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Car Forum / Chevrolet / Chevrolet Corvette / January 20061SourceAutoWarranty Going Out of Business???
I've been done wrong by 1SourceAutoWarranty.comon every single claim I made. They owe me substancial $$$. I now hear rumor that they are gong out of business. I wanted to file a class action suit after my warranty expired. I have been contacted by at least 12 people who wish to do the same. They are supposedly underwritten i Hawaii. Any suggestions? Anyone else interested in joining the lawsuit?  SignatureWarmest regards, Steve Horrillo > Warmest regards, > > Steve Horrillo You can't get blood from a turnip. Chances are, they was a legitamate company, and have just gone belly up. How many claims have you made? How much we talking? > > Warmest regards, > > [quoted text clipped - 6 lines] > > How many claims have you made? How much we talking? LESSON LEARNED!!! NEVER BUY AFTER MARKET SERVICE CONTRACTS. If I could tell you how many aftermarket contracts went out of business and left the owners with nothing. It happens and it happens to often. Buy the manufactures extended warranty. Glenn Beasley Chrysler Tech there's some good ones out there.....this one must not have managed their money. this is why they question some things instead of just righting a blank check every time someone calls and says I need a bulb or gasket. they pay out too much for little things and don't manage their company right they will go under. I have no knowledge of this company, so most likely they were a small company.....the big ones have been around for many years and I talk to some of them daily. it just depends on who you go with. the best ones are the extended ones from the factory but their are a few independents that are quite good too. > > > Warmest regards, > > > [quoted text clipped - 14 lines] > Glenn Beasley > Chrysler Tech > there's some good ones out there.....this one must not have managed their > money. this is why they question some things instead of just righting a > blank check every time someone calls and says I need a bulb or gasket. they > pay out too much for little things and don't manage their company right they > will go under. Yes but why find out down the road if you have a good one or not? Chrysler dosent send an adjuster out every time a claim is submitted, the customer isnt sitting around waiting all the time for a covered item. > I have no knowledge of this company, so most likely they were a small > company.....the big ones have been around for many years and I talk to some > of them daily. it just depends on who you go with. the best ones are the > extended ones from the factory but their are a few independents that are > quite good too. The sad thing is the alot of the ones that go belly up will just start over again under a different name untill it happens again. > > > > Warmest regards, > > > > [quoted text clipped - 16 lines] > > Glenn Beasley > > Chrysler Tech Chrysler has sent me out but your right....not all the time. just on the serious ones that they find suspicious > > there's some good ones out there.....this one must not have managed their > > money. this is why they question some things instead of just righting a [quoted text clipped - 37 lines] > > > Glenn Beasley > > > Chrysler Tech >LESSON LEARNED!!! NEVER BUY AFTER MARKET SERVICE CONTRACTS. If I could tell >you how many aftermarket contracts went out of business and left the owners >with nothing. It happens and it happens to often. Buy the manufactures >extended warranty. Don't ever buy any extended warranty. They are all a rip off. Studies have shown that they are pure profit for the seller, and almost never of value to the consumer. >>LESSON LEARNED!!! NEVER BUY AFTER MARKET SERVICE CONTRACTS. If I could tell >>you how many aftermarket contracts went out of business and left the owners [quoted text clipped - 4 lines] > Studies have shown that they are pure profit for the seller, and > almost never of value to the consumer. That is why they are even available... If it always put the customer ahead, the industry would disapper. I have never purchased one myself, but I have recommended it based on the vehicle. Examples: Blazer / Jimmy / Trailblazer / Envoy? Better get a warranty. Parts prices have come down a lot over the past few years, but on the Blazer/Jimmy, you WILL replace the front hubs. they were ~$400.00, now around ~$200.00. The 4L60E transmission in the S10 series vehicles gets tortured somehow - the sun shell breaks & strips... & valve body issues abound... $450.00 part (coming down). Trailblazer/Envoy problems are coming up now too. All-wheel drive Venture vans & siblings - get a warranty. These will nickel, dime, dollar & C-note you to the poor house. Any GM V Engine w/ DexCool, esp. 4.3,3.4,3.1 V-6 & 4.8,5.3,5.7 V-8 is going to need intake gaskets changed out. Some iron heads - 4.3 & 5.7 esp., will need replacement too due to corrosion issues w/ DexCool and a faulty gasket design. Crown Vic or Taurus? No warranty needed, for example. Explorer? Better get one - esp. 2002 & up models for driveline issues. Almost all 97-up OHC 4.0 will eventually throw a CEL/SES light for intake gasket leaks(poor cold idle comes along with this). Chain tensioner will have to be updated too when it gets noisy. The 32 valve Ford Triton 5.4 has a particularly nasty engine miss issue that results from sticking valves in the guides. The body must come OFF your Navigator to do this job! It really depends on the vehicle. "NEVER buy a warranty" is too strong a statement. Rob >That is why they are even available... If it always put the customer >ahead, the industry would disapper. I have never purchased one myself, >but I have recommended it based on the vehicle. snip of examples of cars only an idiot would buy >"NEVER buy a warranty" is too strong a statement. Nope. Why would you buy something you know is a piece of sh.t? Did somebody smack you in the head when you were little? >>That is why they are even available... If it always put the customer >>ahead, the industry would disapper. I have never purchased one myself, [quoted text clipped - 6 lines] > Nope. Why would you buy something you know is a piece of sh.t? Did > somebody smack you in the head when you were little? NOT ME... I have not, and would not buy ANY of those vehicles. Where did you get that idea? It seems some people are just set on getting a certain car, I say "get a warranty". Recent advice was for an Audi Allroad... the guy HAD to have the car - he was buying it off his own lease. Ended up with a $2700.00 + 0 deductible warranty - it will probably pay for itself. You just can't change some people's minds... Rob This is getting too complex. These things are not warranties. They're insurance policies. You pay a one-time premium when you buy it. The premium covers the car's statistically-likely repair cost over the policy period, administration costs, and a substantial profit margin. The issuer knows that, overall, the policies will be profitable. Like any insuror they're playing the odds, knowing that with sufficient numbers the laws of statistics will apply to their risk pool. You buy peace of mind, knowing that if your car is one of the minority that requires repairs costing more than the premium, you're covered. In fine they're betting that your car's repair history will be pretty average and you're betting it'll be worse. Same as any insiurance policy. You're betting the premium that you'll be unlucky, and they're betting you won't. The cost of the policy is an excellent gauge of the issuer's estimation of that model's repair needs. Their records are excellent. My last car was held to be one of the world's most trouble-free, and it cost me $1000 a month in repairs from the day it went out of warranty. So I covered the Corvette, knowing the odds favor the insuror and not me. I wanted the peace of mind, having just spent over $20K in nonwarranty repair costs on a late-model luxury sedan. The odds are the Corvette will require far fewer repairs than cost of the policy, and I know that, and I expect that outcome. Just in my circumstances, the peace of mind was worth the cost to me. But you have to make your own decision, and it probably is neither right nor wrong for anyone else but inherently right for you. No one else can decide from your particular situation. There's no clear bad decision here except an ill-informed one, as whatever anyone decides is what *they* want. -- V >>LESSON LEARNED!!! NEVER BUY AFTER MARKET SERVICE CONTRACTS. If I could tell >>you how many aftermarket contracts went out of business and left the owners >>with nothing. It happens and it happens to often. Buy the manufactures >>extended warranty. > Don't ever buy any extended warranty. They are all a rip off. > Studies have shown that they are pure profit for the seller, and > almost never of value to the consumer. Bullshit. I've used extended warranties several times on my vehicles (both Dodge and Chevy), and they've paid for themselves several times over. SignatureIf you're not on the edge, you're taking up too much space. Linux Registered User #327951 > >LESSON LEARNED!!! NEVER BUY AFTER MARKET SERVICE CONTRACTS. If I could tell > >you how many aftermarket contracts went out of business and left the owners [quoted text clipped - 4 lines] > Studies have shown that they are pure profit for the seller, and > almost never of value to the consumer. Hmm. does this go true for health Insurance also? >> Don't ever buy any extended warranty. They are all a rip off. >> Studies have shown that they are pure profit for the seller, and >> almost never of value to the consumer. > >Hmm. does this go true for health Insurance also? Who do you buy an extended warranty from which covers your body? >>>Don't ever buy any extended warranty. They are all a rip off. >>>Studies have shown that they are pure profit for the seller, and [quoted text clipped - 3 lines] > > Who do you buy an extended warranty from which covers your body? Usually through your employer sponsored healthcare coverage. Most extended warranties are "insurance" instead of an actual warranty. They work very much like health insurance. > >>>Don't ever buy any extended warranty. They are all a rip off. > >>>Studies have shown that they are pure profit for the seller, and [quoted text clipped - 7 lines] > warranties are "insurance" instead of an actual warranty. They work very much like > health insurance. Directed to you DTJ!! >>>>Don't ever buy any extended warranty. They are all a rip off. >>>>Studies have shown that they are pure profit for the seller, and [quoted text clipped - 7 lines] >warranties are "insurance" instead of an actual warranty. They work very much like >health insurance. I guess in a third world type of intelligence way, that would be somewhat accurate. >>>>>Don't ever buy any extended warranty. They are all a rip off. >> Usually through your employer sponsored healthcare coverage. Most >> extended warranties are "insurance" instead of an actual warranty. > I guess in a third world type of intelligence way, that would be > somewhat accurate. Kind of like your statement above, then? "Don't ever buy..." How come you didn't respond to my other post, where I said that extended warranties had more than paid for themselves on several of my vehicles? SignatureIf you're not on the edge, you're taking up too much space. Linux Registered User #327951 find your paperwork......you'll need addresses > I've been done wrong by 1SourceAutoWarranty.comon every single claim I made. > They owe me substancial $$$. I now hear rumor that they are gong out of [quoted text clipped - 3 lines] > They are supposedly underwritten i Hawaii. Any suggestions? Anyone else > interested in joining the lawsuit? > I've been done wrong by 1SourceAutoWarranty.comon every single claim I made. > They owe me substancial $$$. I now hear rumor that they are gong out of [quoted text clipped - 3 lines] > They are supposedly underwritten i Hawaii. Any suggestions? Anyone else > interested in joining the lawsuit? Have you ever heard Kenny Rogers sing about the gambler? 'You got to know when to walk away and know when to run'? Companies often go out of business because they are out of money, whether they have lost it or salted it away somewhere. You can spend a TON of money on a lawyer, even get a judgement, and end up with less than nothing. You may even be afoul of a limiting statute, if you haven't already filed. If you lose your window of opportunity, it is all over. It doesn't do any good to sue a defunct corporation, or an individual who doesnt have, or has hidden his, money. If you choose to sue them, I wish you well. >I've been done wrong by 1SourceAutoWarranty.comon every single claim I made. >They owe me substancial $$$. I now hear rumor that they are gong out of [quoted text clipped - 3 lines] >They are supposedly underwritten i Hawaii. Any suggestions? Anyone else >interested in joining the lawsuit? Their website is still up and makes no mention of a problem. It also states that they are a member of the BBB Online program. Here is what BBB has to say: 1sourceautowarranty.com 7935 E. Prentice Ave., #400 Greenwood Village, CO 80111 Original Business Start Date: 04/01/99 Principal: Kathy Connelly, Customer Service Manager Phone Number: 888-905-5700 Email Address: kconnelly@firstassured.com Web Site Address: www.1sourceautowarranty.com Membership Status: yes Date Joined BBB: 08/22/05 Type of Business: Auto Warranty Plans The information in this report has either been provided by the company, or has been compiled by the Bureau from other sources. BBB MEMBERSHIP This company has been a member of this Better Business Bureau since August 2005. This means it supports the Bureau's services to the public and meets our membership standards. PROGRAM PARTICIPATION The company participates in the Bureau's Membership Identification Program. This company participates in BBBOnLine. This company has agreed to use special complaint handling procedures including mediation and arbitration if necessary to resolve disputes. This company participates in the Denver/Boulder BBB Complaint Extranet Program. This means the company has agreed to expedite the handling of any complaints filed with the Bureau. NATURE OF BUSINESS This company offers several vehicle service agreements including short term and long-term warranties. CUSTOMER EXPERIENCE Based on BBB files, this company has a satisfactory record with the Bureau. Any complaints processed by the Bureau in its three-year reporting period have been resolved. The number and type of complaints are not unusual for a company in this industry. On December 2, 2005 the BBB learned that the Hawaii Division of Insurance had suspended operations of this company. The BBB hs been unable to confirm with government or law enforcement agencies in Hawaii or Colorado to respond to questions. The BBB urges consumers to be cautious in purchasing any products from this company until more details are made available. December 9, 2005 -------------------------------------------------------------------------------------------------------- During a period of time within the last 36 months, the company offered limited coverage 1 month/1000 mile warranties to eBay sellers with the buyer being the beneficiary. The majority of the complaints listed herein are the result of those warranties. The company has since ended its business relationship with eBay, has met with the Bureau regarding the matter of delayed responses and has made a commitment to respond to any issues within the Bureau's timeframe. The company is committed to resolving any issue internally through its internal Review Board. In the event of any dissatisfaction, please contact Kathy Connelly, Customer Service Manager at (888) 741-1940. To have a "Satisfactory Record" with the Bureau, a company must be in business for at least 12 months, properly and promptly address matters referred to it by the Bureau, and be free from an unusual volume or pattern of complaints and law enforcement action involving its marketplace conduct. In addition, the Bureau must have a clear understanding of the company's business and no concerns about its industry. When evaluating complaint information, please consider the company's size and volume of business. The number of complaints filed against the company may not be as important as the type of complaints and how the company handled them. Closed Complaints Number of complaints processed by the BBB in last 36 Months: 202 Number of complaints processed by the BBB in last 12 months: 16 Complaints Concerned Advertising Issues: 1 Outcome of the complaint - Resolved: 1 Sales Issues: 8 Outcome of all complaints - Resolved: 6; Company made good faith effort to Resolve: 2 Delivery Issues: 1 Outcome of the complaint - Resolved: 1 Repair or Service Issues: 7 Outcome of all complaints - Resolved: 7 Guarantee or Warranty Issues: 159 Outcome of all complaints - Resolved: 135; Delayed Resolution: 10; Company made good faith effort to Resolve: 14 Refund or Exchange Issues: 6 Outcome of all complaints - Resolved: 3; Delayed Resolution: 2; Company made good faith effort to Resolve: 1 Contract Issues: 16 Outcome of all complaints - Resolved: 15; Delayed Resolution: 1 Customer Service Issues: 2 Outcome of all complaints - Resolved: 2 Credit or Billing Issues: 2 Outcome of all complaints - Resolved: 2 LICENSING INFORMATION Many local municipalities, townships, and counties have registration, bonding and/or licensing requirements. The Bureau encourages you to check with the appropriate agency to be certain any requirements are currently being met. Permit and license requirements for regulated industries in the state of Colorado can be viewed at the following website: www.state.co.us/gov_dir/permits.html. ADDITIONAL TELEPHONE NUMBERS Additional phone numbers for this company include: (303) 741-1940. EDUCATIONAL/GENERAL COMMENTS The Federal Trade Commission offers the following advice when choosing a warranty. Although not required by law, written warranties come with most major purchases. When comparing written warranties, keep the following in mind: * How long does the warranty last? Check the warranty to see when it begins and when it expires, as well as any conditions that may void coverage. * Who do you contact to get warranty service? It may be the seller or the manufacturer who provides you with service. * What will the company do if the product fails? Read to see whether the company will repair the item, replace it, or refund your money. * What parts and repair problems are covered? Check to see if any parts of the product or types of repair problems are excluded from coverage. For example, some warranties require you to pay for labor charges. Also, look for conditions that could prove expensive or inconvenient, such as a requirement that you ship a heavy object to a factory for service, or that you return the item in the original carton. * Does the warranty cover "consequential damages?" Many warranties do not cover damages caused by the product, or your time and expense in getting the damage repaired. For example, if your freezer breaks and the food spoils, the company will not pay for the lost food. * Are there any conditions or limitations on the warranty? Some warranties provide coverage only if you maintain or use the product as directed. For example, a warranty may cover only personal usesas opposed to business usesof the product. Make sure the warranty will meet your needs. For more information, visit the Federal Trade Commission's entire publication at http://www.ftc.gov/bcp/conline/pubs/products/warrant.htm. REPORT DATE: 12/10/2005 http://www.consumeraffairs.com/auto_warranty/1source.html http://www.consumeraffairs.com/auto_warranty/first_assured.html I've never dealt with them myself......... > >I've been done wrong by 1SourceAutoWarranty.comon every single claim I made. > >They owe me substancial $$$. I now hear rumor that they are gong out of [quoted text clipped - 189 lines] > > REPORT DATE: 12/10/2005 > I've been done wrong by 1SourceAutoWarranty.comon every > single claim I made. [quoted text clipped - 8 lines] > suggestions? Anyone else > interested in joining the lawsuit? chalk it up as an expensive lesson learned. fact is, you're probably screwed no matter which way ya go.. also, watch your cross-posting.. Signature"Key" They were associated with ebay at one point 4 or 5 years ago. You'd buy a car on ebay and the warranty through them. They screwed me.. evidently the crankshaft pulley/harmonic balancer is a wear and tear item when the car has 36,000 miles on it. Let me know about the lawsuit. -Stan > I've been done wrong by 1SourceAutoWarranty.comon every single claim I > made. [quoted text clipped - 5 lines] > They are supposedly underwritten i Hawaii. Any suggestions? Anyone else > interested in joining the lawsuit? > I've been done wrong by 1SourceAutoWarranty.comon every single claim I made. > They owe me substancial $$$. I now hear rumor that they are gong out of [quoted text clipped - 3 lines] > They are supposedly underwritten i Hawaii. Any suggestions? Anyone else > interested in joining the lawsuit? Going out of business or not, you should talk with Hawaii's and your own state's attorney general and at least trying to find out what information is availabl e about this company via the web. > I've been done wrong by 1SourceAutoWarranty.comon every single claim I made. > They owe me substancial $$$. I now hear rumor that they are gong out of [quoted text clipped - 8 lines] > > Steve Horrillo The ONLY after market warranty I would buy would be one underwritten through the car manufacturer, just because of the problem you described. Sorry you got burned. If the company has any assets or was able to re-insure some of its risk then you may eventually get some money in a class action lawsuit. If you can convince some good lawyers to take it on, then I wish you the best of luck. Some of us like the certainty of prepaying repair costs and thereby capping them. The reality is that most people will incur far less covered repairs than they pay in premiums. >>I've been done wrong by 1SourceAutoWarranty.comon every single claim I made. >>They owe me substancial $$$. I now hear rumor that they are gong out of [quoted text clipped - 11 lines] > The ONLY after market warranty I would buy would be one underwritten > through the car manufacturer, Again - this is too rigid a position... especially when the vehicle is no longer eligible for a MFG warranty. If you do your research, you can buy a good warranty from the aftermarket. Rob > >>I've been done wrong by 1SourceAutoWarranty.comon every single claim I made. > >>They owe me substancial $$$. I now hear rumor that they are gong out of [quoted text clipped - 15 lines] > no longer eligible for a MFG warranty. If you do your research, you can > buy a good warranty from the aftermarket. >From what I've seen the prices of manufacturer and non-manufacturer post-warranty policies are about the same. There is no reason I can see to go with some relatively unknown post-warranty company when a comparable policy can be had through Ford, Caddy, Volvo, etc. Less hassle when it comes to claims and less risk they will go out of business. And the queston of whether extended warranty coverage makes financial sense at all is completely separate. Those policies are not free and chances are most consumers will pay much more in premiums then they collect in reimbursed repair work. Does anyone know if the warranty company mentioned by the OP has actually indicated they were having financial problems? Or is this just someone having problems collecting for what he thinks are covered claims. Obviously the latter: He apparently has never filed a claim against the company for his perceived damages, and now wants to file a "class action suit". He doesn't even know if there's a "class". > Does anyone know if the warranty company mentioned by the OP has > actually indicated they were having financial problems? Or is this > just someone having problems collecting for what he thinks are covered > claims. > Obviously the latter: He apparently has never filed a claim against > the company for his perceived damages, and now wants to file a [quoted text clipped - 4 lines] > > just someone having problems collecting for what he thinks are covered > > claims. The guy is little more than a troll. > > They are supposedly underwritten i Hawaii. Any suggestions? Anyone else > > interested in joining the lawsuit? [quoted text clipped - 14 lines] > capping them. The reality is that most people will incur far less > covered repairs than they pay in premiums. I purchased the aftermarket on AFTER the "underwritten " one expired. That one was great. No questions asked never a hassle but I think Chevy would only take it to 75k miles. This one goes to 100k miles. SignatureWarmest regards, Steve Horrillo, Realtor / C.Ht. =^..^= http://BrokerAgentTraining.com http://over100percent.com http://HipFSBO.com http://eLOWn.com FYI http://www.primeguard.hawaii.gov/ I also have a problem with this company. In October 2005 they processed a refund for a car that my husband and I traded in that came back NSF in November. The company in Hawaii is a consumer affairs outfit and not an underwriter, but I was told the same thing from 1sourceautowarranty three weeks ago. I cannot get a single person to call me back, and as far as the previous message of a great rating on the BBB, if you look now, the report is unavailable. I called the Colorado BBB and they told me that because they have no idea what is going on, even the DA cannot get any information, they have temporarily disabled it. I believe that I may have some recourse as far as criminal action for writing a bad check, but I highly doubt that I will ever see the $1300 again. Funny thing though, the day before all of this happened, they sent me an email about getting deep discounts on warranties for that day only. I feel your pain, but I think we are out a lot of money. >I've been done wrong by 1SourceAutoWarranty.comon every single claim I made. >They owe me substancial $$$. I now hear rumor that they are gong out of [quoted text clipped - 3 lines] >They are supposedly underwritten i Hawaii. Any suggestions? Anyone else >interested in joining the lawsuit? Have you heard anymore regarding this issue? I just found out today that we're out too. We needed our transmission replaced @ $4100 and here we can't do it. Thanks. Count me in - didn't know there was a problem until today when my car went into the shop and the service manager called the toll free claims number. Called me back and said all he got was a recording saying that they were not accepting claims at this time. There goes $400+ out of my pocket on top of the $1000 or so that I paid to 1Source. Wonder how many other people don't know that their contracts aren't any good? >>I've been done wrong by 1SourceAutoWarranty.comon every single claim I made. >>They owe me substancial $$$. I now hear rumor that they are gong out of [quoted text clipped - 5 lines] >we're out too. We needed our transmission replaced @ $4100 and here we can't >do it. Thanks. >I've been done wrong by 1SourceAutoWarranty.comon every single claim I made. >They owe me substancial $$$. I now hear rumor that they are gong out of [quoted text clipped - 3 lines] >They are supposedly underwritten i Hawaii. Any suggestions? Anyone else >interested in joining the lawsuit? I have also lost money with !sourceAutoWarranty and would be happy to join in on a class action. Did you get any address to send complaints to their underwriters? Thanks Below is the link I got from the Hawaii Department of insurance - that's the best I can do for now but will post any new information that I get. http://www.primeguard.hawaii.gov/ >>I've been done wrong by 1SourceAutoWarranty.comon every single claim I made. >>They owe me substancial $$$. I now hear rumor that they are gong out of [quoted text clipped - 5 lines] >on a class action. Did you get any address to send complaints to their >underwriters? Thanks |
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