I'm thinking the reinsurance is there in case National Warranty is unable to pay claims (ie. they are paying out more in claims than they are bringing in). I don't think the reinsurance is coverage for bankruptcy (or provisional liquidation). Could be wrong though.
It took you guys long enough to repsond. Might have been nice if the response was from your Presient and not a customer service agent.
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?
I had an investigator from the Dept. of Licensing and Standards call me today about my complaint against WG. he says there have been numerous complaints. According to him, they are in violation of their contract to me because the contract does not cover the current situation. I do not know if will amount to anything or another attempt to get blood from a stone at this point.
After having a claim lost in the smoke, and paying my dealer direct to get my car fixed, I checked my contract with Warranty Gold (written March 99). There is no mention of NWIG and it is CLEARLY an obligation of WG - no right to assign to others. The "Administrator" (Interstate in those days) is just that, not a party to the guarantee. 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.
I bought my extended warranty ($1450) from a large local dealership 9 months ago when I bought my used vehicle. The contract says "the liabilities of this contract are with SC&E Administrative Services, Inc., Irving, TX. The performance of SC&E Administrative Services is insured by an insurance policy issued to SC&E Administrative Services by National Warranty Insurance Company, RRG"
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.
WG did give all the reserve money to NWIC. But SC&E kept the reserves and STILL has control of the reserves that are left....so there is still a good chance you will get some compensation. Many dealerships that sold Smart Choice are covering the claims on the contracts they sold. You will get the best information on your particular situation by contacting the dealer where you purchased the contract.
After having a claim lost in the smoke, and paying my dealer direct to get my car fixed, I checked my contract with Warranty Gold (written March 99). There is no mention of NWIG and it is CLEARLY an obligation of WG - no right to assign to others. The "Administrator" (Interstate in those days) is just that, not a party to the guarantee.
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.
Then they lied to me about mass-mailing the administrator change notification. I moved back in 2001, so I assumed they sent it to my old address. But maybe they never sent it...
Redline, according to this article in the LincolnStar Journal from July 27th http://www.nebweb.com/business.php?story_id=66775 SC&E is part of DeltaGroup, had business dealings with NWIG, that eventaully brought about the liquidation. This article states "Troy Phillips, a Texas attorney for SC&E, a part of the DeltaGroup, said his client is still calculating, but its claim could be upwards of $10 million in fees he said NWIG owes SC&E. SC&E is now out of business, Phillips said, and is trying to liquidate its own assets."
From the sounds of it Warranty Gold will eventually have to honor the contracts, (it may take court action) and hopefully (for the sake of all the WG customers) WG will be able to remain in business doing this. Otherwise, I think eventually WG will be made to pay the claims and will be unable to and they too will go out of business.
I received a call from the Texas Attorney General's office. The AG will contact Warranty Gold concerning my outstanding claim. I recommend filing a complaint.
Well I finally got my package together and sent out my Complatin to the Texas Attorney Generals' office. Hopefully that will help me get a refund. I just mailed it as I included a copy of my contract, my cancellation form, etc.
I wonder if anyone has gotten a class action suit together, though if the company doesn't have the funds then I'm not sure what good a class action suit would do. Would it move us up any closer on the list of creditors?
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.
Some of you who frequent this discussion may be interested in the following media request:
"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!
I am thinking there are going to be a whole lot of complaints filed with the Texas Attorney General's office. I got a confirming letter from them that they are investigating.
Set up a chargeback with Amex for fraud. The WG rep told me I could only get a chargeback in case of 'proven' fraud. I call it that and Amex almost always backs up its customers, so I am hopeful.
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?
I too have a pending $475.00 claim with Warranty Gold or should I say NWIC. I looked on the Better Business Bureau website for Austin Texas. They currently are updating the report for Warranty Gold so maybe other won't get taken by them. What I wanna know is WG going to refund our balance of our warranties so that we can recoup some of our losses?
www.nwig.com. This is the former site of the administrator, taken over by the liquidator. (the report is the one dated july 16) Its a big Adobe file, an interesting read, grab a beer and cry over it. I sure did.
For those who bought the Smartchoice 2000 Service Contracts (sold by SC&E Administrative Services and insured by NWIG)through a dealership in PA, the Pennsylvania Deputy Attorney General has advised consumers that if the contract is not being honored, should file a complaint with the Attorney General's Office of Consumer Protection. Somebody there has been assigned to investigate this case. The Deputy Attorney General states that "There may also be some language in the contract that the dealer is obligated to perform it; and even if that's not the case in the contract, we would look at the implied warranty... the dealer may be held liable for the warranty."
Thank you to John for the suggestion of filing a complaint with the Attorney General's office. I suggest everyone does that. I also suggest whoever purchased their warranty from Warranty Gold read you contract and dilute them with phone calls until you reach someone of importance. My problem is they continued to take money from me even after NWIG filed bankruptcy. I even called to make a final payment of $1100 to stop the automatic withdrawls from my account and nobody bothered to tell me not to send money because my warranty isn't valid. Instead they said hey great we'll send you a statement and then you can send your check. How nice of them. Well, I'm out $2880 and I want it back. I've emailed Bill 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.
jhungness - when did you first hear about the NWIG/WG problems? I can't believe you would have went ahead and paid off your contract if you had already heard about it. Although I lost some money with WG, I'm glad to say I never sent them anymore money after I heard about it. I first heard in mid-June. They gave me a payment holiday for June. When they would not do the same for my July payment, (even though the crisis still wasn't resoved), I cancelled the policy. So I had paid them $849 but still owed $1050, which I was able to put towards a different plan.
My husband and I only found out last week when we brought his car in for service. The dealer called and say sorry WG wont be paying your claim and your total is $1200 will that be cash or charge? We told them not to do the work and they are holding our claim and making calls to WG. They lied to me and will pay for it.
where do you live in illinois? i live in chicago. i can't believe that they allowed you to pay off your contract, knowing FULL AND WELL that it would not be honored. sons a...........
I am one of WG's customers that's caught in the middle. I purchased my policy on May 9th of this year. However, I was paying for it over 12 months. WG deducted from my MasterCard every month and they continued to do so until I canceled the policy and the card. I found out about this issue with NWIC earlier this month. If I didn't happen to call to just check on the policy, WG would have continued to debit my card every month. They claim that if I cancel, all that I can get refunded is $92 compared with the $675 that I have already paid. That?s with no claims being filed during the 3 month duration of the policy and only 1,500 miles later. Was anyone informed about this issue back in June?? I wasn't! WG to this day continues to sell policies 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.
Thanks for everyone's responses. To Scarface call your credit card company and dispute your charges immediately. They will take your money back and not pay any further. If anyone is having their bank accounts debited call your bank immediately. Here is an email address for a supervisor ataylor@warrantygold.com 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!!!!
I also agree with the action of calling up your credit card company and disputing the charge. I signed up in the end of May for a new vehicle contract and paid the full amount by credit card. In the middle of June, I paid my credit card the full amount. In the beginning of July, I cancelled.
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!!!
i talked to that reporter, too. he was a really nice fella. i am glad that there are people out there that help spread the word. the media is our watchdog, now. the last thing that companies want is bad press. bad press=less $$. they are screwed. this is going to be BIG. at this point , i have chalked up the $$ to a "loss" and now i want WG to sweat. i want them to feel the stress i felt for two weeks straight. i HOPE they go bankrupt.
I think bankruptcy for WG is inevitable. They are going to need all of the new contract money coming in for lawyer fees. I noticed they took the Better Business Bureau link off of their home page. When I clicked it yesterday it said there is no BBB information for the company. Sounds like the complaints are being heard.
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.
i officially joined the ranks of being screwed when my van went in for a transmission and 2000dollars no valid contract i have 6 contracts with them and i could only stop payment on 3 from the bank. any ideas where i go from here jayzze74 thanks
I have an extended warranty that I purchased from WG Sept '02. For the thousands of people like myself, the only chance we have is for WG to stay in business. It is my understanding that their lawyers are fighting to get the funds unfrozen from the courts that are overseeing the liquidation of National Warranty Insurance Group (NWIG), the administrator of my policy, so they can turn the funds over to a new administrator and resume paying claims. WG obviously now uses a different administrator that is supposedly financially strong. WG is not the only extended warranty company that used NWIG but it is my understanding they are the only one fighting for the release of the frozen assets. Refer to www.extended-warranty.info/nwig/ for additional info (particularly the section on "My Thoughts on Warranty Gold). This site is the product of someone who does extensive research on auto warranty companies. I guess you could criticize WG for their selection of NWIG but they were rated by A.M. Best as A- (Excellent) when I bought my warranty. When NWIG got into financial trouble, WG changed administrators. Hopefully, WG's lawyers will be successful in getting the funds released. I am trying to keep a positive attitude!
How often do you hear that a bankrupt company pays off their debts in full? We are talking about a company based in the Cayman Islands not the USA. I think the chances for any of us to see $.05 is hopeless. The fact that WG is being so evasive and still selling new policies, all the while screwing us current customers, is indicative of the entire sordid mess.
I'M another one that they screwed, but I purchased a warranty for two vehicles (Doubly screwed ~$3000). Purchased on 4/24/03, Warranty gold new what was happing with NWIG and they still sold me a Useless contract.
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.
what burns me about WG is the way they have handled the most important part of the equation: THE CUSTOMER. i have YET to receive any word from them about the NWIC situation. this situation is a MAJOR problem and they owed it to us to keep us informed as to what is going on. how many people are going to have find out that their contract is worthless by taking it to the shop and having the service dept. tell them that NO CLAIMS ARE BEING PAID. AND, btw, what is WG doing with the $$ that they are STILL collecting from those who purchased a contract before they changed administrators? they are still collecting $$ from people for a worthless product. they are FAR from innocent in this debacle.
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.
Date: Fri, 22 Aug 2003 13:31:00 -0700 (PDT) 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’m afraid we are all screwed. About a week ago WG told me that if they can’t get to the reserves: “policyholders won’t get any reimbursements and WG would probably be forced out of business”. The NWIG website has now posted the decision of the US Bankruptcy Court: 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.
i just got in mail from wg that i stopped the bank frompaying on 3 contracts and if i do not pay them i will not be ccovered. what do they think we are all stupid. what a scam they have going.
WG has refused to honor the contractual obligation to transfer my warranty to a new owner. Unfortunately the company failed to indicate to me in early July, before I sold the car, that they were in big-do-do with their administrator. In fact, I spoke to a customer service rep about transferring the warranty in early July; and she gave me no indication there would be any problem. She even faxed the form to my office! Their failure to be forthcoming is - I think - unethical if not illegal. ... and I mean criminally illegal!
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.
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.