What Happens to a Company's Warranty When They Go Out of Business?

I guess you've been watching the news....in particular where they are talking about all these major car companies with some serious problems....problems bad enough that it could cause them to go away? Remember that obscure company Daewoo? What about when Chrysler had all those troubles and got bought out? How about the talk today of GM and some of the others that are walking a fine line as of today. Did you ever wonder what happens to car warranties of companies that go out of business?

All these car troubles made me wonder, as I once knew someone who had a Daewoo and bought it right before the company went out of business. He might as well have thrown his car in the trash, as he had mega troubles with the thing right around that same time and his warranty wasn't worth the paper it was written on...go figure.

Before you buy a car...and really, there are so many reasons NOT to buy a brand new car here.....read the fine print on your manufacturer's warranty and if for some reason you feel it is necessary for an extended warranty, you'd better do even more research.

Anyone have an experience of buying a product, not necessarily a car, where the company went out of business and you couldn't get help when things went belly up?