Is anyone familiar with this program?
(www.nationalenergyrebates.com)
I have an Icynene contractor touting this program they participate in as a way to get a %100 rebate on the cost of installation. According to the brochure, you fill out a form when the job is complete, and after 47 months you fill out a claim and get all your money back. Sounds terribly fishy to me, but hey, who knows. The program seems to have only been around since 2001, so not many people would have had a chance to claim their rebates yet.
Seems to me the contractor would need to jack up their prices in order for this to be cost effective for them. I have a bid of just under $12000 for a 2400 sq. ft. two story in Iowa.
Any thoughts or experiences? Any contractors who are part fo this program?
Thanks.
Replies
"get a %100 rebate on the cost of installation."
They are LYING.
Read what the website says UPTO 100% rebate. The seller pays a fee, I think that I have heard 10-15% and it, less expenses and profits of the company handling it, goes into a pool. Then it depends on how many people are able to make a valid claim as to how much you get back.
The form under "Instrucions" show that it is subject to the terms and conditions. But they don't show those anyplace.
I have no idea about this company. But this has been around for a while. Seen adds for it on things like big screen TV and I think cars.
Several state AG's are going after them.
There are a couple of links.
http://www.post-gazette.com/pg/06020/641257.stm
"The women said the rebate information wasn't given to them at the time of sale. They were told it would be mailed in a few weeks. When it arrived, they learned the rebates would not be redeemed for almost a year.
Both women called Swimming Pool Discounters to complain. These are the hurdles they faced to get the rebate:
First, they had to return the stub of the Cashback Voucher by registered or certified mail or by courier service to United States Administrative Services within 10 days of the date they received it. USAS handles the rebate program for Cashback America.
After waiting no fewer than 11 months and no more than 11 months, 20 days, they had to send the Cashback Voucher itself to United States Administrative Services, by registered or certified mail or courier service.
In that same envelope, they were instructed to include the original bill of sale; proof that they paid for the goods in the form of a canceled check or credit card slip; a signed photocopy of their valid passport or driver's license as proof of their identity; proof of their address such as a utility or household bill; and proof that the voucher stub had been sent to and received by USAS "within the time limit specified."
"If you comply with all of these conditions, USAS will, within six weeks of your claim, pay you up to 100 percent of the amount shown on this Cashback Voucher."The women said the rebate information wasn't given to them at the time of sale. They were told it would be mailed in a few weeks. When it arrived, they learned the rebates would not be redeemed for almost a year.
Both women called Swimming Pool Discounters to complain. These are the hurdles they faced to get the rebate:
First, they had to return the stub of the Cashback Voucher by registered or certified mail or by courier service to United States Administrative Services within 10 days of the date they received it. USAS handles the rebate program for Cashback America.
After waiting no fewer than 11 months and no more than 11 months, 20 days, they had to send the Cashback Voucher itself to United States Administrative Services, by registered or certified mail or courier service.
In that same envelope, they were instructed to include the original bill of sale; proof that they paid for the goods in the form of a canceled check or credit card slip; a signed photocopy of their valid passport or driver's license as proof of their identity; proof of their address such as a utility or household bill; and proof that the voucher stub had been sent to and received by USAS "within the time limit specified."
"If you comply with all of these conditions, USAS will, within six weeks of your claim, pay you up to 100 percent of the amount shown on this Cashback Voucher.""
"Mr. Chapman said stores are supposed to send his company 13.5 percent of each rebate-related sale. If a store doesn't do that, his company can't issue a refund. "It's the rogues that spoil it for everyone else."
He said Cashback America relies on "slippage," a term he said refers to the number of people who forget or don't bother to apply for rebates."
http://www.boston.com/business/articles/2006/02/11/firm_pulls_deferred_rebate_offer/
"A Reilly spokesman also said Roger's Piano in Hanover had agreed to stop advertising the deferred rebates. Owner Roger Shaffer said he had not decided whether to sever ties with the third-party rebate provider, Cashback America of Orlando, Fla. He said he plans to check out the company further on his own and await the outcome of Reilly's investigation.
Cashback America charges retailers 13.5 percent of the rebate amount and sets that money aside to pay rebate claims 35 months later. Cashback officials said they don't have enough money to cover every potential claim, but don't need all the cash because most consumers won't follow through with their claims or comply with the terms.
Richard Stupple, president of Cashback, said nearly all rebate systems assume a large percentage of customers won't follow through with their claims. For example, he said, airlines offer millions of frequent flier miles each year but don't make it easy for customers to redeem those miles.
''We do exactly the same thing, but we tell people upfront how it works," said Stupple, noting that Cashback has been paying rebate claims since 2002.
Cashback was sued last month by the Pennsylvania attorney general for not fully informing customers of the rebate terms and conditions before a purchase was made. A spokeswoman for the Florida attorney general said the office is reviewing 20 complaints about Cashback, most of them from consumers who failed to receive rebates.
The fine print for the deferred-rebate program, as detailed in the Pennsylvania lawsuit, says even consumers who comply with all the terms may not receive full rebates if too many respond. If that were to happen, Cashback says, the available money would be divided among customers on an equal percentage basis."
I have heard that at least some of them have the striction in them that they you can't use an electronic remimder to remember to send in for the rebate. While there is no way for them to actually know that gives some ideas of the way that they try to reject claims.
What makes me really question it is this: in their fine print they mention that not all months will enough money be available for all claimants. In that case you may take however much is offered or "Defer for 100%". Sounds great, except if you defer, you have to wait another year, reapply for your rebate, and you may have the same result. In which case you have the same options: take less or wait another year. Seems like that could go on forever, which is probably what the company wants.I would have laughed this thing off right away, except it is a very reputable construction company in the area that is offering the rebate along with the foam insulation.No one out the with personal experience?