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Extended Warranty Company Closed

December 22nd, 2009 by Mike Vasilinda

More than 9 thousand Florida customers who thought they had a valid extended warranty on their car are out in the cold. The state has closed First Warranty Group of Florida because it was no longer financially able to pay its claims. The company will be liquidated and the first cash will go to pay claims already submitted. Wayne Johnson from the office of Rehabilitation and Liquidation says customers who financed their extended warranties should contact their lender.

They should stop paying premiums if they are, in fact, still doing so,” Johnson said. “If they are paying those to a premium finance company, they should probably contact the premium finance company.

Why should they stop?

Their warranty is canceled, so theyre going to receive no further benefit from it,” Johnson said. “If theyre paying through a premium finance company, this may be tied to their auto loan and they want to be careful about that.

In a related move today, the state ordered four other companies, who are unlicensed, to stop selling the extended warranties. The companies are: National Automotive Services Inc.; Warranty Financial Inc. a/k/a Warranty Financial O.R.G. Inc.; Warranty USA; and Warranty Services

More information is available on the states web site. http://www.myfloridacfo.com/Receiver/

Posted in Business, State News | 1 Comment »

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