How was your experience with Kubota finance?

[JJZ 109]

Thanks. Your scenario (with Kubota Finance) seems similar to mine. I told them I didn't want it, but they did the "no payment for 90 days" thing automatically; so there's time to get it set up. I assume your case is the same?

It just seems weird that in the 21st century the system didn't populate in 24-72 hours, and that they can't fix it on the spot. "just wait another week or so" seems that they're hoping somebody else does their job...

I asked and received the answer from the dealer. He says Kubota does nothing until the paperwork is signed. So even though I've been approved since May 12 and I assume the paperwork is sitting in a file somewhere, I guess nothing happens until the driver shows up at my place with a tractor and the paperwork. I'd think it would be easier and faster to have mailed me the paperwork, have me sign and then return it along with a check for the down payment and the transport cost that I'm not financing. But what do I know?
Just my luck that the delivery truck has an "unscheduled maintenance" issue at my time of purchase.

 

[rScotty]

I asked and received the answer from the dealer. He says Kubota does nothing until the paperwork is signed. So even though I've been approved since May 12 and I assume the paperwork is sitting in a file somewhere, I guess nothing happens until the driver shows up at my place with a tractor and the paperwork. I'd think it would be easier and faster to have mailed me the paperwork, have me sign and then return it along with a check for the down payment and the transport cost that I'm not financing. But what do I know?
Just my luck that the delivery truck has an "unscheduled maintenance" issue at my time of purchase.

Both the dealer and I each have our own paperwork that needs to be signed by the other. We could do that at his place or mine - but usually it is somewhere there is a notary. Until the moment of signing, nothing legal or businesswise has actually happened. Before signing, it's all speculation, and either side can walk away. Up until then, the only thing that has happened is we have checked each other out. I've checked out how he stands with the things I care about - like his state licensing and reputation with local businesses. I assume he has done the same with me on the financial side.

But nothing happens until we sign each others sales contracts. Then it happens real quickly.

 

[JJZ 109]

Both the dealer and I each have our own paperwork that needs to be signed by the other. We could do that at his place or mine - but usually it is somewhere there is a notary. Until the moment of signing, nothing legal or businesswise has actually happened. Before signing, it's all speculation, and either side can walk away. Up until then, the only thing that has happened is we have checked each other out. I've checked out how he stands with the things I care about - like his state licensing and reputation with local businesses. I assume he has done the same with me on the financial side.

But nothing happens until we sign each others sales contracts. Then it happens real quickly.

I didn't expect lightning speed as far as tractor delivery. Purchased from a few states away so I figured patience is my friend. But in the past I've done online auto loans and it went very quickly. Paperwork overnighted to me, signed/notarized if needed and returned. Deal complete.
I figured that in the internet age where most things move at lightning speed this deal would be concluded quickly as far as the paperwork end once there was credit approval. Apparently not the case in all transactions. But it's really not a problem. I have the equipment on hand to do the things that I need to do at present. The tractor will get here when it gets here.
On the plus side the dealer trucks their own units as far as I know. Not like the tractor is sitting in a broker's yard waiting for someone to build a load of several units heading in the same general direction. Been down that road once. Never again.

 

[dneal]

I have already signed the paperwork at the dealership. Curiously, Kubota uses “electronic signing”. I guess part of their system is in the 21st Century.

 

[KTAC]

Good day everyone! I will clear up some of the misunderstanding (hopefully). Kubota Credit Corporation, USA (KCC) doesn't take possession of your "account" until the dealer submits the contract for funding. The dealer is the actual "seller" of the equipment and KCC is purchasing the contract from the dealer. The dealer isn't supposed to submit for funding until you've taken possession of all the equipment listed on the contract. So, if you call in (to KCC) prior to the dealer submitting for funding (and subsequently KCC paying the dealer for it), KCC will not have an account setup for you. If your first payment comes due and you elect to mail it to KCC, we will hold it until the contract funds so you don't have to worry about it. If the contract isn't submitted by the dealer in a reasonable amount of time (or delayed at your request), KCC will send the payment back to you. KCC and KTAC want to be reasons you continue to buy Kubota! Sincerely, Brian Carter (Director of Operations, KCC/KTAC)

 

[JJZ 109]

Good day everyone! I will clear up some of the misunderstanding (hopefully). Kubota Credit Corporation, USA (KCC) doesn't take possession of your "account" until the dealer submits the contract for funding. The dealer is the actual "seller" of the equipment and KCC is purchasing the contract from the dealer. The dealer isn't supposed to submit for funding until you've taken possession of all the equipment listed on the contract. So, if you call in (to KCC) prior to the dealer submitting for funding (and subsequently KCC paying the dealer for it), KCC will not have an account setup for you. If your first payment comes due and you elect to mail it to KCC, we will hold it until the contract funds so you don't have to worry about it. If the contract isn't submitted by the dealer in a reasonable amount of time (or delayed at your request), KCC will send the payment back to you. KCC and KTAC want to be reasons you continue to buy Kubota! Sincerely, Brian Carter (Director of Operations, KCC/KTAC)

Thank you very much for bringing some "unknowns" out for public understanding. My tractor was just delivered and I signed all paperwork today. So now I'll just sit back and relax until the information from KCC and KTAC arrive.
In the meantime I'll familiarize myself with the tractor.

 

[dneal]

Good day everyone! I will clear up some of the misunderstanding (hopefully). Kubota Credit Corporation, USA (KCC) doesn't take possession of your "account" until the dealer submits the contract for funding. The dealer is the actual "seller" of the equipment and KCC is purchasing the contract from the dealer. The dealer isn't supposed to submit for funding until you've taken possession of all the equipment listed on the contract. So, if you call in (to KCC) prior to the dealer submitting for funding (and subsequently KCC paying the dealer for it), KCC will not have an account setup for you. If your first payment comes due and you elect to mail it to KCC, we will hold it until the contract funds so you don't have to worry about it. If the contract isn't submitted by the dealer in a reasonable amount of time (or delayed at your request), KCC will send the payment back to you. KCC and KTAC want to be reasons you continue to buy Kubota! Sincerely, Brian Carter (Director of Operations, KCC/KTAC)

I always appreciate when corporate takes the time to see what is going on "out in the wild" - with forums being one method. Thanks for the response. It was unexpected.

A point of clarification (and maybe you can pass this along to Mr. Woods) The delay in delivery is due to a problem with the supply chain, not my request or the dealer's action or inaction. The BH70 backhoe was shipped to the dealer without the required subframe (part# BH1627).

My concern was with losing incentives as the end of May approached. The dealer confirmed they would honor the price, but could not guarantee financing incentives (although they did not expect them to change). Closing on the paperwork was my suggestion. I don't know if the dealer has submitted for funding, but KCC has my account number in the system (verbal confirmation over the phone).

ETA for the subframe is 27 June. What was expected to take a week is now looking to be 60 days.

To end on a positive note, although I am unimpressed with the supply chain management; I am quite happy with the the ease of dealing with KCC and highly impressed with the KTAC policy. Not counting my dealer (who is outstanding), the policy is a primary reason I went with Kubota - otherwise it was a coin toss with buying from the green paint guys.

 

[KTAC]

I always appreciate when corporate takes the time to see what is going on "out in the wild" - with forums being one method. Thanks for the response. It was unexpected.

A point of clarification (and maybe you can pass this along to Mr. Woods) The delay in delivery is due to a problem with the supply chain, not my request or the dealer's action or inaction. The BH70 backhoe was shipped to the dealer without the required subframe (part# BH1627).

My concern was with losing incentives as the end of May approached. The dealer confirmed they would honor the price, but could not guarantee financing incentives (although they did not expect them to change). Closing on the paperwork was my suggestion. I don't know if the dealer has submitted for funding, but KCC has my account number in the system (verbal confirmation over the phone).

ETA for the subframe is 27 June. What was expected to take a week is now looking to be 60 days.

To end on a positive note, although I am unimpressed with the supply chain management; I am quite happy with the the ease of dealing with KCC and highly impressed with the KTAC policy. Not counting my dealer (who is outstanding), the policy is a primary reason I went with Kubota - otherwise it was a coin toss with buying from the green paint guys.

Great to know! FYI - KCC will honor the finance terms that were in place during the initial purchase in cases such as your's (inventory issue or supply chain issue). Enjoy your new Kubota!!!

 

[5030]

I have to say that we financed our side by side through you and waited 5 months for a payment book (made the payments with a copy of the agreement anyway and on time and then you said the last payment was late but we had a cancelled check.

You need to get your act together. It sucks.

 

[Ortimber]

We’ve used Kubota finance and insurance for over 10 purchases. Never had a glitch.

 

[rScotty]

I bought way back in 2008. That's ancient history, but Kubota deserves congratulations for continuing a good program. My experience couldn't have been easier. Polite & civilized.
As near as I can tell from TBN comments, Kubota's financing program is the same now as it was twelve years ago. That's good.

What the OP "dneal" is seeing sounds vastly different - hopefully it's just part of this crazy year.
But please do keep us posted. If it is changing, we all need to know.

I just gotta add, "fast" to "polite & civilized". The tractor took longer to load than to finance.
BTW, this crazy year is getting moreso.

 

[5030]

They were always polite and accommodating when my wife called them in Grapevine, Texas and kept telling her the coupon book would show up soon and by golly, 5 months later it did. But fried my eggs was the late payment notice we got when we had a photocopy of the cancelled check. Even got the dealer involved and he was at a loss as well.

No way to run a finance business. When I bought my M9 new in 2004, it was seamless just like the other 8 Kubota's I bought new. This side by side was a financing disaster. Not the approval, that was instant, the after the sale extraneous stuff was a joke.

Never had their insurance. We have a blanket farm policy, no need.

 

[Aquabird]

I have not pulled the trigger yet on one, but having priced a few, it looks to me like if you buy their insurance, then they figure the total price of the insurance over the life of the loan and you pay interest on that if you do not get zero percent financing?

 

[dneal]

I have not pulled the trigger yet on one, but having priced a few, it looks to me like if you buy their insurance, then they figure the total price of the insurance over the life of the loan and you pay interest on that if you do not get zero percent financing?

Yes, if you want the insurance and want the cost included in the loan; you’re going to pay the premiums over the life of the loan at whatever interest rate you get as an incentive or qualify for. You also don’t have to buy their insurance, or you can pay for it separately. I think your dealer is rolling it all up for your convenience.

 

[JJZ 109]

I tried to set up the account with my bank for the electronic bill pay function. I used the account number on my contract. The bank's website tells me that KCC uses a different format for the account number. An inquiry via KCC's website 2 days ago has yielded no reply.

 

[crashz]

I bought in June of 2017. Financed and pay monthly on the Kubota insurance. I brought a blank check into the dealer, signed all of my paperwork, and picked up my tractor 5 weeks later. i think I got the payment book in the mail well after the first payment was due, but no big deal, it was taken out at the prescribed time. No hassle, nothing for me to do, KCC takes the monthly payment from my account and all is well. We are re-fi'ing our house and I was shocked at how little I owe on the tractor.

My dealer is expensive, but they and Kubota made things really easy. I thank TBN for showing me how a dealer is an important part of the buying experience, even if the tractor never goes back to them.

 

[KTAC]

Yes, if you want the insurance and want the cost included in the loan; you’re going to pay the premiums over the life of the loan at whatever interest rate you get as an incentive or qualify for. You also don’t have to buy their insurance, or you can pay for it separately. I think your dealer is rolling it all up for your convenience.

KTAC insurance is included in the loan at 0% regardless of what the finance rate is for the tractor. For example, if your interest rate for the equipment is 3.99%, the blended rate will be less than 3.99% for your loan since KTAC is 0%.

 

[KTAC]

I tried to set up the account with my bank for the electronic bill pay function. I used the account number on my contract. The bank's website tells me that KCC uses a different format for the account number. An inquiry via KCC's website 2 days ago has yielded no reply.

JJZ109 - send me a personal email with your name. I will look up your account and have someone contact you to get it handled.

There is no reason for it to take 2+ days (or more than a couple of hours really) to respond so your request may have gone to KTC customer service instead of KCC. Then again, with the current choatic world we are currently living in with 95% of our staff working from home, there is a chance we didn't meet the expected service level this time.

 

[KTAC]

:thumbsup:

 

[buckeyefarmer]

Just used kubota financing for the 4th time, no problems at all.