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Portfolio Group Launches the Portfolio Certified Pre-Owned Warranty

December 6, 2011

 

Irvine, CA - The nation’s leading reinsurance management company for automobile dealers, Portfolio General Management Group, Inc., has launched the Portfolio Protection Certified Pre-Owned (CPO) Limited Warranty program in response to its dealers’ need for an alternative to factory-sponsored CPO warranties.

The warranty covers the powertrain components, including seals and gaskets, on each certified vehicle, and is given to the dealership’s customer free of charge at the time of sale. The term and mileage limits, such as 7 years/100,000 miles, match or exceed that of the manufacturer’s CPO warranty for each make and model. Eligibility requirements also match or improve upon the manufacturer’s. The vehicle must pass a comprehensive inspection of component systems to become certified.

The unique benefit of the Portfolio CPO is that the premium dollars set aside to pay for warranty claims will be held in the Portfolio dealer’s Affiliated Reinsurance Company (ARC) or Affiliated Risk-Transfer Company (ARTC). Contrarily, dealers who use a factory program send those dollars to a financial institution associated with the manufacturer, giving up control and the earned premium.

“We have listened to the market, and have provided another profitable solution for dealers who want to maximize the return on all activities in the dealership,” said Steve Burke, President of Portfolio. “The Portfolio CPO not only delivers value by itself, but improves penetration of VSC sales by helping the F&I department wrap the warranty with a matching service contract that provides Exclusionary coverage to the customer.”

Portfolio Protection CPO warranty claims will be administered by First Extended Service Corporation. The dealership’s risk is insured by Virginia Surety Company, Inc., rated A-(Excellent) by AM Best.  Both companies are part of The Warranty Group, Inc. of Chicago, IL.

Portfolio has provided reinsurance management programs to automobile dealers since 1990, and over 3.5 million Portfolio vehicle service contracts have been issued. The company offers turnkey services for dealers to reinsure all risk-based ownership protection products sold in the F&I office. Portfolio is based in Irvine, CA and Dallas, TX.

For more information, contact Steve Burke  877.789.6200

12/01/11

Comments

  1. 1. Lesa Frakes [ July 05, 2013 @ 03:16PM ]

    I'm disappointed with your service as well as your employees. I had an instance where I had to have my vehicle towed. When I called roadside assistance I told her where I was and where I needed to be towed.
    The vehicle was towed and when we tried getting the warranty repairs done, it was declined saying I was within 40 miles of where I purchased the vehicle. Why didnt the roadside assistance people tell me this little stipulation? So I had the vehicle towed another 5 miles to make the 40 mile cutoff only to be told it was still only 38.2 miles. So I paid extra to have it towed. The extra money to have it towed equalled 6.7 miles. I called your claims number and they were of no help. Just told me that's the way it is and they can't do anything about it.
    Luckily, I spoke with a supervisor, I think his name was Dean? Anyway he told me to call the place I purchased the vehicle and speak with the service department. Of course I did that and the place of purchase was able to "release" the vehicle to the place so they could do the repairs, but even then, I was told by the automotive place that the warranty people weren't real easy to work with, the worse they had ever worked with is what they told me.
    I gave the supervisor the reference number, if you want to review the phone call, you will see there was NO mention WHATSOEVER about being towed to the place I purchased the vehicle or anything about the 40 mile radius. The ref number is M0833AT74190.
    I would like a response please.

    Thank you

    Lesa Frakes
    [email protected]
    portfolio protection number pu6r506438, this is the 3rd policy I have purchased from you. I may be rethinking who I purchase with in the future.

  2. 2. Sandra Vojtko [ January 01, 2015 @ 11:35AM ]

    I have had a bad experience with Portfolio Express. i filed a GAP claim in August 2014. All documentation requested was forwarded almost immediately from my insurance to Portfolio. Today is January 1, 2015 and the claim is still has not been processed. I have reported them to BBB and will continue to get the word out regarding this horrible company.
    [email protected]

  3. 3. Alexander Alvarez [ December 02, 2015 @ 08:55PM ]

    The worse service, warranty do not exist!!!

  4. 4. Alexander Alvarez [ December 02, 2015 @ 08:57PM ]

    Warranty??? There is no warranty!!! Bad customer service and no body helps in an emergency!!!

 

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