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What happens when you purchase an extended warranty on a product and the company later discloses it's shuting down. Example, I bought a TV with EW at Circuit City just last December. CC is going out of business, is my EW protected..?
A lot of warranties are issued by third parties right off the bat. The extended warranty on my cell phone, for example, was from a completely different company than my provider, who wouldn't help me at all with a dispute I had over the warranty.
I did buy the TV with an Anerican Express CC and I may just call them. If the EW is not covered by another comp (will check) then maybe AE can do something to eliminate that charge.
Most products come with a factory warranty. The "extended" warranty is pure profit for most businesses. If the product works for the year (or so) of the factory warranty, it'll probably keep on working.
several articles (and I believe the CC website) mentioned that all extended warranties are backed by a 3rd party company and won't be affected by the closings. again, best to check your contract and call them up if you have concerns
You get screwed! I bought an extended warranty,and the company went out of business in less than three months into the thing, and I had to pay for a new transmission on my car...Man, I wanted to rip into someone, but, I knew I was screwed every which way including Sundays, and I had to eat the cost of the warranty, 1500 bucks and a new tranny, 2500 bucks...you think that didnt hurt...sheesh!
I was an avid subscriber of Consumer Reports magazine and they were totally against those. I never bought into any of them. The retailer makes the money on them and most of the time they are all bs anyway!
Many of them as stated are just insurnace policies that the seelr gets a per centage of. Might want to check the policy. I've never had a problem but like anyhting else you buy any company can go under.
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