Chrysler Group LLC’s “Lifetime Powertrain Warranty” was known as one of the best warranties in the industry. Sadly, Chrysler spokesman Rick Deneau confirmed today that the Auburn Hills automaker will be ditching the lifetime powertrain warranty in favor of a 5-year, 100,000-mile coverage that’s easily transferred to a new owner.

The change will be effective on all 2010 model-year vehicles. Deneau said that customers will be able to sell their vehicles and transfer the warranty to a new owner at no additional charge, reports Automotive News.

“The issue of transferability was something people found very appealing,” he said. The lifetime powertrain warranty “wasn’t as valuable to consumers as we might have hoped.”

The new warranty will also cover models that weren’t covered under the lifetime warranty such as all SRT performance vehicles and the Dodge Viper sports car. However, it will not cover the Dodge Sprinter or Dodge Ram pickups with diesel engines.

- By: Kap Shah