Should I Refinance my Lexus Extended Warranty?
04-12-16, 08:16 PM
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Should I Refinance my Lexus Extended Warranty?
In February 2015, I purchased a CPO 2012 Lexus IS250 with 15k miles from a California Lexus dealer.
The finance guy convinced me to buy an extended warranty of 6 years/100k miles for $2400 (VSA certified platinum) instead of settling for the included free 3 years/100k miles CPO warranty, a decision I am now regretting.
In hindsight I feel like I'm basically going to pay $2400 for 3 additional years of coverage while I have read that you guys are paying $1600 for the same 6 years/100k miles warranty through two reputable Lexus dealers on this forum.
At this point, I could cancel and get a prorated refund of $2000, then wait until just before the original 4 year factory warranty expires this December and purchase the same 6 years /100k miles warranty at $1600. Is this possible?
This would effectively save me $400 while gaining what would be an additional 1.5 years of coverage compared to my current warranty. If this is possible, would you do it?
The finance guy convinced me to buy an extended warranty of 6 years/100k miles for $2400 (VSA certified platinum) instead of settling for the included free 3 years/100k miles CPO warranty, a decision I am now regretting.
In hindsight I feel like I'm basically going to pay $2400 for 3 additional years of coverage while I have read that you guys are paying $1600 for the same 6 years/100k miles warranty through two reputable Lexus dealers on this forum.
At this point, I could cancel and get a prorated refund of $2000, then wait until just before the original 4 year factory warranty expires this December and purchase the same 6 years /100k miles warranty at $1600. Is this possible?
This would effectively save me $400 while gaining what would be an additional 1.5 years of coverage compared to my current warranty. If this is possible, would you do it?
04-13-16, 10:02 AM
#2
I could be mistaken, but I don't think the "Years" are added on to the 4 year warranty (which, if it were, would give you a 10 year warranty). Most of these warranties are for 6 years/100,000 mile after the vehicle was first put into service. You might want to check on that.
04-13-16, 11:43 AM
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I could be mistaken, but I don't think the "Years" are added on to the 4 year warranty (which, if it were, would give you a 10 year warranty). Most of these warranties are for 6 years/100,000 mile after the vehicle was first put into service. You might want to check on that.
If your theory were true, then why would people choose to wait almost 4 years on their brand new Lexus vehicles before purchasing the 6 years/100k mile warranty? $1600 for just two years seems like a ridiculous price. $1600 for an additional 6 years sounds more reasonable.
04-13-16, 03:28 PM
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The 6 years/100k miles warranty I have now started at the time I purchased the vehicle in 2015, not the original owner's in service date. The VSA sent to me from Lexus Financial specifies that it goes until 2021 or 100k miles, whichever occurs first.
If your theory were true, then why would people choose to wait almost 4 years on their brand new Lexus vehicles before purchasing the 6 years/100k mile warranty? $1600 for just two years seems like a ridiculous price. $1600 for an additional 6 years sounds more reasonable.
If your theory were true, then why would people choose to wait almost 4 years on their brand new Lexus vehicles before purchasing the 6 years/100k mile warranty? $1600 for just two years seems like a ridiculous price. $1600 for an additional 6 years sounds more reasonable.
From the fine print I have the 84 months extends from original in service date, it also requires the warranty to be purchased while the 4 yr / 50K mile factory warranty was still active.
The 7 year did not extend out from the date I purchased the warranty (for me)
FWIW, I recently had some items covered at 100K and 117k that paid for the warranty several times over...
~ Joe Z
Last edited by Joe Z; 04-13-16 at 03:48 PM.
04-13-16, 07:25 PM
#5
The 6 years/100k miles warranty I have now started at the time I purchased the vehicle in 2015, not the original owner's in service date. The VSA sent to me from Lexus Financial specifies that it goes until 2021 or 100k miles, whichever occurs first.
If your theory were true, then why would people choose to wait almost 4 years on their brand new Lexus vehicles before purchasing the 6 years/100k mile warranty? $1600 for just two years seems like a ridiculous price. $1600 for an additional 6 years sounds more reasonable.
If your theory were true, then why would people choose to wait almost 4 years on their brand new Lexus vehicles before purchasing the 6 years/100k mile warranty? $1600 for just two years seems like a ridiculous price. $1600 for an additional 6 years sounds more reasonable.
04-13-16, 08:15 PM
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I purchased an 84 month / 125,000 Penske extended warranty from my dealership, right at 49K miles
From the fine print I have the 84 months extends from original in service date, it also requires the warranty to be purchased while the 4 yr / 50K mile factory warranty was still active
~ Joe Z
From the fine print I have the 84 months extends from original in service date, it also requires the warranty to be purchased while the 4 yr / 50K mile factory warranty was still active
~ Joe Z
I would be interested
to know if there are other posters here who bought an extended warranty on their Lexus just before the 4 years/50k miles factory warranty expired. How many additional years/miles did you get? And what price did you pay?
04-14-16, 07:52 AM
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The extended warranty (ECP - Extra Care Protection) I took when I bought my CPO Is250 was 2000$ (if my memory is good), which extended the original full coverage warranty of 4 years/50k miles to 8 years/100k miles.
2000$ is nothing for 4 more years of piece of mind if you want my opinion. I already used it once.
The warranty you buy directly from Lexus does not start when you purchase the car, it starts when the car was purchased when it was brand new. I don't know about the other ones, but a factory warranty is always better IMO...
I think VSA is the same, but USA version of the ECP offered by Lexus.
2000$ is nothing for 4 more years of piece of mind if you want my opinion. I already used it once.
The warranty you buy directly from Lexus does not start when you purchase the car, it starts when the car was purchased when it was brand new. I don't know about the other ones, but a factory warranty is always better IMO...
I think VSA is the same, but USA version of the ECP offered by Lexus.
Last edited by Eduskator; 04-14-16 at 07:57 AM.
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04-14-16, 03:26 PM
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Do you know if that Penske warranty is an official Lexus warranty? Or is it a third party warranty? Were you presented with other options? Or was 84 months/125k miles the longest?
I would be interested
to know if there are other posters here who bought an extended warranty on their Lexus just before the 4 years/50k miles factory warranty expired. How many additional years/miles did you get? And what price did you pay?
I would be interested
to know if there are other posters here who bought an extended warranty on their Lexus just before the 4 years/50k miles factory warranty expired. How many additional years/miles did you get? And what price did you pay?
( I did not buy the Lexus Co warranty)
I heard that some warranties you buy from Lexus during CPO can be considered an ADD on warranty starting from the time you buy..
I bought my warranty 2-3 years after buying my car.. So some warranties / policies will be different for sure.
Joe Z
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