Neutral RV Wholesalers -Signet Financial

threemusketeers · 10-21-2015, 02:18 PM

I just passed my five year mark with my Wildwood 26 TBSS. I'm VERY happy with the trailer and my experience with RV wholesalers. I bought a 5 year service contract through them that stated a refund would be made if no claims were made. I figured with that money and the sale of my trailer, I was moving up to fifth wheel. First, I couldn't find my paperwork. I called RV wholesalers. Call 1- was transferred to a person in finance. Left a voicemail. I called back again and was told i would be transferred to the business office. No answer at all there. Called again! transferred to that forever ring phone again. Its been two days and I haven't received a call back. Now I sense something is wrong. In the meantime, i find the paperwork. I call the number on the paper. Its some sales scam survey. I look on the internet and find that Signet was playing games, is now out of business and required to pay restitution. Has anybody dealt with this? Was the dealer any help? Seems like they are hiding from me. Any information is greatly appreciated

**ddurnell** · 10-21-2015, 03:03 PM

Bill, I promise we are not hiding from you!!! Not sure who was to call you back and I apologize you have not heard from finance, but you WILL today. I can help you with Signet however, they were a company that RVWholesalers purchased an insurance policy through to reimburse our customers who purchased Extended Service Agreements (Service Contract) if the following applied: 1. You still own the RV. 2. You never made a claim on your Extended Service Agreement. (Service Contract) 3. You still had your Extended Service agreement. (Service Contract). Then if you filed before your time had expired you would get a refund from Signet. ONLY if none of the three were an issue. It is important to point out your Service Contract was always in effect and usable. Since you purchased this Signet has gone out of business and as such are not currently paying claims on the policies that we purchased on your behalf. They have filed bankruptcy and as such it is proving difficult to get any monies from them. So to conclude, Signet is currently not paying these claims. I am sorry you were missed as we have tried now via email/and mail to inform all of our customers of the Signet bankruptcy. Please accept my apologies that you were missed. I will of course do all I can to assist you in anyway possible. Thank you for your business and your time, sorry again, you have not heard from anyone in finance. David

threemusketeers · 10-21-2015, 03:32 PM

Thanks for the quick reply. Lesson learned, I suppose.

**ddurnell** · 10-21-2015, 03:36 PM

I sent you a private message just a second ago, we are trying to get in touch with you so we can assist. Thanks- David

threemusketeers · 10-21-2015, 04:03 PM

Ok, update. Kendra from RVWholesalers just spoke with me. She was very understanding and doing what needs to be done to fix this. Thank you!

doc73 · 10-21-2015, 04:07 PM

Good to hear. Seems that almost everyone is very pleased with how they do business.. Wish everyone was that way. Sucks they went under and now you might be out your money. This is why I had always passed on these so called "extended" plans. Many seem to be backed by fly by night company's... Sell to someone else to handle then they sell and so on and so on... Next thing you know here you are!

BOBFIDY · 10-22-2015, 11:32 AM

We also bought extended warranty when we bought our trailer and were told the same story at the time...That we would get the money back at the end of the term. Not sure what company it was through...but we did get a letter from our dealer that the company had gone out of business and there would be no money coming back.
We have been lucky enough to be able to go to the International FROG Rally in Goshen 3 out of 4 years and have gotten almost all of our issues taken care of that way.
Like someone else said.....A lesson learned.

BusyRetirees · 10-22-2015, 02:36 PM

We had a similar problem with the extended warranty on our previous RV. Bought a new Class A from General RV and they convinced me to buy the extended warranty and if I did not put in any claims, my purchase price for the warranty would be refunded. 5 years down the road I call and find the company went bankrupt the year before but no one told us. Call General RV several times and left messages. Heard nothing. General RV could have had a loyal returning customer but they blew it. Now I recommend that people stay away from them and any extended warranty. Exception is the 1 yr extended from FR for $150. - that is a no brainer.

**Iwritecode** · 10-22-2015, 02:41 PM

They've done studies and discovered that most of the time warranties aren't worth buying. If they were, the companies wouldn't sell them.

LairdT · 10-22-2015, 03:56 PM

Extended warranties are like legal gambling for companies. They are betting you wont be able to collect on the warranty at a level equal to the price paid and you are gambling that "Yes you will" collect more than you spent for the contract. I follow Consumer Reports advice and put the premium in a savings account to use for repairs. It seems to work.... but there are always catastrophic failures in RV's.

lgray · 10-22-2015, 04:24 PM

Most of them are scams, but, don’t be fooled into thinking the dealerships are squeaky clean. They likely selected the warranty company based upon how much was in it for them. Usually, between 25 to 40% of what you paid...did the dealership offer to refund what they collected from your warranty purchase?

**ddurnell** · 11-03-2015, 11:43 AM

Just for clarification the Extended warranty company did not go out of business. Signet was an insurance company that provided a full refund if a customer did not have a claim on their extended warranty. We paid for the policy to help out customers who did not need their extended warranty and make it more of a no brainer for them. So they have the coverage and if it was never needed got their money back. Signet went out of business so for customers who never had a claim they will not be getting a full refund. However, they had coverage through the extended warranty the full time. Hope that all made sense. Thanks- David

lgray · 11-03-2015, 01:46 PM

Quote:

Originally Posted by ddurnell

Just for clarification the Extended warranty company did not go out of business. Signet was an insurance company that provided a full refund if a customer did not have a claim on their extended warranty. We paid for the policy to help out customers who did not need their extended warranty and make it more of a no brainer for them. So they have the coverage and if it was never needed got their money back. Signet went out of business so for customers who never had a claim they will not be getting a full refund. However, they had coverage through the extended warranty the full time. Hope that all made sense. Thanks- David

Signet Financial Group is/was not and insurance company. If it was, Signet would have been regulated by each states department of insurance and the policy owners would have had the state’s Guaranteed Fund to potentially collect from.

This link will take you a pretty good article from Minnesota Attorney General Lori Swanson.

KARE 11 helps expose bogus car warranty

Essentially nothing more than a pyramid/Ponzi scheme, that slid past regulators.

**ddurnell** · 11-03-2015, 01:59 PM

Signet was supposed to have an insurance policy that covered it customers, it did not which is supposed to be illegal and it is why they are being investigated by several states attorney generals. Again, it has nothing to do with the warranty, I know Igray, you are combining two products. The extended warranty we sold most customers was protective and they are still in business and quite a healthy company. All is well with Protective.

dustman_stx · 11-03-2015, 02:05 PM

Quote:

Originally Posted by Iwritecode

They've done studies and discovered that most of the time warranties aren't worth buying. If they were, the companies wouldn't sell them.

So is insurance, but we are forced to buy that. An extended warranty is nothing more than a term insurance policy against defects. People tend not to go into business to lose money, so why would they even offer extended warranties if it was going to be a net loss????? It's nothing more than cost sharing. Some people win big, but most lose small. Many are willing to lose small with a guarantee of not losing big is all.

Mr Havercamp · 11-03-2015, 03:27 PM

Quote:

Originally Posted by ddurnell

Signet was supposed to have an insurance policy that covered it customers, it did not which is supposed to be illegal and it is why they are being investigated by several states attorney generals. Again, it has nothing to do with the warranty, I know Igray, you are combining two products. The extended warranty we sold most customers was protective and they are still in business and quite a healthy company. All is well with Protective.

Wow this is still going on. It has to be getting to the end of these warranties 5 year periods? The Attorney Generals should be forcing dealers and warranty providers to reimburse the buyers.

It has everything to do with the warranty. The 100% refund if not used in X amount of time was what was used by dealers to push the warranty. If not for that, a very good percentage of them would probably not have been sold to begin with. The dealers were the agent for Signet and benefited financially from the arrangement, even if it was indirect as in making it easier to push the warranty.

How can you combine the warranty and the so called insurance on it to sell it, but now that the poop hit the fan attempt to separate the two?

I am sure there is legalese mumbo jumbo in the contracts that release the dealers of any and all responsibility for everything, and as per usual the consumer is left holding the empty bag and this will be tied up in courts for years. The only people who will make out will be the attorney's.....Typical.

**ddurnell** · 11-03-2015, 04:23 PM

Mr. Havercamp, I understand there are bad dealers out there and ones that are dishonest. We are not one of those dealers. We purchased Signet policies out of our own pockets to help our customers. We never charged for it and never profited from it even once. I am sure there are dealers that took advantage of this, we are not one of them.

Mr Havercamp · 11-03-2015, 08:31 PM

Mr Durnell

I never said RVW was a bad dealer or dishonest. I did not realize RVW was giving stuff away out of their own pockets, and never used the full refund of price if not used policy as a selling point for the extended warranty.

dustman_stx · 11-04-2015, 08:46 AM

Quote:

Originally Posted by Mr Havercamp

Mr Durnell

I never said RVW was a bad dealer or dishonest. I did not realize RVW was giving stuff away out of their own pockets, and never used the full refund of price if not used policy as a selling point for the extended warranty.

Every RV dealer I know of also offers the manufacturers warranty as a selling point, but there is no guarantee that a manufacturer won't go out of business. So, according to you, it is unscrupulous to even mention the factory warranty because of the unforeseen possibility that the warranty could become null and void, right????

lgray · 11-04-2015, 09:04 AM

Quote:

Originally Posted by dustman_stx

Every RV dealer I know of also offers the manufacturers warranty as a selling point, but there is no guarantee that a manufacturer won't go out of business. So, according to you, it is unscrupulous to even mention the factory warranty because of the unforeseen possibility that the warranty could become null and void, right????

Setting aside RV Wholesalers, the dealers do get paid a healthy commission when they sell these fly-by-night warranty’s and should be held accountable in performing due diligence in evaluating their partners. This includes their financials. When one of these endorsed companies goes belly up, the dealer at the very least, should refund to the owner the commission they received in selling the warranty.They are not insurance policies, they are contracts disguised as a warranty…

You may also like: