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Anyone have experience with and/or know whether it's worth it to purchase the pre-paid maintenance or the "Luxury Plus" program is worth it? Dealer said the prepaid maintenance pays for itself if with the first few non-covered maintenance service (after year 1). The Luxury Plus covers parts and labor beyond manufacturer defects, so it covers wear and tear. The cost for that is $2295 for 5 years/60,000 miles.
Whose the underwriter, and read a copy of the contract sheet you have to sign NOT THE SAME AS A BROCHURE OR WORDS THE F&I department tells you.
2 cents: Not worth it. Usually a ploy to make more money on your specific deal
The plan is by "Mechanical Protection Plan" (MPP). I never buy add-ons so I don't suppose I'll start now. Just wondered if it was true that the plan would pay for itself and then some. Thanks!
Anyone have experience with and/or know whether it's worth it to purchase the pre-paid maintenance or the "Luxury Plus" program is worth it? Dealer said the prepaid maintenance pays for itself if with the first few non-covered maintenance service (after year 1). The Luxury Plus covers parts and labor beyond manufacturer defects, so it covers wear and tear. The cost for that is $2295 for 5 years/60,000 miles.
I bought my car with around 50K miles. I negotiated the price down to the below. The value of dropping off the vehicle with the more expensive maintenance items coming up, it was a no brainer. Now if I had a NEW car, it would not be worth it, but for a used with this many miles, it was a steal to me. The pre-paid maintenance is sold by Lexus Financial Services so none of the 3rd party crap.
I bought my car with around 50K miles. I negotiated the price down to the below. The value of dropping off the vehicle with the more expensive maintenance items coming up, it was a no brainer. Now if I had a NEW car, it would not be worth it, but for a used with this many miles, it was a steal to me. The pre-paid maintenance is sold by Lexus Financial Services so none of the 3rd party crap.
Thats good. However I still wouldnt pay the dealership any money with a vehicle out of warranty. It`d be cheaper just drive down to my local trusted indy and get them to do the schedule (which typically is a lot of inspecting and thats about it).
Thats good. However I still wouldnt pay the dealership any money with a vehicle out of warranty. It`d be cheaper just drive down to my local trusted indy and get them to do the schedule (which typically is a lot of inspecting and thats about it).
But as evidenced by your post, prepaid preventative maintenance plans fill a market niche
You make valid points. I just figured for me, $1,800 covers 5 years of maintenance, so it essentially costs me $360/yr. Not bad. Once this agreement runs out, I do plan on doing all future service work myself because the dealership will be a ripoff at that point.
I’m leasing it for 4 years and I have heavy mileage of 21k/year, I want to know about Prepaid Maintenance as I’m not a handy person and do not want to mess up the lease wherein they charge me penalties because I failed to maintain the car by performing services not at lexus dealership.
I will be servicing at a Lexus dealership itself.
I am looking for plans for 4 years / 60k miles
Any idea which dealership offers a good price? And what would a good price look like?
I’m leasing it for 4 years and I have heavy mileage of 21k/year, I want to know about Prepaid Maintenance as I’m not a handy person and do not want to mess up the lease wherein they charge me penalties because I failed to maintain the car by performing services not at lexus dealership.
I will be servicing at a Lexus dealership itself.
I am looking for plans for 4 years / 60k miles
Any idea which dealership offers a good price? And what would a good price look like?
Thanks!
Leases are disposable....They dont care about maintenance unless you somehow mange to destroy the vehicle.
My advice would be follow the oil changes, using the correct oil and filter at the proper intervals and thats about it. At lease return they care about external damage to the vehicle outside of normal wear and tear, and of course your tires not being bald. I
i purchased a new RX350 a week ago, and now i'm having second thought on the prepaid maintenance plan i purchased at the time. i read on the Lexus financial site the prepaid maintenance plan can be cancelled for a full refund within 30 days. I have a few questions:
1. The prepaid amount is rolled into my monthly payment with interested added, how do they refund me me the full amount? are they going to cut me a check for the prepaid amount PLUS the interest i'm about to pay? or readjust my loan amount and reduce my monthly payment?
2. I read the cancellation info from Lexus Financial site, but my loan is from BofA, does this matter?
3. Does the dealer finance guy usually give you problem when initiating this process? 4. I purchased the extended warranty along with the pre-paid maintenance, these were offered to me as a package, can i cancel the maintenance portion and still keep the extended warranty?
I just called my dealer and the guy who handled my contract is out today, he'll be back tomorrow.
i purchased a new RX350 a week ago, and now i'm having second thought on the prepaid maintenance plan i purchased at the time. i read on the Lexus financial site the prepaid maintenance plan can be cancelled for a full refund within 30 days. I have a few questions:
1. The prepaid amount is rolled into my monthly payment with interested added, how do they refund me me the full amount? are they going to cut me a check for the prepaid amount PLUS the interest i'm about to pay? or readjust my loan amount and reduce my monthly payment?
2. I read the cancellation info from Lexus Financial site, but my loan is from BofA, does this matter?
3. Does the dealer finance guy usually give you problem when initiating this process? 4. I purchased the extended warranty along with the pre-paid maintenance, these were offered to me as a package, can i cancel the maintenance portion and still keep the extended warranty?
I just called my dealer and the guy who handled my contract is out today, he'll be back tomorrow.
Don't be offended but if it was me, I'd cancel BOTH. My guess is they will issue a refund since BOA has nothing to do with that contract.
A few years back, a friend of mine bought a new Honda and also an extended warranty policy from the dealer, with all the proceeds rolled into finance. She talked to me after she'd bought the car, and I found an extended warranty with another Honda dealer for half the cost.
She then cancelled the original extended warranty.
What happened next was that the dealer paid the cost of the cancelled extended warranty directly to the bank (Chase, I think). That saved her a few payments at the end of the finance period.
I think the prepaid maintenance policy will be the same.
BTW, I happen to agree with @mikemu30 . I'd cancel both. But it of course depends on your comfort level.
I will go in tomorrow to see the financing guy in person. I will keep the extended warranty alone. They may be easier to deal with if I just cancel one and not both.
Went in today and requested cancellation of both the prepaid maintenance and Extra Care extended warranty. The finance manager seemed pissed. But he acted professionally and obliged my request. The money will be credited to my loan in 6 weeks. Now I’m thinking, what about the interest on that amount? Will that also be credited beck to me or just the principle amount for both the prepaid maintenance and extended warranty?
another question, by canceling the extra care extended maintenance, my factory warranty of 4 year 50k miles still intact correct?
02-29-20, 02:28 PM
I just figured for me, $1,800 covers 5 years of maintenance, so it essentially costs me $360/yr. Not bad. Once this agreement runs out, I do plan on doing all future service work myself because the dealership will be a ripoff at that point.
