ccalahan
USAF Retired Crew Chief
Sorry I wasn’t aware, as I assume many others are not.
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It really doesn't mean anything if they moved out of NC. (And it seems we have 100% confirmation that they have moved, as their old location is empty and listed as available for a new tenant to lease.)
this entire debacle has me concerned about my recent Battery warranty that I bought with Xcare. I bought one each for each of my Tesla's, almost $9k total. If they go belly up, that vaporizes...
Jason seems to be a standup guy and very knowledgeable in Tesla's EV. I hoped this mystery will clear up soon, it seems at this point it is some sort of legal matters ...
In the past I have been burned by investing in the future, once I paid 2k for a future camera lens from a high end and reputable company Myer Optik Gorlitz that is to be delivered in about a year or year and half, but eventually I got a letter in German from the government of Germany instead, stating the company had filed for bankruptcy and if you want to file a claim, you need to fill out this form. Of course it won't work for me since I don't have a bank in Germany and I doubted I will get any money back ... after a few years, the company resurrected, obviously I never get the lens. The company is not scamming customers, but the demise was a combinations of business and personnel factors.
I am not hinting this is the case for 057 but unfortunate things do happen, and I understand the worries of those who purchased the warranty ... until we have a more clear picture, hope for the best ...
In the past I have been burned by investing in the future, once I paid 2k for a future camera lens from a high end and reputable company Myer Optik Gorlitz that is to be delivered in about a year or year and half, but eventually I got a letter in German from the government of Germany instead, stating the company had filed for bankruptcy and if you want to file a claim, you need to fill out this form. Of course it won't work for me since I don't have a bank in Germany and I doubted I will get any money back ... after a few years, the company resurrected, obviously I never get the lens. The company is not scamming customers, but the demise was a combinations of business and personnel factors.
I am not hinting this is the case for 057 but unfortunate things do happen, and I understand the worries of those who purchased the warranty ... until we have a more clear picture, hope for the best ...
@njhtran Thank you for your recent membership purchases with us! Indeed a valid concern based on this 057 debacle... But I can assure you that XCare isn't going anywhere. We are all very passionate about what we do and have worked very hard to get to where we are today. We look forward to supporting years of future EV ownership and the EV community.
-Team XCare
I wouldn't read too much (anything?) into that. It looks like he forgot to file one or more annual reports. As the owner of a couple of LLC's, the AR filing is more of a formality; a one-page annual filing to say "I'm still here." Easy to forget, and easy to fix.
Because speculation is that 057 was an LLC and can close up shop in certain ways to leave customers holding the bag so to speak. Other company organization methods wouldn't necessarily allow that.
HankLloydRight
No Roads
Oh yes, they certainly can. Being an LLC is not unique in that regard
See: Enron, FTX,Theranos, Nortel,Bernie Madoff.... shall I keep going?
edit: I am in *no way* comparing 057Tech to these companies.
other orgs leave customers with a slight chance to get something back in bankruptcy court. I'm not sure about LLC. But that's why I asked.
XCare seems like a more polished company just judging by their website. Unfortunately I would get no coverage on my 8 year old battery/drive unit but pay the same premium for the rest of their bumper to bumper as if it were covered. I put in both 2016 and 2015 with the same odometer, the cost difference was minimally less for the newer car but it included the most valuable coverage.
Yeah, at a minimum the problem is a customer wouldn't know the proper place to take/ship their car to for warranty service.
While I understand everyone wanting answers asap, it’s clear that’s just not possible at this point in time. Jason chiming in with what he has already is enough for me to wait. The rest is just speculation, including LLC vs not etc. There’s always a lawyer out there to take up any case regardless of business designation.
We bought into the warranty because it was a fantastic deal, almost too good to be true IMO. We all knew 057 was/is a grassroots operation that grew out of a clear need as well as well as Jason’s personal interest/skills.
I knew there was risk involved as the biz is new, not in operation for 20yrs. For $2K, it was a risk I was willing to take. I’m not saying $2K doesn’t matter or is chump change, but hopefully it’s not make-or-break for everyone. That’s the max loss for those that literally just signed up recently. For those that signed up last year, etc., it’s $1K.
We bought into the warranty because it was a fantastic deal, almost too good to be true IMO. We all knew 057 was/is a grassroots operation that grew out of a clear need as well as well as Jason’s personal interest/skills.
I knew there was risk involved as the biz is new, not in operation for 20yrs. For $2K, it was a risk I was willing to take. I’m not saying $2K doesn’t matter or is chump change, but hopefully it’s not make-or-break for everyone. That’s the max loss for those that literally just signed up recently. For those that signed up last year, etc., it’s $1K.
Hey @gillmj24 for your 2015 coverage is extended to the drive units, just not the battery. But we do cover thousands of other parts on your Model S so its worth considering if you want to keep your S for a while yet. Let us know if you have any questions!
-XCare
Yes, 057 Tech is/was organized as an LLC. But any business (LLC, LLP, C-corp, S-corp) can close down, stop operating, file bankruptcy, etc. (I'm not saying that's what happened here!)
There is a bankruptcy process for LLC's, too. Practically speaking, I don't think the protection for customer/employees are much different.
Well, if the business was sold or moved, that makes sense (I paid for a warranty, too).
@ccalahan said "Well this isn’t good" about the Administrative dissolution filing and posted a definition that made it sound like "administrative dissolution" is more dire than it is. My point was that "Administrative dissolution" does not necessarily mean "I've decided to go out of business" or "the government shut me down for doing something bad or illegal" or something else bad as implied. It can be as simple as forgetting to file a one-page annual report form, which is generally easy to rectify.
EDIT - I'll also add that they were clearly still doing business after the administrative dissolution filing last Feb - I bought (and received) a backup camera three months later (May).
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HankLloydRight
No Roads
I had my LLC go under "Administrative Dissolution" because I forgot to file an annual report.
I didn't find out until I was applying for a mortgage and they told me. Oops! I was able to re-instate the LLC the same day paying an expedite fee.
Now I put it in my calendar every year so I don't forget.
I didn't find out until I was applying for a mortgage and they told me. Oops! I was able to re-instate the LLC the same day paying an expedite fee.
Now I put it in my calendar every year so I don't forget.
its similar to the Tesla ESA. doesnt cover obvious things like cosmetic things, brakes, tires, fluids, etc. It seems to cover most of expense out of warranty like MCUs, chargers, HVAC, door handles, etc. They have quite a bit of info on their site and on this forums with other experiences. its always been great for me
Exactly my point. I have calendar entries to renew my LLC's and registered agent agreements. Although the registered agent will send me an email reminder when all the renewals are due.
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