By accessing this website, you acknowledge that Edmunds and its third party business partners may use cookies, pixels, and similar technologies to collect information about you and your interactions with the website as described in our
Privacy Statement, and you agree that your use of the website is subject to our
Visitor Agreement.
Comments
Sometime after it airs, you should be able to see text or streaming video on their Web site, www.woai.com
I'll keep you posted.
Joe
I've done some checking, your new insurer and administrator is some small outfit in New Mexico and has no rating from AMBest. Pretty big difference between and A rated company and one with no rating. According to the AMBest web site, their rating NR-1 means, "Assigned predominately to small companies for which A.M. Best does not have sufficient financial information required to assign rating opinions."
Depsite the troubles with your past customers, you web site continues to post LIES. Here is what it says:
How do you know you can trust Warranty Gold?
We encourage you to read what the consumer protection groups have to say. We earn the data that they provide each day. Companies with true customer service provide such links. Companies that do not, well that's up to you to decide.
Also, Warranty Gold has put the processes into place to secure the investment that each of our customers make in our products. We have established a "Trust Reserve Account" ("TRA") which is managed by our administrator to pay your claims for the life of your contract. Our administrator is insured to adequately cover all claims today and tomorrow. The insurer and the reinsurer are rated by A.M. Best. Your Warranty Gold service contract is absolutely reliable and secure."
Your insurer is not rated by AMBest. Your contract is not absolutely reliable and secure. And as we know, the reinsurer simply insures the insurance company (at what deductible and amount is unknown and surely not for all its obligations)
Are you leading more people down the same path as before? Will you correct your web site?
Mike
Of course, nothing happened with WG. They simply said "it is a terrible fiasco. We are fighting for our customers." Yeah, right.
I may not see my money, but only if Warranty Gold goes bankrupt, which I will be happy to assist if they don't pay.
The thing that doesn't seem right to me is that SC&E (as well as WG?) seems to have paid National Warranty to administer the claims, and in doing so, basically gave them control of the reserve money to pay claims, so that everything was really being run by National Warranty. SC&E (and WG?) were basically out of the picture.
I assumed that SC&E was administering the claims (or at least had some instrumental role in overseeing things), and that National Warranty's primary role was insurance in case SC&E went bankrupt. Instead, it seems like SC&E (and WG?) just took their "commission" then "sold off" the claims to National Warranty and assumed National Warranty was properly managed.
My contract is like yours. I called WG about this because I was hoping there was a slim chance that my repairs would be covered by the prior administrator. It turns out that WG sold our policies to the new administrator (NWIG). So I'm assuming any of the assets used to pay claims were turned over to NWIG. Supposedly there was a mass-mailing to policy holders, but I never received notice. I don't have my contract in front of me, but I believe there is verbage in it that gives them the right to change administrators.
So go figure. Any way you cut it, it smells bad.
http://www.oag.state.tx.us/consumer/complain.shtml
Also, if you live in Texas and want to try small claims court, Austin is located in Travis County:
http://www.co.travis.tx.us/justices_of_peace/default.asp
Their web site states:
"Together with our Administrator, we’ve established a "Trust Reserve Account." This account is managed by our administrator to pay repair claims for the life of the contract. In addition, the reserves are insured not once, but twice to ensure the solvency of the contract. With Warranty Gold, you are protected for the life of the contract."
Is there something I'm missing on this? seems like false advertising.
"A newspaper reporter would like to talk with Warranty Gold customers. Please respond to jfallon@edmunds.com with your daytime contact information by Tuesday, August 19. Thanks!
Jeannine Fallon
PR Director
Edmunds.com"
Car_man
Host
Smart Shoppers / FWI Message Boards
We should all respond to the reporter as well.
With the two payments worth of chargebacks and one $500 claim paid, I am only about 350-400 behind on this deal, but what a lesson learned!!
My main contention of fraud is the NWIG document WG emailed to me.(that JPL report) It said WG was notified of the Smart Choice, et al. situation late last year, well before I bought my contract. I bought while they knew their house was falling down.
BTW, I notice after reading this whole thread, that WG used to come here and reply, but not anymore...
Just went to Warranty Gold, and they are selling a two-year free contract!!!! How are they gonna fund those?
My condolences to ALL ! ................geo
O'Reilly, Walter Jacobson and a number of TV and newspapers in Austin. I suggest everyone do the same. I also emailed a lawyer in Texas to see if he wants to handle my case. I don't care about NWIG I want my money from Warranty Gold. I didn't even know NWIG existed. Don't take this lying down. Think about the person who has no money and can barely pay their bills which is why they bought a warranty so that nothing unexpected could happen. Well, we are all getting screwed and I for wont will not put up with it. I'm from Illinois and can't just fly up there so I will make their lives as miserable as possible. I hope this helps anyone.
with a new administrator and at the same time makes no mention about their current situation most of their customers are in. Also, the false advertising is still there. "Our Administrator reinsures our Trust Reserves twice to adequately cover all claims today and tomorrow. "
If this was the case our claims would be paid.
Here is an email address for the general manager
knelson@warrantygold.com
To frankenstein1, I live in Round Lake Beach and am currently speaking to a reporter from the Chicago Tribune (for those of you who don't know that's a huge newspaper that gets sent all over the US). If anyone is interested, email me your phone numbers and I will get them to this guy
My email is jhungness@meridianleasing.net
Also if anyone has their own website please start hammering away at discrediting warranty gold. I have contacted so many people in the news media about this that this company will more than likely go out of business and anyone who is still paying needs to stop. Email all of your friends to look into who their warranties are through and who their administrators are. HELP!!!!
A few weeks ago I called up the credit card company and disputed the claim. They sent me forms to fill which I did and a few days ago, when I saw my new credit card bill, the amount paid to Warranty Gold was credited with a mention that the amount is in dispute. This does not put me completely in the clear, but at least I have some breathing space.
Warranty Gold should be taken to task. They are getting away with fraud. My worry is that they will file for Chapter 11 and guess who loses - US!!!
How is everyone doing with their complaints? The BBB sent me a reply from WG and a questionnaire to see if I'm satisfied with their response. Yeah, right. The TX Dept. of Licensing and Regulation wants me to send a copy of my entire contract. And the TX Attorney General has sent a letter to WG requesting a response.
That is Fraud!
It hasn't happen yet (hopefully Soon) but I'M told that I have a silver lining on my black cloud, I paid with a credit card and have spoke and started the paperwork for them to issue a charge back. My credit card Co. said they will refund all of my money.
Can't happen soon enough!
also: on their website (on the HOMEPAGE, no less). they claim: "We have established a "Trust Reserve Account" ("TRA") which is managed by our administrator to pay your claims for the life of your contract. Our administrator is insured to adequately cover all claims today and tomorrow."
call me crazy, folks, but i think "tomorrow" is now.
Subject: you're testimonials are bull****...
To: suggestions@warrantygold.com
...in light of the current situation. Perhaps an edit is in order??
To the receiver of this message. You should find honest work with a reputable company. Leave WG with some of your integrity left. Don't lie for these people.
I only edited the title for the edmunds board.
http://www.nwig.com/Memorandum%20order%20on%20permanent%20injunct- ion.PDF
I’m no lawyer so if there is one on the board, please help. The US court has now made permanent the previously Temporary Restraining Order that froze what I believe Warranty Gold called the ‘Trust Reserve Account’? I think the US Bankruptcy Court has deferred all proceedings and rulings to the Cayman Islands’ bankruptcy court. That is who originally requested that these funds be frozen. So, these funds will become part of the whole NWIG liquidation?
Goog luck to all.
Timothy G.
http://www.license.state.tx.us/scp/scp.htm
http://www.bbbonline.org/consumer/complaint.asp
http://www.oag.state.tx.us/consumer/complain.shtml
So I advertised and sold the car with the promise of a transferred extended warranty. My view is that WG failed to excercise minimal care by failing to inform me that that NWIC was not solvent. I made a binding commtment to the new owner to provide the warranty. So WG's error is now my problem. Not a good situation for WG to be in. Trust me.
Only in early August, when I noticed that the $50 check for the transfer fee had not been cashed, did I find out (by me contacting them) that the transfer would not be made. I received no information about the NWIC situation until August 10 (or so). I certainly received no "mass mailing." I acted in good faith when selling my car, but completely in the dark. Not a good situation for WG to be in. Trust me.
But I'm not even sure if the NWIC situation is relevant to the transfer provisions of my contract with WG. If the NWIC situation in fact does constrain their ability to exercise the transfer clause of the contract, was WG criminally negligent in failing to inform me of their difficulties with NWIC when I contacted them in early July? If the NWIC situation is not relevant, are they legally bound to warrant the car to the new owners? Either way, I would think it would be in their best interests to resolve this situation -- before my Irish stuborness and ire is activated!
I have proposed to WG that they simply write a new contract to the new owner for the remaining miles/time. But they have not yet replied to my proposal. For now, I am continuing to try to work the situation with WG in amicable fashion. Hopefully we can reach an equitable adjustment before I have to join the chorus of the other betrayed customers.
Any advice or comment or recommendation would be most appreciated.