How to buy a Toyota ExtraCare Platinum Extended Warranty?

For the past 5 or 6 Toyotas/Lexus vehicles I have purchased, I have purchased a Toyota Extracare Platinum warranty from an out-of-state dealer.

When I purchased my new 2015 Tacoma 10 days ago, I figured I would do the same thing. So when the selling dealer tried to sell me an extended warranty, I told him I could get it cheaper elsewhere, so I didn't buy the warranty from the selling dealer.

Now, I find out that Toyota Financial Services has closed this loophole, and now requires that buyers must purchase the extended warranty from an in-state dealer.

I have tried to call back the selling dealer, but they haven't returned my calls. I know I can buy it anytime before the basic vehicle warranty expires, but I'd like to find someone to sell me the warranty.

For those of you out there that like the Toyota Extra Care Platinum extended warranties, if you didn't buy it when you purchased the vehicle, how did you purchase it? I really don't like the fact the Toyota is now forcing people to buy them in state. I want an 8-year, 125K mile Platinum zero deductible warranty. Anyone know of a dealer in Virginia that sells these for a reasonable price?

 

OK, I decided the best way to go about this is to simply email all my local Toyota dealers and ask for a quote.

First, I wanted to get a bottom line price - I got a quote from Jerry Johnson of Midwest Toyota. Keep in mind this is for an 8-year, 125,000 mile Toyota ExtraCare Platinum zero deductible for a 2015 Toyota Double-Cab V6 4WD Automatic.

The quote I got from Midwest Toyota was $1,429. NOTE: This is a price I cannot use anymore, because Toyota won't allow out-of-state purchases of this. I think Jerry quoted me because he didn't realize I was out of state (I'm in Virginia). At the time I purchased the vehicle, the dealer told me this price was actually BELOW his cost, and he could not match it. Even though I can't execute an agreement at this price, it does set a "floor". I figure if I can get the warranty at or below $2000, I'm probably getting close to a bottom line price in my state.

So, I have emailed 9 different Toyota dealers. So far, two have gotten back to me. These are:

$2889.15(!)
$2379.03

Wow - only two quotes so far, but a difference of $510!

Hopefully, I can get it closer to the $2K figure. I will report back when I get more quotes.

 

Put that money in the bank and draw fom it if your truck breaks down.

 

coffeesnob,

I'm not just buying this warranty to protect myself in the event of a breakdown. Toyota warranties are transferable to a new owner if you sell the vehicle. I have done this for a couple of the past Toyotas I sold privately. On my sale of my Tundra last year, the transferable warranty, backed by Toyota, made the sale. I think it also helped me in the price negotiation - I asked a fairly high price, and did not have to negotiate much, because I was the only private seller that could convey a transferable factory-backed warranty. I think the warranty paid for itself in this case, and it certainly made the sale.

In the event you total the vehicle, or the buyer doesn't care about an extended warranty, you can cancel the warranty and they will refund you the cash value of the term remaining. At the time of the sale of my Tundra last year, I could have gotten $600 back if the buyer didn't want the warranty.

Of course, if you *never* intend to sell your vehicle, then you've got a simple economic argument such as the one you are making.

 

Extended warranties are a joke. They are a serious profit center for the dealers, with little benefit to most owners. Most breakdowns happen while the vehicle is under the factory warranty, or when the vehicle has a lot of miles. Most owners run out of time before they hit the mileage ceiling.

You are far better off statistically by putting the cost of the extended warranty in the bank.

But, if you really are determined to waste money, GO to the dealer and talk to a person, in person...

 

RRsperry - You can make the same argument for life insurance. Do you have life insurance?

As I said in my previous posting, having the warranty is a *big* help when selling the vehicle. I am confident it paid for itself when I sold my Tundra last year.

I used to believe the exact same thing about extended warranties. But now that I have sold my vehicles privately, and transferred the extended warranty, it really helped keep the sales price high, and gave the buyer confidence that even if they bought the car from me, and it turned into a lemon, they would be protected.

Note that I would NOT purchase third party warranties - only the ones from Toyota as they provide the most confidence to a prospective buyer.

 

Originally when I bought mine from Boch Toyota here in Mass. They porked me for 1500.00 for a 7 year 100,000 mile warranty. The finance guy told me it was his cost and because I was Law Enforcement he would hook me up. And after calling around to a few dealerships because of this forum, I called and bitched because I got prices of 852.00 to 1094.00. So Boch refunded me 550.00 saying the finance person shouldn't have lied to me like that, and they are very sorry. Those prices they are giving you are outrageous.

 

Lowering your asking price by $2500 would have helped sell the truck faster also.

 

Well, it looks clearly like there is no love out there for extended warranties - but I still appreciate the input even if we don't agree.

 

I pay $30/year for geico mechanical breakdown coverage. Finance guy at the dealer didn't like me

 

We cannot even BUY a GEnuine Toyota Care warranty here in SET territory. Had to buy Fidelity if you wanted it Now its a third party ESC I would not buy.

You can buy an out of state warranty IF you go there to sign it. (Or have ahem the issuer sign your name for you).

I don;t buy ESCs But I know someone who does and got his here.

http://us.lexusownersclub.com/forums/topic/54527-lexus-platinum-warranty-zero-deductible/

 

There is a reason finance guys at dealers hard sell extended warranties. They are big money makers for dealers. Some of the crap that the finance guy said when I bought mine made me laugh.

 

And I have noticed when they offer financing at around 1% then they expect you to be able to "afford" the higher payment with the warranty added on. The last time we bought new we got financing for 0.9% and the finance guy almost blew a stack when I said I didn't want the warranty. I told him the salesman just spent 15 minutes telling me what a great reliable vehicle this is and now you tell me I better get a warranty..

 

well the prices you posted (and btw posting pricing and names is why this was shut down) is way above what a T3 VSA is worth.

i imagine your trying for a 8/125 plan, so those should run about 1400-1800 if i am correct. (pricing dec-2013 was tops 1500 for a T3 8/125)

my original dealer offered :

4Runner (7/125) : 2xxx
Rav4 (7/100) : 13xx
Camry (7/100) : 1275

shopped around in state :

4Runner : 1350
Rav4 : 1050
Camry : 1000


also there is a thread around here about Toyota platinum extended warranties, just do a search. its pretty long.

good luck.

 

I also have the extended warranty. I had one on a HD Electraglide and it more than paid for itself. I paidabout $1400 for it and it paid out over $9000 keeping that bike on the road for 7 years and 115,000 miles.

 

I agree I wanted to protect my family including kids out of state at school in case of breakdown. Over the phone discounts: basics are below from 9/2014 post; still used extensively, and recently....I've purchased two from Toby last June...Search around for others info on this. Or use below as leverage at the dealer Finance Guy to get it rolled into your loan.... If you go with Toby be certain of your VIN and mileage when you give him the info; he will probably have to check Toyota records to be certain of ownership, other eligibility details, etc....
Good Luck.
---
An internet source: Just check'd recent activity on the RAV4 forum, and a member just purchased thru Toby last week so he's still in biz.
I purchased a 8/75k for my '12 Tacoma Prerunner in June. Basic process is :
email him for a quote, with model, year, mileage and VIN and Ph #.
he'll call you for CC information.
in about a week ~ he will mail you your cc receipt and order paperwork
in about 3 weeks ~ you'll get the VSP booklet from Toyota financial.
ez

Toby Rivers
Lexus of Shreveport
1-800-335-3987
tobytoyota@aol.com

He sells Lexus as well as Toyota, and has been for awhile.....

My quotes: 2012 Tacoma 4x2 [Prerunner] still under 3yr/36,000 mi warranty: (maybe price changes recently so the below are 3 mo. old.)

Toyota VSP, Platinum coverage with $0 deductible:
6 yr / 75K - $610.00
6 yr / 100K - $835.00
7 yr / 75K - $680.00
7 yr / 100K - $950.00
8 yr / 75K - $785.00
8 yr / 100K - $1050.00
8 yr / 125K - $1365.00

[ 4x4 will be a little higher but may be negotiable ]

Edit: Latest buy from a Rav4 owner; post on Rav4 4.3 forum, 3/30/15:
cooperboy22
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Just got my extended warranty
I just received my 4runner extended warranty paperwork today. 6/75000 mile Toyota Platinum warranty purchased from Toby at Lexus Shreveport for $645.00. Very pleased with this purchase as everything looks good. There were some errors made(wrong VIN number entered initially) that delayed the process. Toby's a good guy and deserves our business.

 

OCNutty -

OK, I am confused - I thought Toyota shut down the possibility of buying this warranty from out of state - how is it that this guy is still selling them?

 

As a former warranty administrator for a local dealer on 5 different brands. I don't see how Toyota knows if you purchase out of state or not, or why they would care.

To Toyota your just a vin.

 

When I negotiated the price with the sales director he asked about financing and I told him just get me at or below the 1.69% quote I had. Well when I started to resist the finance guy on the extended warranty he pulled 1.29% out of his hat. I said "is that contigent on me buying the warranty?" Fortunately for him he knew the right answer. Then he tried another tactic which was to tell that the warranty was only an extra $10/month. At $10 I said OK. I took the paperwork to work with me and studied it closer. I was like no way the $1500 warranty is $10/month. I called the sales director and told him that I would be returning the truck. The finance guy explained that he got to $10/month using the diff between 1.69% and 1.29%. I went off on him. Next time I am going to take my laptop with me. I feel out gunned with just a smart phone.