05-04-2017, 03:36 PM | #1 |
Banned
284
Rep 1,015
Posts |
Extended Warranty Question - Route 66 and others
Over the past 8 weeks I have been reading the various posts on Extended Warranties (or I guess, technically, Extended Service Agreements).
Besides the BMW Plan, usually the most recommended/purchased Agreement appears to be from Route 66. Looked at their sales pamphlet and their top of line Easy Street Factory Type Warranty looked good. Then I asked and received a copy of the ACTUAL contract. 1) Will not cover diagnostic time. 2) Will not cover Tax 3) Will not cover Shop Charges (where majority of Dealers add on a % of total bill for misc. shop supplies) 4) will only cover rental for repair that takes more than 4 hours by the book. So if problem you do not know what it wrong and you get a rental car, you might not be covered. 5) 4 hour repair is only 1 day rental. Each additional day would take another 4 hour repair. God help you if part has to be ordered of if over weekend. 6) Seat Belts, Air Bags, Exhaust and other parts not covered 7) Towing only if on a street. No Driveways or Parking Lots. 8) BMW Equipment such as Lane Departure Warning or Collision Avoidance not covered 9) Enhanced Electronics does not cover #8. Furthermore, only 1 replacement of component over life of Contract. So if they put in used or 3rd party and it fails again, you are out of luck. 10) "Sound Reproduction" not covered. Probably more I haven't caught. Not really interested in value of Extended Warranty discussion. Plenty of other threads discuss that Bottom line. As Route 66 is so recommended, are these exemptions typical of others - or did other members just not read their contract, instead going by the sales brochure? Last edited by GCinFLA; 05-04-2017 at 06:25 PM.. |
05-04-2017, 04:05 PM | #2 |
Major General
3788
Rep 5,776
Posts |
I have been thinking of looking into this as well as my warranty ends in a month. Did you get any pricing? Route 66 is,only offered through credit unions which I suppose would have to be joined to get this coverage. The thing that I am concerned with is the lack of diagnostic coverage. That can end up pretty pricey by dealer standards.
|
Appreciate
1
GCinFLA284.00 |
05-04-2017, 05:55 PM | #3 | |
Banned
284
Rep 1,015
Posts |
Quote:
Prices were inline with other 3rd Party Extended Warranties such as Zurich and Warranty Solutions. I called Route 66 and asked for local Credit Union that could sell to me. Called the Credit Union and they had no issue writing without joining and gave me a price. Realized in Florida these service contracts are charged Sales Tax. In an effort to save $200+ in sales tax, called Route 66 back and found a Credit Union in Illinois where no tax is charged. Called that Credt Union and they offered me $250 higher than price+sales Tax in Florida. Plus I had to join their Credit Union. Called back Route 66, asked for a Dealer in Chicago area and they told me Dealers only sold with Used Cars. I laughed and said I've never met a Dealer that will not sell an item. They transferred me to Dealer Services where they said they would get their Regional Person to contact me back on Monday with Dealer names in area that were Route 66 Dealers. It's now past closing on Thursday and I've heard nothing back. So follow up/customer service is a big question mark for me. Bottom line, whether is Dependent in area or local representative option on how much to add to price, pays to shop around. |
|
Appreciate
0
|
05-04-2017, 06:23 PM | #4 |
First Lieutenant
38
Rep 388
Posts
Drives: 335xi M Sport
Join Date: Jan 2013
Location: Boston, MA
|
I've been looking to get extended warranty for a couple of months, but then i decided it's not worth it.
I probably will keep the car for another 2-3 years (around 70k total miles on the odometer i think) and I'd rather set aside some emergency fund that may be used towards my next car instead of wasting a few thousand bucks on peace of mind. |
Appreciate
0
|
05-15-2017, 05:43 PM | #7 |
First Lieutenant
52
Rep 307
Posts |
I have been using Route 66 for 7-8 years now. I had it on my e90 and now I bought it on f30. So far my experience is nothing but GREAT. I agree with what all OP found out in terms of exclusions but I would say it is still much better then other companies.
I have used them at least 6-7 times on my e90 at the BMW dealer and they took care of everything. All my expenses were fully covered except for one which was a crack in the hose which was less then $100 expense. You just have to pay for tax which is just few dollars. Also keep in mind you don't pay taxes when you buy the insurance which will save you around $200. I think for that you have to buy the coverage from credit union which is not in your state.
__________________
2014 BMW 335i - M-Sports, 19inch 403 Wheels, M-Sports Brakes, Tech pkg, Prem pkg, HK, SunShades, Auto, Driver Assist...
|
Appreciate
0
|
05-15-2017, 06:02 PM | #8 | ||
Banned
284
Rep 1,015
Posts |
Quote:
Quote:
Some States do not charge tax on Service Contracts. However, Route 66 has not filed for exemption in those States (including Florida) as others have done, thus you pay Tax on Policy and then again, tax on Repair. As also noted, this same set of quotes on same vehicle was $200 higher than TOTAL amount in Illinois, even though Illinois is tax exempt on Service Contracts. |
||
Appreciate
0
|
05-15-2017, 06:14 PM | #9 | |
First Lieutenant
52
Rep 307
Posts |
Quote:
So I would recommend call some credit union or even go online and get online quote. Try http://www.route66warranty.com/AFFCU/
__________________
2014 BMW 335i - M-Sports, 19inch 403 Wheels, M-Sports Brakes, Tech pkg, Prem pkg, HK, SunShades, Auto, Driver Assist...
|
|
Appreciate
0
|
05-15-2017, 06:43 PM | #12 | |
Banned
284
Rep 1,015
Posts |
Quote:
1) Does not offer the longest term as shown in my quote. Note cost for extra 14 months is only $70 more on my quote. 2) Does not offer the disappearing deductible. Based on your posts at $100 per incident,, you ended up paying much more than my posted quote 3) does not offer the Extended Electronic Package option, most electronic devices are excluded, making this equivalent to the BMW GOLD, not PLATINUM Warranty. And Route 66 is worse as it only allows for item to be repaired ONCE, so if they use used or non-OEM part and it fails again, you are SOL. |
|
Appreciate
0
|
05-15-2017, 07:03 PM | #13 | |
Major
483
Rep 1,267
Posts |
Extended warranties are like any insurance - you will always pay out more than you get back and you never 'beat the house'. These are designed to make money. Short of catastrophic engine failure of some kind, these are rarely ever worth it vs. 'self insuring'. Better off opening up a random 'high yield' online savings/mm account and divert a few hundred bucks into the 'car rainy day fund' each month for a few years (in which time most likely nothing will go wrong with your car) and then in a few years, the car repair slush fund account is alive and well at $5000 strong or whatever, earning 1% APY or whatever and maybe you have to use some or all of it, maybe none of it. With an extended pre-pay warranty, you are guaranteed to spend that money. A lot of guys do this when there car is finally paid off. What a bummer - car payments for 5 years and then at the 5 year mark you shell out $3000 or whatever it is for some warranty you may barely use. Looks like the warranty in question is only for breakdown failure and doesn't cover maintenance, which gets pricey.
2 cars ago, I had a VW GTI that I bought CPO. After the 36k/3 year mark, I used the CPO warranty for a few things that were 'covered'. Initially I was like "oh cool, good thing the car was CPO because x, y and z were covered." Nevermind the fact that I probably paid a $3000 price premium for a CPO car vs. a non CPO car so in reality, I lost money and would have been better off not having the CPO warranty. Quote:
__________________
2016 Black Sapphire 328i | M Sport Pkg. | JB+ | Premium Pkg. | Heated Seats | Driver Assist Pkg. | Navigation | Misc. Coding | 35% Ceramic Tint
Past: 2014 Black 320i | Sport Pkg | BMS Stage 1 Last edited by Kafkaesque328; 05-15-2017 at 07:12 PM.. |
|
Appreciate
0
|
05-15-2017, 07:08 PM | #14 | |
First Lieutenant
52
Rep 307
Posts |
Quote:
2)In my case there is no deductible. $100 that I mentioned was for one of the repair which was not covered by them so I paid that from my pocket. 3) I have not used them for any electronic repair so I have no idea. In my case I always got it fixed by BMW dealer so no chance of getting non-oem or used part. What plan and price are you planning to get and which credit union are you trying with?
__________________
2014 BMW 335i - M-Sports, 19inch 403 Wheels, M-Sports Brakes, Tech pkg, Prem pkg, HK, SunShades, Auto, Driver Assist...
|
|
Appreciate
0
|
05-15-2017, 07:09 PM | #15 | |
Banned
284
Rep 1,015
Posts |
Quote:
You're funny. 1% APR on accounts that little. comical. Clearly you have not followed your own advice or you would know what these account pay...and have paid....this Decade. FWIW, I've never lost money on an extended warranty. |
|
Appreciate
0
|
05-15-2017, 08:11 PM | #16 | |
Major
483
Rep 1,267
Posts |
Quote:
Your opinions on these warranties are subjective. These products wouldn't exist if they weren't a cash cow for these companies. extended warranties, service agreements and 'protection packages' are a cash cow for dealers especially. The best is when schmucks buy a new car with a 4yr/50k mile warranty and that day, tach on an extended warranty that doesn't even take effect until the factory warranty expires (in 4 years when they may not even have the car anymore), and on top of that, usually roll it into the deal, essentially financing and paying interest on it. I would say if you have spent several thousand dollars on ext. warranties and have had repairs/failures that have exceeded the cost of said warranties that you have been unlucky in terms of reliable cars.
__________________
2016 Black Sapphire 328i | M Sport Pkg. | JB+ | Premium Pkg. | Heated Seats | Driver Assist Pkg. | Navigation | Misc. Coding | 35% Ceramic Tint
Past: 2014 Black 320i | Sport Pkg | BMS Stage 1 |
|
Appreciate
0
|
05-15-2017, 08:13 PM | #17 |
Major General
2963
Rep 5,997
Posts |
It depends on how many miles the car has to begin with. It's up to 100k miles, not sure how many years, maybe 6 years from in service date. Pretty much covers everything vs. Route66 which doesn't cover a lot of things.
|
Appreciate
0
|
05-15-2017, 08:16 PM | #18 | |
Banned
284
Rep 1,015
Posts |
Quote:
And You have listed banks that don't even exist any longer. I know. I had an ING Orange Account. No more. Considering you clearly have not followed your own advice, I won't be following your mythical advice either. Also, seem you did not read the "fine print" in Post 1 either. Another strike.... |
|
Appreciate
0
|
05-15-2017, 08:20 PM | #19 | |
Banned
284
Rep 1,015
Posts |
Quote:
5-8 years additional on 3rd party vs 2 on BMW CPO for more $1000+ Additional. No contest. |
|
Appreciate
0
|
05-16-2017, 11:12 AM | #20 | |
Major
483
Rep 1,267
Posts |
Quote:
Instead of selectively reading and cherry picking my words like the troll that you are, how about exercise a little reading comprehension? Strike three and youre out, Florida. |
|
Appreciate
0
|
05-16-2017, 12:05 PM | #21 | |||
Banned
284
Rep 1,015
Posts |
Quote:
Quote:
Ally just recently increased their interest rate to 1.05% from under 1%. American Express is at 0.90% As thus you admit to having money pay almost 15% less...and we should take financial advice from you? Again, how about you using some reading comprehension from Post 1. Quote:
I would say, unlike you, that I made some smart financial moves as I knew before today where the unicorn was....and acted on it. Last edited by GCinFLA; 05-16-2017 at 12:27 PM.. |
|||
Appreciate
0
|
05-16-2017, 12:38 PM | #22 | |
Major
483
Rep 1,267
Posts |
Quote:
Thats it, I'm out. Keep being the schmuck at the carnival who loses money at the shell game and I'll be on my merry way. Enjoy your copy of AARP magazine, bud.
__________________
2016 Black Sapphire 328i | M Sport Pkg. | JB+ | Premium Pkg. | Heated Seats | Driver Assist Pkg. | Navigation | Misc. Coding | 35% Ceramic Tint
Past: 2014 Black 320i | Sport Pkg | BMS Stage 1 |
|
Appreciate
0
|
Post Reply |
Bookmarks |
|
|