codex57

Yeah, people always think of warranty in terms of miles when considering how long their warranty is. I did until the time ran first on my BMW. Shocked the hell out of me b/c my family ALWAYS blows by the mileage amount waaaay before the time.

Just another anniversary date to remember. I liked to think of mine as the birth date.

e-man

If this car is truly a dealer loaner car, that should mean that it's never been titled, and if it's never been titled, that means that it has not yet been put in service for warranty purposes, and if it hasn't yet been put in service, that means that the warranty should be 4 years/50,000 miles from the date you buy it. In other words, the factory warranty should be valid for 4 years from now and up to 58,000 miles. I think that's right. Anyone?

e

2thfixr

Not true, all loaners are titled and have license plates. Once a car is registered, it is considered to be "in service". FWIW, I would not touch a loaner car with a 10ft pole.

e-man

I just realized I was thinking of a demo and NOT a loaner. You're correct.

lexuspdx

Well it's final. After my inlaws test drove it. We inspected the car and made sure everything was operating correctly. I did find that somebody spilled some coffee into the center area carpet around the back of the drivers seat, so their was a small coffee stain. I made him take another $100 off since he couldn't take the stain off and I would have to get it prof. detailed. It really didn't bother us though. We did add another $1750 for an extra 3yr/25k miles of warranty. Now we are covered to 11/2013 or 75k miles. What is left is 6 years or 65.5k miles. They drive about 9k miles per year, so 65.5 is plenty of miles for them.

Final cost of the car with warranty to 11/2013 is $32800 OTD.

I know many of you guys out there would never buy a loaner/used car, but I myself would never ever buy another new car. I would rather buy a slightly used depreciated car. Plus, there's an extended warranty now.

Bottom line is now my inlaws are happy driving a great car and they look like this

Thanks again everyone for your input. I will keep you updated about how the car holds up.

codex57

As long as they're happy, that's the most important thing. Congrats.

sfuad

In my view, you paid too much for extended warranty. Lexus Platinum which is good for 7yrs/100K miles can be purchased for under $1500 any day. I was offered the 7 yrs / 100k for about 1400 when I bought my vehicle. If I am not wrong, you can always return your extended warranty and buy again from any lexus dealer who would sell it you at decent price. Also extended warranty backed by lexus is far better than any third party extended warranty.

lexuspdx

You're probably right. Good catch. Luckily I told the finance lady to put on the purchase order that the extended warranty was fully refundable with no change within 30 days. I will call some Lexus dealerships and check how much the Platinum warranty will cost.

There's only one Lexus dealership in town. Can you buy at any dealer and use it at a different one? Other nearest Lexus is 100 miles away.

sfuad

You can buy it from any Lexus dealer. I bought mine (for my Sienna, toyota platinum) from a dealer 1500 miles away. The warranty is valid at any Lexus dealership.

MD350

Do this quickly, because if you financed the warranty, your lender is listed as lienholder on the warranty also. So, the refund on the warranty would go towards the principal balance on your loan, not in your pocket. You would continue to pay the same monthly payment. You may be able to catch the paperwork before the dealer sends it off to the lender to be funded on it.

If you paid cash, it will be a lot easier.

I bet once this dealer hears you are shopping the warranty, they may very well match the price to keep the warranty penetration at their store.

(I work for a major auto finance company)

lexuspdx

We paid cash (actually by check). The car was financed by my inlaws brother. He had some extra cash so they gave them an interest free loan. I will shop for the warranty by week's end, and then give my dealer finance lady a call to let her know the outcome and see if they want to match.

Thanks everyone for the great advice. I'll keep you guys informed.

codex57

Make sure it's the official Lexus Platinum warranty. It prolly is, but not all dealers are ethical or do what's best for the customer. Especially the finance people. THey lie more than the sales people in my experience.