Exotic Warranty Out of Business

I am so shocked, right


Forced into BK? Could criminal charges be pending? Or just typical take the money and run fly by night ins cos before you need to pay out claims.

I think they had plans of going public though

 

As a side note, when this all blew up before there was not one person come forward saying that they'd been paid on a claim. I'm surprised that they lasted as long as they did.

 

I thought he took the 6.0 and the Phantom and moved to Vegas. Probably not a bad idea if this stuff is accurate.

 

I stated all the details which no longer exist here on fchat presumedly due to lawyers. i made a simple claim, which was promptly denied. i dont want to dig up any old dirt that will start everything up again. lets just say there was loose interpretation of vague contracts.

edit: news flash - western US subjected to hostile takover from Siberia

 

Ben posted somewhere else:

"ALL warranty companies are required by the State's Department of Insurance to carry a certain reserve pool at all times, and post performance bonds to ensure claims are paid if the company goes bankrupt. GMPP has them in place as Exotic does as well. This is how the good guys play.

IF the company is based overseas (as GMPP/Exotic are NOT), then other rules apply and they may not have to have *any* claims pool. So, if you are buying a Honda warranty from some Internet broker, be VERY careful who sells you the policy. It is imperitave that if you don't know the company that you check that they are in good standing with their dealers with claims.

Also, typically the underwriters stay in business. We have a pretty simple way to figure out what to charge for a warranty. It's by looking at actuary tables of repairs on pools of the same cars. Usually when someone thinks their warranty company went out of business, it was actually the marketer that closed their doors. It's nowher near as bad as some make it out to be."

How much does the state make you keep in your "reserve pool"? If you weren't allowed to sell insurance in the first place, how could they make you keep money in the pool?

 

Interesting thread: http://ferrarichat.com/forum/showthread.php?t=99479

 

**** YOU!!!!!!

 

Welcome to Fchat. Enjoy your stay.

 

I too am not surprised by this development in the slightest. What goes around comes around.

I'm the one who started the original (now deleted) thread. A summary of the facts for those who missed it or are curious:

I purchased a warranty for my rental company's 360 modena. I specifically made certain they knew I was a rental company, and was told time and time again that it would be no problem. I then made several claims, some of which were actually approved, none of which were paid. I was given a different reason for the denial/delays every time, until eventually I was told that in fact my entire contract was invalid in the first place because rental use was not covered. The contract did not say this.

My contract also stated that one of the covered components was "manifolds". When my exhaust manifold broke, I was told that "manifolds" only referred to the intake manifold, and that this had been corrected on later versions of the contract for other customers. This was an interpretation of contract law I'd never heard before.

I posted my story on fchat, many other users posted similar stories, we all searched for anyway who had successfully had a claim paid, and nobody came forward.

I was then offered a refund on my premium by Ben, which I accepted. End of story.

 

Hello, Paul.

 

Is the State of Nevada aware of all this? If he bailed on FLA with the intention of setting up shiny new digs in Nevada under some new bidness name, whats to stop him from doing so?

Also, if he misreperesented his company's legitimate status as an insurer to the insuree, is that not fraud of some sort? Micro fraud if it falls under the radar of say 5k, but on a class actionable scale, what then?

 

That's what I was thinking. Not bad for a scam artist.
BT

 

Maybe he had the money in the pool in his back yard...

 

Years ago I had a warranty, aftermarket, on a Jag '87 XJ6 and the company went out of business before I ever made a claim.

 

Well whadya know? Posted on Monster.com 15 days ago according to Google.

"The Exotic Warranty Company - Las Vegas, NV
The Exotic Warranty Company is opening our Las Vegas, NV office. We provide motor vehicle warranties for the automobile industry, specifically on exotic cars... "

Company: The Exotic Warranty Company
Contact: Ben Nuon
Email: [email protected]

http://jobsearch.monster.com/getjob.asp?JobID=41138495

Whadya bet the company name changes before they set up shop again?

 

Is that "Nuon" as in........

"Nuon gets paid for their claims"

Or

"I had a scamming company in Florida but I just opened up a Nuon in Vegas"

Or

"Nuon will know who I am if I just change my last name"

 

Thats some quick witt hukster bill!

 

It's getting harder and harder to tell kids that crime doesn't pay. And do it with a straight face. Enron, et. al.

My plan: Scheme a way to scam people out of $10 million. When/if caught, make restitution at 80 cents on the dollar in exchange for plantifs signing agreement not to pursue you. Pay lawyer $1 million dollars to get you off criminal charges or at least get you probation. Keep $1 million.

Maybe this isn't money to some people here, but it's money to me.

 

Ha! Looks like Nevada is slowly taking over Florida as the haven for bad businesses. Maybe a group should buy his 'products' using credit cards and then start challenging the charges since the business will not have the proper license to sell these 'warranties'. Ben sounds like he is really only qualified to ask customers if they want fries with that.

BT

 

Warranty company scam, part 2: Move to Vegas, float hundreds of millions of shares on the OTCBB, pump heavily on all of the penny stock forums, dump and collect a few more $million.

Wonder if the other aforementioned Fchatter who was involved with the company was aware of this scam? Why no response? Has anyone posted this on the lambo pow-ah forum?

-R

 

Aware?? He is the big man. Numero uno as they say!

 

Thread started over there was locked until Ben responds.


http://www.obmal-power.com/phpBB2/viewtopic.php?t=15282&highlight=exotic+warranty


flip the obmal to lambo in the link to see the thread.

DM

 

I think it's Nuon as in "Nu on this block".....amazing threads, then , and now.

What is this warranty thing? My salesman told me......

"Shoot, son! This dang furrin' car comes with a full Oklahoma Warranty, that if it breaks in two, south of the Red River BOTH HALFs are YOURS!"

Obviously the Florida Warranty program was very similar, looks like Noah was on of the lucky ones.....I think 4i2fly held a policy as well.......failed cam variators on his 360.

Vegas is perfect......

 

Thanks for the link. Looks like there's more sympathy than outrage. Maybe they're just witholding judgement until they hear from the guy, but it seems like the facts speak for themselves in this case.

-R