Financing New JD Financing Rates Are Out

[rancar]

I checked big JD's website this AM. These are their new financing rates.

Now until May 31, 2002 -- 0% fixed-rate financing up to 12 months on new 4100 and 4100N Compact Utility Tractors. (with 20% min down payment)

Now until May 31, 2002 -- 5.9% fixed-rate financing up to 60 months on new 90 Series and 4000 Series Compact Utility Tractors. (with 20% min down payment)

Now until May 31, 2002 -- no money down and 8.9% fixed-rate financing up to 84 months on all new 90 Series and 4000 Series Compact Utility Tractors.

Now until April 30, 2002 -- choose one of the following financing options on all new 5000 TEN Series tractors:

o No interest for 24 months, followed by standard-rate financing;
o 2.4% fixed-rate financing up to 36 months;
o 2.9% fixed-rate financing up to 48 months, 0r
o 3.4 % fixed-rate financing up to 60 months.

Now until April 30, 2002 -- choose one of the following financing options on all new 5000 TWENTY Series and 05 Series;

o No interest for 12 months, followed by standard-rate financing;
o 4.0% fixed-rate financing up to 36 months;
o 4.5% fixed-rate financing up to 48 months, or
o 5.0% fixed-rate financing up to 60 months.

 

[blurrybill]

Looks like they more or less continued what they had going before on the 4000 series, Rancar. Have you decided to do an equity line, then?

Bill

 

[rancar]

Bill,

Here are more specifics on JD's Spring Specials and financing if you're interested.

<A target="_blank" HREF=http://customer.deere.com/golfandturfprofessionals/specialoffers/ho_specials2.html>http://customer.deere.com/golfandturfprofessionals/specialoffers/ho_specials2.html</A>

Not sure yet how I will finance this. I'm still thinking through 4 possible options.

1. JD Credit: Put down 30-35% down payment and go with 5.9% over 60 months. JD though I believe will want one to carry insurance on the tractor purchase throughout loan period. They may also be more responsive in covering any needed warranty repairs if needed.

2. Home Equity Loan: This is possible. Co-worker informed me he's taking out loan at 6.2%. Not sure of loan period. Interest charges though would be federally tax deductable. No insurance required.

3. Loan through Employer's Retirement System: This is real easy. I can borrow up to $23.5K at 7% over 60 months without credit check. Payback through bi-weekly paycheck deductions. Almost painless. No insurance required.

4. Personal Loan: Real close personal friend's willing to loan balance of tractor purchase after my 30-35% down payment. Interest rate negotiable but I would insist at least 5% which is much better than current CD rates. No insurance required. Heavily dependent upon friend's generosity.

Haven't closed my mind yet to any of the above funding scenarios. Optimally, I'd like to go the OPM route with lowest interest rate possible. Still weighing pros and cons of each. Will let you know in this forum the route I go.

Regards,
Bob Ancar
Cambridge, NY

 

[rancar]

Bill --

Forgot to mention in previous post that reasons financing scenarios 2 and 3 may be more viable than 1 in spite of higher interest rates are that I would pay local JD dealer in cash if JD dealer gives me better deal because it's a cash deal. The up front savings may offset whatever higher interest charges I would realize in scenarios 2 and 3. While very attractive, Scenario 4 has a high 'trust' premium attached to it and payback will be more than just the 5.0% interest. Payback conditions are still to be determined. So, bottom line is I won't really know the route I'll go just yet until I get some firm dealer prices, cash deal and otherwise, and then I'll have to run the numbers, look at other factors, and see what I feel most comfortable with.

 

[blurrybill]

Scenario 4 sounds the most iffy to me; those non-mathematical variables can be more expensive than a higher interest rate. I'm still waiting to see a tractor and the local dealers don't seem to stock many attachments like boxblades, loader forks, tillers, etc. -- I want to see this stuff before making a huge financial commitment. The psychology of all of this is amazing; I find myself wanting the JD green on the tiller, for example, even though I know that I can do just as well spending half the money based on posts I've read about KK implements and others. Let's see if intelligence wins out over marketing (another word for ego).

Bill

 

[DFB]

Bob,

If you haven't decided where your gonna do your JD buying already, Allen Farm Equipment out on RT 40 in Schaghticoke is where I purchased my 4100 and 413 rotary mower. Overall I've been very pleased in my dealings with them. I feel that I got a fair deal on my tractor and accessories along with some other stuff and they have gone out of their way to warranty service it.

I'm glad I took the time to go over there.

Good luck with your tractor shopping.

DFB

 

[Egon]

Bill:
You want everything matched in JOHN DEERE GREEN??

No problem:
Pick up the required green paint at the local dealer, pull out the power washer, clean up equipment, move it into the shop paint bay, start evacuation fans, start air compressor, fill paint sprayer with green paint, don protective clothing and breathing apparatus and make it all green. When finished wait till air in spray booth has been changed at least three times and turn on explosion proof heat light bank to dry paint.
All done. All matching.

Egon

 

[bgott]

Or pick up rattle can, shake for thirty seconds and spray.

 

[rancar]

DFB,

Thanks. I purchased by JD425 lawn tractor from Allen Farm Equipment in 1995. They beat out two other nearby dealers by $850 and $1,000, respectfully. I will try them again. They have a big open house this Wednesday, March 6. I'm thinking of taking the day off, visiting them again with my shopping list, munching on a few of their hot dogs /w3tcompact/icons/smile.gif, and seeing what they can do. They are a logical choice for me as they are only ten minutes away. But, considering this is going to be a $25-30K purchase, I want to visit a few of them within a couple hours drive to do comparison shopping. Then, I'll decide who offers the best combination of price and good service.

I see you live in southern VT and Maine. How did you hear of Allen Farm Equipment? Was your interstate purchase and delivery seamless? Would you go back to Allen if you were purchasing another CUT?

Regards,
Bob Ancar
Cambridge, NY

 

[rancar]

Bill --

I agree. Scenario 4 is iffy. I would be relying upon a friend's good nature and while I would never discount this, I would at the same time feal continually obliged to return the favor in other ways. This kind of deal is never clean, cut, and dry but flavored with altruistic overtures that I and probably most of us have not much experience with. But, I leave it open anyway as a possibility.

I stopped by my local JD dealer today and walked around. They were closed so I was able to wander around front, side, and back of their establishment without anyone bothering me to have a look see at all they have. They didn't have a 4710 in stock (which is on my shopping list) but they had a 4410. This is a real beaut of a machine /w3tcompact/icons/love.gif. If the 4710 is like this, my wait for the past two and a half years will be well worth it. I also noticed a whole bunch of implements, JD and Frontier (painted green /w3tcompact/icons/wink.gif). They look durable and well made enough. I think John Miller III was recommending that TBNers look at these on his thread in the Attachment Forum. All the JD implements I saw including rotary cutters, tillers, backhoes, and forks were all quality made. If you don't mind paying a little extra for JD brand, I don't think you'll go wrong. I have a neighbor down the road from me who does bush hog contract work. He uses a Brown 472 bush hog, has used it several years. But, this past fall, he went out and purchased a JD MX6. I haven't seen him to ask him why but this is a guy who does hundreds of hours of bush hog work each year. He's switching to a MX6 /w3tcompact/icons/hmm.gif. Something to think on.

I'll be posting in this forum the decisions I make in the days ahead.

Bob