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Unread 11-13-2006, 07:33 PM   #1
Jlivan
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Jeep extended Warranty

Hello, I am new here . I currently do not own a Compass as of yet but I am still doing my research. This site has been helpful and I am really considering the purchase of a compass. I am a Hyundai owner, actually both my husband & I are. We bought his accent used so the 10 year Hyundai warranty was cut in half and that expired last year. For the last couple of months we spent some money in repairs, this wouldn’t bother me if I did not have a current car payment. So to get to my point we are considering another vehicle early next year. We were leaning towards a Hyundai Tucson but the other day we saw a Compass commercial and my husband liked the design. I checked out the stats & pricing and it was less than the Tucson with more power. I am a little nervous to jump into another make but I am also nervous about the Jeep's 3yr/36,000 mile warranty.

Has anybody purchased an extended warranty for their Compass, are you pleased with this? Did you purchase it at the dealership or online.

I came across a warranty Chrysler site that offered a few extended warranties; I just wanted to check if these were valid and able to add on with the purchase of the vehicle.

~Lisa

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Unread 11-13-2006, 08:01 PM   #2
Gramps
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Lisa,
Talk to your dealer. They can give you the information on several different packages that are offered. No, I don't buy extended warranties on new vehicles, it's just a personal thing. These haven't been on the road long enough to use up the original 3/36K yet.

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Unread 11-14-2006, 05:30 PM   #3
Jlivan
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Thanks for the response Gramps! I guess I will check my options with the dealer, I feel comfortable not having to worry about anything if something does arise. Well, so far I am really into this vehicle and just found a dealership w/an awesome price; however, I will have to wait until February. I would just like to thank you Gramps and everyone on this forum. This forum has been very helpful in making a decision to purchase the Compass. I guess it will just be a pain to wait until February to purchase one....lol!

Lisa
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Unread 11-14-2006, 05:36 PM   #4
Gramps
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The "after Christmas sale" eh? Good luck, it gives some time to plan what you want. Come back often and keep current on things~

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Unread 11-14-2006, 05:40 PM   #5
Jlivan
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I will Gramps! Well, I would like to get one sooner but I have to save up the funds first!!
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Unread 11-14-2006, 06:11 PM   #6
jvet4
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I purchased the extended warranty for the jeep just to be on the safe side since it is a new model. The pamphlet at the dealer talked about a 10/100,000 however the one that was offered was a 7/70,000. The dealer said that it was $1795, however they would "give it to us" for $1495. Covers everything but normal wear and tear. I figure that being a new model that we'll probably end up using it at least once.

Hope this helps!
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Unread 11-14-2006, 06:24 PM   #7
Jlivan
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Quote:
Originally Posted by jvet4
I purchased the extended warranty for the jeep just to be on the safe side since it is a new model. The pamphlet at the dealer talked about a 10/100,000 however the one that was offered was a 7/70,000. The dealer said that it was $1795, however they would "give it to us" for $1495. Covers everything but normal wear and tear. I figure that being a new model that we'll probably end up using it at least once.

Hope this helps!

Thanks Jvet! 7/70k warranty seems like a good deal.
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Unread 11-15-2006, 08:17 AM   #8
Kev M
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Something to think about on warranties.

The Today show just did a piece on them this morning (specifically with regards to consumer electronics) using data from consumer reports.

Bottom line, they are RARELY a good idea on electronics and they are only sold because they are such great money-makers. Many retail stores make as much on the warranty as they do on the product.

And from my observation and experience, the same is true on automobiles.

These companies wouldn't be trying to sell you $1k warranties if they didn't make money hand over fist with them.

Warranties, even from the manufacturer are nothing but "insurance policies."

But you have to look at the odds.

Honestly, my last Jeep was one of the least reliable vehicles I've ever owned.

That said, though it had some niggling problems it never had a MAJOR problem until it was 8 years old and had 90k miles on it. At that point I had to spend about $1200 or so on an AC compressor and receiver/drier.

Thing is, had I spent $1400 on an extended warranty 8 years before I STILL would have probably been out of the warranty time frame AND I would have spent too much, plus the lack of interest on that money for 8 years.

My advice after tracking vehicle repairs and publishing repair information for the automotive industry for more than a decade, YOU ARE WASTING YOUR MONEY WITH AN EXTENDED WARRANTY.

Take the EXACT SAME AMOUNT OF CASH and either put it down on your vehicle to get a lower payment OR PUT IT IN THE BANK in case you ever need that repair.

Kev
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Unread 11-15-2006, 09:04 AM   #9
Gramps
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GAP insurance is a waste too unless you're rolling over an unpaid loan on another car. And that is according my insurance company.

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Unread 01-27-2007, 09:03 AM   #10
wifeofrus
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I thought GAP insurance was to cover you in case you were to total the vehicle and it would be there to cover the rest of what you owe after the insurance company paid?? Why is that a bad idea??? I put GAP on mine because the dealer made it sound like it was neccesary.
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Unread 01-27-2007, 11:07 AM   #11
FmIaRnEtJ
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that is correct gap insurance is a good idea.
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Unread 01-27-2007, 11:15 AM   #12
Gramps
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If you are not trading in a vehicle that you still owe money on then your down payment, or trade in, should cover whatever the reduced value may be.

GAP insurance is only of real value if you are borrowing more than the value of the vehicle, such as you still owe on your trade in. My insurance company advised me to cancel it because they checked their charts on what I financed and what they would pay if it was totaled and we found out that it was fully covered for the pay off. The dealer who sold you the insurance did make a commission from selling it to you and they usually tell the story of the little old lady who got "T" boned when she drove off the lot. It's a standard selling technique. You can cancel it at any time and get a refund.

Also, if you financed threw the dealer you may still find better financing some where else and maybe get some $'s refunded. I got about $400 back from the GAP insurance cancellation and another $400 back from refinancing, with a little better % rate, about a month after I drove the Compass home. It pays to check and talk to your insurance company.
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Unread 01-27-2007, 01:11 PM   #13
wifeofrus
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Thanks Gramps! I'll definitely do some checking.
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Unread 01-27-2007, 02:15 PM   #14
BuzzDog
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As Kev said, most consumer organizations discourage the purchase of extended warranties. I offered them for a very brief time through the bank where I work, and fortunately we almost immediately stopped offering the product after introducing it. We just didn't feel right about the economics of it.

Think about it: You give $1,500 to $2,000 to buy another four years beyond the manufacturer's warranty. The policy issuer's exposure is ZERO for three years, during which time they have use of your money. Then there are deductibles...and items that aren't covered...and loopholes so big you could drive the vehicle through them.

Save the money you'd spend on the warranty; if you don't have the cash up front, throw $40 into a savings account for three years and you'll have the $1,500 you would have paid for the coverage (AND your payment will be lower by about the same amount, so you'll be out about the same amount). Bingo...you have a "repair fund," which you'll likely never need.

And don't fall for the scare tactics, such as "what if the engine needs to be replaced?" First, it's very unlikely that will happen in the first five to seven years of ownership...and if it does, it's usually due to a manufacturing defect and occurs within the first 36,000 miles (typically less). Second, if it happens in the first ferw years of ownership you're covered by warranty. Finally, if it happens between years four and seven you're probably going to dump the vehicle at your first chance, new engine or not (many, if not most, people do).

If you do the math, you may be surprised to find that you'll be at about even money, regardless of whether you're trading a several-year-old Compass with a new engine, OR trading it in with a blown engine and using the money you saved from not taking the extended warranty.

Sorry for the long, complicated post, but I don't like seeing people being taken advantage of. All insurance is gambling - and basically an extended warranty is a form of insurance. But this is one case where the house almost always wins.
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