BetterMostC6

Wow I feel decieved now. I thought GMPP was totally GM owned and operated. MIC also comes up as Universal Warranty Corp. This is sold very heavly as an aftermarket warranty policy on many other brand cars. This brings back memory of Rusty Jones rust proofing sold by many auto dealers and when there treated cars started rusting and claims started coming in they just folded to avoid making good on fixing the rusted cars they claimed to protect. What if any responsibility does GM have if MIC suddenly decides to fold and declare to go BK?? I think we need to find this out. I now feel decieved by the Forum dealer that sold me the GMPP warranty as GM backed and provided.

FortMorganAl

For those interested in seeing where soem of your insurance money goes - http://www.gmacitips.com/dealer_tips_rewards.html

I like the part about selling >50% of the customers and paying out less than 85%.

Zymurgy

MIC is rated A- (Excellent) by A.M. Best.

The sky is NOT falling.

BDillon

I can't speak for other states, however I am quite certain that in the state of Texas there is no such thing as an "Extended Warranty" that you actually pay for.
Reputable car deslerships have to be very clear that what they are selling you is a "Maintenance Plan" not an "Extended Warranty".
Which is probably why they don't use the word Warranty in the title.

Call it what you want.
As to it's value...that can only be determined by you.
Anything else is someone's opinion.
It's always a good idea to do your homework regarding the stability of a long term relationship.

A lot of it can be determined by how you are going to use your Corvette and for how long you are going to keep it.
If you don't plan on owning it longer than 36 months or driving it more that 36k Miles a maintenance plan is a waste of money.

My Corvette is a daily driver and I will own it far beyond the factory warranty period.
I will purchase GMPP beofore the end on the first year or 12k miles because it makes the most financial sense.
You have to do the math and determine your risk.
It is very easy to do.

I purchase a factory endorsed maintenance plan for every car I have ever driven significantly beyond the warranty and EVERY one of them has paid for it self and more.
A few minutes with a service writer will tell you what typically breaks, at what time and what it will cost.

One last consideration...has you ever seen the cost to repair your car go down over time?

Outside of the obvious (ex: never cross a four lane highway blindfolded) for somone to tell you NEVER do something without any knowledge of your situation is giving you bad advice.

Good luck with your decision.

Bill

prs62

Found the following on GM.com and links to their products and services:

GMAC was established as a wholly owned subsidiary by General Motors Corporation (GM) in 1919, and currently operates in approximately 40 countries. In November 2006, GM sold a 51 percent controlling interest in GMAC to a consortium of investors led by Cerberus Capital Management, L.P.

GMAC Insurance is divided into two major divisions: The MIC Group and the Personal Lines Group. MIC encompasses a number of businesses, including automotive extended-service and maintenance contracts sold through GM dealers in the U.S.

So I guess GM is backing 49% of GMPP.

siffert

I dont know about that but I was surprised to find out it costs over 3K to replace some hvac heater door if it fails...something about removing the entire front of the car to get to it.

octane_n_veins

General Motors Protection Plan. GMPP is not and extend warrenty. The reason GM says that they "endorsed" the GMPP is because GMPP is a divison of GMAC. All it does is structure a type of extention to the existing warrenty.

CHASLS2

I'm sure a new A6 tranny would cost every bit of $4500! Or any major engine work would cost 4.5k. I have modded my C6 so no ext warranty for myself.

I break it, i fix it!

su8pack1

Only Chrysler products need extended warranties. I had two with extended warranties and both paid for themselves many times over. Mini Van transmissions. In GM vehicles I never used more than I paid for them.

HawaiiC6

Warranties are underwritten by companies other then the car manufacturer, it may say GMPP but look at the company underwriting the warranty, it is like an insurance policy.

Also for those that have extended warranties, be sure to read your warranty papers as most of them say the contract is voided if aftermarket parts are installed.

User 020720

I guess I'm screwed since I replaced the oem plastic gas pedal with an aftermarket.

Ampcass

I think it fell a long time ago

jdfrit

my gmpp offer states that i will only get the offered price until 12,000 miles has accrued on my new car. which seems to contradict the statement that you don't spend any more by waiting until just before your factory wty expires?? does the price really go up after i pass 12k miles on my new corvette? also the offer claims the special intro. price for new car owner has been extended, again, until 12/25 - MERRRY XMAS!!!
does anybody know if there really is a gmpp price hike after x amount of miles/months? or should i call 1-800-961-4677

Wayne O

GM is not the actual entity providing the extended warranty insurance coverage but FWIW GM still holds a 49% stake in GMAC...the other 51% was sold to a consortium led by Cerberus Capital Management. GMAC's residential mortgage unit lost $2.26 billion in the third quarter, its fourth straight quarterly loss. Although GMAC is hemoraging like most all lenders, I doubt they will ultimately fold.

The fact remains...GM is not the one providing the extended warranty insurance coverage.

0CeYaBye

jdfrit


PM sent

jdfrit

my gmpp fine print also indicates that my extended wty does not cover cars that are "raced" or involved in similar such activities. if they thought such verbiage was good for anything more than scaring their subscribers into conservative usage, then how would they be able to:
a)define essential terms such as "racing"; "performance-related activity" or alteration of normal use, etc.?, and
b)entertain a position vis-a-vis the customer where these vaguely defined activities or performance modifications can claim to be proven?

also, isn't there a recent law on the books that prevents manufacturers from voiding warranties based on owner modifications to the vehicle?

runutzzzzz

Nore pure profit... only 50%

I had one on my NSX and they paid $32,000 out on a new engine. Best $800 I spent.

AORoads

If you're talking about the Moss-Magnuson Act of 1975, yes, it is structured to "help" the consumer/owner. However, the owner must prove it (a race or modification) had no detrimental effect on the car.

You have heard of dealers who say an exhaust system ruined the front wheel bearings (as an extreme example). Obviously, this can't be supported, and not even the Zone or District Rep would do so.

But it isn't difficult to show correlation betw. some modifications and items breaking on the car. Plus, with their experts, the company, any company, has the resources to do so, to show the "doing A led to B." You, as a consumer, have to hire your own experts to dispute this, not to mention legal counsel as well.

You have rights; you just may not have the wherewithal to enforce them. That fact, plus the cost of some repairs, leads people to believe and want an "extended warranty plan." To avoid long, costly, legal battles with a giant company that has time and resources to fight, for instance, putting a "new $32,000 engine" in a car, to quote the poster above.

iridelow

I will be at my GM dealer tomarrow!!!! I bought an extended warantee on my 05 that goes into effect 12/12/07. That's when the factory warrantee expires. And yes I am in SC and the warrantee company is Ultra Master tech. I have not used one penny of the warrantee I paid for because it has not started yet. So GM better give me back my $1490.00 I paid for something I have never used and now can't use!!!!!!!!!: I bought the warantee from the dealer where I bought my vette, They better give me back my freaken money.
mad:

ryshla3

When purchasing an "extended warranty", you are not actually getting a longer warranty. A classic example of typical American laziness in wording and people's lack of intellect of the product they are buying. A warranty is simply a guarantee that any manufacturer provides for its' product that it sells to someone. Meaning the warranty covers free of charge to the customers, repairs etc., DURING the warranty period. It is free from the manufacturer (at least built into the price of the product anyway.) That is it. Once that period is up, you are on your own. Sure you may buy an "extended warranty", and you may think its a Warranty, but buy definition alone it is not. An "extended warranty", whether sold to you by the dealer on a person to person basis, or you buy one off of the internet, or other sales agent, is just an insurance policy wrapped in a fancy marketing term. The O.P. is right, it may say GMPP, but it is not a warranty by definition and the mere fact that people pay for the "extended coverage" is the exact term of an insurance or indemnification policy. End of discussion, although I know your guys would like to argue differently.

The tell tale sign of who actually pays the bills for covered claims under an "extended warranty", is that of the insurance company that GMPP sold the plan to after the customer signed the dotted line. We can argue all we want, but when the bills are paid, the check comes from an insurance company, not gm. If we all had the chance to sit at the desks of those involved in handling your "extended warranty" claims, would bring this to light.

FWIW, most policies bought are fully refundable during the first 30 days, and not because of any buyer's remorse clause, but because there is a right of refusal for the insurance company to not cover any legitimate losses during this period. Therefore, the customer has the right to a full refund if they request it within the first thirty days.