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Outstanding warranties & bankrupt retailers - 1/16/2009 2:38:35 PM

Vendaval

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With the latest news on Circuit City and another retailers filing
for bankruptcy a concern of many consumers is what happens with outstanding warranties after a company liquidates.

"Circuit City, R.I.P."

Ben Patterson: The Gadget Hound
Fri Jan 16, 2009 12:13PM EST

"Update: Many of you are wondering what happens to the extended warranties you bought from Circuit City. I have an e-mail in to Circuit City's public relations department and will let you know as soon as I hear back. In the meantime, here's some general info straight from the Better Business Bureau.

The validity of any outstanding warranties varies for each bankruptcy. If a retailer goes out of business, the consumer may be able to rely on the manufacturer’s warranty. If a manufacturer goes out of business, the consumer may be able to rely on any warranties provided by the retailer. Many extended warranties and service plans are provided and administered by third parties and are typically not affected by a retailer or manufacturer going bust."

http://tech.yahoo.com/blogs/patterson/33343

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RE: Outstanding warranties & bankrupt retailers - 1/16/2009 2:39:52 PM

LaTigresse

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Exactly. It is nothing more than an insurance policy.

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RE: Outstanding warranties & bankrupt retailers - 1/16/2009 2:54:10 PM

sirsholly

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Hubby's response when asked if he wanted to buy an extended warranty: "If i need that kind of a warranty, your product isn't worth a damn, is it?"

We just never buy them.

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RE: Outstanding warranties & bankrupt retailers - 1/16/2009 3:22:49 PM

Vendaval

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Hah...I usually just go with the standard warranty unless it is a vehicle.

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RE: Outstanding warranties & bankrupt retailers - 1/16/2009 3:45:54 PM

pahunkboy

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quote:

ORIGINAL: sirsholly

Hubby's response when asked if he wanted to buy an extended warranty: "If i need that kind of a warranty, your product isn't worth a damn, is it?"

We just never buy them.

same here.

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RE: Outstanding warranties & bankrupt retailers - 1/16/2009 5:36:22 PM

DarkSteven

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I find them very useful for PDAs which have tendencies for the screens to go bad. However, if something survives the first three months, chances are very good it will not fail until it reaches wearout, usually around five years.

Extended warranties generally are a ripoff, and the fact that they may not even get honored if a retailer tanks makes them more so.

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RE: Outstanding warranties & bankrupt retailers - 1/18/2009 4:40:54 AM

Termyn8or

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Wanna know why I don't buy Craftsman tools anymore ? Bacause I don't want them to break, I shouldn't NEED a warranty. What goos does a warranty do when you are laying under a car with the transmission on your chest ?

T

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RE: Outstanding warranties & bankrupt retailers - 1/18/2009 5:50:46 AM

pahunkboy

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quote:

ORIGINAL: Termyn8or

Wanna know why I don't buy Craftsman tools anymore ? Bacause I don't want them to break, I shouldn't NEED a warranty. What goos does a warranty do when you are laying under a car with the transmission on your chest ?

T

bingo. should not need a warranty.

well in the case of circut city , the warranty is a lifetime. (of the store)

everything is made cheaply. ...dads gravestone has a lifetime warranty. (against fading) but the manufacturer cant be found. I guess that adds up. I see alot of stones in the cemetery that need re-polished. ..so even when ya die- the burial stuff is cheap

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RE: Outstanding warranties & bankrupt retailers - 1/18/2009 10:07:22 AM

ThatDaveGuy69

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Uhm... has anyone actually read the Circuit City website?
It clearly states that extended warrenties are handled by a 3rd-part company and will not be effected by the bankruptcy.

from www.circuitycity.com

Are Circuit City's extended warranties affected by the liquidation?

No. Circuit City Advantage Protection Plans® (extended warranties) have been backed by third-party independent companies for more than 15 years and as a result, are not impacted by Circuit City's closing.
Currently, all Circuit City Advantage Protection Plans are fully backed by the Assurant Solutions companies. Assurant Solutions operates as Federal Warranty Service Corporation, Sureway, Inc., and United Service Protection, Inc. Assurant Solutions is part of Assurant, Inc. (NYSE: AIZ), and its extended service contacts are backed by an Assurant insurance subsidiary rated A "Excellent" by A.M. Best Co.

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