price paid for extended warranty

[drjay9051]

My CPO 09 Genny : 10/100k dealer wanted $899 with $50 deductible. I balked so they split it with me, took 400 off price of car. Did same with doc fee. Salesman told me they could not adjust these items so worked off price of vehicle.

Good luck

 

[hhgenny]

Just make sure you understand what's excluded in the Platinum (it certainly is NOT my definition of bumper-to-bumper)

 

[nextcar]

Just make sure you understand what's excluded in the Platinum (it certainly is NOT my definition of bumper-to-bumper)

from reading the hyundai literature, it seems that for both Gold plus and Platinum, the audio system is included.
it only says aftermarket audio systems are excluded.
am i interpreting this correctly?

 

[hhgenny]

Also excluded...near object avoidance systems and all laser radar cruise conrol components. This would involve some very expensive stuff. Just something to think about.

When I dug into some of these exclusions, I decided not to buy it.

 

[tompass]

Precisely why I did not opt for extended warranty. Tried to purchase a separate 3rd party 2 year ( years 3-5) warranty for the audio/nav/radar but could not identify a source for same.

 

[robcar]

from reading the hyundai literature, it seems that for both Gold plus and Platinum, the audio system is included.
it only says aftermarket audio systems are excluded.
am i interpreting this correctly?

Does anyone know for certain if this is true? I have never bought an extended warranty before because they are not truly "bumper-to-bumper" coverage but are filled with exceptions and exclusions and are not recommended by publications like Consumer Reports or by automotive experts; however, if the ten-year Platinum extended warranty really does fully cover the audio system I might be tempted to get this. The warranty that comes with the car only covers the 17-speaker Lexicon sound system for three years or 36,000 miles, and I can easily see something going wrong with this (or the DIS knob breaking) between years four and ten. Replacing that Lexicon sound system could easily cost $1000 if not $2000.

 

[QuantumRift]

I've had the Zurich-backed extended warranty on several of my vehicles, to include a 2004 GMC Envoy. I have one on my 2012 Genesis and I had them on both of my 2006 Sonatas.

Extended warranties are funny things. You are enticed to purchase a particular vehicle (or item) because you are told how wonderful, how reliable, how well-built the vehicle (or device, say, a TV) is. Then when you sign on the dotted line, you get peppered with "well, JUST IN CASE..." scenarios to get that extra bit of profit for the dealer (or retailer). Now, if you want to be savvy, you have to know that the extended warranty is a sort of 'sell-through' thing...the dealer 'buys' or is allowed to sell the warranties for a certain price. That is the dealer cost. That's about the lowest that the insuring company will go, because well, THEY have to make a profit too. It's like medical insurance, except for a monthly premium or a pay-check deduction. It's a lump sum payment.

It's like gambling. You buy it on the basis that you'll eventually NEED it. The seller offers it to you on the basis that you will NOT use it. Or they take your money and invest it with thousands or millions of other buyers (policy holders).

So anyways, the dealer 'offers' you the policy at a price...usually they will start at the MSRP of the warranty (probably $2K). This is where it pays to do your homework BEFORE you buy the car. You need to talk that price down. And you can only do so if you have knowledge of what the dealer cost is on that package (they offer the extended warranty along with other items like a paint protection package, an interior protection package, wheels/rims/tires package, and "paintless DENT repair". So each one could be a line-item charge that you'll have to bargain on. So know ahead of time what you want to do. Know what company or companies the dealer sells warranties from and do some research regarding costs.

You need to know IF you even want one. If you are buying a vehicle that has a track record of problems, you might consider it a wise investment.

For instance, we have a 2004 GMC Envoy. We have had it "in the shop" for several problems, from overheating to not starting. In the overheating problem, we were in Las Vegas and took the Envoy to dealer there, where the problem was diagnosed as a faulty electronically controlled fan thermostat. Price to repair? Nearly $1000 dollars. Our cost? $80. A few weeks ago, the thing would not start. I had a new battery in it, etc and it would kick over for a few seconds and die. The dealer first replaced the ignition switch, and eventually the 'body computer' (one of two computers that control everything in the SUV). Cost to repair? nearly $700. Our cost? $50 copay. That's only two of the items we've had fixed.

The dealer makes a profit selling these, so it's best to research and be informed as to what they offer and what the terms are. Most people choose to roll the cost of the extended warranty or warranties into the loan price, while others prefer to pay outright for them. And they generally are tranferable or refundable (I'm waiting on my refund for selling a 2006 Sonata).

With new cars being to high tech, i would strongly suggest an extended warranty. My 2012 Genesis has the tech and premium packages and I did not consider "skipping' the extended warranty. The price of one air bag sensor could justify the price! but ultimately, only you can determine if the extended warranty will be of value to you.

As for cost, I paid well under a thousand for the extended warranty on the Genny. You have to do your homework AHEAD of time instead of when you are sitting across from the finance manager.

By the way, I never had to use the extended warranties on either Sonata.

 

[spabbati]

I have bought the platinum (120 months, 100000mile, $0 deductible) Hyundai Protection Plan (HPP) on my 2012 genesis 4.6 for $1189. It's the Hyundai Warranty plan under written by Fidelity. The dealer said their invoice price is $1102.

 

[ohstew]

I am looking at buying the 5 or 6 yr platinum extended warranty (100,000 k/ $0 deductible) when I buy the '11 4.6. I'm interested in learning about how much people paid for theirs.

Damn, feel like I got robbed. Paid $1,900 for the 10yr platiumn...Ouch!

 

[elshagon]

So anyways, the dealer 'offers' you the policy at a price...usually they will start at the MSRP of the warranty (probably $2K). This is where it pays to do your homework BEFORE you buy the car. You need to talk that price down. And you can only do so if you have knowledge of what the dealer cost is on that package

As for cost, I paid well under a thousand for the extended warranty on the Genny. You have to do your homework AHEAD of time instead of when you are sitting across from the finance manager.

You say you can only talk the price down if you have knowledge of what the dealer cost is. You paid well under a thousand. Did you know what the dealer cost was? What is it? What warranty did you purchase?

______________________________

Help support this site so it can continue supporting you!

 

[DeeVa]

After a Google search on extended warranties in general, and Fidelity backed warranties in particular, I decided not to buy one.

 

[Mark_888]

Damn, feel like I got robbed. Paid $1,900 for the 10yr platiumn...Ouch!

The paycheck for the "finance manager" is mostly based on commisions for selling extended warranties. He thanks you.

 

[balance]

My dealer told me that Hyundai did not offer and extended warranty and sold me a Western General extended warranty. I obviously had not prepped or researched in this area and bought the warranty. The lie alone is leading me to cancel (I have 60 days) and find an online HPP policy to purchase.
But before I do so, was curious if anyone had experience with Western General?
Thanks for any insight you can provide.

 

[imitiday]

about fidelety.http://www.trustlink.org/Reviews/Fidelity-Warranty-Services-Inc-206011313

 

[TexasTom]

I understand the financial dynamics associated with a warranty but I was under the impression that an additional warranty outside the existing one already offered by Hyundai wasn't needed because of the good coverage already present.

Are you folks getting coverage for after the expiration of the Hyundai warranty, or is this to cover holes in their coverage?

 

[robcar]

I bought the ten-year Platinum warranty because it supposedly covers the Technology Package. The basic warranty that comes with the Genesis only covers the Tech Package for three years, and I can easily see the Lexicon sound system (and the DIS knob) developing problems down the road.

If and when these problems arise, I am trying to be optimistic that they will honor this warranty.

 

[DeeVa]

It is that hope that allows sales of these policies to continue.

 

[Admckillip]

So, has anyone determined exactly what is and isn't included in the HPP platinum? I will take a stab at it if no one has. Reallistically, I just want a comprehensive list of exactly what is not included. If it's just the cruise, it's probably worth it for the price I paid, but depending on what else is excluded I may cancel...

 

[balance]

I pulled out of the Western General policy that my dealer presented as the only option. The actual finance manager who did this was not on duty (they required I come in and sign a form). It was actually painless as the manager on duty was not the one losing a $700 "commission". I received a check within two weeks for the amount of the policy.
I'm interested in the Hyundai/Fidelity HPP Platinum but since not one Genesis is old enough to have used this service, we are all in the dark and can only go by Fidelity's rather dismal track record. (thanks, imitiday)
The one thing that I do like (confirmed by the offer and both Hyundai dealers I am shopping for the policy) is that when repairs are made it is through a Hyundai dealer with no reimbursements (or am I being lied to there as well?).

According to the brochure, these are the only items excluded in the Platinum Plan:
Brake linings, brake drums and rotors, disc brake pads, standard transmission clutch components, air bags, solar powered devices, hinges, glass, lenses, sealed beams, body parts and/or panels, trim, moldings, door handles, lock cylinders, tires, wheels, batteries, light bulbs, upholstery, paint, bright metal, freeze plugs, heater and radiator hoses, exhaust system, shock absorbers, audio, security or other systems not factory installed, work such as front-end alignment or wheel balancing, constant velocity joint boots, safety restraint systems, cellular phones, electronic transmitting devices (except for those specifically listed under silver, gold, or gold plus coverage), radar detectors, appliances, near object avoidance systems and all laser radar cruise control components, vinyl and convertible tops.

My concern is that the actual contract expands on this. Can anyone state as to how the above lines up with what is actually on the contract?

 

[tompass]

I researched the issue quite thoroughly and determined that the audio is indeed covered but not the radar cruise control or proximity park assist system. I am keeping the car 5 years max so did not feel that just getting coverage on those two items would not be a wise investment.