Warrenty on used SUV

[2-2-Camp]

I'm very close to purchasing a 2007 Toyota 4Runner (V8) from CarMax
which has 18000 miles on it. I have a 1997 4Runner now but may go larger with my camping vehicle and am getting ready for that with
a larger TV. I have had 9 great years with the 1997. I need opinions
and advice on purchasing an extended warrenty. Research on the internet is mind boggling. HELP!! If you have a company that you have purchased one through and any good or bad info to share please do so.
Thanks to everyone for your help.

[az951]

I work for a car dealership and deal with extended warrenties all the time,  some advice that I can give you is that you should wait until your vehicle is almost out of factory warranty before buying.  reason being,  say you buy a warranty and your vehicle has 18000 miles on it like you say,  that warranty comes into effect the day you buy it,  not after your factory warranty is up,  so say your vehicle has a 5 year,  50000 mile factory warranty,  and you purchase a 3 year,  36000 mile warranty,  in turn,  your extended warranty will expire before your factory warranty,  so you must read the fine print before purchasing an extended warranty.  But still purchase it while your vehicle has some factory warranty left on it like 1 year or 5000 miles to go,  in turn it can save you money still being under factory warranty.  Some good companies that we deal with are like GreenTree and First Automotive,  try to stay away from Eagle warranty company though,  seems as if they have alot of fine print and won't cover some typical things.  The market out there for extended warranty is huge,  these are just some examples,  like I said,  you have to closely read the contract.  Also,  be sure to keep all of your receipts for like oil changes and service work,  it makes things go alot smoother if something major should happen.  We have had companies turn down paying for blown enignes because the customer couldn't provide proof of service work and oil changes.  If you do your own oil changes,  just keep the receipts for the filter and oil,  they consider that proof,  you don't need a certified garage to do the work.  If you contact a dealer for the vehicle that you have,  they will be able to tell you what kind of factory warranty you have by the VIN.  Hope this helps.

[wavery]

I work for a car dealership and deal with extended warrenties all the time,  some advice that I can give you is that you should wait until your vehicle is almost out of factory warranty before buying.  reason being,  say you buy a warranty and your vehicle has 18000 miles on it like you say,  that warranty comes into effect the day you buy it,  not after your factory warranty is up,  so say your vehicle has a 5 year,  50000 mile factory warranty,  and you purchase a 3 year,  36000 mile warranty,  in turn,  your extended warranty will expire before your factory warranty,  so you must read the fine print before purchasing an extended warranty.  But still purchase it while your vehicle has some factory warranty left on it like 1 year or 5000 miles to go,  in turn it can save you money still being under factory warranty.  Some good companies that we deal with are like GreenTree and First Automotive,  try to stay away from Eagle warranty company though,  seems as if they have alot of fine print and won't cover some typical things.  The market out there for extended warranty is huge,  these are just some examples,  like I said,  you have to closely read the contract.  Also,  be sure to keep all of your receipts for like oil changes and service work,  it makes things go alot smoother if something major should happen.  We have had companies turn down paying for blown enignes because the customer couldn't provide proof of service work and oil changes.  If you do your own oil changes,  just keep the receipts for the filter and oil,  they consider that proof,  you don't need a certified garage to do the work.  If you contact a dealer for the vehicle that you have,  they will be able to tell you what kind of factory warranty you have by the VIN.  Hope this helps.

Excellent advice.......especially the part about reading the warranty. It may take an hour to go through it but if you don't do it before hand, you will do it the 1st time that you have a problem and they deny your claim.

I was General Service and Parts Director for a large dealership group in downtown LA for many years. Extended warranties was our #1 customer complaint. 95% of the problem was that people didn't understand what they were buying and the salesman didn't take the time to go over it with them. The commissions are huge on those policies and most salespeople are too lazy to take the time to fulfill the commitment that they are getting the commission for. That's one of the biggest reasons that I got out of the business.

Myself.....I wouldn't waste my $ on one.

[2-2-Camp]

Thanks, that is a big help! I do have the VIN of the vehicle I am
interested in. I will call a Toyota dealer tomorrow. I wonder when the warrenty actually starts on a vehicle. My carfax report shows the
first date of 12/08/06 (Vehicle manufacutred & shipped to original dealer)

[az951]

The factory warranty starts the day the vehicle was put into service,  not the manufacture date,  so say you buy a left over 07 that was never put into service but was manufactured 11 months before,  the factory warranty starts the day it is put into service.  As for myself,  I have never purchased one of these but like I said,  we deal with them all the time,  but if I was to spend big money on a newer vehicle,  I would consider it.  reason being I rather spend 1200 on a warranty than 3500 on an engine job when it is a year out of factory warranty.  It pretty much comes down to how well you take care of your vehicle,  if you service it regularly,  you will have many years without problems,  and like wavery said,  the salesman makes a huge commision on the warranties,  so they will tell you what you want to hear,  even if it isn't true,  I've seen that before.  so make sure you understand it fully before purchasing.

[Camping Coxes]

I am on my second used car from Carmax.  I have bought the warranty on both.  It's been worth it to me.  
 
With my first car, I was still under the manufacturer warranty, so I'd actually take it to the dealer for any problems (included a free rental car for while they had it!).  When we traded it in, they prorated the unused warranty and applied it to the car I was purchasing.   I only traded it in because my son was 5'10" when I bought it, and he was 6'4" when I traded it in -- he outgrew the leg room in my car.
 
With my current car, I'm out of warranty and I recently had to have some major front end work, which cost me all of about $75 for my deductible.  The warranty's paid for itself already.

[GeneF]

From what I have read over the years, most seem to say to put the cost of the extended warrantee in the bank and earn interest on it.  Consumer Reports does not recommend them.  They are a big dealer profit item.

Doesn't Toyota offer an extended warrantee on their used cars?  I thought they did something like GM with their certified used vehicles.

When I bought the Silverado, the basic warrantee was extended to 39 months/39,000 miles.  It started from the date the truck was actually put in service.  So actually I ended up with a 29 month/27,000 mile warrantee plus the 5 year/100,000 mile power train warrantee.  I felt that this was enough protection.

Also, will the dealer give you a CarFax report or the name of the previous owner?  I have asked for both in the past and some dealers will comply and others will not.  Talking with previous owner can be enlightening.   I have also had someone call me about a car that I had traded.

Also, CarFax reports are not always accurate.  Long story short, I bought a Taurus that the Carfax reported as a rental with no accidents.  I later found out that the car had had serious damage.  Dealer took the car back.  Not sure how they got around it but just a heads up.