I bought a used 2007 Honda Fit at Key West in March, 2013. I declined the extra cost warranty, and just went with the basic Lubrico one that comes with the car. In May 2013, the engine light came on and the transmission started shifting very hard. On that day, I had to be somewhere in a couple of hours, and Key West set me up with a loaner right away, so I made it in time. They had to send the car out to get the transmission fixed, which took about 5 days, during which time I had the loaner. The repair was completely covered by the warranty, and when I went to pick up the car I expected to pay the $100 deductible, but that had also been covered.
Anyway, used car, transmission goes --- Did not lose any time at all as they gave me a loaner, and the car fixed with all costs covered. Potentially stressful situation completely trouble-free.