Anyone else think this is BS on Kioti's part

[Urakunu]

Was working with a dealer on a NX5010 cab tractor. Had quotes and payments from last week. I was looking at financing at 84 months and the rate was 4.3 through Kioti. I go to finalize the deal today with the dealer over the phone and I already calculated what payment should be and his is coming out higher. Kioti is now 4.93. However this whole time I have been using Kioti's website which showed the 4.3 rate good through June so I call customer service. The CS rep tells me he'll call finance and get back to me. He called me back but I couldn't get to my phone so he left me a message. He said rates changed May 1st (as of today the rates were still showing 4.3) but they didn't update them on the website, and it is what it is. Personally I feel they should honor what they advertised or am I off base here. Just curious what others think here. Wasn't quite fond of the way the customer service rep put it when he left the message. Is this a sign of things to come if you have issues with a Kioti tractor? Dealer is fantastic and no complaints there but now I'm put off by this with Kioti.

 

[Thomas]

I would think in all fairness Kioti should honor website offer,I do understand dealer position tho.
Kinda look at this way...roast tag price shows $12 than cashier tells you $19 price went up yesterday and we haven't replace the the tags yet,by law least in NH store has to sell roast for $12....this I know from first hand.

 

[jeff9366]

He said rates changed May 1st (as of today the rates were still showing 4.3) but Kioti didn't update interest rates on Kioti website, and it is what it is. Personally I feel they should honor what they advertised or am I off base here? Just curious what others think.

I agree with you. It is YOUR MONEY Kioti is fooling with.

Thanks for your feedback. It doesn't seem like a big difference but if you do the math its over an extra $1000 during the term of the loan.

Advertising a false interest rate is "bait & switch", which is FRAUD.

 

[Urakunu]

I agree with you. It is YOUR MONEY Kioti is fooling with.

Thanks for your feedback, it doesn't seem like a big difference but if you do the math its over an extra $1000 during the term of the loan.

 

[jmc]

As Fed amps up liquidity to salvage this economy, rates should be declining soon if they're not already. Tell'em to call you when they go down.

 

[Urakunu]

As Fed amps up liquidity to salvage this economy, rates should be declining soon if they're not already. Tell'em to call you when they go down.

That's the kicker they raised the rate from what it was last month.

 

[RickB]

As Fed amps up liquidity to salvage this economy, rates should be declining soon if they're not already. Tell'em to call you when they go down.

When the effects of printing trillions of dollars kick in rates will skyrocket.

 

[coobie]

That's the kicker they raised the rate from what it was last month.

If you are not happy with Kioti terms I would move on to another Brand tractor.

 

[jmc]

That's the kicker they raised the rate from what it was last month.

Right, but I'm saying they'll be swimming upstream. As a realtor once said, "Sometimes it's up to the market to educate the seller on the value of his property."

 

[Diggin It]

All I can say is my adjustable rate has dropped three or four times in the last few months and is now well below what I signed up at. I haven't heard of anybody raising rates .... yet.

 

[ovrszd]

I see no malice.

For curiosity sake, what's the total dollars you are going to pay for this tractor at the end of the finance period? When looking at that number the $1000 change would be better measured.

 

[s219]

No way they should be raising rates right now, not even close. Tell them to get back to you when they come down. I would not be paying over 3.5% for anything right now.

 

[Diggin It]

Neglecting to update a website is not something to go chasing lawyers over either.

 

[RickB]

Pay their rate, write a check, get a better rate elsewhere or skip buying a tractor. Looks like you have four options.

 

[Ford850]

I guarantee you there is a "*" on that website where it lists details. There always is, and it will likely include something along the lines of "offer subject to change without notice" and "not all customers qualify". No one's trying to take advantage of you. Follow RickB's advice above, choose an option, and move on.

 

[Sawyer Rob]

Save your money until you have CASH, and then you will save a bundle more in interest, that you won't have to pay!! PLUS, I always get a better deal with cash, so I save even more money!

SR

 

[Diggin It]

Why do they add a point for 84 months? I see 3.99% up to 72 months, but 4.93% for 84 months:

% for 84 Months | Kioti Tractors

.

 

[RickB]

Because if you need 7 years to pay off a tractor there’s an excellent chance you are at greater risk of not being able to.

There is also an excellent chance that in 5 or 6 years a 5% loan will be very attractive.

 

[TractorGuy]

If I were you I would tell him if he doesn't adjust to the agreed upon deal you are walking.

I think dealers can get some kickback if they get you to sign at a higher rate.

I bought my wife a new Mazda 3 in 2004. (worst POS we ever owned) The dealer and I had gone back and forth on pricing and were $500 apart on our trade when they gave in and decided to deal with me. Mazda had 2.9% advertised on their web site. When they presented the deal for me to sign they had 3.9% on it. When I asked how that affected the loan over the total pay back it came out to the $500 I said I wouldn't pay. The salesman said the higher rate was based on my credit rating. HA! My credit rating was 820. I told him if we didn't qualify for the advertised rate nobody would and I slid the unsigned paper work back at him. He got on the phone to the manager and immediately adjusted the rate. From now on if I think someone is trying to pull one on me I just go ahead and walk.

 

[RickB]

If I were you I would tell him if he doesn't adjust to the agreed upon deal you are walking.

If he wanted last months rates he should have signed last month.