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Smart Shopper smart choice warranty HELP !
125 messages, Last post on Mar 10, 2008 at 9:36 AM
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Not all dealers have a reinsurance program and for those who did with smart choice lost their money also. That money is still in the hands of smart choice. |
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Smart Choice and others ran out of money [from paying too much out to customers] and high overhead. They plain and simple miscalculated the costs of the repairs [for the policies they sold]..[the reliability of the cars wasn't as high as someone calculated]....happens all the time in the business. |
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| i am a smart choice policy holder living in pa. i contacted the attorney generals office and they are sending me a claim form. who do i file against, the dealership or nwig? has anyone gotten results with this procedure? are there any other options available, such as a class action suit? this has cost us a grand and alot of misery. hate to see them get away with this. our dealership says they have nothing to do with it.they are already out money and are looking out for their interest, not the policy holders. any information on this matter will be appreciated. found out all the information from this board and nothing from the dealership. | |
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| The Dealership sold you the policy and made money doing it. I also bought a Smartchoice contract in PA from a Dealership. Haven't heard back from the PA Attorney General in Pittsburgh since I filed my follow-up complaint, in which I claimed that the contract was misrepresented to me by the dealership/salesman, who implied that there was no risk. He said the contract was "insured". Never told me that the contract could become worthless. I think the PA Attorney Generals office is waiting to see how things play out. I haven't had a problem with my vehicle. Until the Dealership fails to perform a repair, they may not be breaking the contract. The wording in my (PA) contract is that the Dealer has SOME responsibility. SC&E has the remainder. | |
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| Just wanted to remind everybody that there are a lot of very well-written and informative articles about the NWIG/SC&E situation at the LincolnStar Journal's website at http://www.nebweb.com/business.php?story_id=53688 Just type in "NWIG" in the search box at the top of the Lincolnstar site and you will get a list of current articles about the situation. The details of the NWIG fiasco are very complicated but very interesting. This is the only site/newspaper that I know of that publishes comprehensive articles about the NWIG situation on an ongoing basis, probably because they are located in Lincoln, NE, the US headquarters of NWIG, which is domiciled in the Cayman Islands! (If my Dealer had told me that, I would never have paid over $1000 bucks for an "insured" contract.) | |
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| yes, I have contacted the dealer, which by the way is King O'Rourke in Port Jefferson, NY. I feel we have all been part of a scam in this pyramid scheme. The dealer took our money enjoyed the profits and so did smart choice and then National Warranty. Now no one wants to be responsible. Something must be done. Car Dealers have enjoyed their share of the profits while giving nothing back to the customer, at least King O'Rourke has. | |
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I too purchased an extended warranty from Smart Choice at Stevens Toyota in Huntington, N.Y. in June 2002. When I first called the dealer to inform them of the issue I was abruptly hung up on. I have since been dealing with the Sales Mgr. and he is checking what they can do. I told him I would split the difference or work something out, but so far as you know been getting the run around. I am giving one more week and then am considering starting a website exclusively with Steven's Toyota name. The markup on the contracts that they sell are almost double of the cost of their price. A "Reputable" dealer would try and work something out instead of leaving customers out in the cold. I currently have 5 drivers in the family. Think of the business they will loose. If anyone does find a breakthrough in this please post. The car dealerships represented the company when they sold us the warranty. They do have skin in the game.
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honored the contracts at our dealership. The decision was based on our belief that our customers come first. We have told the customers that we will only cover the contract if service work is done here. What gets me is that some people chew me out for this.Or say this is the last time we will ever buy a car from you again. We are currently 80,000 dollars worth of un-paid claims. We have 300 contracts that will be in effect for another 4 years. |
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| I figured some dealers were doing that. Our dealership sells GE capital service contracts. I hope they don't go under or we'll probably be doing the same as you. Do you have Any recourse against the service contract company, or is this going to be a really big lunch for you guys? I bet it's a really big lunch. My condolences. | |
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it is putting a huge strain on profitability.There is no type of recourse at this time. We hope to see at least May's claims paid when they release the funds. GE Capital went thru a similar issue afew years back but were able increase their costs on service contracts to offset the losses. |
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