How can I avoid getting scammed when purchasing an extended car warranty?
Just as not all car salesmen and women are created equal neither is every extended car warranty. If you are considering the purchase of an extended car warranty you need to read this entire article.
What could go wrong? Your local car dealer makes it sound like manna from heaven. Imagine whatever problem you encounter with your covered vehicle it's paid for. Any problem, any where, and at any time. Right!
This is the same dealer who is offering you $5,000 over book if you'll just buy this particular car. The same dealer who swears that they are losing money by giving you such a good deal. Buyer beware.
Just to be fair, it's not just car dealers who may hit you up to purchase an extended car warranty. Many people have received postcards in the mail or phone calls urging them to buy auto warranties, but many of these unscrupulous companies simply take money from consumers and leave them with little help when repairs are needed. It is your responsibility as a consumer to stay educated to avoid these scams.
Here's some tips that if you follow you'll come out on the winning side of purchasing an extended car warranty
1. Check out the history of the company offering the plan. Are they going to be around as long as your warranty?
2. Unfortunately it's common for some dealers to tell you that in order to purchase a particular car you must buy extended car warranty in order for your financing to be approved. Not true!.
3. Avoid the high pressure salesperson who tells you that you must buy your extended car warranty now because you can't add it later. Again, not true.
4. Avoid scams by keeping your personal information private. Don't give out Social Security numbers or bank-account details over the phone. Don't give credit-card numbers to warranty companies unless you've contacted the company and are positive of whom you are speaking to.
5. Before you make any financial commitment to an extended car warranty be sure to read the contract and understand its terms.
6. If you are a senior citizen, pay particular attention to the offer of an extended car warranty. There are companies that target seniors with scams that involve high-pressure sales calls and mailings.
7. File a report with the Better Business Bureau or the Federal Trade Commission if you feel you have been ripped off or targeted by a scam. Also, report the scam to the United States Postal Service if it involved mail.
The bottom line to follow before you make any extended car warranty purchase is this: buyer beware and informed.
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