I bought a big screen TV 5 years ago, and spent several hundred dollars more for the extended warranty coverage. At the end of 5 years if you don't use the coverage, you are supposed to receive 1/2 of the money you paid back.
In my case it would come to about $179.00. I got a call from ABC warehouse informing me that the coverage had expired and they wanted me to purchase more. I declined, and the representative informed me that I could go to the nearest store and claim my warranty refund. (remember they called me!) The next day I went to the ABC warehouse in Canton, MI, planning to role the refund into a new washer.
They pulled up on the computer all my purchases, including the TV and the warranty. I was told by Mr. Hakim the manager, very rudely may I add, that I did not have my "yellow" receipt (after 5 years) and that it had been past a 90 day mark, and that they do NOT call to remind you to collect your money. Therefore they will keep my warranty refund, and that I should read the "fine print" on my receipt.
I later contacted ABC through their 800 number, and they would not budge. They get to keep my money, and there is nothing I can do about it. (company policy) So the way I see it, ABC Warehouse banks on the fact that telling you that if you don't use the extended warranty, that telling you you will get a refund, the unsuspecting consumer will buy it. Then they bank on the fact that the customer does not have a (5 year) alarm clock that will ring to let them know to claim their money.
And I guess they go by the policy finders keepers losers weepers, because according to ABC Warehouse, if you come in one day late, they legally can and will keep your refund money!!!!
Product or Service Mentioned: Abc Warehouse Warranty.