[Sinner]

What are you guys paying for extended warranties an what miles/months and state? I didn't want to get an extended warranty but the wife insisted. I feel we got robbed and I'm inclined to go in an cancel. What are your thoughts?

We purchased 100k mike 60 month for 4k and it was the most extensive coverage. Ill post the warranty company's name when I get home. I was guaranteed and promised that they warranty is mod friendly and all deals are video and recorded as well. My wife knows I will mod the car and that's why she insisted.

I'm really annoyed.

 

[Georgio51]

What are you guys paying for extended warranties an what miles/months and state? I didn't want to get an extended warranty but the wife insisted. I feel we got robbed and I'm inclined to go in an cancel. What are your thoughts?

We purchased 100k mike 60 month for 4k and it was the most extensive coverage. Ill post the warranty company's name when I get home. I was guaranteed and promised that they warranty is mod friendly and all deals are video and recorded as well. My wife knows I will mod the car and that's why she insisted.

I'm really annoyed.

You must be high-mileage driver and forecast that you'll be out of bumper-to-bumper coverage in less than 18 months, right? If that wasn't correct, there's really no reason to signup for 100k/60 months. Rhetorical question...was the warranty sold by the dealership or did you do this independently? Either way, you can cancel and do more research before writing the check. Being "mod friendly" is a bit scary in that it is not uncommon for a company to warrant a specific part only to say later on that the failure was caused by an uncovered part. It also may limit mods to those available through the original manufacturer but not necessarily through an Other Equipment Mfgr. Lots of finger pointing goes on.

As to pricing...I'm new to Florida and understand that warranty rates are state controlled. Previous auto industry experience in PA tells me that 100% markup is allowable by law in that state. Perhaps a member from TX knows if there are any controls on pricing. Sorry that this isn't much help but when you mention $4K, it annoyed me too!

 

[Sinner]

I am going to drive the car A LOT!!! I've had the car 10 days and have 1400 miles so I expect to use the 100k miles but would rather have 7 years.

One thing that really REALLY sucks buying this car is the complete lack of control the buyer has because the dealer can sell the car within minutes of a buyer walking out. We got killed on the trade in, killed on the interest rate and I'm they wouldn't budge on the warranty pricing that my wife wanted.

As for being mod friendly, I think it's BS but again the wife insisted and if she's behind a C7 purchase I'm not going to bitch too much, lol.

Truthful, the more I think about the back end of this deal the more mad I get.

 

[Texas2Gun]

I can’t be any help to you on a corvette but just looking at some of my past extended warranties on other vehicles 4K seems pretty high.

 

[cbboarder]

Sinner,

The dealer cost on the GMPP Major Guard is under $1,700.00 for 60/100/$0 deduct. Get your money back and wait until your warranty is about to expire as you can always buy it then. Dealer cost on the tire replacement warranty is around $400.00 however I don't believe it includes the rim.

 

[Jims-c7]

Sinner,

The dealer cost on the GMPP Major Guard is under $1,700.00 for 60/100/$0 deduct. Get your money back and wait until your warranty is about to expire as you can always buy it then. Dealer cost on the tire replacement warranty is around $400.00 however I don't believe it includes the rim.

Sinner is right! I have bought a lot of new cars and waited and they offered me a deal on the extended warranty. You paid to much. Bet when you need it they will say you caused the problem the way you drove it. Sorry it just bugs me the way "some dealers" treat their customers.

 

[Georgio51]

Truthful, the more I think about the back end of this deal the more mad I get.

Fighting the ol' two-front war...the Mrs. and the Finance Mgr., huh? We know the drill. I sold cars for 5 years and this crap makes my boil too. I didn't make much money but I never let my customers get screwed and they remembered with referrals and multi-car purchases. Crap like you've experienced just adds to people's hatred of dealers. There are studies that indicate people would rather have a root canal than withstand the vehicle purchase process.

By all means, make an appt or walk-in to the Finance Mgr. and cancel. Maybe he/she will flinch. If not, let the frenzy die down and in 6 months, revisit it. As to finance rates, Bank of America and many other institutions (credit unions are usually good) may be willing to refinance. For example... https://www.bankofamerica.com/vehicle-loans/auto-loans/auto-loan-rates.go

Dealer financing starts with a 'buy rate' from the manufacturer or financial institution. That, in part, is based on risk (income, debt load, history, loan amount, etc.) From there, the finance person will mark up as much as they can. Some states have a max markup for dealerships (In PA, it's 2%). In addition, financial institutions also give "coupons" to volume dealers that are worth another .25 - .5%. That too, goes to the finance mgrs. bottom line because it lowers the buy rate (HIS buy rate) and you'll never know about i. If you want to get tough, ask the finance mgr directly about the 'buy rate' for your loan. He can depress a couple of keys and find that in your 'deal.' That said, it would be worthwhile to float your application at BOA and/or other institutions before going to the dealer. If you're approved at a more acceptable rate, just do it! If it happens quickly, the finance guy will be charged back... "one smal step for man, a giant step for mankind." I don't want to condemn all finance mgrs but, in my experience, they are the greediest in the organization.

You can't do anything about the trade now so swallow hard and do a couple of burnouts to ease the tension. I'm not trading a car but I did witness a 'low ball' trade first hand. The customer refused delivery of the C7 and walked out. Literally two hours later, he was on the phone begging forgiveness. I'm guessing that he called around and discovered it's this car or another long wait since allocations locally are all exhausted.

We are all paying a premium for being early adopters but enough is enough. You can keep peace in the family and still fight back!

 

[Whitesoxman]

Georgio51 is right on the money. I went to Bank of America and they offered me 1.87 for 60 months. If you are going to pay a note loyalty is not an option. Get the best rate you can. It doesn't matter who you give your money to.

 

[Sinner]

Guys, thank you for the great info and feedback. This isn't my first trip into the back room but my wife and I were caught up in the excitement of the car. I never buy the extended warranty or extras but my wife was set on protecting ourselves with the extended warranty. Truth is that she went from HATING vettes to being excited about this car so I didn't want to ruin it for either of us.

We agreed to the loan rates only because we already had a place that only does refis ready to go. I just refi my two cars last week and dropped one loan by 6 points and the other by 1 point so I didn't get too upset by that part of the deal.

However, I let my excitement still get to me. I really don't care what my trade was because I knew it would suck bad my wife and I were ok with that but I just hate not having any real say. I've walked away from cars before and am not afraid to go to another dealership but this car got me good!!!

But guess what????? I still love my C7 and would do the deal again, lol. I can cancel the warranty and refi so it's all ok in the end. I'm waiting to receive the survey for the dealership and I'll go in there with it try to use it to change the warranty to my favor a bit before I fill it out. It sucks that the dealership handled me very well until in finance.... Everything has been great with them until that point, including service department.

 

[Georgio51]

Live long and prosper and we hope you get some satisfaction, in addition to your baby. I don't know how GM brands work the CSI issue but the sales organization is usually measured by results of the entire sale. When the finance people oversell, press to hard, or gouge, the sales guys take it in the shorts. I always hated that. I had no control over what happened in "the box" and CSI bonus accounted for 12% of income.

 

[Sinner]

Live long and prosper and we hope you get some satisfaction, in addition to your baby. I don't know how GM brands work the CSI issue but the sales organization is usually measured by results of the entire sale. When the finance people oversell, press to hard, or gouge, the sales guys take it in the shorts. I always hated that. I had no control over what happened in "the box" and CSI bonus accounted for 12% of income.

In that case I'll let the issue slid because I really liked my salesman and the rest of the staff. While I know the guy in finance didn't do anything wrong I still feel it's unethical and immoral to do something that I feel is cheating someone.

 

[Sinner]

FYI, the warranty is through or called MPP ( mechanical protection plan)

 

[Corvette Scotty]

You can call JAMES SPORS or AJ LaPorte at Newman Chevrolet, and ask about the GMPP at GM Employee Pricing to Everyone -

Newman Chevrolet 262-377-3020

 

[sphynix06]

Here are my thoughts on the extended warranties.

I live in Dallas and purchased my car 10/18. It is not my daily so I anticipate driving less than 8k mile per year.

I paid $3000 ($2999) for a 5yr/100k carefree car protection warranty, $900 for a 5yr/60k car care service contract, $695 for a road hazard tire coverage and $695 for Etch Guard theft warranty for a grant total of $5289!!! These are all serviced by a company called Fidelity Warranty Services.

After I left the finance office, I felt buyers remorse; not for my car purchase, but for the extras! So I did some research...

Analysis

Etch Guard
Etch guard (which pays $5k on top of the insurance payoff in case someone steals your car) was, for me, a total waste since I didn't need to purchase gap insurance due to my 30% down payment.

Cancelled!!!

Road Hazzard Tire Coverage
After re-reading the 3 pages of inclusions/exclusions, I determined that the exclusions are too limiting (i.e., they require you to have an existing warranty on the tire which covers theft or accidents before they will cover the wheel). Since I will not be tracking my car, doing burn outs (intentionally, lol), traveling off road or causing any undue "wear-n-tear" I decided that this coverage is not for me.

Cancelled!!!


Car Care Service Plan
After re-reading over the buyer's contract I notice that at my dealer my C7 comes with a full 2yr service plan (i.e., oil changes, filters, etc...{corvette tire rotations not included since they are unidirectional tires}). Now, anticipating 40k miles in five years and that service is recommended for every 5k miles I would need 8 oil changes. Three of those oil changes would occur during the free 2yr service agreement. So, for the other three years I would be paying $900/5 = $180 per service.


Still thinking over.

Carefree Car Protection
Again, after re-reading over the buyer's contract I notice that at my dealer my C7 comes with a full 3yr/36k Bumper to bumper and a 5yr/100k powertrain warranty. The exclusions to these warranties are not extensive enough to worry me, but I am ok with extending the 3yr warranty to a 5yr/100k with every nut and bolt included bumper to bumper.

Keeping!!!

So, given that I have 30 days to cancel without penalty, I have shaved $1390 off of my balance with a potential $900 in the que.

 

[i10fwy]

FYI, the warranty is through or called MPP ( mechanical protection plan)

Sinner, MPP is not worth the paper it is written on. You apparently bought your car from a VanTuyl Dealership. Larry VanTuyl owns MPP. I used to work for them. Only buy a factory plan. GMPP

 

[Corvette Scotty]

Also, NEWMAN CHEVROLET (see post #13 above) has Wheel / Tire plans, and I have a Grand Sport owner who was happy he had it

 

[Sinner]

Thank you everyone and this is turning into a great informative thread.

 

[scottsdaledave]

When I went back room to do financing, the guy already had warranty added to the price of the car AND some dealer markup of something around $700 for some paint protection (and I wasnt taking delivery until few days later). I told them to pull all of that crap off my sales price. First off, I didnt authorize any dealer installed options. The guy tried to tell me they put it on all the cars. So I educated him that this car was custom ordered. Then we started talking about warranty. We negotiated it quite a bit and came down to 72K miles, 6 yrs that covered everything. Theft, mechanical, bumper to bumper with no deductable, car service, ability to track vehicle online, grand daddy of them all - it was their platinum package. Price was $3500. I told them I'll think about it. I would never finance warranty, would pay it upfront. Im going back in 2 weeks for them to fix a smallpaint nick on my roof & get windows tinted. Im planning on taking this down to under $3K, adding some miles to the warranty and getting free oil changes. Will let you know.

 

[Sinner]

I called another dealer and can get the same warranties for 1k less and a bit better terms.

 

[scottsdaledave]

Here is the warranty I got quoted with and that Im getting. This is for mechanical warranty bumper to bumper. Covers pretty much everything except windshield/wheels/tires. No deductable 6 yr 75K mile for $1,980 or 7 yr 75K mile for $2360. Im going with 7/75K warranty as I have 4 cars now and wont put ton of miles on it. They also had 100K plan but price went up considerably. I pushed to get this price lower but he said theyre making $80 on me (which I dont entirely believe), but I think this is a good deal. If anyone has had work done on their corvettes you know the cost and with all technology in this car, and as Im planning on keeping it for a while, this is worth it.