"Convertible tops" are among the items excluded from coverage. Does this mean just the fabric and glass part or does it include the operating hardware/mechanism?

 

The GMPP plan (offered by Ally and soon to no longer be integrated with GM's systems) is certainly not clear on this. The GM Extended Protection Plans (offered by GM Financial) has a clearer description:



My guess is that the GMPP also excludes the operating hardware.

 

I asked this of one of the resellers that posts on this forum, and was told that it exludes all parts of the top mechanism, except possibly the motors.

The GMPP GMEPP has too many exclusions to make it worth the cost, IMHO. The older GMEPP GMPP had far fewer. GMEPP GMPP is no longer a GM plan at all. It's offered by Ally Financial, which is a wholly independent company.

Edit: Corrected my inadvertent reversal of the old and new plan names.

 

You got those backwards. GMPP is the old plan (offered by Ally). GMEPP is the new plan, offered by GM.

From Ken Fitchner:

 

With GMPP the convertible top motors, servos, and electrical are covered. The fabric, mechanism (birdcage), and rear window are not.

I compared GMPP and GMEPP when I purchased, and it seemed to me at the time that overall, the GMPP (older plan) actually had fewer overall "exclusions"...

 

Thanks for the reply. Do you know of a GM/ALLY written source for this info?

 

Well, I just went looking for the e-mail from the Corvette Forum vender that shared this information with me almost a year ago when I bought my GMPP. Sorry, I can't find it, so you may need to do some checking on your own.

 

...

Ally Financial and Ally Bank was the old GMAC Financial and GMAC Bank (General Motors Acceptence Corporation). For many years, (decades), GMAC was the main finance company for all GM products. Once GM went into bankruptcy, GMAC changed there name to Ally Bank & Ally Financial. Ally Bank is a on-line operation only with no physical bank branches located anywhere in the USA. Ally Bank is now a publicly traded company via the New York Stock Exchange.

I am very familiar with GMAC as over my 31 years in the securites business I sold millions of dollars in GMAC Smartnotes to investors. GMAC never defaulted on any of those GMAC Smartnotes despite the GM Bankruptcy.

After GM re-emerged from bankruptcy, GM decided that they would be a go-alone finance company and sell their own financing and products.

Thus GMPP still remains with Ally Financial while GMEPP now is sold direct by GM Financial.

These are 2 different companies thus 2 different extended warranty plans. As far as a long term record for selling extended warranty products over 20 years plus, Ally Financial (formerly GMAC) has sold millions of these policies on GM vehicles.

There can be, and is quite allot of confusion over these policies. I personally bought the GMPP Major Guard Warranty from Ally in Jan 2015. I paid $1285 for the 84 month/56,000 mile $100 deductible plan.

Buyers of these policies need to complete their due diligence well in advance before making a decision of what to buy. Also keep in mind that the retail markup $$ on these policies are huge. While my dealer whom I bought the C7 from offered me the same policy I bought for $1285, he stated to me his rock bottom price was $2000 and he was losing money. That claim was total BS. Be careful what you are told. Some sellers will claim, they will not charge a sales tax, or a credit card fee in order to intice you to buy from them.

There are no sales taxes on insurance policies, and in my own research in contacting many dealerships before making my final decision, none of them charged a credit card fee. While I live in New Mexico, and bought my C7 in Missouri, I bought my GMPP Policy from a dealership in Minnesota for the $1285.

As for coverage, I found the Ally Major Guard Plan covered the most items with the least exclusions.

In posts here on the CF I have posted the actual policy for anyone to read and compare. I suggest you just the search tool to find that information as I have posted my actual policy for CF members to see and read for themselves.

Be careful of the spin when buying these policies and keep in mind the huge markups and the huge commissions that each dealership and agent makes selling these products. While some may think that any one selling these polices including a CF sponsor or vendor are the lowest price point, they are not the lowest price. I strongly suggest you shop and compare pricing models of each GMPP and GMEPP before making any purchases.

Until you personally see and read the policy of each plan, anything you read here must be disseminated between fact and fiction.

There is allot of misinformation that gets posted on these policies.

 

Sorry, you're right, I did reverse them. Sorry 'bout that.

 

nmvettec7 - Thanks for your explanation of the two plans. I will be looking to put a extended warranty on my DD ('15 Impala 2LT) and will certainly do my research on the plans before buying.

 

Be very careful when dealing with Ally Financial. Buying the extended coverage is easy; getting claims honored and paid in a timely fashion is another matter. It's only a "good deal" if you get what you think you are paying for.
Caveat emptor!!

 

PegasusCapital:

Ally Financial & Ally Bank formerly GMAC has been selling these polices for many years (20+) when they were GMAC.

It would be nice to know what evidence or what due diligence you have conducted in order to make the claims above in your post.

As a financial or investment manager, you have a duty to present accurate facts when making comments like you have above.

Perhaps you can provide more information and direct sources of your comments.

Until you can provide fact vs fiction, your comments can only be considered opinions and speculation.

 

GMEPP–GM Financial versus GMPP-Ally

I have answered multiple emails each day asking thedifferences between GMEPP (Chevrolet, Buick, GMC & Cadillac ProtectionPlans) from GM Financial and GMPP from Ally.

Please find below an article that appeared in AutomotiveNews that sheds a bit of light.

But first, note:

I am offering both plans at a deep discount!

I can offer GMEPP in every state on vehicles that arewithin 10 model years and with less than 120,000 miles!

I cannot offer GMPP in the following states:
Alaska, Washington, Oregon, California,Idaho, Kentucky, Maryland, North Carolina, and Florida.

Further I cannot offer GMPPif the base bumper to bumper warranty has expired, unless your car is presentlycovered under a GMPP.

Coverage on both plans isvery, very similar.
Both plans cover yourvehicle bumper to bumper except for a list of exclusions. I will provide you with the exclusions in myquote.

Note: In the near future,Ally’s license to sell GMPP will expire and their ability to access GM servicesystems and records will also expire.

Please email me for a quote on a protection plan.

I need to following information to prepare your quote:

• Your VIN
• Your odometer reading
• Your state of residence
  
  Have a great day!
  
  Ken Fichtner (retired dealer – Fichtner Chevrolet)
  Fleet, Corvette, and Protection Plan Sales
  Denny Menholt Chevrolet
  Billings, MT
  406-896-3088 Direct line
  kenfichtner@dennymenholt.com
  

Mike Colias
Automotive News
January 24, 2015 - 12:34 pm ET
“SAN FRANCISCO -- General Motors is on a hiring binge tobuild a direct sales force for its branded F&I products as the companyseeks a foothold in the competitive space.
GM rolled out branded F&I products nationally lastyear while taking over the business from captive-finance arm GM Financial. Thisyear, GM plans to double its direct-sales force to more than 80 employees as itseeks to gain sway dealers with the power of brand-name products.
The competition, notably Ally Financial through its GM ProtectionPlan, are “going after all of the OEMs, whereas we are exclusively devoted toour GM dealers,” Ken Mac, director of extended protection products for GM, saidon the sidelines of the show here.
Meanwhile, Ally this week announced a new flagship vehicle-servicecontract, Ally Premier Protection, along with a new dealer technology platformthat it bills as easier to use.
GM is intensifying its push in a crowded market where itcan be difficult to shake dealers from the status quo. The F&I sales team hasbeen moved under GM’s customer care and aftersales division, from GM Financial.
Beyond the brand name, Mac said dealers who sign up forGM protection plans -- GMC Extended Protection Plan, for example, or ChevroletTire and Wheel Protection -- get marketing support and “expert F&Idevelopment training” from its field staff. Nearly 1,000 of GM’s 4,300dealerships have signed up to sell the products, Mac said.
GM provides marketing content from its brand websites foruse on dealers’ own sites. They include short videos that explain whatGuaranteed Asset Protection is, for example.
Still, Mac acknowledges that there is confusion amongdealers about which is the GM provider. Even though Ally’s license to use theGMPP name expires in late 2016, the former GM captive still sells under thatbrand. Mac said it’s the job of sales and F&I personnel in the field toclear up any confusion.
“We know we have to earn this business,” he said. “But wewant the dealers to be exclusive with us.”
Like GM, Ally also is touting and providing ampletraining and consulting help for F&I dealership staffers. The new service“better positions us to respond to the needs of a diverse dealer network,"Doug Timmerman, president of Ally Insurance, said in a statement.
Ally said it would test Premier Protection at about 60dealerships starting in March. A nationwide rollout is planned for the summer.”
You can reach Mike Colias at mcolias@crain.com.

 

When I called Ally in the Spring, while trying to decide what to do about a service plan (which is what they are - they're really not warranties at all), i couldn't find anyone who even know what I was talking about. I got bounced from person to person, and they all thought I was asking about a loan. I finally got to one person who knew Ally sold warranties, but said the dealer would have to answer any questions about coverage and exclusions.

That didn't give me warm fuzzies about Ally, especially since none of the vendors I asked could answer my questions.

 

meyerweb,
You are not the first to have an issue with assistance from Ally.
We as dealers have the same problems.
GMPP came with the purchase of GMAC by Ally.
Ally hasn't any experience or specialists in the protection plan business. We sold thousands of GMPPs and were completely satisfied. Everything changed when GMAC was sold off.
Ken

 

Ken:

I think it is imperative to get facts correct.

GMAC was never sold off........GMAC simply changed their name to Ally after the bankruptcy, (2010) and once the new GM emerged from bankruptcy Ally has become a publicly traded company just like the new GM (General Motors).

As seller a of the GMPP which you sell and endorse, on this forum why not be specific in nature and site the problems that you state you and other dealers incur.

It is hard for me to understand why you would make these comments then actively solicit the sale of the GMPP product and then state that the protection plan is very, very similiar.

Your response is most welcome.

 

Good afternoon,


I am not in anyway trying to confuse or mislead anyone.


As a recently retired dealer and as a fleet, corvette, and protection plan specialist at Denny Menholt Chevrolet I will tell you that it is very difficult to reach anyone at Ally with any experience relative to protection plans. Customers and dealers alike are unable to reach anyone with knowledge at Ally.


Further, I am concerned about how dealers will have claims paid once they cannot submit claims for GMPP directly thru the GM warranty system.


As stated, I offer both plans and find coverage similar.


I find that prices for the GMEPP are lower than GMPP on vehicles outside of the original 12 months/12000 miles of bumper to bumper warranty.


Further, GMPP will not allow dealers to write plans on vehicles that are outside of the bumper to bumper warranty unless the dealer sells the vehicle.


Note that GMEPP does cover shocks and electronic ride control systems that GMPP does not cover.


Again, I offer both plans.


History of GMAC.
The company was founded in 1919 by General Motors Corporation as the General Motors Acceptance Corporation (GMAC) to be a provider of financing to automotive customers. Over the following years the business has expanded to include insurance, online banking, mortgage operations, and commercial finance.
In 1919, GMAC branches opened in Detroit, New York, Chicago, San Francisco, and Toronto.
In 1985, GMAC formed GMAC Mortgage after it acquired the mortgage loan operations of the Colonial Mortgage Service companies and the servicing arm of the former Norwest Mortgage, Inc. In subsequent years, the division acquired additional mortgage-related operations, including ditech.com, and in 2005 the division was reorganized into Residential Capital (ResCap). By that time, the company was heavily into subprime lending.
In 2000, GMAC was given conditional approval to form GMAC Bank.
In 2006, General Motors Corporation sold a 51% interest in GMAC to Cerberus Capital Management, a private equity company. (The next year, Cerberus acquired Chrysler Corporation.) Also in 2006, GMAC divested a majority stake of GMAC Commercial Holdings, its real estate division, to a trio of investors — Goldman Sachs, KKR and Five Mile Capital Partners — thereby creating Capmark Financial Group Inc. Capmark later filed for bankruptcy and was acquired in part jointly by Leucadia and Berkshire Hathaway.[7][8]
On December 29, 2008, the United States Department of the Treasury invested $5 billion in GMAC from its $700 billion Troubled Asset Relief Program (TARP).
On May 15, 2009, GMAC's banking unit changed its name to Ally Bank.
On May 21, 2009, the U.S. Treasury announced it would invest an additional $7.5 billion in GMAC LLC, which gave the U.S. government a majority stake in the company.
On December 30, 2009, the U.S. Treasury department said that they would invest another $3.8 billion in GMAC because the company had been unable to raise additional funds in the private sector. This raised the total government investment in GMAC to $16.3 billion.
On May 10, 2010, GMAC Inc. announced that it re-branded itself as Ally Financial Inc.
On August 25, 2010, Ally briefs its customer Freddie Mac that it would hold a moratorium on foreclosures and evictions. "Ally Financial officials knew a large number of documents submitted in support of mortgage foreclosure proceedings were mishandled as early as August, but did not take action to stop the evictions until last week, according to a Bloomberg report" stated Washington Post reportage dated September 24, 2010.
On September 20, 2010, Ally announces that, effective October 1, 2010, it will halt evictions on homes in 23 states due to 'an important but technical defect' in its foreclosure filings.
On December 30, 2010, the U.S. Treasury announced it would be converting $5.5 billion of interest-bearing preferred Ally stock into common equity.
On March 31, 2011, Ally Financial filed with the SEC for an initial public offering, although was not pursued due to stock market volatility of summer 2011.
On November 9, 2011, the bank announced it was considering filing for bankruptcy-protection for its ResCap mortgage unit, after the unit's loan write-downs of around half a billion dollars brought it close to the legally required net asset value threshold of $250 million.
As of January, 2012, TARP had about $12 billion invested in Ally.[18] The government stake represented a 74% ownership interest in Ally. In March, 2012, Ally failed the Federal Reserve's financial "stress test" for capital adequacy. The company said in a statement that the Fed's “analysis dramatically overstates potential contingent mortgage risk”. A possible outcome would be a requirement to raise additional capital.
On May 15, 2012, the company put its ResCap subsidiary into Chapter 11 bankruptcy after it failed to make an interest payment of $20 million on unsecured debt. ResCap had written off $22 billion in mortgages in 2009, 2010, and 2011 much of it subprime mortgages. The move was seen as attempt for the company to focus on its profitable core business of auto loans and direct banking (Ally showed a $2.72 billion profit in 2011 in its auto finance unit but had a $402 million loss at ResCap).
In mid-2013, financial columnist Allan Sloan wrote that he thought the Ally bailout would yield a modest profit for the US Treasury.Sloan also opined that Cerberus Capital and its private-equity investors were "down almost 75 percent on their $8.15 billion Ally investment". Sloan emphasized that his analyses were vulnerable to changing factors before final disposition.

 

Just curious, but if GMPP is no longer affiliated with GM then why are there dealers selling these plans? Wouldn't one expect them to cover only GM affiliated plans especially since, as some have suggested, you may have a difficult time with the GMPP when you bring it to the dealer.

 

Scoobydoobydoo:

Great point. For members or vendors who sell these policies (GMPP which I own one on my C7) they are not very transparent with their respective comments or claims. GMAC now Ally Financial has sold milions of the policies over an extended period of time.

If a any CF dealer here knows of the problems that others claim, then perhaps someone can provide hard facts of the problems they are experiencing. Ally Bank and Ally Financial does not maintain any physical branches within the USA. All transactions are handled via telephone or written communication.

I am quite sure that dealers everyday are handling claims under these policies that have been written in the past by GMAC and now Ally. For decades GM dealers have solicited and sold these polices to millions of GM car owners. I am quite sure that the respective GM dealers are collecting reimbursement for repairs made under these pre-written policies. Dealers are not consuming or eating the costs of covered warranty repairs under these plans.

While CF members and vendors are making claims that service is poor, not one of them can substaniate any evidence that owners of these polices are being turned away at dealerships when presenting their vehicles for repair under these extended warranties. These plans are not new and have been around for some time.

While I am not here to defend Ally or the GMPP, I would like to see factual evidence from posters who claim these policies are no good.

And likewise if you're a seller of these policies and makes claims they are bad, why would they promote their services and sell these policies to members here on this CF forum or any other GM related product forum.

It is quite unusal for a vendor to solicit the product to the public then state at the same time to beware of the problems.

 

From my personal GMPP policy...with Ally...purchased Jan 2015 ..$1285.00 84 month/56,005 miles w $100 deductible.