Richard95

Have any of you heard of or done business with Access Warranty located in CA? They have a good rating with the BBB. I have been talking to them about an extended warranty for my ES 350 recently purchased.

MY friendly Lexus dealer in N. VA. has offered me one for $3090, needless to say I didn't take them up on the offer nor did I try to negotiate because it was so rediculous.

4TehNguyen

iTrader: (1)

you can easily negotiate warranties down

Tammy

You can warrant yourself.

Hennessy

There are given and taken. You might pay a few hundreds dollar less for not buying a Lexus Extended Warranty but when it comes to problems with your Lexus, the other company will send out Inspector Gadget that will deny your warranty work just because your oil change was not on time and they also have the right to put after market parts or used parts in your vehicle to save costs but with Lexus all parts all by Toyota and Lexus also offer $0 deduction for $50 more. Read the fine lines before you buy your Extended Warranty because they can charge a $50 to $100 deductible on each job you claim.

LexBob2

I agree. When we were quoted a price at the dealership for an extended warranty, which we declined, the business manager was eager to reduce the cost, which we still declined. There is a certain amount of profit built into the cost of an extended warranty, which gives the dealership some room to negotiate.

jjbodean

if youre going to get one, get the one from lfs, the difference in price will be made up for in ease of repair claims

franklowe

$3090 for an extended warranty policy, that is $1075 over the listed price of $2,025 according to Lexus web site, they must be nuts. You can email Troy Dietrich (TDietrich@FactoryDiscountWarranty.com). For my RX350, he offered me Lexus Platinum 7yrs. 100,000 miles, 0 deductible for $1665 (Lexus list price $2375). A lot of people did not realize that you can get Lexus extended warranty from a Toyota dealer. Shop around until you find the best deal.

MD350

I agree with everyone above. There is a lot of room for markup.

I also agree to spend some extra $$ and get the Toyota/Lexus warranty. Much easier to submit claims. Also, some 3rd party companies go out of business very quickly and leave you hanging.

Frozen

I would check with your car insurance company on any recommendations for or against any warranty providers. I have had excellent results with private warranty companies. The service counter doesn't care who pays. Now, don't go with Sams of Rock Springs, but a company with good ratings and long history.

One question I have had, however, is why buy an extended warranty at the time of purchasing a new car? It seems better to wait until it is close to expiring, and then shopping for a warranty that actually extends for another, say, 6 years.

MD350

You are correct, the service writer does not care who pays, but is the insurance company going to pay. It is correct that some companies will send out an adjuster to look at the car and give a red or green light for the repair. This could also take a day or so, causing your car to be in the shop for a longer period of time. Also, I have had a 3rd party extended warranty company go Bankrupt on me back in the 80's, so it can happen. I will never do it again.

As to buying an extended warranty after a few years, you are somewhat correct. There are new car extended warranties and used car extended warranties. The new car is a wrap around warranty that goes from 0 miles and inservice date. The used car warranty starts from date of warranty purchase. Used car warranties are usually purchased after the new car warranty expires (lets say you buy a used Lexus that is over 50K miles.) Used car warranties are usually more expensive and sometimes will require an inspection of the vehicle prior to purchase. New car wrap around warranties are less expensive. But, no matter when you buy the new car warranty, the clock starts at zero miles and inservice date. So, there is no benefit of waiting.

I work for an auto finance company, so I do know the product pretty well.

GumboChief

Cheapest place I have seen to get a Lexus backed warranty

http://www.warrantieslexus.com/

Frozen

So, we put few miles on cars, and would reach the 4 years before 50,000. This means we would be paying (~$1500 for a 6X100K)) to extend warranty by only 2 years? What if I'm unlucky and my car doesn't break?

MD350

If you drive low miles per year, I would look into a longer term, lower mile warranty. It might be cheaper. I am pretty sure a 7 year/75K warranty is offered.

toneman

Probably because I don't think there are any such factory warranties that do what you're suggesting; e.g., say Lexus sells you an extended warranty for 7 yr/100K miles--that doesn't mean said extended warranty starts after your factory warranty has expired and is good for 7 years and/or 100K miles starting from the point your factory warranty expires...but rather, it somewhat supercedes it to a certain extent --meaning, any warranty issues that arise during the original factory warranty period would be covered under the provisions of the factory warranty, not the extended warranty--even if you have an extended warranty policy in effect.

There may be third-party extended warranties that offer coverage in the manner that you're suggesting, but no factory extended warranties that I know of offer such coverage.

Also--quite a few consumers are aware of how and when extended warranty coverage takes effect; that's why they don't bother paying for one at the time they purchase their vehicle. Why put out that money now when you can just stick it in the bank and earn a few dollars, then when their factory warranty is about to expire, purchase the extended warranty then. Of course, auto manufacturers in the business of selling factory extended warranties realize this--that's why a few factory extended warranties have a higher retail price if purchased past a certain point (either time or mileage) of the factory warranty period than if bought at or around the time of vehicle purchase (GMPP is one--I know 'cuz I found this out upon purchasing one about 20K into my factory warranty).

MD350

Yep, Tony, you are correct. Some manufacturers will surcharge you after 1 year or 12K miles, or something to that effect. Sort of like a penalty because you did not buy the wrap around warranty when unit was new. It is riskier to the manufacturer. Remember, this is really insurance. Higher risk means higher premium. Manufacturer also does not get to hold your money for the full term!

However, yes you can buy a "used car" warranty (as the dealers call them) which usually are like a 3 yr/36K warranty from time of purchase. These are always more expensive, cover less, and are purchased after the car falls out of the new car warranty.

One last thing that you may not know. These warranties are rebateable. Means that you can cancel at anytime and be pro-rated the difference back to you. So, if your car is a total loss, or you sell it and chose not to transfer the warranty, you can get some of your money back.