Financing Financing & Making Payments Through DLL

snymat68 · Mar 6, 2019

Hello everyone! :wave:

I'm new to this forum, but from what I can tell, it looks like a good group of folks with a lot of good info and experience.
Glad to be joining the group!

I just bought an RK24 with all the fun attachments and I am waiting to take delivery in the next week or two.

I financed through DLL (RK's financing partner).
I'm just wondering what I can expect and/or need to set up for making payments.

1. Can payments be made online?
2. If so, how do I go about setting that up?
3. Is there any option to choose the day of the month that your payments are due? (I know some places allow you to choose from a couple different due dates.)
4. What financing related paperwork should I expect to receive at the completion of the sale when I take delivery?

I'm assuming my questions will all be answered when I take delivery of the equipment, but I'd like to hear what everyone's (that financed through DLL) experience was.
This thread might also help to inform others in the future on what to expect when considering financing through DLL.

Thanks,
Matt

snymat68 · Mar 8, 2019

134 views and not a single comment?

:confused3:

thekkfan · Mar 8, 2019

Welcome to TBN! :welcome:

No comment on the DLL, never used them.

coastie15078 · Mar 8, 2019

Matt, when I bought my 24, I was in a position to put a good amount down in cash, and then I got a zero interest credit card for 18 months that I pay on. I am very blessed to be in a position to do that, so I guess the bottom line is, if you are able to finance using a zero interest credit card for implements or partial tractor payment, it's better then paying interest. Nice rigs BTW, I am originally from Slovan, PA....other side of Pittsburgh

g8erh8er · Mar 11, 2019

Yes you can pay online. You just set your account up after you receive the paperwork. I don’t believe there’s an option to pick when payment is due. I received my tractor in late December and first payment was due Feb 2nd or 3rd, can’t remember exact day.

One thing to note, you will be required to insure the tractor. DLL requires the ENTIRE insurance cost up front if you choose their integrated plan, which to me is crazy. So, if you go that route, you need to factor in the insurance cost over the life of the loan, and you will pay interest on the insurance premiums. I accepted their insurance to start then shopped for my own plan. It was cheaper than DLLs plan (and had higher coverage) and I get to pay it annually as is typical with this kind of policy. For $30k in coverage with $1000 deductible I pay around $225 a year.

Removing the DLL plan from the loan was pretty painless. You have to fill out two forms and send to two different individuals at DLL.

BoneStock · Apr 3, 2019

DLL website is on the payment paper work when you receive. I adjusted mine online to come out on a particular day each month, easy to deal with.
To the comment above, I’m not sure about different insurance companies, or states, but mine was covered by my home owners insurance.

snymat68 · Apr 9, 2019

For anyone looking at this thread in the future...

1. Can payments be made online?
YES (DLL)

2. If so, how do I go about setting that up?
I had to wait to receive the paperwork in the mail from DLL. This paperwork included the account number that I needed to set up the online account.

3. Is there any option to choose the day of the month that your payments are due? (I know some places allow you to choose from a couple different due dates.)
By default, payments are due on the 1st of every month. They allow you to change this to the 15th. They email you a form to sign, scan, and email back.
On a related note, if you change the due date, they do not send you new paperwork stating so, so save the emails and form you signed as proof.
They also do not send you new "coupon books" with updated dates for mailing payments. This isn't a big deal for me since I pay online.

4. What financing related paperwork should I expect to receive at the completion of the sale when I take delivery?
I got copies of all the initial sale and finance forms I signed at the time of the sale.
Later (1-2 weeks) I received the official DLL paperwork in the mail.
Later yet (2-3 weeks) I received the DLL coupon books in the mail for mailing payments.

Just wanted to follow up in case this info might help someone else in the future.

Guodnplenty · May 18, 2019

g8erh8er said:
Yes you can pay online. You just set your account up after you receive the paperwork. I donç¨š believe thereç—´ an option to pick when payment is due. I received my tractor in late December and first payment was due Feb 2nd or 3rd, canç¨š remember exact day.

One thing to note, you will be required to insure the tractor. DLL requires the ENTIRE insurance cost up front if you choose their integrated plan, which to me is crazy. So, if you go that route, you need to factor in the insurance cost over the life of the loan, and you will pay interest on the insurance premiums. I accepted their insurance to start then shopped for my own plan. It was cheaper than DLLs plan (and had higher coverage) and I get to pay it annually as is typical with this kind of policy. For $30k in coverage with $1000 deductible I pay around $225 a year.

Removing the DLL plan from the loan was pretty painless. You have to fill out two forms and send to two different individuals at DLL.

So you accepted there insurance at time of finance then had them remove it and credit your account cost of insurance and got a different policy? How was cost and coverage between your insurance and DLL insurance?

g8erh8er · May 20, 2019

Guodnplenty said:
So you accepted there insurance at time of finance then had them remove it and credit your account cost of insurance and got a different policy? How was cost and coverage between your insurance and DLL insurance?

That's correct.

The amount added to my loan for prepaid insurance was $2,169.70, which works out to about $310 a year over a 7 yr loan (this does not include extra interest I would pay as a result of my loan being higher). I prefer to buy my insurance annually, and not be charged interest on it.

For someone who doesn't have a preference, it's a convenient option, albeit a more expensive one.

My policy covers the 30K tractor where ever it is being used and during transport to and from. It has a $1000 deductible. I could have gone with a $500 deductible for I think around $290 a yr. Since I only utilize insurance for really expensive issues, the lower deductible policy wasn't worth it to me.

RKTractorFan · Jun 11, 2019

g8erh8er said:
That's correct.

The amount added to my loan for prepaid insurance was $2,169.70, which works out to about $310 a year over a 7 yr loan (this does not include extra interest I would pay as a result of my loan being higher). I prefer to buy my insurance annually, and not be charged interest on it.

For someone who doesn't have a preference, it's a convenient option, albeit a more expensive one.

My policy covers the 30K tractor where ever it is being used and during transport to and from. It has a $1000 deductible. I could have gone with a $500 deductible for I think around $290 a yr. Since I only utilize insurance for really expensive issues, the lower deductible policy wasn't worth it to me.

Where did you purchase your insurance from? I purchased DLL as well with the intentions of shopping it (10 months ago lol) I too live in Florida.

Thanks man