: Important Warranty Question...



Joey'sVee
04-15-05, 08:20 PM
Ok...I was at the dealership today and was in the process of buying a 2004 CTS-V for $40K with 175 miles. I'm waiting to get a check from an Ameritrade savings account (i should get the check in 2 weeks). I left a $1K nonrefundable deposit to hold this car until I get this check. When I get the check I will give the dealership the money ($15K) thus only finance $25K.



Here's where it gets tricky...



The owner told me he could give me

1) 60 mth loan at 3.9% comes with a normal 4yr/50K mi warranty

2) 60 mth loan at 2.9% and the "Pre-Owned warranty (6yr/100K mi)" if I would give him $41K instead of $40Kůmeaning finance $26K instead of $25K.



Now the car IS NOT pre-owned but he said he could set it up that way and I called Cadillac and they said yes he can do this even though it isn't really pre-owned. They said he is just being "creative".



Do you think this is legit and if so which option would you choose 1 or 2???? Thanks for your help in my big decision!

sefa01
04-15-05, 09:35 PM
If he can do it legit, it's well worth the $1k

globed70
04-15-05, 09:40 PM
You can go to almost any auto site (try edmunds.com) and use their loan calculator. Looking at the numbers, probably $7 a month difference.... so is the value to the warranty worth $420 (assuming my numbers off the top of my thick head are right, someone please check). Dan

Joey'sVee
04-15-05, 09:49 PM
I checked and it about $6 per month diff which adds up to 340 over the life of the loan. So the extra warranty is costing a total of $340. Sounds worth it to me but I just hope it's legit. I hope to get a lot of opinions on this one. Thanks guys!

homer403
04-15-05, 09:50 PM
Joey'sVee, a couple of things to considered, is this GM's own Major Guard Extended Warranty Protection Plan?? And if so, is it $0.00 Deductible?? If yes to both... do it... it's worth $2K easy.

I hear horror stories from people who brought non-GM extended warranty (they deny everything or make it a hassle), so be careful.

Joey'sVee
04-15-05, 09:55 PM
It's the CPO...It's a Cadillac warranty...not from some outside company. It's bumper to bumper and NO deductible. The guy I double checked this with at Cadillac (got the number from the caddy site) said ANYONE that owns a caddy can pay the 1K and extend their warranty to 6/100K. if your interested you may want to ask. He said it doesn't actually be pre-owned. In other words you can do it too if you bought new!

CVP33
04-15-05, 10:00 PM
At $1000 that's the least expensive bumper to bumper warranty I've
EVER seen.

homer403
04-15-05, 10:02 PM
Bumper to bumper and NO deductible, do it. I have GM's Major Guard and the only difference is that mine is 72/90... your's better.... what is it called again (I might have to switch)?

Also, before I forget, get the warrany.

benjet
04-15-05, 10:07 PM
It's the CPO...It's a Cadillac warranty...not from some outside company. It's bumper to bumper and NO deductible. The guy I double checked this with at Cadillac (got the number from the caddy site) said ANYONE that owns a caddy can pay the 1K and extend their warranty to 6/100K. if your interested you may want to ask. He said it doesn't actually be pre-owned. In other words you can do it too if you bought new!

I am seriously gonna look into this, and I highly suggest we all do, $1k is well worth it for the extra 2 years and 50k miles (since I'm @ 20k in just over a year), at least for those of us who do drive the hell out of 'em.

EDIT - just got off the phone with 24hr Caddy Cust Care, CSR I spoke to said no if you bought the vehicle new it doesn't Q for CPO, he then said I would need to talk to GMPP (protection plan) to get more info - who are close at this time, will try them next week during biz hours). Hmmm..

msheri01
04-15-05, 11:55 PM
Certified pre-owned is for used cars, not for new ones. The coverage is great, but unless that car has been previously titled, according to the rules it does not qualify. On the other hand, if it was a special event vehicle, it would qualify. Ask to see a copy of the GM vehicle inquiry on the car. It should show an in service date if this car is a special event vehicle, or otherwise previously titled.

homer403
04-16-05, 12:13 AM
benjet, let us know what you find out... right now, it sounds too good to be true, but if it is, I'm getting CPO.

slow35th
04-16-05, 12:23 AM
Edit: nevermind I used the wrong figures

Joey'sVee
04-16-05, 12:50 PM
Certified pre-owned is for used cars, not for new ones. The coverage is great, but unless that car has been previously titled, according to the rules it does not qualify. On the other hand, if it was a special event vehicle, it would qualify. Ask to see a copy of the GM vehicle inquiry on the car. It should show an in service date if this car is a special event vehicle, or otherwise previously titled.

Actually according to Cadillac (1-800-333-4CAD) it does qualify even if it is new! The dealership owner told me this and because I didn't believe him I called Cadillac and the guy on the phone agreed, even though it hasn't been titled before it does still qualify...he said the dealership owner was just being creative to sell me the car. The dealership owner said he has only done this a couple of times. The guy at Cadillac (the number above) also said anyone who bought the car new could pay $1k and get the same thing. Maybe he is wrong but you may want to call to verify.

benjet
04-16-05, 01:04 PM
Actually according to Cadillac (1-800-333-4CAD) it does qualify even if it is new! The dealership owner told me this and because I didn't believe him I called Cadillac and the guy on the phone agreed, even though it hasn't been titled before it does still qualify...he said the dealership owner was just being creative to sell me the car. The dealership owner said he has only done this a couple of times. The guy at Cadillac (the number above) also said anyone who bought the car new could pay $1k and get the same thing. Maybe he is wrong but you may want to call to verify.

As I said, I called the # you posted and they agreed with msheri01, but suggested I call GMPP (during normal biz hours) for futher info. Anyone else call?

homer403
04-16-05, 01:04 PM
Am on the phone with Cadillac (1-800-333-4223) now and they say I do not qualify because I brought my car new :hmm: :banghead: :( :rant2: . Joey'sVee, if you can get it for your V, do it.... it's a great deal for the 6/100!

Joey'sVee
04-16-05, 01:24 PM
The guy on the phone read me the exclusions and it did not mention the car had to be previously titled. At that point he said yes it would work in my case. We need to get the rules and the warranty in writing so we will know for sure. I will call and try to get this e-mailed to me. I hope for your sake it will work out.

Joey'sVee
04-16-05, 03:04 PM
Just got off the phone with another lady at (1-800-333-4223) and she said in my case she didn't see any exclusion that would keep the new car (never titled) from qualifying as a CPO. She said although it was unethical to do that...it would most likely go through. She said it would be falsified and could be caught but told me thereĺs really no way to catch it. She told me to call another dept Monday (1-888-999-7880) and ask them. She said they would know more about it. Not sure what department that is though.