Return it, stick that money in a Bank account and watch it grow. Keep it were you have it now and say goodbye to $2,133.00

 

Cancel today. Notice the catch, "selling Dealer". And the price you paid for Road Hazard is almost the complete price of a new set of tires.

 

Couldn't agree more !! Just bought a new set of tires last week. After all the rebates and other incentives, my final cost was about the cost quoted for your warranty. In addition, I get free rotations and balancing for life !! The pro-rated aspect of tire warranties makes it even less desirable IMO. My personal "favorite" of all the warranty scams is for electronics - primarily TV's. My feeling is if it fails, it will do so in the first year where it's covered by the factory warranty. I can't remember the last time I've had a TV fail - primarily because I've never had one fail !! These puppies are huge profit centers for all these retailers IMO - you were wise to cancel. Craig

 

Ditto. Ditto. Ditto. Cancel NOW.

Next time. Say NO from the start.

 

Thanks all! After I wrote this post, I did a forum search for extended warranty and turned up many posts about this topic. Like all of you have said, most all of them advised to get rid of it. There were quite a few that said if you must have one for peace of mind get the HondaCare warranty. I've already written my two letters to cancel these contracts.
I just saved $2,133.

 

Cancel it ASAP!!!

 

I'll never understand why people buy extended warranties. If you have no faith in the products you selected, pick something else.

Worried about potential problems down the road? Have expenses of a thousand dollars or more? Maybe you will but more likely you won't. Getting talked into spending more than a grand or two up front for potential repairs that may be covered? Makes no sense.

All part of car buying. First get a pitch of how good the vehicle is, then get a pitch of how bad it may be. Stinks.

 

You need to consider that some of us came from problematic cars and have been burned and are trying to protect ourselves from a repeat experience. Before my recent purchase of a 2016 Honda CR-V Touring, I had a 2010 Cadillac SRX Premium that I paid cash for. It was my first American car in a long time so I guess I forgot about how problematic they can be. Without going thru the list of ongoing problems I had with that car, just let me say I will never buy another American-made car in this lifetime. So when I got talked into buying extended warranty, I was just covering my butt and probably subconsciously feeling the pain of my previous car. However, today I went to the dealership and cancelled both of my extended warranties for a refund of $2133 to my outstanding loan balance. At least I didn't wait until the 60-day full refund period had expired.

Most consumer magazines say that extended warranties are a waste of money so I'll take that as truth. (I hope I haven't jinxed myself for writing this.)

 

The one time I bought one of these extended warranties was for the very first 4WD I bought, it was a Jeep that I bought new and planned to do a lot of off-roading with. The dealer gave me a pitch about how complicated and expensive all of the 4WD systems were and how buying the warranty would protect that. I spent a lot of money on that warranty and sure enough after the original warranty ran out I had a problem with the 4WD - namely that it would not go into 4WD. I took it to the dealer along with my extended warranty paperwork and they fixed it. It was a pretty expensive job and NOT one penny was covered by the extended warranty! It turns out that "my problem" was related to the vacuum control system that switches the car from 2WD to 4WD, and that sort of control system wasn't covered - only the actual gears were covered. So the one time I bought an extended warranty it was utterly useless when I had a problem - learn from my mistake!

Oh, and the other ripoff is LoJack, which is a huge ripoff for the consumer, and another money maker for the dealer! I bought it for my first CR-V back when I bought it new in 2001. The dealer told me that buying it would save me 30% of my car insurance premium, and it cost $600 to install. Well, it turned out that it only saves you 30% of the "Theft Portion" of your insurance premium, which in my case was a savings of only $13 per year - a 46 year payback on the purchase price! When I found out I was only saving $13 a year on my insurance it was too late since it was already installed.

 

The one time I bought one of these extended warranties was for the very first 4WD I bought, it was a Jeep that I bought new and planned to do a lot of off-roading with. The dealer gave me a pitch about how complicated and expensive all of the 4WD systems were and how buying the warranty would protect that. I spent a lot of money on that warranty and sure enough after the original warranty ran out I had a problem with the 4WD - namely that it would not go into 4WD. I took it to the dealer along with my extended warranty paperwork and they fixed it. It was a pretty expensive job and NOT one penny was covered by the extended warranty! It turns out that "my problem" was related to the vacuum control system that switches the car from 2WD to 4WD, and that sort of control system wasn't covered - only the actual gears were covered. So the one time I bought an extended warranty it was utterly useless when I had a problem - learn from my mistake!

Years ago I purchased a leather living room set and was sold a warranty. "It covers everything. Your kid draws on it, you sit in it with a screwdriver in your pocket, it is all covered." I get married and my wife and I move into together and her d..n cats turned the set into a scratching post. I went to use the warranty. "Oh it covers everything but animal damage."

I can fix anything mechanical, but I'm not an upholsterer. I don't by any extended warranties at all, doesn't matter what it is. Have even had companies call me and tell me how expensive a repair can be and I just chuckle and tell them I'm not worried about it. Parts are cheap, labor is expensive. If you pay attention and are willing to buy the tools anybody can fix their own car. And if I do have to buy the tool, I look at it as having it for the future and saving even more money next time. If it isn't covered under the manufacturers warranty I will figure it out and fix it myself.

 

My wife and I purchased it as more of an insurance then anything. If we dont happen not use it at all. Then so be it. We learned our lesson after my wife's MDX was out of warranty. Everything started to fall apart. Took such a huge lost. But repairs was so expensive. It seems like it's a waste of money down the road. But, you have to figure the "what if's". Don't you want to protect your expensive purchase?

 

I would tend to agree with most of the posters here - extended warranties in general are a cash grab - however - with certain types of products it might be worth it depending on the product - I think for a brand new car - most warranties you get with the car should be suffice - if you are buying used - it really depends - example - the current V I have was bought off lease - I was the 2nd owner - I ended up buying the extended warranty which was a few hundred dollars primarily to cover certain problematic areas, for piece of mind, and I did not know the service history for the car - some people might say I wasted my money - but only a few hundred dollars - if it was in the thousands I would have kept the money in the bank.

 

I may be in the minority here but you can get a cheaper Hondacare $0 deductible 8year 120k mile Platinum vehicle service contract for around $1000, that you can take to any Honda dealer in the country. By getting quotes from dealers like Hyannis or Saccucci to name a few and you have until 6 months or 6000 miles to decide. You made a very good decision cancelling that warranty.

 

I have never purchased from a dealer or had an Extended Warranty and I do think most of them are a way to separate you from your money but this HondaCare is one I would consider if I bought new.

 

Remember that Extended Warranties are insurance policies. The insurance company is betting that you won't have repairs and you are betting that you will. Before buying this option you should determine how much risk you want to assume. All, some, or little as possible. It is truly an individual decision. Certainly the new car factory warranty will take care of most things until those terms expire.

 

Our 2005 Acura MDX didn't start having problems until it was 10 years old and had 120K miles on it. So, any extended warranty I could have purchased would have been useless. I have known many people who have done well with extended warranties. However, none of them owned an Acura or a Honda. These extended warranties were for Mercedes, BMW, and Audi. I wouldn't own one of those cars out of it's basic warranty period without additional coverage. I have owned 9 Honda's and have never purchased an extended warranty. They never would have helped me either. The biggest ripoff is the road hazard warranty. If you run into a curb and destroy your wheel or tire, that is not covered. Only some random item that you hit on the road that causes damage to the wheel is covered. Most likely, it would just cause a flat tire and that's pretty easy to fix or replace.

 

Rule of thumb: insure only expenses you cannot cover yourself.

Medical yes, repair no.

 

If the dealer does not offer Honda Care, how do I purchase Honda Care after I purchase the car?

 

It's like gambling only in this case it's rigged way in favor of the seller. Yes you may be one of the few Lucky(?) ones who make out on the deal but more than likely you'd be better off, like others have said, to put that money aside and use it for any problems that occur. These Honda's usually (except for AC) hold up pretty well. After the initial 3 yr bumper to bumper expires, most of the bad stuff has been filtered out.

 

...and that is why it is insurance.

 

If you pay 'rack rate' ($2k or so) for the 7 year / 100k / $0 deductible plan, it's unlikely you will ever win. But if you negotiate it down to the $1100 range, it's quite likely you will make out even or better, and you will have totally capped your potential liability. That's my goal, and it's worked out for me on almost every vehicle I've ever purchased. Remember that your payback includes the loaner vehicle, which to me is like gold considering how far I live from most of the places I buy my cars.

Make your dealer a firm but non-negotiable offer. If they won't take it (and most will as that still gives them about $250 in profit), shop on the internet. If you find it out of state, you even save the sales tax!

 

As we know, an extended warranty is not a warranty at all. It is breakdown insurance with exclusions in the fine print. A few years ago, a friend in his 70s bought a new car and was talked into an extended warranty. He had second thoughts (after he was locked in) and asked me what I thought about his decision. I simply asked him a question. I asked him in all of his years of driving, how many times would he have used or needed an extended warranty. He said never.

Ask yourself the same question and even if you would have needed it, what was your cost compared with the cost of an extended warranty over the long term.

The math on extended warranties don't work unless you choose a very unreliable brand of vehicle or you choose one with a known weakness (remember Cadillac's Northstar engines , Gm Quad 4 etc.)

 

Back in 04 I bought a new explorer with an extended warranty. It did pay for it's self a couple of times. But remember it's a Ford. So in 09 bought a new CRV and was talked into a extended warranty which expires on the 19 of this month. If the extended warranty is not used you get a complete refund. So I just happened to stop in at the Dealer yesterday and asked about this and was told to bring in the car within 30 days after the 19th and they check mileage and their records to make sure there was not any extended warranty work done on the car. Under this extended warranty there's one company which handles the claims but another one which handles the refunds if no warranty work is done. The company which handles the refunds went out of business, but the dealer said in good faith they would honor the refund. Would I buy another extended warranty. No

 

I recently bought a 2013 CRV Ex and was persuaded into buying the extended warranty as the car only had 59,000 km on it. I'm just wondering if there are any problems I should be worried about as I am thinking about cancelling the extended warranty

 

I have a 2013 EX that I bought brand new. It has 34,000 miles and the only occasional problem I have had is the VTC actuator grind which causes no harm to the engine. Otherwise, there has been no issues at all. I didn't buy an extended warranty for it either.

 

Any extended service contract is just free easy money for whomever is selling them or what item they are for. Car, tools, furniture, etc. I have a 2012 and had the VTC actuator replaced as mentioned by Coastie, it didn't fix it. I have also had the heater core flushed which resolved my temperature differences in my vents. Other than that the car has been great. I have 60K miles on mine.

 

I have never purchased a mechanical warranty until now. It is pricey, but with a Turbo, several computers,# and price unknown, no deductible and it says IF possible return to selling dealer or get authorization 1st (1-800).
10 years or 100,000 miles and transferable for $40 to new owner. Resale assurance.
Each person can make their own choice!! my 2cents.

 

I'm sure if the warranty company wasn't confident in the product not breaking down they wouldn't be offering the extended warranties for the prices they do. They would be charging much more. To the consumer it sounds like a great deal. To the warranty company it is free easy money. For every hundred that they sell, they may have to repair one. I just made up that figure as an example. Years ago I had a cousin that sold electronics and he told me to never buy the extended warranties, and that it was free easy money and how they made a bulk of their profit.

 

For me, the issue is whether or not you could handle a many thousand $ surprise, if it happened...or if you'd prefer to pay for safety, knowing that on average the service company will probably win the bet. We're all different in this respect.

 

Extended warranties by any other name are all actually insurance polices. If it gives one peace of mind and you can afford it then it is may be worth the additional costs.

The insurance company takes the risk, in effect they are betting that there will be no claims and you are betting your money that there will be claims. The insurance companies have a lot of smart people working for them and the majority of the time they win. But, sometimes, yes it may be rarely, our well engineered and designed Hondas do fail. And it will cost a lot of hard earned money to make the repairs.

It's a choice. Yes, I buy extended warranties.