Anyone else think this is BS on Kioti's part

[Jchonline]

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.

This rate is absolutely terrible. Find another manufacturer that will work with you. Rates are increasing because of the revenue loss. Shows the company isnt that stable. Kubota and Deere still 0. Kubota has no payments for 90 days on top of that for some machines.

 

[Urakunu]

I know I shouldn't extend this conversation any further, but I'm not sure if everyone understands that advertising a "price" is very different than advertising a lending rate. Advertised rates are ALWAYS subject to approval and change based on several factors. Show me your bank or credit union webpage and I guarantee their loan rates page says "from %%%" and "subject to change/approval". This is industry norm, and the err is on your side. Now if they advertised a tractor for $9999 and had exactly one unit anywhere that met that spec for sale, I would be onboard with the shady practices comments (though still not illegal to my knowledge). Anyway, if you get past the quarter of a percent change, the Kioti I just picked up looks great and the build quality going over the machine is very good. Cheers!

I don't think you understand the premise of what they did. They advertised an unobtainable rate. Finance law is much stricter than advertising an incorrect price. Now I'm not gonna sue them over something like this but it certainly is not a customer service oriented move on their part. But trust me when I tell you advertising an unobtainable interest rate is a no go with the consumer finance protection bureau.

 

[Urakunu]

I've not saw anyone call you a liar.

I have a very good friend that struggles with things like this as well. He's currently starting a new house build project. He's serving as the GC. It's a daily nightmare for him and they've just got the footings poured. I feel really bad for him and try to help him move forward.

Arm Chair Quarterbacking again. If I felt as strongly as you indicate you do I wouldn't shadow that dealer's door again and I most certainly wouldn't buy that brand of tractor.

Thanks for your feedback. I don't know how to take the statement of my story seeming off other than that of me lying about something, do you?

 

[Urakunu]

You keep ignoring the 2nd line from the top where it says that Kioti reserves the right to change program period & conditions. You're cherry picking the ad.

Regardless of that verbiage they stated the rate changed May 1st. 7 days later they were still advertising an unobtainable rate. All the clauses of rates can change anytime does not allow them to advertise an unobtainable rate.

 

[Ford850]

How do you know it's not your credit score affecting this? 790 is above average, and very good. It's not top tier or exceptional, which is needed for the best rates in many cases. When you get into offers with specific rates and disclaimers, they can fluctuate daily (compared to broad offers of 0% for x months with other limitations tied to it). So your offer changed. Take the offer, pay cash and get the same tractor without the financing to save money, find another brand and buy one, or wait and gamble on rates going lower.

 

[ovrszd]

Thanks for your feedback. I don't know how to take the statement of my story seeming off other than that of me lying about something, do you?

I agree some comments are a bit strong. But so is your continued circle.

I think by now if the dealer and/or Kioti truly wanted your business there would be concession on their part by now. The fact that there isn't would convince me I need to move on.

Good luck with whatever you decide to do.

 

[s219]

I would drop it and take your business elsewhere. Kioti is an OK tractor but not the best game in town or the only game in town. And their rate sucks either way!

 

[pcustoms]

I've read the whole thread and here's a thought.

When I bought my tractor in March, I was talking to 3 dealers (all are at least 1 hrs away).

2 dealers quoted me the 0%, the 3rd (and supposedly largest/oldest) was quoting me over 4% on a new tractor!

Is the finance/incentive somehow tied to the dealer?

 

[man00]

It's all about the money, money, money
We want & need your money, money, money

 

[Diggin It]

790 is above average, and very good. It's not top tier or exceptional,

Vantage 3.0 and Experian use different scales. When last I looked, my Experian is around 818 and shows 'Exceptional' and my Vantage 3.0 is 782 and shows 'Excellent'. But no, I don't see this as about credit scores. They changed their rate without changing their website. No one here knows if that's actionable under state law where the OP is.