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7 Year 100,000 Warranties

Guest jamocha

Let's just say that it was a late night at the dealership and I signed up for something I am going to have a hard time getting out of. I bought a 2001 Corolla and accepted terms on a $1,500.00 agreement that expires in September (bought this in March). Too much to pay for only 6 months of protection. The agreement reads 84 months from the delivery date or 158,000 miles whichever comes first. The delivery date counts as 2000. The car had 58,000 miles on it to start when I bought it used in March.

I am beyond the 3 day period that I could have gotten out of this contract legally. I questioned it only because a notice came from Toyota that it really is going to expire. I called the finance guy at the dealer who seemed very uncomfortable with my questions (and I am not raising my voice or acting mad).

Basically, shouldn't a red flag have been raised when selling a nearly 7 year old car? Why offer such a ridiculous warranty that is going to expire in 6 months anyway? What do they offer people who buy an 8 year old car?

Bottome line - money. How to avoid it - reading the fine print. Same deal with "Certified" vehicles - some come with 7-year / 100K mile warranties, but usually prices so low, that people don't mind adding onto the car. But also one of the most limited ones you can have - usually only applies to specific powertrain components. Try to get out of it if you can, even if you take a loss to recover a major portion of the money. $1500 seems pretty steep to me - if in doubt, take it to the owner - no resolution, take it up with Corporate (Toyota). BBB is also a good place to contact. If this is your first car - chalk it up to experience. Good Luck.

Wow that does seem lame... Is this an official Toyota Financial Service Warranty or some other?

The price seems like what Dealers try to sell the TFS 7 year 100Mi warranty on a NEW vehicle...

And you can get those for as low as $700 by shopping Toyota dealers

I agree goto the owner, tell him you did not understand it would expire in 6 months, be calm and collective the first time. Tell him you want a refund as you have NOT yet used the warranty. If the owner doesnt budge, explain to him calmly that your next course of action will be filling an official complain with Toyota and the local BBB.

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