I am looking to purchase a car and the dealer offers an extended warranty through Preferred Warranties.
$1500 for 3 years seems reasonable, but all of these companies seem to be hit and miss.
This particular company has been in business since 95 and has a BBB of B+
Seems as though all of the complaints are the same…some fine print or paperwork/claim was not followed 100% and they refused claim. I can understand that and I can also understand that someone people are blown away by car maintenance and think that an oil leak should result in an entire new engine and they will just never be happy.
Does anyone have any experience with them? Or recommend a place that I might be able to look into outside of what the dealer is offering?
Tell me the year, make, model, and miles. Also what level of coverage you are getting. I can tell you exactly what his cost is on the warranty and what other options you have. The local rep for Preferred quit back in April and stopped by my shop after to tell me why he quit. Long story short the were not delivering on their promises to customers and he didn’t feel comfortable continuing to sell for them because of that.
$1500 for 3 years coverage on a used car is a red flag to me that they’re staying in business by finding ways to deny coverage.
Take 50 used cars and drive them 3 years having all repairs done at the dealership. How many do you think go over $1500 in repairs in those 3 years? I’m guessing enough that you’d be losing your ass selling that coverage.
All things point to me not buying this car, after a conversation with the dealer after some minor issues I wanted cleaned up were denied, I slept on it and will be asking for my deposit back today.
