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Comments
the monies paid into your account were received and held by NWIC. funds held by NWIC are frozen until the banruptcy proceedings are finished. so it is impossible to write a new contract for the new owner of your vehicle. thank you and have a good day.
i am just as mad as you are about this (maybe i have some irish blood in me. LOL). they are going to weasel and squirm their way out of giving you any sort of equitable satisfaction. let me be the first to welcome you to the chorus. (are you a soprano, or baritone?)
What is interesting here is that I am not seeking any funds from NWIC ... only that WG honor their own contract with me. NWIC did not promise me to transfer the warranty. I don't need any funds from NWIC to pay for a claim. I'm "simply" asking WG to issue a contract to the new owner for the time remaining on my contract with them ... as agreed to in the contract. NWIC does not even enter the picture, as far as I'm concerned. WG - not NWIC - gave no indication (in early July) whatsoever that transferring the warranty would be problematic. As noted before: they even faxed the necessary form to me. If in fact they were hindered from issuing a new contract at that time, it was incumbent on them - I argue - to offer a full disclosure. By failing to do so, they knowingly allowed me to enter into a transaction that was inherently flawed. If that is not illegal, then I'd be very surprised.
If I don't hear from WG soon with a substantive response to my inquiry and proposal for resolution, I'll retain an attorney to discuss the dispute with them. Does anyone have any experience to know if this awakens them?
Besides WG there are 1.5 million OTHER ESC policies in trouble at this time.
Members are having heart attacks over a measly few thousand. Sit back and relax.
Venting helps little.
I entered into a contract with WG - not some Cayman Islands off-shore company - and I will use every legal resource to ensure that they meet their contractual obligations.
WG is hardly broke. Just check out their web-site. Does it appear to be a broken company? I don't think so!
You're right about one thing: venting helps little. But specific legal actions may. I know they are not sufficient; but unfortunately they may be necessary in this case.
I would suggest that we contact any web site having WG advertising and indicate to them that they are helping commit fraud by permitting WG to make their fraudulent claims.
I do believe that WG is about to sink and we are all without a lifeboat but we should at least make an effort, if nothing more than to doggie paddle.
Then, all the people who have bought since WG switched from NWIG to the current administrator, may be stuck if this whole debacle winds up putting WG out of business.
I called John Dean back again, he said we would definitely just be switched over, and that once that happened, that we would be notified by mail. I know it means nothing now, just telling you what he said.
John Dean, @ NWIG - 877-262-8765, x2340 on 8-25-03 at approximately 11:45am CST.
IF ANYONE BELIEVES THIS I HAVE SOME SWAMP LAND IN FLORIDA TO SEND YOU.
or - I wonder if they would have the gaul to pay - first- all their legal bills; and then compensate their own executives through bonuses for doing such a wonderful job in "minimizing the impact" of this situation, and leaving - gee - not anything left for their customers. I can imagine reading the letter now - assuming they even send one out: Dear Customer, after expenses incurred I regret to inform you .... blah blah blah.
Boy - won't the press - and hopefully the Attorneys General of a few states - love to hear about that turn of events!
kcram
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Smart Shopper and FWI Message Boards
Just to remind you though, "Warranty Gold" IS the one sells us the contract, not NWIG. I have asked WG what are they planning to do in order to fulfill their contract in the future, I have not received any answers. I have asked WG what if the thing happened again with their current administrator, what do they do to protect those customers, I have not received any answers..There is no guarantee and we have no protection what so ever. My last payment was charged on June 22, while they switched the administrator on June 9th, I asked what happened to that part of money, I have not received any answers.
Yes, we 'might' get some money back if those fund is "unfrozen" but if WG don't get enough money back from NWIG, what then?....
We should all submit complaints via those web site jayzze74 included in the messages....Write to websites listed WG as their partner to let them know WG is having problem and not paying claims.
2. WG definitely did a poor job of choosing a vendor when they selected NWIC. Trying to get a refund out of WG until the NWIC bankruptcy proceedings are completed is futile (your credit card company is a different matter) - WG doesn't have the money, it's tied up at NWIC.
3. Driving WG into oblivion through negative publicity might make you feel better, but it won't get you your money back - if anything, it'll _reduce_ the liklihood that you get something back.
4. When buying a warranty, remember that you're buying an insurance contract, which is dependent on the financial viability of the organization writing the contract. Bottom line? A manufacturer's warranty is the best way to go. Not perfect, granted, but for it to be invalid, the company itself would have to liquidate (not just restructure a la Chapter 11, but liquidate), and that's an unlikely outcome for a major automaker.
Till such a time, I am going to be writing to all possible and complaining. I wonder whether the Austin TV stations have brought up the WG/NWIG fiasco?
If so, best be finding a job soon. If I could avoid mechanical failure I'd do it. Sorry to be a smarty pants but I'm basically out $4000. Nobody is getting their money back and for now it makes me quite happy to run WG out of business. They are lying to people still. It's terrible. I for one am not going to sit back and take it.
One caveat, their website is slow for only loading mostly text and small icons.
I just discovered this site and wanted to alert people to avoid Warranty Gold and give everyone the example of my experience as why the company cannot be trusted....
I bought a policy for my used Mercedes in 1996 and drove the car for almost 2 years when the transmission failed in Oct 1998...thinking I had a valid warrantee to cover me for the risk....HERE IS MY EXPERIENCE>>>>
Warranty Gold and their outside administrators made me wait 3 weeks arranging inspection, then they kept setting a list of documents they needed from me to verify proper servicing, servicing of the car by the previous owner etc... after passing all the items they always had an additional item they wanted. Finally they just claimed wear and tear and overheating and refused the claim.I had a letter from Fletcher Jones Motor Cars(the Mercedes Dealer) explaining on record that they had never been jerked around so much by an adjuster. I had alternative mechanics telling them the reason the transmission failed could not be their explaination of overheating which is one the "excluded items in my coverage"
My Warranty Gold policy cost me $2295 for a
7 year, 100k miles coverage. It cost me $2900 to repair the transmission. Fortunately for me Citibank Master card reviewed my 30+ pages of service records, letters from the dealer etc and decided themselves to reverse a 2 year old credit card charge and give me my money back.... However as you can imagine, the time, aggravation, and almost $700 out of pocket cost me dearly even if I did get the policy cost back.
Warantee Gold is not a fair corporate citizen. They hid behind an outside Administration firm which uses subcontractor inspectors who try to deny claims. That is my experienceBeware if you think you can trust Warranty Gold.
Think about it.......
A warantee is no good if they try never to pay...
From: "info@austin" <info@austin.bbb.org> | This is spam | Add to Address Book
To: me@yahoo.com
Subject: Re: warranty gold
Date: Tue, 26 Aug 2003 09:34:46 -0500
The report is currently being updated so that we may provide some information on the company. We apologize for the inconvenience but request your patience as we attempt to complete the update. The report should be available by the end of this work week. Thanks--
----- Original Message -----
From: <me@yahoo.com>
To: <info@austin.bbb.org>
Sent: Monday, August 25, 2003 9:36 AM
Subject: warranty gold
comments:
> You need to get something, anything, up on these guys. They finally took your logo off their site, but they deserve a mention. Surely you have heard of their problems, it demands some mention on your site. Many people are still being decieved by your omission here.
> RefererPage:
> http://www.centraltx.bbb.org/commonreport.html?compid=98013592
>
Is their a nonprofit consumer group we can turn to? How about Consumers Union?
However, I am going to pay the remaining $1,400 into an escrow account. I've told them that if they are successful in getting their money back from the Cayman Islands, an iffy proposition, and they honor their contract, then I would turn over the escrow account.
A class action lawsuit will do absolutely nothing other than enrich a few greedy lawyers and likely push WG over the edge into their own bankruptcy. This helps no one, least of all those of us who purchased warranties before WG changed administrators. If they go belly-up we get nothing. If you pursue a class action suit you will get peanuts, at best.
Although I won't give them any more of my money, absent a guarantee of performance, I am willing to give them a chance as it appears that WG may be a victim also. Who knows, maybe they will get enough back from NWIG to honor the warranties. Of course, if it turns out they had an interest in National Warranty then all bets are off and I hope they all go to jail! Just MHO.
We are in the bad position of having to break the bad news to our customers who come in thinking they are covered.
We probably had at least 18 customer who used WG or other service insurance contracts that are now in trouble.
We started warning customers 12-18 months ago that things seemed different in our conversations with these companies.....to get what they could get now. As they started to send out inspectors late and become more and more picky and resistive to repairs........wanting used parts etc. refusing our $70 labor rate forcing the customers to pay the $12 difference, etc.
As an independent much of our business is after the factory warranty expires so we get more external insurance companies. But then again the Lexus and Infiniti are all high mileage units [100k-300k]........way beyond what insurance covers.
If you get too worked up, your life will be miserable.
"Anyone know about Warranty Wizard?"
Obviously with a warranty...there is no pressure for the consumer to bring their vehicle in and have it inspected for a possible problem.
To the none covered consumer, they probably would be more inclined to just drive their vehicle until something went or the issue just got worse.
I'm not knocking extended warranties, but I purchased a $1400 policy for 5yrs/150k miles of coverage and ended up making out on the deal. WG's administrators ended up paying nearly 10k in claims for my previous car.
Many of the claims, I just brought my car in for a minor sympton and ended up being diagnosed as a expensive repair. To this day...my 98 eclipse spyder with over 150k miles, continues to run like a champ thanks to WG.
I personally feel this extended warranty BOOM is over. I dont believe an interest bearing account of any kind could have saved NWIG. Theres a reason why they went under in the first place and i believe they just couldn't afford to pay out the claims anymore.
I will probably end up not purchasing another extended warranty policy ever again and just end up using the money saved towards maintenance. I'll keep my fingers crossed in the process.
I'll have the peace of mind knowing I dont have to deal with a possible worthless contract someday, a denied claim, or any other hassles associated with having a extended warranty.
I too received over $9,000 in replacements on a $1200 extended service insurance contract....TRW stopped writing polices 2 years after I bought mine less than 4 months after mine expired in 1997, they closed the divison on 12/97. They lost an average of $3,100 per policy on my brand [from the annual report details].
It only takes a few miscalculations to trash a business........why Range Rover 100k policies [If you can find one] were $4450 the last time I looked.
"Who really owns your warranty? Who really has your money?
You need to know about the "transfer of risk" associated with warranties. A transfer of risk is when the dealer pays money to an administrator that sets up "reserves." These reserves are used to pay for repairs. Why is this important?
Some dealers DO NOT pay into the reserve, they do not "transfer the risk". They are gambling with your money. Your warranty is then only as good as the financial status of the dealership. If they hit hard times, your warranty is in jeopardy.
If the dealer hasn't "transferred risk" to an administrator that maintains an excellent claims paying ability and the dealership is sold OR GOES OUT OF BUSINESS, you're out of a warranty, and you're out of the money you paid for that warranty.
Warranty Gold won't play games with your money".
NOW THAT IS SOME CREATIVE WRITING!!!!!
thanks, rick popely, for listening to the little guy.
kirstie_h
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Sure glad I got a GM factory ex-warranty on my last few trucks as I work them HARD and break some expensive parts !
Please be careful on what you post.....
Will post the how and why soon!
HOW SOON>>>>> As soon as they credit my charge card. I stupidly did not see this thread untill it was too late.
As Joe Friday used to say "Just The Facts Ma'am".
Please report these people so we can stop them before they file for bankruptcy after hiding whatever monies there are available for us. For instance, where have they placed the money they have collected on policies issued before June 9,2003 and after they switched claims administrators? They cannot possibly putting that money in the same Trust Reserve that was used by NWIG, so where is that money that they are collecting on policies that are no good??
As far as them watching the boards, go ahead!!! Let it be known that your customers will not stand for this kind of treatment. You will be taken care of through all avenues that the law allows us and I for one will pursue every legal avenue of retribution available to me and urge everyone else to do the same!!!
Sorry this post is so long!!!!
http://www.extended-warranty.info/nwig/nwig_email.asp
it helps explain, in laymen's terms what the he-- is going on/what really happened.
Also, for the media outlets you mentioned, can you supply email addresses. I will then send in complaints to all of them. Fortunately, I already have a Word Document detailing my curcumstances.