GMPP - A Ripoff?
Thread Starter
Melting Slicks
Joined: May 2006
Posts: 2,324
Likes: 0
From: MN
GMPP - A Ripoff?
I just got my first GMPP offer in the mail from GM. Putting aside for a moment that I still have 18 months left on my bumper-to-bumper warranty (the folks who offer the GMPP apparently don't speak with GM itself to check the mileage on the cars being pitched the GMPP), here's what they told me (this is for a car with under 24,000 miles):
1. "Basic Guard" (only covers the powertrain) - $1,330.00
2. "Value Guard" (adds some stuff) - $1,615.00
3. "Major Guard" (covers even more stuff) - $1,755.00
These all have a $100 deductible for every repair.
If your car has over 24,000 miles, then the prices are as follows:
1. "Basic Guard" - $1,745.00
2. "Value Guard" - $2,225.00
3. "Major Guard" - $2,470.00
Now, my 2006 didn't get the 5 year warranty; it only has 3/36. But, it seems to me that these is a total ripoff. Assuming you keep your car for years and years (which most Vette owners don't do), how can someone justify these prices? And, if there is a deal to be made with one of the Forum dealers on these prices, it tells me that the whole concept is a bunch of
.
Thoughts?
1. "Basic Guard" (only covers the powertrain) - $1,330.00
2. "Value Guard" (adds some stuff) - $1,615.00
3. "Major Guard" (covers even more stuff) - $1,755.00
These all have a $100 deductible for every repair.
If your car has over 24,000 miles, then the prices are as follows:
1. "Basic Guard" - $1,745.00
2. "Value Guard" - $2,225.00
3. "Major Guard" - $2,470.00
Now, my 2006 didn't get the 5 year warranty; it only has 3/36. But, it seems to me that these is a total ripoff. Assuming you keep your car for years and years (which most Vette owners don't do), how can someone justify these prices? And, if there is a deal to be made with one of the Forum dealers on these prices, it tells me that the whole concept is a bunch of
.Thoughts?
Le Mans Master
Joined: Apr 2006
Posts: 5,933
Likes: 13
From: The Beautiful Inland Empire WA.
Typically, extended warrantees are 50% value and 50% profit to the dealer........any discount that they would offer would come off of their take on the total.
Try Fichtner Chevy in Montana....a supporting vendor and they were offering these at a discount recently -- with another $50 off for forum members........
Try Fichtner Chevy in Montana....a supporting vendor and they were offering these at a discount recently -- with another $50 off for forum members........
Team Owner
Joined: Jun 2001
Posts: 26,714
Likes: 344
From: Houston, TX
Of course it's a rip off. Its like going to a casino and expecting to win. You might, but you have to remember that as Steve Martin said in "The Jerk"... it's a profit deal. If it was designed to be a good deal for the customers, they would not offer it.
Moderator
Joined: Dec 2002
Posts: 40,898
Likes: 4,351
From: Lakewood Ranch, FL
I just got my first GMPP offer in the mail from GM. Putting aside for a moment that I still have 18 months left on my bumper-to-bumper warranty (the folks who offer the GMPP apparently don't speak with GM itself to check the mileage on the cars being pitched the GMPP), here's what they told me (this is for a car with under 24,000 miles):
1. "Basic Guard" (only covers the powertrain) - $1,330.00
2. "Value Guard" (adds some stuff) - $1,615.00
3. "Major Guard" (covers even more stuff) - $1,755.00
These all have a $100 deductible for every repair.
If your car has over 24,000 miles, then the prices are as follows:
1. "Basic Guard" - $1,745.00
2. "Value Guard" - $2,225.00
3. "Major Guard" - $2,470.00
Now, my 2006 didn't get the 5 year warranty; it only has 3/36. But, it seems to me that these is a total ripoff. Assuming you keep your car for years and years (which most Vette owners don't do), how can someone justify these prices? And, if there is a deal to be made with one of the Forum dealers on these prices, it tells me that the whole concept is a bunch of .
Thoughts?
1. "Basic Guard" (only covers the powertrain) - $1,330.00
2. "Value Guard" (adds some stuff) - $1,615.00
3. "Major Guard" (covers even more stuff) - $1,755.00
These all have a $100 deductible for every repair.
If your car has over 24,000 miles, then the prices are as follows:
1. "Basic Guard" - $1,745.00
2. "Value Guard" - $2,225.00
3. "Major Guard" - $2,470.00
Now, my 2006 didn't get the 5 year warranty; it only has 3/36. But, it seems to me that these is a total ripoff. Assuming you keep your car for years and years (which most Vette owners don't do), how can someone justify these prices? And, if there is a deal to be made with one of the Forum dealers on these prices, it tells me that the whole concept is a bunch of
.Thoughts?
A couple of failures could pay for the warranty.
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Le Mans Master
Joined: Feb 2007
Posts: 8,514
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From: Currently somewhere in IL,IN,KY,TN,MO,AR,MS,AL, or FL
It's an insurance policy. If you think you will do more damage to your car than the average person who buys this insurance then go for it. If you think you take better care of your car than the average owner and can afford the occasional loss, then self-insure. If you self-insure you will occasionally have to pay some money. If you buy this policy then you will give someone a living so they can buy this policy and not have to pay for it themselves.
Melting Slicks
Joined: Apr 2005
Posts: 2,784
Likes: 559
an cabin airfilter for the car is 60.00 ine major glitch after the warranty is over and it pays for itself. I don't trade up every other year. There is so much electronic junk on t he car something is bound to go. Moreover it is a good selling point when I do trade up( assuming a pvt sale) I though it was cheap insurance
Team Owner
Joined: Aug 2002
Posts: 35,617
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Tech Contributor
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St. Jude Donor '05-'06-'07-'10
Yep, that's insane. Now just for fun, send a request for quote to Dennis Fichtner at
gmpp@fichtnerchevrolet.com
and have him give you a quote. Bearing in mind that Dennis only carries the Major Guard. You won't believe the difference and may begin to see that their can be some value in the GMPP when there isn't all the profit in the price.
gmpp@fichtnerchevrolet.com
and have him give you a quote. Bearing in mind that Dennis only carries the Major Guard. You won't believe the difference and may begin to see that their can be some value in the GMPP when there isn't all the profit in the price.
Melting Slicks
Joined: Dec 2004
Posts: 2,009
Likes: 37
From: Laurel Maryland
St. Jude Donor '05-'06-'07-'08-'09-'10-'11-'12-'13
Feb 2005 Car
I just bought my first ever extended warranty at 33 months old. History has proved with this car that I either buy the warranty or sell the car at 36 months. I got a 48/40 from Fichtner for around 1100, I have complete confidence that I will get all of that back from GM. Fun car to drive, great to look at, very suspect quality. Buyer beware with these Chevys.
eddie
eddie
Team Owner
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Tech Contributor
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St. Jude Donor '05-'06-'07-'10
You probably should check again. You only got 36 months on the bumper to bumper. The drivetrain is the only warranty that gets the 5 yr./100,000 miles.
Burning Brakes
Joined: Sep 2006
Posts: 922
Likes: 0
From: Nova Scotia Canada
I negotiated with my dealer for it on my 07 Coupe at the end of the month and the end of the quarter and the end of his fiscal year. Got it for 40% off.
On my son's car (non Vette) we also got a deal. He tracks the car and we took great advantage refreshing wheel bearings, hubs, steering components, all kinda stuff over the years past his comprehensive warantee period. Well worth it. Saved a bundle.
On my son's car (non Vette) we also got a deal. He tracks the car and we took great advantage refreshing wheel bearings, hubs, steering components, all kinda stuff over the years past his comprehensive warantee period. Well worth it. Saved a bundle.
Safety Car
Joined: Dec 2005
Posts: 4,157
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From: North Carolina
St. Jude Donor '07-'08-'09-'11-'12
Melting Slicks
Joined: Jun 2000
Posts: 2,161
Likes: 5
From: Knoxville TN
I can tell you it saved my bacon on my 2006 TBSS, where they paid for a new transmission and a new waterpump, these two repairs would have cost me much more than the cost of the GMPP, I didn't do it on my C5 at 38K miles and my fuel sending units went, ($850) at 55K my waterpump went ($650) when I get my C6 it will be the first option I buy, but than again, I keep my vetts for an avg of 8 years and put miles on them
Melting Slicks
Joined: Oct 2001
Posts: 2,073
Likes: 4
From: Official Misfit Cooler Owner
Cruise-In III Veteran
Cruise-In IV Veteran
I had a third party warranty on my C5 and it covered the car for 10 years or 100k miles with a $0 deductible.
I never had a problem with it paying and it was much cheaper than GMPP at the time.
I never had a problem with it paying and it was much cheaper than GMPP at the time.
Melting Slicks
Joined: Jan 2006
Posts: 3,003
Likes: 1
From: Life ain't no dress rehearsal, are you gonna wait to get your toys til AFTER you have a heart attack?
GMPP is like gambling. You are betting that you are going to have to have repairs on your car that cost more than the price you pay for the GMPP. They are betting that you will have no repairs or repairs that, in total, come to less than what you paid for the GMPP. And you are hoping that they win.
Racer
Joined: Jul 2007
Posts: 490
Likes: 0
From: Beaufort NC
Not a Rip Off if you buy with the first year!
If you buy the GMPP within the first year, then the plan is not a ripoff and is appreciably cheaper. Every year thereafter it goes up about 40% for same type and period of coverage. If you plan on keeping your Vette a long time, it's probably worth the money (or gamble) to buy it, even with the 100K mile powertrain coverage. I bought it on my last GM car and it was well worth it (72 months, 100K mile coverage - GM did about $5K in repairs to that car after my 36K mile warranty expired). And part of it may be refundable if you do not use it within the alloted period/term - look on the GMPP for details.