Any experience with FNA Extended Warranties?

I would do it. If you have a major powertrain meltdown it could be 40K in a heartbeat.

 

you can also shop around for an aftermarket warranty from another source rather than FNA.

 

Why would anyone pay 10% of the full replacement cost per year? That's nuts.
Would you also pay $20,000 a year to insure a $200,000 car?

 

I'm reading this as 3% if it's $6K / year. Am I missing something?

 

Can you or anyone else recommend a good company for a '99 355?

 

Because it starts at 40K and goes from there. If the electronics go it could be way more. In addition without a continuing warrantee the resale value will go WAY down. Every extended warrantee I've gotten has paid off. Every one.

 

Whether it's $6,000 per year for the full car, or $4,000 for a year of powertrain, or even $6,000 for two years of powertrain, it's all very, very expensive insurance.

(My 10% was based on $4,000 a year for a potential $40,000 catastrophy.)

If you did have a catastrophic disaster (which is realtively unlikely with proper preventative maintenance), I really believe that you could sell the victimized car for more than going market price minus $40,0000. People overspend on Ferrari projects all the time.

I have no hidden agenda in trying to persuade people away from extended warranties. My experience is just different from Napolis'. I've been very happy that I've never paid for additional coverage. But then again, my situation may be very diferent.

The companies that offer extended warranties do it in order to make money. They figure that the amount that they take in will exceed the amount they expect to pay out, not just on your car, but on all of the cars they cover. I figure that, over my lifetime, those same odds will average out in my favor, just as they would in the favor of the warranty companies.

Does that make sense?

 

If you have had a relatively trouble free car then I'd forget it. That's a lot of servicing. This advice was from my service guy at the dealer when I was debating it too. Before it runs out, if there are any issues have them fix it and also have 'em give the car the once over. You should be OK.

 

FYI, I'd avoid the Exotic Warranty Company if you're looking aftermarket.

I purchased a warranty for my 360 from them for $3900, and only after plenty of salesing by them ("Don't worry...you're covered!") did I realize that the warranty basically covers nothing that ever breaks.

Just about everything that's gone wrong on my 360 (F1 Pump+TCU, Wiper Sensor, clogged cat. conv., leaking exhaust manifold) has been NOT covered. The only thing they covered was the replacement TCU ($1400), and they still haven't sent the check to my repair shop (4+ months since the work was done).

nlh

 

I'm betting that there's less than 1 chance in 10 that my 360 will suffer a major problem which will cost more than $12K to fix within the 2 years following the end of the factory warranty coverage. Therefore, on purely probabilistic grounds, I can't justify spending 6K per year for extended warranty coverage.

But I might have second thoughts if I had an F1.

 

Or if you have >50K miles on it?

Is the extended $6K/year warranty an extension of the bumper-to-bumper unlimited miles warranty? Or is it lesser?

 

I purchased the Power2 warranty for my 550. It didn't cover anything that ended up breaking. ( I felt like it was a waste of money to be honest. ) The Power3 warranty( bumper to bumper ) is the only warranty I would ever consider purchasing.

Regards,
Chris

 

The other thing is they'll make you do the belt service too before they give you the warranty. So add another $1,200 or so to the $6K

 

Nice deal. They take your dough and then tell you that they won't fix most stuff later. Thanks for the tip!