Has anyone ever purchased...

[moneyminded]

Portfolio Protection (extended protection for your vehicle's system and components) before?  Portfolio is a warranty for your auto or truck.  It looks like I can get a good YM deal and I wanted to know if anyone has ever bought and used the warranty?  My Major Guard is about to expire.  I got  a quote from the dealership and feel like I am getting jacked around.  Went to another dealership (where a good friend of mine works) and was introduced to Portfolio Protection.  The one thing I am a leery about is whether or not I can use Portfolio at the original dealership as they have an excellent service department. Anyway...experience anyone?  I'll be out all day so will check in later.  Thank you to all that responds. Enjoy your day!

[Deleted]

I am not a big fan of dealer issued extended warranty programs because cars these days are just too damn reliable. I am even less of a fan of third party extended warranty programs.

[moneyminded]

Okay, I am not quite out the door yet.   I agree with you Archie, but this is a big ass diesel truck with four-wheel drive. Super low miles. Not even broken in yet. Yes, it does have an allison transmission, which is generally reliable.  But if anything goes out on that beast, it's going to cost big bucks.  It's a four year deal.  I never purchase warranties either. EXCEPT for this truck.

[midjd]

Read the fine print very carefully. Most of those third-party warranties cover much less than the salesman/service manager will tell you, and the markup is ridiculous (DH's dealership buys them for $300 - $800 and sells them for $1K - $3K). How much are they charging you for the warranty compared to the typical repair cost?

We do have one on my car that extended the 3yr/36K warranty to 5yr/100K, but for two reasons: 1) DH could get it at cost; and 2) he works in the service department and knows exactly what the warranty will (and won't) cover. They have contracts with 4 or 5 different aftermarket warranty companies, and he says there is no way in hell he'd buy from any but the one we used (CNA).

Without a trusted inside connection or the ability to wade through pages of automotive legalese, I'd probably steer clear.

[justme]

I got called by the authorized people to extend my warranty. At first they wanted $3,600 for 5 years. When I said no to that I got transferred to the "finance manager" who lowered it to $2,400. I told him to get it under $1k and I might be interested (but realistically I was 99% going to pass even at that price). He told me good luck, after telling me how expensive it is to buy Hyundai parts and one repair will cost $2,400. 

So if you're thinking of really doing it, be waffling to them and mention how you don't have money for it right now. 

[Abby Normal]

He told me good luck, after telling me how expensive it is to buy Hyundai parts and one repair will cost $2,400.

That is about the time I tell them "Thank you for letting me know you were selling me a piece of shit.  I'll go elsewhere to get a decent product"

Like was mentioned- a lot of those policies don't cover nearly as much as they say they do.  But I figure if I have to buy a policy to make reassure me that my purchases "lasts", then it probably isn't worth buying in the first place.

[moneyminded]

Unfortunately, I approached the original dealership as the warranty is about to expire, so no leverage there.  The second dealership gave me a much better deal, but I am leery about it not being a GM warranty.  Think I will call another GM/Chevy dealership and see what they have to offer...

[justme]

May 1, 2014 20:01:37 GMT -5 Abby Normal said:

He told me good luck, after telling me how expensive it is to buy Hyundai parts and one repair will cost $2,400.

That is about the time I tell them "Thank you for letting me know you were selling me a piece of shit.  I'll go elsewhere to get a decent product"

Like was mentioned- a lot of those policies don't cover nearly as much as they say they do.  But I figure if I have to buy a policy to make reassure me that my purchases "lasts", then it probably isn't worth buying in the first place.

Well it was whoever Hyundai farms it out to, not them themselves. When I bought the car the guy offered it to me once, and when I said no that my dad can repair almost anything on a car his response was "well, that explains why you don't want this! But you have X days to change your mind if you do". So I'm guessing this farm company pretty much makes all their $$ selling protection.