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post #1 of 15 Old 14th November 2003, 04:18 AM Thread Starter
greg
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Important: Warranty Gold / National Warranty owners

Found this on the Porsche board:

Quote:
As a result of National Warranty's liquidation and the inability to quickly recover funds sufficient to either pay all of the repair claims or prorated refunds accruing under the contracts issued prior to June 7, 2003, Warranty Gold has sought the protection of Chapter 11, Title 11, of the United States Code. The reorganization case was filed on November 11, 2003 in Austin, Texas. Judge Frank Monroe presides over the reorganization. The case number is 03-15721.

As of today, Warranty Gold operates under the supervision and authorization of the federal court. All extended warranty contracts sold today (as well as those contracts sold after June 7, 2003) are fully effective and enforceable.

However, if you bought an extended warranty contract prior to June 7, 2003, your contract is no longer effective. Those contracts that were backed by National Warranty are not in force and cannot be relied upon to pay repair claims. Further, as of November 12, 2003, those contracts have been effectively terminated by order of the federal court.


Warranty News

P.S. - this is a PSA. I don't own their warranty, and I know nothing about this situation.

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Last edited by greg; 14th November 2003 at 04:19 AM.
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post #2 of 15 Old 14th November 2003, 05:12 AM
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Greg,

I saw this on Rennlist as well. And yes, they took me to the cleaner.

From now on, I'm self-insured.

CP

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post #3 of 15 Old 14th November 2003, 09:36 PM
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I have a WG warranty on my truck

Glad it paid for itself before it became worthless paper. Warranty cost was $1300, it paid out $1400 about a month before claims started to be rejected. I guess I'll consider myself lucky on this one???

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post #4 of 15 Old 14th November 2003, 11:30 PM
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I have WG....paid $2500, got nothing

My M5 is still under BMW warranty - any suggestions for substitute?
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post #5 of 15 Old 15th November 2003, 12:06 AM
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I just checked with Crevier BMW in Santa Ana for an extended warranty. The 7 year 100,000 mile no deductable extended warranty is $2700. Not a bad price for the extension.

Mark

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post #6 of 15 Old 15th November 2003, 10:41 PM
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What company does Crevier BMW use?

I believe there are no BMW warranties available. By the way, the technical situation with Warranty Gold is that the warranties are "rejected". This means that they will not be honored. However, if you file a "proof of claim" with the bankruptcy court (a simple process), you will be entitled to a share of whatever distributions are paid to unsecured creditors - who filed a proof of claim. Since lots of people will not file, the distribution could be worth something. I have not studied the bankruptcy financials, so the distribution could be worth anywhere from pennies to a few hundred dollars, but it cannot hurt to file.
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post #7 of 15 Old 15th November 2003, 10:57 PM
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Re: I have a WG warranty on my truck

Quote:
Originally posted by Lincoln
Glad it paid for itself before it became worthless paper. Warranty cost was $1300, it paid out $1400 about a month before claims started to be rejected. I guess I'll consider myself lucky on this one???
Insurance companies are supposed to make profits, not the people buying the contracts. Good for you. Maybe the price was too good for the consumer. I'll bet the officers and owners of the company skimmed a nice buck before they went belly up.

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Last edited by Jim Dolan; 15th November 2003 at 10:59 PM.
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post #8 of 15 Old 16th November 2003, 03:27 PM
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I agree this is not likely a BMW warranty

Quote:
Originally posted by MAH
I just checked with Crevier BMW in Santa Ana for an extended warranty. The 7 year 100,000 mile no deductable extended warranty is $2700. Not a bad price for the extension.
Mark

Please let us know if this is a BMW warranty. Last time my car was in service my SA said there were no further *BMW* warranties that I could purchase. But once my lease is up I could go the CPO route...

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post #9 of 15 Old 16th November 2003, 07:55 PM
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post #10 of 15 Old 17th November 2003, 02:37 AM
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Arrow Re: I agree this is not likely a BMW warranty

Quote:
Originally posted by TiGumz
Please let us know if this is a BMW warranty. Last time my car was in service my SA said there were no further *BMW* warranties that I could purchase. But once my lease is up I could go the CPO route...
Glenn,

This is a warranty offered by the dealership that can be used at any BMW dealer. It is not an extended BMW warranty. The no $100 deductable was thrown in during the negociation. Everything is covered except for the wear and tear items, brakes, clutch, windshield wipers are not covered.

Mark

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