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Old 01-08-2014, 08:30 PM   #1
vic325ci
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Used car warranties from private dealers

So after alot of research, and finding very little, I thought I should post a bit about my experience buying a used car and the extended warranty they gave me.

So I bought an e92 328i from a private dealer in Toronto last month after my E46 was written off. The car was relatively cheap and so I opted to get a 4 year extended warranty that the dealer was offering. Now I know that these warranties are a bit...shady...and was a bit reluctant to purchase it, but after I asked a bunch of questions, I was satisfied with it and tacked it onto the price of the car.

After picking up the car and all the paperwork, including the two page warranty contract (yes, only two pages), I decided to read it. By the way, you do not recieve this contract until you purchase the warranty and pick up the car.

So it started off pretty straight forward, get an oil and filter change every 10k, submit the proof online, and your warranty will not void. Thats awesome right? Yea, if that was the only page....on to page 2.

Page 2 is below, I looked online for 2 hours to find something similar but could not. If this was available to me before, I would NOT have purchased this warranty because it is a waste of money. Its kinda boring but try to read it, basically theres three types of coverage (A, B, and C), I purchased the platinum package which includes all three.

The warranty is from a company called "lubrico" who have been around since the 70's and the better business bureau gave them an A-, which is obviously a good score...

But its pretty much a scam. Fot example, it covers all internal engine components such as valves, gaskets, pistons, etc, BUT if these parts are damaged indirectly by a part thats not covered under warranty, lets say, overheating due to a bad thermostat, THEN nothing is covered.

Anyways this is becoming more of a rant than a useful post so I'll cut it short, Do NOT buy a warranty from a private dealer. The warranty company has so much bulls*** fine print that trying to repair something and getting reimbursed is almost impossible.

I hope this helps anyone who is thinking about buying a used car from a private
dealer in the future.
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Old 01-08-2014, 08:43 PM   #2
damameke
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Well known dealership sells 3rd party warranty from
Lubrico too and all are not bumper to bumper

So buyer beware
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Old 01-08-2014, 09:01 PM   #3
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I think it depends a lot on which warranty you get.

For example, I purchased the coverage one ultimate warranty last year when I bought my 335. It was primarily to cover the twin turbos and electronics, stuff people were warning me about for the 335. Recently my rear LED tail went, and it was covered under the warranty no problem. They didnt give me any headache.

In fact, BMW honors coverage one warranties as well, although I usually just get my work done at Bimmersport.

So it depends which company you go for, at the end of the day though, there are pros and cons with every company...best bet is to put some cash away for a rainy day and not get a warranty at all.
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Old 01-08-2014, 09:14 PM   #4
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Most of the conditions of this contract are realistic, but it's sections like number 8 in "this contract does not cover" where these companies can, in an instant, wash their hands of any repairs and parts that are under their warranty.
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Old 01-09-2014, 01:24 AM   #5
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Quote:
Originally Posted by Biggie View Post
best bet is to put some cash away for a rainy day and not get a warranty at all.
This ^^^
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Old 01-09-2014, 01:56 AM   #6
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This is the case for MOST warranties! The don't cover stupidity, or neglect. If you drive your car with a bad thermostat (for example) and you overheat it, who's fault is it and why should they pay for it!!?? BMW dealerships might cover a bit more, because at the end of the day its BMW Canada that ends up paying, and they don't feel the loss...
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Old 01-09-2014, 09:36 AM   #7
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Pretty standard if you ask me.
There are a couple of very high end warranty companies (I believe one of them is National), but they are all in the thousands to purchase.
I know of one vehicle that is getting over 3K in work being covered by lubrico (engine chain issue).
As Eurostyle mentions, neglect will not be covered.

Having said all that, I recommend pocketing the cash for a rainy day. People like to feel "secure" and they have, over the years, been made to feel that way by 3rd party warranty companies. Some are better than others.
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Old 01-09-2014, 10:41 AM   #8
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How come you couldn't review it beforehand? I bought a lubrico warranty for the m5 and I got to read it carefully first.

I don't usually go for these things and I take my chances. But the warranty I bought wasn't that expensive and I figured its a good idea for a higher tune engine.
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Old 01-09-2014, 12:16 PM   #9
vic325ci
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Originally Posted by windwagen View Post
How come you couldn't review it beforehand? I bought a lubrico warranty for the m5 and I got to read it carefully first.

I don't usually go for these things and I take my chances. But the warranty I bought wasn't that expensive and I figured its a good idea for a higher tune engine.
The only thing the dealer have me before I purchased the car was a pamphlet and he said that I would get a proof of warranty in the mail within a few weeks of purchasing the car....I suspect he's not fully informed on the product he sells, or he's just plain lying.
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Old 01-09-2014, 02:48 PM   #10
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Quote:
Originally Posted by vic325ci View Post
The only thing the dealer have me before I purchased the car was a pamphlet and he said that I would get a proof of warranty in the mail within a few weeks of purchasing the car....I suspect he's not fully informed on the product he sells, or he's just plain lying.
We just get the pamphlets and price lists. We could probably dig deeper, but hell, who reads the fine print?
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Old 01-09-2014, 03:11 PM   #11
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Bilbo reads the terms and conditions.

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Old 01-09-2014, 05:17 PM   #12
vic325ci
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Quote:
Originally Posted by bmwm5lover View Post
We just get the pamphlets and price lists. We could probably dig deeper, but hell, who reads the fine print?
Lol OMG so true...to be honest, I just wanted my bmw, I went almost a month without one lol
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Old 01-09-2014, 06:14 PM   #13
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Ok - let's forget about all this.... moderator ...delete this thread!

Hopefully, you never have to make a claim at all....stressing about it doesn't help in any way, so you may as well not think about it.
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Old 01-09-2014, 09:26 PM   #14
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I got $5000 from my warranty when my motor went. It coverd preaty much the motor and labour ..it was pretty sweet.
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