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Old 10-23-2016, 01:55 PM   #1
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Extended Warranty - RV Wholesalers

I usually do not buy extended warranties but when i purchased my 2012 Sabre 5th wheel from RVwholesaleers.com i was told i couldn't lose as it was a money back guarantee if i did not use the warranty in the 5 year period.

Well, it turns out that wasn't true!RVW insured the cost of the warranty through another company - Legacy Risk Management who subsequently went out of business and took my $2000 + with it!

Most of the employees of RVW stepped away from the issue. In fact the lady in the warranty department would not even return my calls. I finally got hold of David Durnell, who by the way has always been great to deal with. He gave me $350 back which is a far cry from what I put in but it was something.

I am curious if anyone else made this mistake and lost their money. Is there any recourse? Has anyone had any luck getting their money back?

Obviously I would strongly advise against any warranty like this. The sales person will try to talk you into it. STAY AWAY!

I have also been soured by my experience with RVW other than David Durnell and would not recommend them to anyone.
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Old 10-23-2016, 02:13 PM   #2
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I am an extended warranty RV inspector. I think there can be a lot of value that can be had from the warranty inspection when I do them.

That said, I focus on my own DIY capabilities and prefer not to rely on warranties or dealers to stay road ready.

The money back guarantee doesn't make any sense to me. This sounds like a learning experience to move forward from.
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Old 10-23-2016, 02:27 PM   #3
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This has been discussed in some other threads if you can find them through search. If I remember the warranty company was the one that disappeared with everyone's money when they went out of business. Frustrating to say the least.
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Old 10-23-2016, 02:38 PM   #4
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http://www.forestriverforums.com/for...l-94994-3.html

Read through the thread linked above. Was "Legacy Risk Management" connected to or a part of "Signet Financial" ? If those were two unconnected entities who both left buyers holding the bag then it looks like a recurring scenario with a common tie does it not?
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Old 10-24-2016, 01:26 PM   #5
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Wholesale warranty

I purchased my warranty with them 4 years ago this past March. Never really had a reason to use them till recently. My Motorhome dash ac blowing hot air. Took it to a Ac repair place and they paid 1100 towards the repair. The only problem the Ac company complained that they use a labor Manuel which they never heard of. He stated it on the low side compared to other labor manuals. So I had to pay the different. But can't complain they approved the work quickly and I was back on the road in a few days
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Old 10-24-2016, 01:36 PM   #6
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Interesting... and also applies to third party vehicle warranties that extend the warranty period past the OEM standard period..

Having said that I did purchase an additional warranty for my new Ford but it was through and underwritten by Ford Motor Company.

I would never purchase a third party warranty no matter how enticing the price was. When I bought my new Ford, the selling dealer offered (and pushed) a third party warranty and I passed. I listened to the spiel but I wasn't moved, at all.

That 300 bucks was probably what the selling dealer got from the sale of the warranty in the first place so giving you that, cost them nothing. They lost the profit but really didn't loose anything, was tit for tat.... a wash.

Keep in mind that any dealer offering that type of warranty is getting a kickback if you want to call it that, they get paid from the warranty company a percentage of the proceeds, right away and it bolsters their bottom line.

So, in addition to the profit gleaned from the sale of the unit, they get profit from the warranty.

In my case I went directly to Ford and I believe every automaker lists the contact number for their respective company extended warranty in the Owners Manual that comes with your vehicle. Mine was there and was a simple process to extend the warranty plus, being underwritten and administered by the OEM, it won't vanish overnight and leave me hanging.
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Old 10-24-2016, 04:24 PM   #7
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We got suckered into buying one of these cash back extended warranties from General
RV in Michigan. After the 5 year period, we tried to contact the warranty company only to find out that it had gone bankrupt the year before. We tried to contact General RV on several occasion and they never bothered to reply. That told us that they only cared about selling us a new RV (at the time a new 38 ft Class A Damon Intruder) and extended warranty. Will never buy from them again and if any dealer offers me a similar product again, we will walk away from that dealer and go to another. This is simply a rip-off and a cash grab by the dealers.
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Old 10-24-2016, 05:00 PM   #8
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The best advice I can give anyone is listen and disregard, unless it's a manufacturers administered and underwritten warranty.

With a motorized RV, the chassis manufacturer may offer an extended warranty. Not sure about Forest River offering an extended warranty so I cannot comment on that.

If it 'sounds too good to be true', it probably isn't.
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Old 10-24-2016, 06:11 PM   #9
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Quote:
Originally Posted by SidecarFlip View Post
With a motorized RV, the chassis manufacturer may offer an extended warranty. Not sure about Forest River offering an extended warranty so I cannot comment on that.
FR's second year factory warranty is only available for towables and not available for motorized units.
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Old 10-24-2016, 06:14 PM   #10
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One of many reasons why I do not invest in extended warranties. Later RJD
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Old 10-24-2016, 06:31 PM   #11
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FR's second year factory warranty is only available for towables and not available for motorized units.
Like I said, I have no idea. I do know that Freightliner offers an extended warranty on their chassis. I work for a Freightliner dealer and the engine manufacturers offer their own extended warranties as well. Neither are cheap by a long shot but probably a good investment in peace of mind with the complexities of modern motorized vehicles. Considering our labor rate ($120.00 per hour), you can run up a considerable bill pretty quick with chassis / engine issues past the standard warranty period.

When I bought mine, I didn't even inquire. I figure I'm handy enough to deal with most anything that arises. Like you, mine isn't motorized.
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Old 10-24-2016, 07:11 PM   #12
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When I purchased my 2003 Chevrolet 1500 I purchased an extended warranty for about $2000.00. Much like yours if I did not have a claim on the warranty I would get my full purchase price back. However it was my responsibility to contact the warranty company to request my money back. It was only by the grace of God that I read the contract several months prior to it's exparation date. It is a gamble to purchase some goods with an extended warranty and depend upon the warranty company to be in business by the end of the contract. By the time I figure all this stuff and life out I'll be dead !!!!
RVW offered an extended warranty when I purchased my TT from them which I declined. I ended up getting a second year warranty from Forest River for a fraction of the cost. Sorry to hear about the loss of your $$$.
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Old 10-25-2016, 09:58 AM   #13
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One of many reasons why I do not invest in extended warranties. Later RJD
Extended warranties are an item that are never reccomended by any consumer report organization. If you bought them all as advertised then you could buy a new house with the outlays that they demand. Put the money in some investment and draw on it if needed across the spectrum for all of the prodcuts/appliances that you buy. Definetly poor value and thats without the risk of them going bankrupt. Its all about risk management in the end!
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Old 10-25-2016, 10:29 AM   #14
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"never reccomended by any consumer report organization."
==========

"Consider an extended warranty for the long haul. All cars tend to become less reliable over time, so an extended warranty might be worth considering if you’re planning to keep your vehicle long after the factory warranty runs out."

Extended Car Warranties Are an Expensive Gamble - Consumer Reports
A consumer report organization.
===========================

Car Warranty Review
Extended Warranty for Cars - Car Warranty Reviews | ConsumerReporting
A consumer report organization.
====================

"In most states, extended service contracts are not treated as insurance and therefore they are not regulated by state insurance commissioners. However, the best plans are backed by insurance companies as a "specialty" line in their overall business. Be cautious of plans backed by "Risk Retention Groups" rather than regulated insurance companies."

"they can have value if we understand their purpose, we have the right expectations, and we don't have to pay too much....We've had very good experiences with the extended warranties on our fifth wheel, and we've been kicking ourselves for not having one on our truck when we lost the engine. For the right price and coverage, they can make a lot of sense on RVs, cars, trucks, SUVs, boats, motorcycles, ATVs, snowmobiles, and personal watercraft."

RV Extended Warranties - Pros, Cons, & Helpful Tips
rv-dreams
Not a consumer report organization
================
"An extended warranty is effectively an insurance policy designed to protect the owner from the cost of repairs after the original new-vehicle warranty has expired. An extended warranty is sometimes called a service contract, vehicle service agreement, or extended service agreement."

Do You Need an Extended Warranty? | J.D. Power Cars
Not a consumer report organization
==================
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Old 10-25-2016, 10:52 AM   #15
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Since extended warranties are considered profitable for the selling dealer, and the offering company, it stands to reason that the average consumer will come out ahead by self-insuring.

The more an insured item is a "luxury" or "nice-to-have", the less need you have to insure the product. On the other hand, if a loss is going to have a real impact on your finances, the pooling of risk through insurance is generally worth the extra cost.

just my thoughts, yours may differ
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Old 10-25-2016, 10:54 AM   #16
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I think this is simply a form of personal risk management that you chose to use to hedge your bets or chose not to use.
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Old 10-25-2016, 10:59 AM   #17
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If a car manufacturer is not offering you a 5yr comprehensive warranty then they are saying that they have an unreliable product. If you want an extended warranty after that period then expect to pay for the increasing maintenance, unreliabilty and age factors associated with the vehicle. As a wag said one time an 8 yr old GM product looks like a 12 yr old Toyota.This applies to most consumer products.
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Old 10-25-2016, 11:20 AM   #18
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I bought a 7 year extended warranty for my RV (transferable) from Portfolio Protection for $1700.00. Does anybody have any horror stories about this policy or company???!!!
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Old 10-25-2016, 11:42 AM   #19
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Quote:
Originally Posted by Philos3 View Post
"Consider an extended warranty for the long haul. All cars tend to become less reliable over time, so an extended warranty might be worth considering if you’re planning to keep your vehicle long after the factory warranty runs out."

Extended Car Warranties Are an Expensive Gamble - Consumer Reports
A consumer report organization.
The very first paragraph from that article:
Quote:
Looking for an easy way to save hundreds on your next new car and simplify the buying process at the same time? Skip the extended warranty. The dealer will probably try hard to sell you one, telling horror stories about the thousands of dollars it can cost to replace an engine or transmission. But the odds are you’ll never need the coverage, and even if you do, the money you’ll save in repairs won’t come close to what you paid for the added warranty.
It doesn't sound like the author thinks very highly of them.

Quote:
Originally Posted by Philos3 View Post
Car Warranty Review
Extended Warranty for Cars - Car Warranty Reviews | ConsumerReporting
A consumer report organization.
This is just a review of warranties. Not a recommendation of whether to get one or not.

Quote:
Originally Posted by Philos3 View Post
"In most states, extended service contracts are not treated as insurance and therefore they are not regulated by state insurance commissioners. However, the best plans are backed by insurance companies as a "specialty" line in their overall business. Be cautious of plans backed by "Risk Retention Groups" rather than regulated insurance companies."

"they can have value if we understand their purpose, we have the right expectations, and we don't have to pay too much....We've had very good experiences with the extended warranties on our fifth wheel, and we've been kicking ourselves for not having one on our truck when we lost the engine. For the right price and coverage, they can make a lot of sense on RVs, cars, trucks, SUVs, boats, motorcycles, ATVs, snowmobiles, and personal watercraft."

RV Extended Warranties - Pros, Cons, & Helpful Tips
rv-dreams
Not a consumer report organization
Just somebody's blog.

Quote:
Originally Posted by Philos3 View Post
"An extended warranty is effectively an insurance policy designed to protect the owner from the cost of repairs after the original new-vehicle warranty has expired. An extended warranty is sometimes called a service contract, vehicle service agreement, or extended service agreement."

Do You Need an Extended Warranty? | J.D. Power Cars
Not a consumer report organization
A fairly level review that says they may be good for some people but not other. Doesn't really recommend them either way.

That first link was really telling though.

Quote:
A recent Consumer Reports survey found that 55 percent of owners who purchased an extended warranty hadn’t used it for repairs during the lifetime of the policy, even though the median price paid for the coverage was just over $1,200. And, on average, those who did use it spent hundreds more for the coverage than they saved in repair costs.

Among survey participants who used their policy, the median out-of-pocket savings on repairs covered by extended warranties for all brands was $837. Based on a $1,214 average initial cost, that works out to a net loss of more than $375. Factoring those who didn’t use their policy, the median savings was zero. And that may have something to do with why satisfaction with auto*mobile extended warranties is among the lower rated of all products and services surveyed by Consumer Reports, and why only about a quarter of respondents said they would definitely get it again.
In general, extended warranties are a bad investment. Most people would be better off taking the thousands of $$$ they spent on the warranty and putting it in the bank.
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Old 10-25-2016, 12:13 PM   #20
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"In general, extended warranties are a bad investment. Most people would be better off taking the thousands of $$$ they spent on the warranty and putting it in the bank."

So is life insurance but that is another subject.....

My personal opinion on an extended warranty is, the more complex the item is, the more attractive an extended warranty is.

That applies to a motorized vehicle (built motorhome or chassis with built on RV), bot a non motorized RV..... and only an OEM underwritten warranty, not a second or third party warranty.

Any warranty is only worth the paper it's printed on....until you need it. Then it's worth a bundle.
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