Third Party Extended Warranty - Help

Orion21 · 11th July 2012, 18:40

I have done searches and everything is dated:

I am in the market for an E60 with lower miles, but almost all are outside their warranty and/or don't come with an extended warranty unless buying from a dealer. Since I will have to pay sales taxes, fees etc I would prefer to buy private. My issue is every warranty company I have researched or read about on these and other boards have to be purchased from a dealer and/or don't cover the M cars any longer.

Does anyone know of a good third party warranty that is comprehensive, covers SMG fully and is still available to those who want to buy it? I really appreciate your help.

prkelly · 11th July 2012, 18:52

You could always buy from Carmax. They have a lot of nice M5's with good miles and prices. They also sell a CNA warranty with the cars. My car with warranty, an 06 M5 with 46K miles cost me right at 40K with the warranty.

So far the warranty has covered, power steering pump, SMG pump, clutch position sensor and since the failed CPS caused early clutch wear, I got a new clutch covered as well.

Hope this is helpful

-PRK

Orion21 · 11th July 2012, 18:57

Quote:

Originally Posted by prkelly

You could always buy from Carmax. They have a lot of nice M5's with good miles and prices. They also sell a CNA warranty with the cars. My car with warranty, an 06 M5 with 46K miles cost me right at 40K with the warranty.

So far the warranty has covered, power steering pump, SMG pump, clutch position sensor and since the failed CPS caused early clutch wear, I got a new clutch covered as well.

Hope this is helpful

-PRK

I looked at a nice '08 at my local carmax a few weeks back, but they couldn't provide any service history etc and I was told that the clutch was not covered under their warranty, which scared me off since Penske (who has a huge autoplex here) offers a warranty that does. I know it's easy to buy from a dealer, but I would prefer to get more car for my money (no tax or fees) and obtain the warranty on my own if I can. I just need guidance on who the best options are right now. I have gotten 3 "no"'s from companies that used to cover the M5.

johnhazelwood · 11th July 2012, 21:51

Check with Bruce on the boards, I've only seen good reviews on him and used him myself. He can at least give you options.

nhs156 · 11th July 2012, 22:09

Quote:

Originally Posted by johnhazelwood

Check with Bruce on the boards, I've only seen good reviews on him and used him myself. He can at least give you options.

Don't think Bruce offers these anymore - his provider stopped writing policies for the M5. Just as well - the quote I got was higher than what was quoted to me through BMW or EasyCare, which was around $7K for an essentially comprehensive warranty on a '10 with 6K miles on the clock that would last 7 years or until 100K miles.

You will see a bunch of companies listed in various threads - but little in the way of helpful contact details, unfortunately. One thing to bear in mind is that no two warranties are created alike. Even BMW offers a ton of options for the same vehicle, e.g. powertrain only, powertrain + electronics, powertrain + electronics + navigation/radio. A service advisor once advised me to to get one that covers electronics (which will be the most expensive) as the electronics WILL fail. I think that's good advice.

Orion21 · 11th July 2012, 23:13

Thank you for the post.

I have been offered a 3yr/36k $100 deductible no questions asked (basically) warranty from the dealer for $2,999 on the '07 and '08. If I wanted to just say "screw it I'm buying this car because it's easy" I would just do the deal and be done with it. But I am trying to stay within financial confines I created for myself and adding $5K-$6K in taxes and fees is hard to swallow. In a perfect world I would have got to the owner of any of these cars before they traded with the dealers, but there are only 5-6 M5's for sale within 350 miles of where I live and I can't stomach buying a car sight unseen without knowing where I can source a factory like warranty that will give me piece of mind with whatever Beast I choose.

On a side note, I e-mailed Bruce and never got a response. I even told him if he could source a clean M5 for me I would use him to buy it, but oh well. It seems the only easy way to get a factory like warranty on these babies anymore is to buy from a dealer....

donniesd · 11th July 2012, 23:22

Quote:

Originally Posted by Orion21

I have been offered a 3yr/36k $100 deductible no questions asked (basically) warranty from the dealer for $2,999

Get that in writing. And read the fine print. These company's are very good at finding reasons not to pay.

prkelly · 12th July 2012, 00:10

As my clutch was prematurely worn BC of the clutch position sensor it was covered. That being said, you will not find ANY warranty company that will cover the clutch. It is a wear and tear item like brake pads air filters wiper blades etc. If you do, the cost will be very high. I got quoted 10K for a warranty when shopping for the M5.

It is your choice of course, but Carmax has the best deal on warranties available. I have never had a thing denied in my ten years of buying cars there. I've bought 5 cars there in 10 years, all with warranties.

Good luck with your search, let us know how everything pans out.

-PRK

chakka · 12th July 2012, 00:25

Quote:

Originally Posted by Orion21

Thank you for the post.

I have been offered a 3yr/36k $100 deductible no questions asked (basically) warranty from the dealer for $2,999 on the '07 and '08. If I wanted to just say "screw it I'm buying this car because it's easy" I would just do the deal and be done with it. But I am trying to stay within financial confines I created for myself and adding $5K-$6K in taxes and fees is hard to swallow. In a perfect world I would have got to the owner of any of these cars before they traded with the dealers, but there are only 5-6 M5's for sale within 350 miles of where I live and I can't stomach buying a car sight unseen without knowing where I can source a factory like warranty that will give me piece of mind with whatever Beast I choose.

On a side note, I e-mailed Bruce and never got a response. I even told him if he could source a clean M5 for me I would use him to buy it, but oh well. It seems the only easy way to get a factory like warranty on these babies anymore is to buy from a dealer....

What company is the warranty from that the dealer is offering you? Numerous have been discussed at length to help give some insight. That price seems a little low compared to others out there. May be good or as noted, you need to read thru the contract to make sure more commonly noted items are covered.

Is this a BMW dealer or used car dealer? If not BMW dealer, then check with local BMW dealer and see what 3rd party they like to use. I'm looking as you are for the right deal on the right car. I called my local BMW dealership and they recommend Fidelity.
My only thought with buying an 08' for me is if it's out of original warranty, you can only get a 2 year extended. If it's still under original warranty then you can go up to 7 years. I still like the idea of having BMW Platinum warranty over 3rd party. Lots of guys are VERY happy with their 3rd party carrier, but so many of those companies keep jumping the M5 ship.....

Orion21 · 12th July 2012, 01:08

Just an update for you guys:

I have been offered their low offer of 36,900 for the '07 with 60k miles and 39,500 for the '08 with 54k miles. I am waiting to see if the dealer with the '07 will discount the warranty or not to make the deal happen. The dealer with the '08 is firm.

So now my options are:

'07 Indianapolis Red with Sepang interior 60k miles $36,900
Options:

Active backrest width adjustment
Headlight cleaning system
Park Distance Control (PDC)
Adaptive Headlights
Description (EPC)
Navigation system Professional
Voice control
Preparation f mobile phone cpl. USA/CDN
Satellite tuner
HiFi System Professional DSP
Area-Code 1 for DVD
Traffic Information
Interior mouldings, Alu Shadow, brushed
Battery master switch
Control unit COP
Transport protection package
Outer skin protection
Dummy-SALAPA
Side airbags for rear passengers
Tyre pressure control (TPC)
Integrated universal remote control
Glass roof, electrical
Sun-blind, rear
Roller sun vizor, rear lateral
Interior/outside mirror with auto dip
Interior mirror with automatic-dip
Smoker package
M multifunction seat

'08 with 54k miles Black/Black - $39,500
Options:

Side airbags for rear passengers
Tyre pressure control (TPC)
Integrated universal remote control
Comfort access
Glass roof, electrical
Sun-blind, rear
Roller sun visor, rear lateral
Interior/outside mirror with auto dip
Interior mirror with automatic-dip
Smoker package
Lumbar support, driver and passenger
Fine wood trim Madeira nutwood
Headlight cleaning system
Park Distance Control (PDC)
Description (EPC)
Adaptive Headlights
Navigation system Professional
Voice control
Preparation f mobile phone cpl. USA/CDN
HiFi system Professional DSP
Preparation BMW satellite radio
Provisions for BMW 6 CD changer
Area-Code 1 for DVD
M Rear spoiler
Battery master switch
Control unit COP
Dispatch protection pack
Outer skin protection

'08 with 49k miles Dark Gray/Black - $43,500
Options:
Steering wheel heater
Side airbags for rear passengers
Tyre pressure control (TPC)
Integrated universal remote control
Comfort access
Soft-Close-Automatic doors
Glass roof, electrical
Sun-blind, rear
Interior/outside mirror with auto dip
Interior mirror with automatic-dip
Smoker package
Climatised front seats
Through-loading system
M multifunction seat
Description (EPC)
Active backrest width adjustment
Headlight cleaning system
Park Distance Control (PDC)
Adaptive Headlights
Navigation system Professional
Head-up display
Voice control
Preparation f mobile phone cpl. USA/CDN
Satellite tuner
Provisions for BMW 6 CD changer
Area-Code 1 for DVD
USB/audio interface
Traffic Information
Interior mouldings, Alu Shadow, brushed
Individual audio system
Description (EPC)
M Rear spoiler
Battery master switch
Control unit COP
Dispatch protection pack
Outer skin protection