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      02-15-2016, 06:44 PM   #1
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Extended Warranty Refund?

When I purchased my '15 M3, I bought the 6yr/100k warranty for $3,490.00 (I believe I got the gold package). After having the car a year (and still loving it, btw!), I don't realistically see myself keeping it beyond the standard 4yr/50k warranty + maintenance so that I can get a decent amount out of the car when it comes time to sell. I believe that now is a good time to get a refund, as it was indicated to me that I'd get roughly $3,000 back. I also doubt that I'd be able to charge an additional $3,000 when I sell the car at the 4yr/50k mark with the extended warranty to justify keeping it. Are these correct assumptions? Anyone with real-world experience on this subject?
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      02-15-2016, 06:55 PM   #2
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Quote:
Originally Posted by 3er
When I purchased my '15 M3, I bought the 6yr/100k warranty for $3,490.00 (I believe I got the gold package). After having the car a year (and still loving it, btw!), I don't realistically see myself keeping it beyond the standard 4yr/50k warranty + maintenance so that I can get a decent amount out of the car when it comes time to sell. I believe that now is a good time to get a refund, as it was indicated to me that I'd get roughly $3,000 back. I also doubt that I'd be able to charge an additional $3,000 when I sell the car at the 4yr/50k mark with the extended warranty to justify keeping it. Are these correct assumptions? Anyone with real-world experience on this subject?
What I'm not understanding here is why u can't get a full refund. It's a 6 yr after your warranty end or from the day u buy the car?

If ur not going to use it get a refund
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      02-15-2016, 07:04 PM   #3
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Quote:
Originally Posted by mercedesc63 View Post
What I'm not understanding here is why u can't get a full refund. It's a 6 yr after your warranty end or from the day u buy the car?

If ur not going to use it get a refund
It's a prorated warranty. Although I wouldn't theoretically use it until the 4yr or 50k mark, it starts detracting the second one buys the car.

As for your advice, that's definitely inline with my thinking - just want to confirm before making a final decision.
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      02-15-2016, 07:06 PM   #4
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Sounds like a fair deal to me. I didn't even know you could request a refund a year after purchase. I would definitely go for it if you don't anticipate to keep your car for more than 4 years, don't expect to get that value back when reselling the car.
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      02-15-2016, 07:30 PM   #5
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Yup. Bought used e60 m5 w extended warranty and service plan. When i sold it, i got the prorated refund
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      02-15-2016, 07:48 PM   #6
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If it's prorated, why doesn't everyone wait until the 4 year warranty is nearly up?
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      02-15-2016, 08:03 PM   #7
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It's my understanding that you should get a full refund, since the amount you paid covers parts/labor for 2 years after the warranty ends. You haven't started the term you paid for. The main benefit of purchasing it early is to take advantage of the "cheaper" cost and being able to roll it into your monthly payments if you're financing. Unless I'm missing something else...
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      02-15-2016, 08:06 PM   #8
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All good info, I'll have to pursue a full refund. I originally thought the same (i.e., full refund), but wasn't aware of any fine print that would state otherwise (i.e., prorated from the get-go).
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      02-15-2016, 08:49 PM   #9
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Quote:
Originally Posted by 3er View Post
All good info, I'll have to pursue a full refund. I originally thought the same (i.e., full refund), but wasn't aware of any fine print that would state otherwise (i.e., prorated from the get-go).
that seems like BS since you really paid for just 2 years/50k miles.
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      02-15-2016, 09:35 PM   #10
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I don't know how long you had the car but I was able to get full refund on my extended warranty when I traded my car in within 2 months of ownership
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      02-16-2016, 07:41 AM   #11
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I would read the contract you signed and the paperwork that came with the warranty but it looks like this might be it (quick search)? -

http://assets.cobaltnitra.com/teams/...146efa6b30.pdf

Quote:
If this Contract is canceled after the first sixty (60) days of the Purchase Date, and there has been no Claim, we will refund the pro rata portion of the purchase price except as otherwise specified in Section 10 of this Contract. The refund will be the lesser amount produced using either the number of days that have elapsed since the Purchase Date or the number of miles the Vehicle was driven prior to cancellation, less a cancellation fee of fifty dollars ($50), except as otherwise specified in Section 10 of this Contract.
Looks like they are figuring out the prorated amount to refund based on when it was purchased not on when you could actually start using it. Works out pretty well for them, customer might be 3 years into the 6 year warranty and will get 50% back (then minus the $50) when there is no chance they had to pay.

EDIT - Just noticed you are in Texas -

Quote:
TEXAS:
Our obligations under this Contract are insured under a service contract reimbursement insurance policy. If you cancel this contract in accordance with Section 6, you may apply for reimbursement directly to the insurer if a refund or credit is not paid before the 46th day after the date on which the Contract is returned to the Provider. If you cancel this Contract within the first sixty (60) days of the Purchase Date, we will refund the entire Contract purchase price. A 10 percent (10%) penalty per month will be added to your refund amount if the refund is not mailed to you within forty-five (45) days of your return of your Contract to us.
You may contact the Texas Department of Licensing and Regulation, P.O. Box 12157, Austin, Texas, 78711, (800) 803-9202, if you have an unresolved complaint or have any questions regarding the regulation of service contract providers.
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      02-16-2016, 10:14 PM   #12
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I sold my '15 m3 after 10mos of ownership. I had the 6yr warranty... got the prorated amount back. on my '16 m3, I declined the extended warranty to save myself hassle down the road (although it really was a pretty smoke process)
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      02-17-2016, 06:47 AM   #13
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Quote:
Originally Posted by David70 View Post
I would read the contract you signed and the paperwork that came with the warranty but it looks like this might be it (quick search)? -

http://assets.cobaltnitra.com/teams/...146efa6b30.pdf



Looks like they are figuring out the prorated amount to refund based on when it was purchased not on when you could actually start using it. Works out pretty well for them, customer might be 3 years into the 6 year warranty and will get 50% back (then minus the $50) when there is no chance they had to pay.

EDIT - Just noticed you are in Texas -
+1.

That's why you shouldn't buy the Extended Warranty until you're close to your Original Warranty expiring.
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      11-16-2017, 01:52 PM   #14
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Quote:
Originally Posted by Polo08816 View Post
+1.

That's why you shouldn't buy the Extended Warranty until you're close to your Original Warranty expiring.

Great post! Im processing a refund as we speak...
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      09-20-2018, 01:51 AM   #15
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Donít mean to bump an old thread but how would you ago about and request a refund? Through the dealership?
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      09-20-2018, 07:35 AM   #16
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Quote:
Originally Posted by andyt26 View Post
Donít mean to bump an old thread but how would you ago about and request a refund? Through the dealership?
There should be a phone number with the paperwork for the warranty to reach out to their customer service dept.
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      10-14-2018, 02:03 PM   #17
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I believe I received it through BMW Finance:

https://myaccount.bmwfs.com/contactus

"Your account information is accessible 24/7 at (800) 578-5000. For international calls, dial (614) 718-6350. BMW Customer Service is available Monday to Thursday 9 a.m. to 9 p.m. ET or Friday 9 a.m. to 6 p.m. ET."
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      11-01-2018, 12:23 PM   #18
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Quote:
Originally Posted by Polo08816 View Post
+1.

That's why you shouldn't buy the Extended Warranty until you're close to your Original Warranty expiring.
Will the price of the extended warranty go up every year? I guess it does, so maybe this somehow justifies the prorate refund policy?
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      11-01-2018, 11:50 PM   #19
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Quote:
Originally Posted by 3er View Post
I believe I received it through BMW Finance:

https://myaccount.bmwfs.com/contactus

"Your account information is accessible 24/7 at (800) 578-5000. For international calls, dial (614) 718-6350. BMW Customer Service is available Monday to Thursday 9 a.m. to 9 p.m. ET or Friday 9 a.m. to 6 p.m. ET."
You can cancel this through the dealership you purchased it through. I've canceled 5 or 6 of these, and every time the dealership faxes the cancellation form, and 6-8 weeks later the firm will release the funds. They'll usually go back to the finance institution if one is on record. Otherwise you'd get a check.

I'm still waiting for mine from a Chevy dealership after trading in a 2018 ZL1.
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      11-23-2020, 04:22 PM   #20
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Doing this as we speak. Will let you guys know how it goes. I have a Gold Warranty good through June of 2023 and trading in 330i to get M340. Standby for info on what happens.
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      11-23-2020, 05:01 PM   #21
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Was just told by BMW Financial that the coverage would be refunded after being pro rated but it must be done through the dealer from which it was purchased and it can not be rolled over to any other vehicle.
Minimally there are two transactions that will have to take place to solve this.
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Last edited by MBM340; 11-26-2020 at 12:10 AM..
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      11-24-2020, 09:18 PM   #22
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- so the latest update is they will refund the majority of the extended warranty. Will let you know once we complete the purchase transaction.
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