Penn Waranty Secured Capital Management Complaint - Transmission Repair - Used Vehicle Warranty/Service Contract
AUSTIN, TEXAS -- This warranty has no value.
We purchased this warranty at the time we purchased a used car for our son. First car, low dollars to get started, big bucks to keep going with no help from this warranty.
The latest was the automatic transmission. It did not work in "Drive" but did in the lowest gear. That is how we got it to the shop where we are all on a first name basis. A great local specialty shop with a great reputation. The diagnosis was get a new transmission. The warranty people wanted to see the exact failed part. The cost to find that part was $450 for 6 hours of tear down work. The warranty states owner is responsible for diagnosis. The problem was diagnosed by the professional car people at the shop. The Secured Capital manager, Kevin, said we were responsible for diagnosis and tear down.
A new transmission is about $1500 of which we didn't know nor could I get a straight answer from the company of the amount they would pay. So we were looking at about $2000 for this repair. Even if we had done the repair with them (Penn), there was not feedback from Penn about the time to get an adjuster on site so we'd be without a vehicle for an unknown period of time. Penn did say about 48 business hours to get an adjuster, that is 6 business days just to get a nod yes or no to the company.
I've read in other reviews about lost paperwork. I don't believe the paperwork is lost, only conveniently misplaced or ignored. Multi send-resends have the same result.
I canceled the contract via a scanned email attachment that asked for written confirmation of their action. I have not heard back from them as of this writing and do not expect to until after the next automatic payment has been made. At which time we will have another hoop to jump through.
If you are reading this prior to buying a used vehicle warranty...save your money. You can make better use of your money than an insurance company.