Aul Extended Warranty Claims Phone Number – As if buying a car wasn’t difficult enough, buying extras like an extended warranty can make car buyers even more angry and irritated. For starters, what if I told you that the phrase “extended warranty” is often used in a deliberately misleading way to take advantage of car buyers? We’re talking about the car business, so it’s probably easier to believe, but the truth is, nine times out of ten, when someone talks to you about an extended warranty, they’re using the wrong phrase entirely.
Why do you see ads for extended warranties, get letters telling you to buy an extended warranty, or phone calls telling you that your car’s warranty has expired and you should NOT buy an extended warranty? Because capitalism, that’s why.
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Selling extended warranties is a lucrative business, even if in most cases it’s a made-up word that doesn’t actually exist. Many companies have had great success with the tactics described above (mostly fear marketing), and for better or worse, the term “extended warranty” is not going away anytime soon.
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All this said, we recommend that you read or refer to your car service contracts. Most extended warranties are actually auto service contracts. More on that below.
If you’re ready to learn about extended warranties, fear not. We’ve taken most of our guide to car service contracts and adapted it for this page. The reality is that car buyers are looking for “warranty extension” more than “rental service contract”, so it is important to cover both topics (although in most cases they are the same).
So what is an extended car warranty? First, you need to understand that a warranty is something you get when you buy or lease a car. It can be provided by the manufacturer (usually) or the car dealer, but this is a sales event. Third parties cannot guarantee goods that they do not directly manufacture or sell.
An extended warranty on a car, truck or SUV sold by a third party is actually a service contract for the vehicle. An extended warranty sold by a dealer or manufacturer is an extended warranty.
What Is Not Covered By An Extended Warranty?
The Magnuson-Moss Warranty Act of 1975 was enacted to address problems caused by sellers’ unfair or misleading use of warranty disclaimers. Unfortunately, sellers still use the term warranty in a misleading way.
Here is a great example in practice. Go to PenFed Credit Union and you will see that they sell “guarantee extensions”.
If you click on one of the sample contracts, you will quickly realize that it is a contract for car service.
Warranties are either express (the vehicle conforms to a written statement, e.g. the vehicle has a new transmission) or implied (warranty of merchantability or fitness for a particular purpose, e.g. if the dealer knows the customer will use it for travel) .
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If the customer pays for extended coverage, it is a service contract for the vehicle. According to Magnuson Moss, if a dealer sells a car service contract to a customer within 90 days of the sale, the dealer cannot disclaim implied warranties. In approximately 38 states, a dealer may otherwise disclaim express and implied warranties. It does this in the Used Car Buyers Guide and the RISC as Lease Agreement.
All told, the term “extended warranty” is often used incorrectly to refer to an auto service contract. Extended vehicle warranties can only be obtained from the manufacturer or dealer. For example, CarMax offers a limited warranty of 90 days or 4,000 kilometers, followed by contracts for long-term car services through third-party drivers.
If you bought your car from a local dealer and they offer an extended warranty, it is up to you to do your due diligence and check who the administrator is. Is it a dealer (unlikely)? If so, this is an extended warranty. Is it a third-party manager (maybe), is it a car service contract.
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Why is it important to understand the difference between an extended warranty and a car service contract? Because some unscrupulous people will try to sell you an extended warranty and believe that the warranty you just purchased “extended” your existing warranty. Not like that! Extended warranties managed by a third party (rental service contract) do not extend the current warranty (right?). Instead, they cover existing warranties on the car. This means that it runs alongside the manufacturer’s warranty and does not “extend” the car’s warranty. It’s important to confirm who exactly is running the ‘warranty’, whether it’s your cover or just a car service contract.
Maybe congress should pass another law prohibiting companies from calling themselves “Route 66 Warranty” when they are actually selling auto service contracts, but that’s for another blog post!
OK, now that we understand what an extended car warranty is (and isn’t), the question is, “Should I buy one?” There are several factors that go into answering this question. TLDR is; you must assess your risk tolerance and decide for yourself whether the extended warranty is a good value.
One of the first things you need to understand about extended car warranties is their dynamic pricing. As with other insurance products (think auto insurance, for example), the price of an extended warranty varies depending on each vehicle’s vehicle identification number (VIN) and the vehicle’s current mileage. That is, no two cars have the same price tag. The Ford F-150 extended warranty will be different than the BMW 3 Series. Depending on the year, make, model, trim, and mileage, each extended warranty is evaluated by an administrator (such as a Route 66 warranty or even a manufacturer that actually sells a legitimate extended warranty, not an auto service contract). other wholesale price.
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Pricing for extended vehicle warranties is dynamic as the manager monetizes the risk associated with covering certain repair costs for that vehicle. When you buy a new Toyota Camry with a manufacturer warranty, you can expect the wholesale price of the car service contract to be very low. Toyota is an economical brand and the parts needed to repair it are relatively cheap. A third party vehicle service contract with a new and manufacturer warranty means that there are no claims on it.
Compare that to a Mercedes-Benz E-Class sedan with 70,000 kilometers on it. The wholesale price for this VIN would be much higher than the same extended warranty on a Camry. But why? Because the manager takes on the financial risk. To compensate, they sell the car service contract at a much higher wholesale price.
At the end of the day, extended warranty companies make their money. They know what price to bid for every VIN available to cover their risk and still make a profit.
What does this mean to you? It goes back to our TLDR. If you have a high risk tolerance, don’t bother with a car service contract or extended warranty. If youare value the comfort of knowing that things are “covered” (it´s important to understand that there are many exceptions to manufacturer, dealer and third party contracts), consider purchasing an extended warranty or contract for car service.
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Once we understand how an extended car warranty is priced on the wholesale side of things, we can begin to discover what happens on the retail side. Traditionally, third-party extended warranties are sold to “agents” who then turn around and sell the products to car dealers.
If you work from home, this manager sells the extended warranty to the agent, then the agent sells the extended warranty to the dealer, and then the dealer sells the extended warranty to you, the car buyer. I don’t know about you, but that’s a lot of hands involved in one transaction.
How much does an extended warranty cost when you shop? It depends on how many brands are added to the extended warranty for each person in the supply chain before it reaches you. Agents need to make money, so when they sell it to a dealer, they mark up 10-20% of the extended warranty. Dealers need to make money, and since they don’t make it by selling cars, they try to make up for it by selling products like extended warranties. They usually are
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