Extended warranties/protection

[Jasonsynaptic]

This has probably been asked many times, but I didn't do my homework on dealership coverages and got gouged/stupidly signed things I shouldn't have at the dealership. Looking to cancel as many of the things that I can...so Q's: GAP insurance (895), yes or no? I put down 20K on a HEP R so prob not worth it. They even added key replacement insurance for $600! The extended bumper to bumper 5 year contract was $3300! What was I thinking?! The only things that seem worth keeping are wheel insurance (800 - Seems no brainer for CF wheels unless I buy new ones) and appearance/paint (600) and paintless dent repair (600) for 5 years? All in all, it came to over $8K gah.

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[svassh]

Yikes, you must have been super excited to get out of there with your new car.

Two things I can comment on. The CF wheel insurance is a bargain provided it actually covers CF wheels. I bought a similar package for $600 and the fine print says the tires must have 5/16" of tread for coverage. I'm not certain CUP 2s start life with that much tread. I made the sales manager sign a form stating I was due a full refund if for some reason my CF wheels were not covered, BTW this same policy covered the key replacement.

Secondly on the Ford Protect, you have one year to purchase at the same price as new. There are many Ford dealerships on the web that sell this at significant price reductions. For example I bought may car in Jan 2020 and 2 weeks ago purchased an 8 year 36K mile $0 deductible top plan for $1495 from Flood Ford. You can also receive a pro rated refund if you decide to sell your car during coverage. Alternatively you can transfer it to a new buyer for a small fee.

 

[lightrules]

-you can get gap insur from your car insur company fairly cheap; cancel it from the dealer.
-that CF wheel coverage is nice to find, i dont think many offer that, better have it clear in writing what you are covered for though and how long.
-not much you can do about the paint/appearance fee but i would get that $600 back for PDR if you can.
-get that $3300 back for the ESP and get it instead online for 1/2 the price. as @svassh said already you dont have to get it right away. but i'll be getting an ESP soon probably and going with the same 8/36/$0 deduct.

congrats on a beautiful car.

 

[460Fred]

How much over msrp did you pay? This needs to be answered for your gap question. Personally you should never need it if you buy correctly.
Dump your extended warranty if you can then shop around if you feel you need it.
The wheel coverage probably isn’t valid, I’d give the insurance co a call just to verify “exactly” what the policy covers. From what I understand you can no longer get coverage for the CF wheels.
I work in the wheel repair business and have seen many different policies that don’t always cover replacement or even certain repairs. Ex: Wheel is bent but not leaking air so it’s not covered....most wheels don’t leak air when they get bent.
Just last week I repaired two rear bent wheels on a Mercedes that were covered with a policy. The fronts were destroyed and are not covered under the customers policy.....he was pissed!

 

[Jasonsynaptic]

Yikes, you must have been super excited to get out of there with your new car.

Two things I can comment on. The CF wheel insurance is a bargain provided it actually covers CF wheels. I bought a similar package for $600 and the fine print says the tires must have 5/16" of tread for coverage. I'm not certain CUP 2s start life with that much tread. I made the sales manager sign a form stating I was due a full refund if for some reason my CF wheels were not covered, BTW this same policy covered the key replacement.

Secondly on the Ford Protect, you have one year to purchase at the same price as new. There are many Ford dealerships on the web that sell this at significant price reductions. For example I bought may car in Jan 2020 and 2 weeks ago purchased an 8 year 36K mile $0 deductible top plan for $1495 from Flood Ford. You can also receive a pro rated refund if you decide to sell your car during coverage. Alternatively you can transfer it to a new buyer for a small fee.

haha, yes I was! I also wasn't really ready to pull the trigger on buying the car but went for it. No regrets there. I do need to verify this wheel insurance will cover CF wheels. Really annoyed that they didn't give me all the info on what's covered with this crap. Thanks for the Flood Ford info! Sounds much better.

 

[Jasonsynaptic]

-you can get gap insur from your car insur company fairly cheap; cancel it from the dealer.
-that CF wheel coverage is nice to find, i dont think many offer that, better have it clear in writing what you are covered for though and how long.
-not much you can do about the paint/appearance fee but i would get that $600 back for PDR if you can.
-get that $3300 back for the ESP and get it instead online for 1/2 the price. as @svassh said already you dont have to get it right away. but i'll be getting an ESP soon probably and going with the same 8/36/$0 deduct.

congrats on a beautiful car.

Thanks!! I'm getting all my info before calling them up and getting as much cancelled as I can.

 

[Jasonsynaptic]

How much over msrp did you pay? This needs to be answered for your gap question. Personally you should never need it if you buy correctly.
Dump your extended warranty if you can then shop around if you feel you need it.
The wheel coverage probably isn’t valid, I’d give the insurance co a call just to verify “exactly” what the policy covers. From what I understand you can no longer get coverage for the CF wheels.
I work in the wheel repair business and have seen many different policies that don’t always cover replacement or even certain repairs. Ex: Wheel is bent but not leaking air so it’s not covered....most wheels don’t leak air when they get bent.
Just last week I repaired two rear bent wheels on a Mercedes that were covered with a policy. The fronts were destroyed and are not covered under the customers policy.....he was pissed!

Thanks for the info...will look into the wheel coverage for sure! I paid $500 above MSRP so basically $80K.

 

[Vettel-ish]

8K holy balls. I do f&I for a living and thats sad a dealership would do that. Your talked over 10% backend adds.

See if they can cancel the extended and look at these guys. I would still buy one.

https://andersonandkoch-ford-warranty.com/

 

[Jasonsynaptic]

8K holy balls. I do f&I for a living and thats sad a dealership would do that. Your talked over 10% backend adds.

See if they can cancel the extended and look at these guys. I would still buy one.

https://andersonandkoch-ford-warranty.com/

I like to think I'm a smart guy but totally had a senile moment here! haha. I'll just blame it on the excitement of getting this car. Once I've things cancelled, will look into this warranty...I think you're the 3rd to point me there. Thanks!

 

[Vettel-ish]

Emotions get the better of us. Such an amazing car. Enjoy!

 

[Kramerica]

I'll be in the market for an extended warranty before my 3/36 is up and I've been checking prices on all the forum recommended dealers selling these warranties. In my case, Anderson and Koch were over $500 cheaper than Flood Ford for the same warranty. I guess that makes me the fourth to point you in that direction. Mostly I just thought I would mention that it pays to shop around.

There are lots of good threads on this forum regarding this topic. I've learned quite a bit from people who are much more knowledgeable on this subject than me.

But don't sweat it to much, just get your refund and shop elsewhere. Enjoy that sweet new ride.

 

[Jasonsynaptic]

I'll be in the market for an extended warranty before my 3/36 is up and I've been checking prices on all the forum recommended dealers selling these warranties. In my case, Anderson and Koch were over $500 cheaper than Flood Ford for the same warranty. I guess that makes me the fourth to point you in that direction. Mostly I just thought I would mention that it pays to shop around.

There are lots of good threads on this forum regarding this topic. I've learned quite a bit from people who are much more knowledgeable on this subject than me.

But don't sweat it to much, just get your refund and shop elsewhere. Enjoy that sweet new ride.

Good advice! Wish I had found this site earlier...but I jumped at getting an HEP R and glad I was able to get it at MSRP at least.

 

[460Fred]

I guess you can look at it this way.
You paid 8K over MSRP and got all those extra insurance policies thrown in ;-)
Plenty have paid more and got less with that car.

 

[Jasonsynaptic]

haha..true. I patted myself on the back for negotiating MSRP and then they got me back anyway.

 

[turBO951]

Flood Ford worked out perfect for me, very easy process.

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