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Extended Warranty help!

2K views 6 replies 5 participants last post by  misterdee 
#1 ·
I purchased my 2009 rav4 in March of 2009 and when purchasing the dealer offered an extended warranty for 6 years/75,000 miles, now that the extended warranty is coming to an end March 10, 2015, I started looking at my paper work and researched the company that was supposed to refund the money. This place is called signet financial group, and it not only appears to be out of business, but they seem to have scammed millions of dollars out of people buying these extended warranties. I have a bad feeling that money is now gone, but does anyone have experience with this and who I should contact next to attempt to get the money back?
 
#4 ·
How would an insurance company be profitable if they refunded the premium at the end of the policy term? They are betting most policy holders will not have a claim and you are betting you will have a claim. The investment income they make on your premium would not be enough to pay claims. So if they offered a return of premium at the end of the term, it's no wonder they are out of business.
 
#5 ·
Reading the info about Signet especially as reported in The Oregonian newspaper it would appear that Signet may have been some sort of pyramid scheme which worked with some degree of success for customers until, as the Signet chairman reported in an email, the company ceased operating due to the lack of capital necessary for it to continue in business.
 
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