I have already seen someone go through this. When Chrysler offered a lifetime powertrain warranty with the vehicles back in 2007 2008 ish. A friend had a van and had a tranny failure at 170K and Chrysler did repair it. They would go off the NADA value as if the car was being sold. You can also argue if it is close and get them to repair instead of buy it. That is what would happen, if your car is worth 2K and a tranny is 3K, they will just pay you the value of 2K. Now, for me, it is well worth it, I put on quite a bit of miles (anywhere between 2K to 2500 in a month) so I will rack up the miles fast. I have seen others who put on a lot of miles and for instance a 2011 Chrysler Town and Country Limited with 200K on it sold for 12K a few months ago and that was private party figure. So to me, spending the 2600 for the extended lifetime bumper to bumper is worth it. Now let's say you don't put miles on your van......... let's look at a 2007 chrysler Town and Country with the normal 12K a year miles on a 10 year old van and see what it is worth......clean trade is 4775.00 and retail is 7100.00. So if the engine had gone at 120K on a 2007 and that engine was 4500.00 total to the dealer, then Chrysler would pay for it and you have a new engine in a 10 yr old van that is paid off.
As far as cancellation......you can always cancel an extended warranty and gap on a vehicle. They will ask how many miles you have and also the time and give you a prorated refund. On my 2014 I traded in for the Pacifica, my gap was only 425.00 and after 22 months and 36K miles I got back 314.XX. I also bought the lifetime max care for that 2014 and cancelled it and got back 2200 from the initial 3400 I paid Chrysler direct for that warranty. That was before I knew I could get the same warranty from Ziegler for 2600.00.
1985 Dodge Caravan LE cream w/wood
1985 Dodge Caravan LE mink brown w/wood
2017 Chrysler Pacifica Limited in Tusk White
several other cars
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