Financing Anyone use John Deere financing?

[tillboy2001]

We plan on buying a new tractor soon and I was wondering about the John Deere financing. We plan on paying cash, but if the deal is right, we'd buy earlier than originally planned and use the Deere financing. My specific question is, do they have penalties for paying off the loan early, like say within 6 to 12 months after you get the loan? There's a 6 month no interest/no payment offer going right now. That might work for us if...
1. They don't charge a bunch of goofy fees to process the loan.
2. We don't get any penalties at all for paying it off early.

Basically, I'm looking to simply use the financing option to buy it sooner, but I'd still like it to end up looking like a cash deal (since we'll pay it off before 12 months). So if there are no big fees or any penalties for paying off very early, I say it's a win/win situation.

Anyone familiar with the JD financing and can speak to this? If not I'll havr to go to a dealer and talk to a sales guy.

 

[dicker]

When I bought my JD 4310 with 430 Fel and 48 BH, there was 0% interest for 24 months, so I was not concerned about early payment penalties. At that time, 18 months ago, the only stipulation was that I put 20% of the total price, including taxes, down in cash.
If memory serves correct, the offer was 0% or $500 off. My dealer claims that I got both, but who really knows for sure. He was local and was the best price of the 4 that I shopped. There were no fees to process the loan.
Richard

 

[JDGREEN4ME]

I have financed a few things with JD Credit. Paid them off early with no penalties... /forums/images/graemlins/cool.gif

 

[tillboy2001]

I wonder if that means we can finance it and before the 6 months is up, pay it off completely and pay no interest at all? I hope that's the way it works.

 

[chevy]

I have been very happy with John Deere Credit. I like them better than my bank. There were no fees or penalties that I remember.

 

[texastomtom]

I did the 0% for 36 months, so I probably wont pay it off early. Might as well use the money myself at 0%. I asked and there was no discount at that time for cash deal.

The only processing fee was $10.00 for filing a UCC1 (colateral filing showing a lean on tractor with the state). I do not know about early pay, but I suspect they would love for me to pay it off early since it is 0% interest.

They did require 'insurance' to finance it. I could get my own or use theirs. I paid I think around 350 for the Deere insurance for the term of the loan. I think it only covers physical damage such as could be caused from roll over - I would call it 'hull' damage insurance.

It was no problem whatsoever to get the financing. Took the dealer about 5 minutes. I did fill out a very short form financial statement. I have excellent credit and there were never any questions asked.

They sent me a couplon book in the mail and I send them a check.... Easy to work with.

tom

 

[chevy]

</font><font color="blue" class="small">(
They sent me a couplon book in the mail and I send them a check.... Easy to work with. )</font>

It is even easier to do over the internet. No stamps to buy.

 

[JDGREEN4ME]

</font><font color="blue" class="small">( I wonder if that means we can finance it and before the 6 months is up, pay it off... )</font>

That is what it means. Bought my last lawn tractor that way! /forums/images/graemlins/cool.gif

 

[Nuru]

Yep, that is true. I used JD financing on all the JD equipment I bought.

 

[tillboy2001]

My father-in-law is actually the one buying the new tractor. He only wants to spend $20k and no more. I just don't see how we can get the JD 4120 for that price, including taxes and a finish mower.

JD doesn't make any other nice tractors this size with eHydro and so on do they? I think they discontinued the 4610's and that '10' line in general, correct?

If we can't get it in the $20k range, we'll have to go with the New Holland TC40DA. I still like the John Deere best I think.

 

[megotatractor]

I did the 6 months no pay/no interest thing. would've rather done the no payment EVER but.... Anyways, no problems with the company.

 

[garchib]

I used them....no issues with them whatsoever....

 

[Cliff_Johns]

I got 3 years 0% after the cash negotiations were complete. I asked of it would cost the dealer any money if I went ahead and used the financing and he sais no. So we did that. No extra fees, no problems. They just wanted to make sure that we sent them proof of insurance. I am quite happy with that.

Cliff

 

[Magruder]

I used JD credit to buy my 790. The interest was lower than my credit union offerd and early payment had no penalties at that time. I would make sure and ask the dealer, as programs and offers are changing all the time, and you don't want any surprises. Come to think of it I just got a promotion in the mail for "Spring Training" w/ 0% on selected models. Don't know if the one you're looking at is included.

 

[RoyJackson]

I've used John Deere Credit for both tractors I've purchased. There are no pre-payoff penalties.

Got a pretty good interest rate too, considering they were both used machines.

As far as insurance, I just gave them my Homeowner's policy number. Of course, this is for residential use, not commercial or agricultural.

 

[bigpete]

Ah'yup, all of the above. JD financing has very simple programs. If it's the right deal and the right rate, I wouldn't hesitate to use them. I've had three JD equipment loans and my family has had a couple over the last 40 years for major farm purchases when the bank wasn't a good fit. I have paid only a very small amount of interest by paying one of mine off early a few years ago, and never paid a penny of interest on my second loan. I'm on a 0% for three years right now and will make the last payment on the last day of the 36th month, no earlier.... /forums/images/graemlins/wink.gif Basically, JD makes their nut up front and believes in keeping us satisfied with no hassles and good parts and service. That's my take on their business model, anyway.

 

[obrith]

John Deere doesnt charge penalties for early payment.

However, if you DONT pay off a loan on the 0% programs (6-12months), they charge you credit-card style rates (19%+) FROM THE BEGINNING of the loan; IE the day you recieved it.

Be very careful with JD financing. They have good programs, but they are atleast as mean as your credit-card company if you miss a payment or get the 0% program and cant pay it off in time. Read the fine print.

I can vouch for Kubotas financing though. Everything is simple-intrest/fee-free (aside from UCC-1's).

Hope that helps.

 

[GaryBDavis]

I just recently took advantage of JD Credit’s zero interest on a tractor purchase. I had to call JD Credit because my payment coupon book hadn’t shown up yet. While I was on the phone with them, I asked about any harsh penalty’s if you are late on a payment. The customer service lady said they don’t use those schemes. Granted, I haven’t read all of the fine print in my purchase contract, but I would be surprised to find that in there. Did you know first hand that JD Credit employs a harsh penalty/late payment scheme? If so, it would be good to know.

At any rate, I’m making my first payment a double payment. That way, I have a month’s grace period.

 

[Wannafish]

"At any rate, I’m making my first payment a double payment. That way, I have a month’s grace period."

Just make sure you send in 2 coupons with your payments or they will apply the money from the second payment to the principal of the loan and you will still have to pay next month's payment...please don't ask how I found that out /forums/images/graemlins/crazy.gif

 

[BillyP]

I know this guy that has his tractor financed through JD Credit. My...I mean his wife forgot to make the payment one time and got a reminder from JDC. They also assessed a $5.00 penalty. Sounds pretty harsh to me /forums/images/graemlins/shocked.gif