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Extended Auto Warranty Myths

  • You Can Only Buy an Extended Auto Warranty From the Dealer Who Sold You the Car - Car dealers are middlemen who make their highest commissions on the financing and extended warranties they sell. They are going to want you to purchase your warranty from them when you buy your car, so it can be included with your financing. Finance charges can increase the overall warranty cost by hundreds, or even thousands of dollars. You should try to buy your warranty direct from the source, if you can.

  • If I Buy the Extended Auto Warranty Before the Manufacturer's Warranty Expires, I Will Have double Coverage on my Vehicle - Extended warranties are not double coverage, they simply extend the term of the warranty the manufacturer provided on the vehicle. Once the manufacturer's warranty expires, an extended warranty takes over to protect you from unexpected, costly repairs. It's important to buy it early, especially before your original factory warranty expires. This is when it will be the least expensive.

  • You Must Purchase an Extended Warranty in Order to Qualify for Favorable Finance Rates If a Finance Manager tells you this they are lying to you. Financing is approved or denied based upon your credit, and nothing else. By including the extended warranty in your car purchase, you will be stuck paying additional interest. Some warranty providers can offer you interest free financing.

  • I Don't Need an Extended Warranty Since I'm Covered by the Manufacturer - There are many reasons to purchase an extended warranty. Your vehicle is one of your biggest investments. An extended auto warranty will ensure it is always in the best mechanical condition. With the complexity of today's vehicles, one major repair often costs more than the extended warranty itself. Hourly labor rates can top $90 per hour in some markets.

    Many warranties are transferable and will increase the resale value to potential buyers. Who wouldn't want to own a vehicle that comes protected from repair bills?

  • A "Mechanical Breakdown" Warranty Offers the Same Coverage as a "Wear & Tear" Warranty - If "Wear & Tear" is not covered in the warranty contract, then you are probably being offered a "Mechanical Breakdown" warranty. There are many components in your vehicle such as piston rings and CV joints, that usually wear out instead of breaking, in which case, they would not be covered under a "Mechanical Breakdown" warranty. This type of warranty is less expensive and offers less coverage than a "Wear & Tear" warranty. The only way to tell what kind of warranty you are buying is to read the definitions section of the warranty contract.

  • As Long as I Have an Extended Warranty, I Don't Need to Worry About My Car - Cars still need proper maintenance, as outlined in your car's owners manual. Be sure to keep accurate maintenance records and receipts. To neglect this responsibility to your car will not only jeopardize your claims getting paid, but will also put your investment at risk. All extended auto warranties require that you properly maintain your vehicle and perform the manufacturer's recommended maintenance.

  • My Dealer doesn't Accept Third Party Warranties for Repairs - The marketing and sales of extended warranties has moved beyond the traditional car dealer channels. Dealers not only offer the manufacturer's extended warranty, but are now offering third party warranties as well. Most third party warranty companies pay the repair facility immediately over the telephone by credit card, so there should be no objections about accepting the warranty.

  • My Warranty is Automatically in Effect as Soon as I Pay for It - Warranty companies usually give customers a plastic ID card or similar identification, so if you don't receive confirmation of your warranty, you may not be covered. There have been instances where consumers have had no idea they were without coverage until several years later, at which point it was impossible to trace their applications or their costly premiums.

  • I Have Powertrain Coverage That Lasts Longer Than My Original Bumper-to-Bumper Warranty, so I Don't Need to Buy an Extended Warranty - Not so, you will be without coverage for the parts and systems that most frequently fail such as high tech sensors, computers, air conditioning and much more. The manufacturer's powertrain warranty only covers about 1/4 of the vehicle's components. Extended warranties pick up the remaining 3/4 of the components, including such things as air conditioning, electronics, electrical, brakes, ABS and much more.

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