07-17-2012, 10:50 PM
Location: Sierra foothills
Join Date: Jul 2009
Mein Auto: '12 X5 35d/E39M5/996TTX50
The CPO warranty is- as pointed out by adgrant- precisely the BMW Gold plan. The only way to get a cpo is for the dealer to buy your car, enroll it in the CPO program, then sell it to you. So that is why you cannot (practically) do a CPO.
Originally Posted by liquidg
@ard ... appreciate your perspective on this as always.
From conversations with three separate dealerships (all in different states for that matter), I am not eligible for a CPO extended warranty. Through BMW, I am eligible for a Gold or Platinum extended warranty (the coverage details between the two I am still researching).
As far as third party coverages, one dealership has offered me coverage through Compass (which American Guardian administers), another through Warranty Solutions (via Wells Fargo), and a third through Zurich Financial. All appear to offer comparable products to BMW's Gold/Platinum offerings.
Thank you for the recommendation to contact one of the PMs/Forum Sponsors (the thought never crossed my mind). I feel foolish asking, but how do I go about figuring out who the PMs/sponsors are (and their respective contact information)??
The gold is not a bad plan, but there can be a good number of things that will not be covered. Audio and navigation are two examples. I'd price both, then go from there.
I think there is a sponsor listing somewhere. One guy (damnit, I forget who) has been quoting maintenance and warranties. As always, be cool dealing with them- don't blab about your deal.
Here is the impossibility if evaluating extended warranties:
1. Nobody gives you the POLICY. All you get are summaries and overviews. They MAY give you one if you demand.
2. To get around the legal conundrum wherein they cannot sell you something without telling you what you are buying (ie they cannot sell a policy and not let you read it) so they give you 30 days to cancel after they give you a copy after you've paid. But by then you've shelled out 3-4k...I guess you need to buy three warranties at $4k each and return the once you don't want.
3. The language in the policy is subject to BROAD interpretation. You can compare two warranties and have identical language, but one administrator is under orders to 'cut down on claims this month' will deny.
4. People do not understand this business- companies use established names and secure sounding names- wells fargo, zurich, etc. But here is an important fact- the entity that is holding the financial bag- who ultimately pays, may be a small company or collection of investors, sometimes called a Risk Retention Group. So while the name may be good and hte administrator good, the policy can run out of money and disappear.
Back in the day Easy CAre was Ford. No brainer, they'd be there. This is why I really like a manufacturers backed policy- they will not go away, there is huge corporate exposure and they will do the right thing.
(Interestingly this is the same philosophy I have on aftermarket wheels- I want a manufacturer that has a lot to lose if the wheels fail. All these fly by night companies with an internet storefront selling Chinese sweatshop goods simply have no skin in the game to drive quality....but I digress)
Keep it as simple as possible...but no simpler.