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Coach-Net: Warranties and service contracts, oh my!

From the staff at Coach-Net:

As consumers, we’ve all purchased items like cell phones, TVs or some other electronic device and big ticket items like automobiles and RVs. During this purchase process, your salesperson likely introduced terms to you such as ‘warranty’ and ‘service contract.’

If you are like most people, you think you know what those are but you’re not entirely certain what a warranty really is versus a service contract. The salesperson may compound your uncertainty by iterating terms like “extended warranty” and “extended service contract.”

Let’s demystify and simplify this confusion.

Forget about the word “extended” for a moment and concentrate instead on warranty and service contract. These terms are used as if they are interchangeable when, in fact, they are distinctly different. The Federal Trade Commission (FTC) defines the terms quite simply.

For more information on how to tell the difference between a warranty and a service contract, courtesy of Coach-Net, click here.

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