Portfolio Protection Vehicles & Services Cost Reviews
About Portfolio Protection Vehicles & Services
Portfolio Protection offers vehicle service contracts, also called extended warranties, that pay for the cost of repairs for covered components. These service contracts are available for automobiles, RVs, motorcycles and powersport vehicles. Portfolio Protection also provides asset protection plans, theft deterrent products and maintenance programs.
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After trading in my car that had the extended warranty on it, I did what the dealership said to do....I called Portfolio to notify them that I no longer have the car. Portfolio's Customer Service Representative told me that I have to go to the dealership where I purchased the car. I did. They processed the paperwork. (Portfolio later told me that was incorrect---the dealership does not process the paperwork, Portfolio processes the paperwork.) For the next two months after my trade in, Portfolio continued to take the money through automatic charges to my credit card. After three months of working with Portfolio to get my money back, I have sent all documentation of the trade-in three times, have talked with the dealership almost weekly and have talked with Portfolio multiple times, going to higher management to get this resolved.
At first they said I would get $0 refund, then when talking to higher management, they said they would refund it. When the refund check came, it was for less than the amount of one of the months of the money after I traded in the car (instead of refunding the two months). Today they said that it was not all refunded because the odometer reading was higher than was stated. I have no idea what odometer reading they were looking at, but they were sent the paperwork three times. It was a copy of the official paperwork from the dealership. How can you get that number so wrong? In short, they took money through automatic charges and have not returned it.
Hi Bethene, we appreciate your feedback and apologize for the circumstances that prompted your reaction. All cancellation requests go through the selling dealerships. Cancellation refunds come from the dealership. Our contracts are almost exclusively tied to the vehicle sale. The one-time charge for the contract will be listed on the Retail Installment Sales Contract you signed at the dealership. We do not have access nor the ability to charge consumers.
I paid for a warranty on my 2011 f250, sent it to the dealer and was told it needed over 8k in repairs, they sent it an inspector and after his review they would not honor their warranty, the CERTIFIED inspector claimed there was a programmer tuner on my truck which is false, saying the vehicle is modified therefore voids warranty, I sent them photos and receipts showing and proving this is a MONITOR, NOT PROGRAMMING DEVICE, After several attempts to speak with someone with enough authority to help, to no avail I was ignored, hung up on, and told the is a STATE CERTIFIED INSPECTOR, in which case he sounds if done his job properly and examined everything, instead to get out of the work need they falsely claimed the truck was modified, Do not purchase this warranty, nothing BUT PROBLEMS FROM THEM AND THEY WILL DO ALL IN THEIR POWER TO DISCREDIT AND VOID ANY RESPONSIBILITIES TO THE REPAIRS.
We appreciate your feedback and apologize for the circumstances that prompted your reaction. Portfolio Protection policies offer a lot of value and we understand that it is unfortunate when your specific needs are not covered to your satisfaction. We would appreciate the opportunity to discuss this further with you. Please contact our Director of VSC Claims, Neil Payne, at 800-335-8769.
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They are crooks!!! They'll take your money and deny any warranty claims!!! I've had my car at a dealer's servicing location for a week because Portfolio won't pay for the work. I have the most expensive plan of theirs for what? Nothing. No peace of mind and a car that's not fixed! They will give you the run around to save on paying for anything. Worst regret is buying their policy!
Hi Amy, we appreciate your feedback and apologize for the circumstances that prompted your reaction. Portfolio Protection policies offer a lot of value and we understand that it is unfortunate when your specific needs are not covered to your satisfaction. We would appreciate the opportunity to discuss this further with you. Please contact our Director of VSC Claims, Neil Payne, at 800-335-8769.
I took my 2016 Chevy 3500HD Duramax truck into the dealership. I thought it was a brake system problem but turned out to be the steering box gear. It took 3 days, pictures and phone calls by the dealership over those 3 days to get an answer from Portfolio. They authorized the repair which is about $1500 retail. The process took longer than I thought it should. The dealership made it sound as if Portfolio might not authorize the repair. In the end the truck was repaired and all it cost the $100 deductible. I was happy that the truck was fixed, but it took from Monday (with appointment) until Friday to get the truck back. So the process is not as smooth as it could be, and that is why I gave them 4 Stars.
Update on 01/22/2020: It is now day 2 and after further testing and sending pictures to warranty company I was told it will take a little more time to decide whether or not to replace my power steering gearbox, not the power steering pump. I don't understand the delay. The truck is garaged, has never been in an accident and has always been driven with care. The dealership will call them again in the morning to see what they have decided. Update coming.
Original Review: I just took my Silverado into the dealership. A problem with the power steering was diagnosed. A new power steering pump is needed. I was told by the dealership that Portfolio asked them to do "further testing" before the would authorize paying for the repairs. That it would take another day before they have an answer. I wanted to start this review in real time to share a real experience with Portfolio.
The product was sold to us by Hyundai Genesis dealer as a warranty that will cover wear and tear issues at the end of the car lease. The dealer told us that after we return the leased car, they will send me a bill which I will submit to LR3. However, after I returned the car, Hyundai send a bill for dent repair but LR 3 refused to pay, under the pretext that the claim has to be opened 30 days before the end of lease. Now I see that this a rip off and they are using the 30-day condition as a way to get out of paying for the repairs.
Terrible service. Terrible phone skills. Leave on hold for 45 min twice, RV repair company could not get approval for a covered problem. Told required “committee approval“ that takes 48 hrs. And they will not call you back with results. The client has to call back for determination. RV repair shop stated they never have problems like this with other insurance companies.! I get the feeling they’re doing all they can to make filing a claim a real headache and trying to avoid any payouts.
Would not recommend this company for any of the products they offer. I work in insurance and I know how long claims generally take. I had a total loss on 08/31/2018 and it is currently 02/06/2019 and no payment has been received from Portfolio. I had all paperwork that was requested submitted by 09/11/2018 (which by the way is an astronomical amount of work and paperwork needed compared to any GAP company I've ever dealt with). And even after they received all the paperwork they requested they still haven't approved the claim. It has been 5 months. I've called in 5 times a day every business day since 10/01/2018 with my average hold time being 10 minutes. My lender has also called in several times in an attempt to get the claim approved. THIS COMPANY IS AN ABSOLUTE JOKE AND IS THE REASON EXTENDED WARRANTIES/GAP INSURANCE HAS SUCH A BAD REP. I wouldn't trust them covering a hot wheels toy car.
My car was in the shop for 1 whole week for about a 2 to 3 hour repair. The claim was filed and an urgent was sent for me needing my car because of travel and holidays. The shop waited on the reviews team for a few days and finally was approved. Well in the meantime you cannot rent a car until the reviews are approved and when they are the pay a whopping $35 towards the rental (not even half). One 1 week to the day I went to pick up my car and the shop told me they are still awaiting payment.
So I got on the phone again with Portfolio (I have been on the phone with them all week at least 25 calls and 4-5 hours on the phone total). This morning I was hung up on 2 times and placed on hold for 45 minutes, was talked to very rudely by an associate and hung up on me again. Talked to manager 2 times during the week and she was not helpful at all. This company is the reason extended warranties have a bad place in the world. I would not at all recommend this place, it is a joke and very hassling to deal with, they make it so difficult you just want to pay the repair yourself and move on. O stars from this guy!!!
The first issue is that they require that the vehicle be taken to the seller. Even if the seller has no maintenance or repair facilities. The Second issue is that I was told it was a Bumper-Bumper warranty. It is quite the opposite. It only covers things that are specifically listed in the policy. Frankly, this policy covers very little and uses ridiculous things to keep from paying.
I purchased a Kia Sorento in June 2017 and I wasn't sure about buying GAP at first but boy am I glad I did! Sadly someone crashed into my parked car about 4 months later and I had to open a claim with my insurance company and with Portfolio for GAP. I luckily did my research and was able to upload all the required documents on their website. I was able to track the claims progress on their site and see that a claim payment was sent to my lender about two weeks later. So happy that GAP took care of my outstanding balance and I was able to finance a new vehicle without having old debt from a totaled car. Thank you Portfolio!
These people are a joke. I first called First Extended Service corp after a claim at dealership was denied. They couldnt tell me anything other than what the claim itself said. They gave me the number to Portfolio who directed me to the claims dept within their company. Per Jose - "All we do is process payments". He gave me the number to First Extended Service...again. I explained that I have already called that number and was told to call Portfolio. This is a never ending circle of unresolved crap. DO NOT WASTE YOUR TIME/MONEY WITH THIS RUNAROUND. And avoid dealerships that work with these companies!
I had a 2015 Nissan Altima. It was flooded in Aug. 2017. I bought my car in 2015 and purchased GAP from these people through the dealership. I had a collection agency call me today trying to collect a debt in the amount of 8,624.27. GAP claims that they was not entitled to pay anything because I had not paid but 17 payments of 35 and was late. I did have two deferred payments. Nissan shows I was never late. So I don't know what to do now. I am guessing a lawyer maybe in the plan if this doesn't get resolved through arbitration between Nissan and the Portfolio.