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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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| 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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The dealership I purchased my warranty from King O'Rorke, Port Jefferson, NY, is not as customer oriented, only profit oriented. Neil King, himself told me that on advice of his attorney, if he honored my warranty, he would have to make good on them all. I not only have a worthless warranty, but repairs to my transmission have cost $2100 plus car rentals. I have contacted the Office of the Attorney General for NY, Suffolk County Office and would advise anyone in this area to do the same. Perhaps if they get enough complaints they will do something about this. |
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| MNEY states there is $80,000 dollars of unpaid claims and 300 contracts in effect for 4 more years. How about reaching a settlement with all of the contract owners that you will pay back the profit of the contract minus any prorating for lentgh of contract and split the claims 50/50. That will get the dealer off the hook for future claims, give the car owners some money back and keep happy customers.The dealerships represented the contracts when they sold them. Then everybody will lose a little money but keep respect. | |
| "Smart" dealers are offering to sell the contract holders new cars at cost to get out from under the nontransferrable obligation. Or so I've heard. | |
| Okay maybe someone can answer this for me. I bought a 5 year/100,000 mile warranty from Reese Dodge in Lynbrook, Long Island, N.Y. In the past I had no problems with the coverage given. I needed several hundred dollars worth of work which had been covered by the warranty--but that was 2 years ago. I now have to have work done on the master cylinder. I now live upstate, NY and no dealer here will accept this warranty. Also the dealer that offered me this contract--Reese Dodge in Lynbrook--has gone out of business. I spoke to the salesman that sold me this vehicle--Ira, who now works for Merrick Dodge--and he informed me that he would try to help me by talking to the former owner of Reese Dodge when he saw him around. What are my options? I might want to add that for this warranty Ira--Merrick Dodge--charged me $1900.00 , which he informed me was a good deal. | |
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| He didn't inform you that the warranty could become worthless soon after you purchased it or that the Risk Retention Co. that "insured" the warranty was domiciled in the Cayman Islands. After all, you might not have laid out $1900 bucks had you known that. (Do you think he may have misrepresented the warranty to you?) | |
| HAS ANYONE ATTEMPTED TO FILE OR HEARD OF SOMEONE FILING A LAWSUIT AGAINST THE CAR COMPANIES OR DEALERS THAT SOLD SMART CHOICE OR WARRANTY GOLD OR ANY OF THE OTHER OTHER WARRANTIES? ALSO IS THERE ANY NEWS ABOUT A CLASS ACTION SUIT AGAINST THESE PEOPLE (AUTO COMPANIES/DEALERS)? | |
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| That dealer made at least $1200 off of you. You might want to go to the NY DOI. I have noticed one state with a list of all the dealers who sold Smartchoice. The list also shows who is taking care of the customers. Some are doing the work at cost, some eating the cost, others are saying too bad, we got screwed too. If all the states would come up with some kind of list it might make things easier. | |
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