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Old 07-20-2010, 10:28 AM   #1
phenixdragon

 
Drives: 2010 Camaro SS
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GM Extended Warranty?

When I bought my SS I did add in the extended 100,000 mile/5 year warranty. I just got approved for a refi on my car loan with another lender at lower rate. however, they will only finance 100% of the loan and I am only about $2,000 upside down but I was thinking of cancelling the warranty and using that cash to pay the difference. I have heard that you can purchase the warranty at any point before the standard warranty runs out but I have heard that it costs more to do so. Is this true? Has anyone had experience with purchasing the extra warranty after they have owned the car for awhile? If I cancel it, I do want to add it again at some point and it is something that has paid for it's self in previous cars I have owned.
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Old 07-20-2010, 10:33 AM   #2
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You can cancel. You will get back a portion of the $ back. Depends on months and miles on your car.

Key note- If you "need' the 2k to make the deal go through. That means you will have to cancel the warranty first.

And anytime you cancel the warranty without the loan being paid in full (at time of cancellation) the refund simply goes to lein holder.

I just sold an extended warranty a few months ago on my G8. They informed me to wait until it is actually paid in full and then submit, so that way I would get the money instead of them attempting to send to GMAC.. Then learning that It was already being paid in full, and then the money have to be rerouted to me later.

Hope this helps
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Old 07-20-2010, 10:36 AM   #3
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How much was your extended warranty.

Mine was 1600 bucks.
I traded in 1 year later (almost exactly 1 year)
and it had 30032 on the odometer.

My refund was $1034.xx.

It all depends on the miles/ and months that has elapsed since the purchase date.

Don't forget about GAP insurance if you bought that.. they will refund that too. (prorated also).
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Old 07-20-2010, 10:40 AM   #4
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Extended warranty's are basically the same thing as insurance. You can shop around for the best deal, and get that policy anytime you like based upon the carrier ...
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Old 07-20-2010, 11:20 AM   #5
phenixdragon

 
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I cancelled the GAP awhile back. My bank required it but the dealer of course did the GM Gap and not my bank's GAP which is only $200 total, no interested and the add it on at the end of the loan.

I'm not worried too much about it coming back to me or my bank since it's just going to go to the loan if it comes back to me. But I was assuming since I only have 5K miles and it's been 4 months that I would get all of it back. If not I need to read the fine details cuz that shouldn't be right to take some if it was never technically in affect yet as it's still on the standard warranty.

I guess what I am just wondering is more about what about getting the warranty added later on. Does GM charge up the butt for it? I know there are other companies too but I wouldn't mind just sticking with GM's if possible.
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Old 07-20-2010, 11:44 AM   #6
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Generally, you have 30 days from the date of purchase to cancel an extended warranty with a new vehicle purchase, and get the entire amount back. By back, I mean credited to your lien holder. Beyond that, some won't allow the cancellation, but those that do will pro rate the refund. Personally, I can't see the value of a 5 year / 100,000 mile extended warranty that runs parallel to GM's factory warranty - jmo.
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Old 07-20-2010, 04:51 PM   #7
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So does anyone know approx what this would cost if I were to cancel and get it again later down the road? I always was told it costs a lot more.
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Old 07-20-2010, 05:50 PM   #8
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Quote:
Originally Posted by gordonb50 View Post
Generally, you have 30 days from the date of purchase to cancel an extended warranty with a new vehicle purchase, and get the entire amount back. By back, I mean credited to your lien holder. Beyond that, some won't allow the cancellation, but those that do will pro rate the refund. Personally, I can't see the value of a 5 year / 100,000 mile extended warranty that runs parallel to GM's factory warranty - jmo.
The GM Major Guard ups the Bumper to Bumper to match the powertrain in miles and length. (at least the one I purchased did).

I think on my G8 GT the bumper to bumper portion was 3 years 36K. And with the miles I drive, I would not have a bumper to bumper warranty in about 14 months.

Not saying it is right for everyone, but for me, it was.
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Old 07-20-2010, 05:53 PM   #9
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Quote:
Originally Posted by phenixdragon View Post
So does anyone know approx what this would cost if I were to cancel and get it again later down the road? I always was told it costs a lot more.
Call your dealership, and they can give you all the details, and if you give them a mileage amount they can give an estimate. They will request you go in and do a mileage verification. They will send that to the warranty company along with the date of which you requested the end of service. (must be no earlier than the days you got your mileage recorded)

They will punch it in the computer, and either give you an estimate, or if it isn't GM plan.. They have to call the company and ask for the refund amount that is expected.
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Old 07-20-2010, 05:57 PM   #10
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Quote:
Originally Posted by phenixdragon View Post
I cancelled the GAP awhile back. My bank required it but the dealer of course did the GM Gap and not my bank's GAP which is only $200 total, no interested and the add it on at the end of the loan.

I'm not worried too much about it coming back to me or my bank since it's just going to go to the loan if it comes back to me. But I was assuming since I only have 5K miles and it's been 4 months that I would get all of it back. If not I need to read the fine details cuz that shouldn't be right to take some if it was never technically in affect yet as it's still on the standard warranty.

I guess what I am just wondering is more about what about getting the warranty added later on. Does GM charge up the butt for it? I know there are other companies too but I wouldn't mind just sticking with GM's if possible.

Personally I think you are better off, to just come up with the $2K, instead of cancelling and then having GM evaluate your car, and then put the warranty back on, at which time you have to come up with the money then, seems how you can't attach it to your car loan.
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Old 07-23-2010, 07:09 PM   #11
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It Pays to Shop the GM Protection Plan (GMPP) prices

I received a local quote for the genuine GMPP Bumper to Bumper 60/60/$100 and decided to shop around for a better deal. My personal experience, I found the best deal and bought a 72/60/$0 for a lot less than the 60/60/$100 from a Chevrolet Dealer in Laurel, Montana. It pays to shop around! The Laurel number is 406.628.4618 call Dennis and request a complete price list.
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Old 07-24-2010, 03:05 PM   #12
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GMPP Cancellation

I guess I will chime in to this post about cancelling a GMPP. If you do so you will not buy another later, GM basically black balls your VIN when you cancel and you then can not get one later. So I guess for all of you wanting to cancel because you paid too much with out shopping around you are either going to have to keep the GMPP or cancel it and not be able to get another.
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