Magnuson Moss Warranty Act Information
Magnuson Moss Warranty Act Summary
The Magnuson-Moss Warranty Act is the federal law that governs and monitors consumer product warranties. It was passed by Congress in 1975, and it outlines the requirements and guidelines for manufacturers and sellers of consumer products to provide their customers with detailed information about their warranty coverage. The Magnuson-Moss Act is designed to explain both the rights of consumers and the obligations of warrantors that are offering written warranties on their products.
When congress passed the Magnuson Moss warranty act, they were trying to make sure that consumers could get complete information about warranty terms and conditions up front and in their truest form. By providing people with a way of learning what warranty coverage is offered on a product before they buy, the Act actually gives them a way to know exactly what they should expect if something goes wrong, and it also goes a long way in increasing customer satisfaction.
Congress also wanted to make sure that people could compare warranty coverages before buying their cars because in doing this, consumers can choose a product that has the best combination of price, features, and warranty coverage to meet their individual needs.
Congress also wanted to promote competition between the different car manufacturers on the basis of warranty coverage alone. By making sure that consumers can get warranty information, the Act has forced dealers and manufacturers into promoting their product on the basis of warranty coverage and as a result has made it much easier for consumers to seek various levels of warranty coverage.
Congress wanted to strengthen the pre-existing incentives for companies to perform their warranty obligations in a timely and efficient manner so that it would be easier to resolve any consumer disputes with a minimum of delay and expense.
Because of these items, the Magnuson Moss Act makes it easier for consumers to seek a private solution for any breach of warranty in the courts, but it also creates a foundation for companies to set up good operating procedures for resolving disputes inexpensively and informally, without litigation.
Read more about the Magnuson Moss Act.