( we have already had this fitted, so no going back unfortunately)

Monthly installment excluding listed items = $133.40
Monthly installment including listed items = $199.25

(2.9% APR) 66 months

we put down $4000.

Yeah, they got me good and proper :-(

So i should cancel all the extras? Am i right in assuming that the car is fully covered for a year/ 12000 miles as it is a certified pre owned vehicle?

Thanks in advance for your help with this, it is very much appreciated ;-)

Hey, You're welcome. Is the price you're paying a month, include the 2.9 APR? Doing calculations if you're paying $133 that will come out to $8.840.40, if you pay the $199.25 that will equal $13,150.50 difference being $4,310.10. Your paperwork should have any and all warranty information. If you do have the 1/12,000, you could probably drop the rest. It's too bad you experienced this, but it is a good learning lesson.

[Dharma Beat]

Originally Posted by zythr

Hey, You're welcome. Is the price you're paying a month, include the 2.9 APR? Doing calculations if you're paying $133 that will come out to $8.840.40, if you pay the $199.25 that will equal $13,150.50 difference being $4,310.10. Your paperwork should have any and all warranty information. If you do have the 1/12,000, you could probably drop the rest. It's too bad you experienced this, but it is a good learning lesson.

Oh this has definitely been a good learning lesson alright... I'll definitely be a lot more vigilant in the future ;-)

I forgot to mention the taxes on top of all the other stuff:

DMV electronic filing fee $29
Document preparation fee $55
Sales Tax $909.31 (i guess some of this may be redeemable, right?)
License fees $76
Registration/Transfer/Titling Fees $114
California tire fee $7

I guess that should balance out all the figures.

As the car was purchased as a Certified pre owned vehicle, it should be covered by the 12 month/ 12,000 mile comprehensive guarantee, right?

What is the best way to cancel all of these additional services? I imagine i'll have to put it in writing, but will i have to speak to Power Toyota Irvine directly? Sorry for all the questions and my naivete.

I really appreciate your help with this matter and you taking the time to help me out.

Pete

[zythr]

Originally Posted by Dharma Beat

Oh this has definitely been a good learning lesson alright... I'll definitely be a lot more vigilant in the future ;-)

I forgot to mention the taxes on top of all the other stuff:

DMV electronic filing fee $29
Document preparation fee $55
Sales Tax $909.31 (i guess some of this may be redeemable, right?)
License fees $76
Registration/Transfer/Titling Fees $114
California tire fee $7

I guess that should balance out all the figures.

As the car was purchased as a Certified pre owned vehicle, it should be covered by the 12 month/ 12,000 mile comprehensive guarantee, right?

What is the best way to cancel all of these additional services? I imagine i'll have to put it in writing, but will i have to speak to Power Toyota Irvine directly? Sorry for all the questions and my naivete.

I really appreciate your help with this matter and you taking the time to help me out.

Pete

Sure no problem. To answer your questions, there should be a number on your documentation that you can call if you have questions/concerns. Try to see if you can find this number (usually toll free), if not, you can google search to see if you can find the company and e-mail them (e-mail may be better since you would have a paper trail) and see what they can do. However you correspond with them, make sure to get the name of the person, the date and time you called (for your protection). Unfortunately, I don't think you can get the sales tax back. The dealership probably does not handle this warranty, but an outside company that is "working" with the dealership.

You're correct that your car has the 12/12000 mile warranty as well as the 7/100000 warranty, and you should also have 1 year of roadside assistance.


Good luck in all of this

[Dharma Beat]

Originally Posted by zythr

Sure no problem. To answer your questions, there should be a number on your documentation that you can call if you have questions/concerns. Try to see if you can find this number (usually toll free), if not, you can google search to see if you can find the company and e-mail them (e-mail may be better since you would have a paper trail) and see what they can do. However you correspond with them, make sure to get the name of the person, the date and time you called (for your protection). Unfortunately, I don't think you can get the sales tax back. The dealership probably does not handle this warranty, but an outside company that is "working" with the dealership.

You're correct that your car has the 12/12000 mile warranty as well as the 7/100000 warranty, and you should also have 1 year of roadside assistance.


Good luck in all of this

Thanks for all your help with this matter, it's very much appreciated ;-)

I will get onto this today and let you know the outcome in due course.

Fingers crossed, everything should go alright.

Cheers, Zythr!

[zythr]

Originally Posted by Dharma Beat

Thanks for all your help with this matter, it's very much appreciated ;-)

I will get onto this today and let you know the outcome in due course.

Fingers crossed, everything should go alright.

Cheers, Zythr!

You're very welcome. Back at you