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.

 

[Thejoj]

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.

Did you order any implements or extra items installed by dealer? When i bought my tractor, my rate went up and the dealer said that any non-Kioti items or shop installed features would be ran at a different(higher) interest rate because Kioti is fronting the money for you to buy other manufacturer items like a mower, grapple or 3rd function etc.

Hypothetical numbers: They give you the tractor for the 4% and the extras at 6%. They then average it out and ends up 4.7% or whatever.

 

[fried1765]

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!

^^^^^DITTO !!!!!!

BUY A DIFFERENT BRAND TRACTOR !!!
What do you suppose a company like Kioti might do if you should have a questionable major warranty issue?
I would not trust KIOTI!

 

[paulfun9]

^^^^^DITTO !!!!!!

BUY A DIFFERENT BRAND TRACTOR !!!
What do you suppose a company like Kioti might do if you should have a questionable major warranty issue?
I would not trust KIOTI!

Seems every car manufacturer, tractor manufacturer has some type of issue with advertised pricing, yes even your loved kubota gave me the run around on it once years ago! Does that mean we can’t buy anything?

I agree that internet pricing and advertised finance rates need to be up to date and think the law should step in and force the issue more than a disclaimer. After all it takes how many seconds to change the website before the start of business on any given day!
But to try and instill fear for the product based on this is a feeble attempt at promoting other brands.

 

[fried1765]

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

Yup....and people will slow down the buying, and their borrowing.
High interest rates will cause.... recession!

 

[DieselBound]

There's only really TWO issues to consider:

1. Are the bottom line costs acceptable (all things considered)?
2. Do you have confidence in the dealer? (who is responsible for going to bat for you over warranty issues)?

OP has not made clear whether, when comparing actuals to actuals (dealer quoted pricing/costs). Even IF realizing a $750 "loss" is the Kioti's value competitive (better) than others? Yes, there's a case to be made for Kioti's being B-league on their corporate adverts, but once a tractor is purchased that would be the least of any worries/concerns.

I think the OP has high-sided on #2. I don't really like my dealer, but even with some heated discussions I have maintained a fair head about things; as long as I have a warranty I have to accept that they're going to be working on my tractor; I view things as thought EVERYONE should be looking to improve; I've been very professional in my approaches (I'm the first to blame myself, in which case when I decide it's not ME then I have confidence that I can make my case- if I challenge you to a wager, RUN [it's already in the bank, for me!]).

 

[airbiscuit]

There's only really TWO issues to consider:

1. Are the bottom line costs acceptable (all things considered)?
2. Do you have confidence in the dealer? (who is responsible for going to bat for you over warranty issues)?

OP has not made clear whether, when comparing actuals to actuals (dealer quoted pricing/costs). Even IF realizing a $750 "loss" is the Kioti's value competitive (better) than others? Yes, there's a case to be made for Kioti's being B-league on their corporate adverts, but once a tractor is purchased that would be the least of any worries/concerns.

I think the OP has high-sided on #2. I don't really like my dealer, but even with some heated discussions I have maintained a fair head about things; as long as I have a warranty I have to accept that they're going to be working on my tractor; I view things as thought EVERYONE should be looking to improve; I've been very professional in my approaches (I'm the first to blame myself, in which case when I decide it's not ME then I have confidence that I can make my case- if I challenge you to a wager, RUN [it's already in the bank, for me!]).

Do you think the OP has kept a fair head about things? I wonder if he has done enough critical thinking to actually complete the purchase of a tractor.

To be clear, if he is disenchanted with Kioti, I hope he finds a way to purchase another brand. With all the fun you can have with a CUT, it would be good therapy.

 

[DieselBound]

Do you think the OP has kept a fair head about things? I wonder if he has done enough critical thinking to actually complete the purchase of a tractor.

To be clear, if he is disenchanted with Kioti, I hope he finds a way to purchase another brand. With all the fun you can have with a CUT, it would be good therapy.

Don't know. Problems opening up the front door kind of demonstrate that it might not be better when inside... Clearly, a mental adjustment is required: either drop the requirement of the interest rate, or drop the pursuit of that package. If a deal is that/this hard then it probably isn't worth it: no matter what the reasons- irreconcilable differences speak for themselves.

 

[CMV]

The reality is simple. Shop the loan and if you can beat 4.93%, then it is moot, borrow from someone else. If you cannot, it is also moot because you're not going to find the money any cheaper elsewhere.

What's really going to piss you off, while you're fussing over this and further delaying.....is free loader, multi attachments, cash back, or some other rebate going to expire? You better check that too because those run on a cycle.

Now here's the part I'm really having a hard time wrapping my head around......Kioti has 0% @ 72 mos for the NX. on $45k, that's $625/mo, $45k total payments. vs 84 mos @ 4.3% (the deal you seem to be in love with) it's $621/mo $52,2k total payments. You would rather pay $7200 more and a year longer for $4/month? NO, of course not. You're getting some rebate in exchange for NOT using the 0% finance, so are choosing the interest loan because with cash back or whatever it works out to less. But you are then complaining that the interest rate is 1/2 point higher than you thought even though you are making the choice to take the interest bearing loan vs the 0% offer.

 

[ishiboo]

Keep in mind, Kioti like many brands does not actually offer financing - they use a financing company whose job it is to make money for themselves. As has been discussed many times in the past, the cash rebates are essentially equal to close to whatever the interest over the full price of the loan would be. Most tractor companies are like this. One of the reasons that they have the "fine print" on the website is because their finance company can change rates/terms/etc. at any time. That's why Kioti's financing is either "rebates or". John Deere owns their own financing company, and the job of the financing company is to provide as cheap as possible financing to sell more tractors, so they can offer deals that other brands cannot. Your dealer might not even use Kioti's finance company unless required.

While many have mentioned rates being low, that will not necessarily translate the same to tractor rates. Ignoring the fact that "tractor" rates (misc secured loans) do not necessarily follow it in general that closely, keep in mind that while the fed rate has gone down, the number of defaults and thus the risk has gone up substantially due to unemployment, COVID19, etc.

 

[finn1]

When I bought the Deere mini exa couple of years ago, it was just like the Kioti deal. Deere offed 0% for 60 or 72 months, Burt after a minute of discussion, it became clear that what they were actually doing is buying down the loan, in their own words. The cash price, with my own cash or outside financing was a better deal by far than their own 0 down, 72 month deal because they could offer a discount.

Low published dealer supported financing is often just sucker bait.

Keep in mind, Kioti like many brands does not actually offer financing - they use a financing company whose job it is to make money for themselves. As has been discussed many times in the past, the cash rebates are essentially equal to close to whatever the interest over the full price of the loan would be. Most tractor companies are like this. One of the reasons that they have the "fine print" on the website is because their finance company can change rates/terms/etc. at any time. That's why Kioti's financing is either "rebates or". John Deere owns their own financing company, and the job of the financing company is to provide as cheap as possible financing to sell more tractors, so they can offer deals that other brands cannot. Your dealer might not even use Kioti's finance company unless required.

While many have mentioned rates being low, that will not necessarily translate the same to tractor rates. Ignoring the fact that "tractor" rates (misc secured loans) do not necessarily follow it in general that closely, keep in mind that while the fed rate has gone down, the number of defaults and thus the risk has gone up substantially due to unemployment, COVID19, etc.