No that's not right at all. The new rigid warranty is transferable and you do not need a receipt or have to register. They say you must, but you don't, Actually in some states it is illegal to require registration for a warranty. So all you have to do is bring in the tool and and you will get the warranty. If they give a hassle you say it was a gift. I mean who the heck holds on the a receipt for 3 years. Plus, only HD carry's the tools that are covered by this. The other rigid tool not carried by HD only have a 3 year warranty. The warranty does not cover this particular model.
The only time I used the warranty they did not even blink or ask for anything. They just handed me a new sander, I did not even have to have the original sander serviced. It's probably cheaper for them on certain tools just to do that then go through the process of trying a repair.
Or maybe they just liked me who knows.
If one HD gives a problem I would just walk away and drive to the next, many of their workers do not even know their own rules.
This is what they say, but really just scream loud enough and you will get the service:http://www.homedepot.com/webapp/wcs/stores/servlet/ContentView?pn=SF_TH_PR_RIDGID_Power_Tools_Warranty&langId=-1&storeId=10051&catalogId=99
This line is crap and many guys(well 2) I know have gotten the warranty being second owner:
WHAT IS NOT COVERED
"This Service Agreement applies only to the original registered owner and may not be transferred."
I never had a rigid tool break other than the sander and I gave up on their drills so I am not so sure how many actually ever use this service agreement after 3 years.