Beware JD Credit

MDog · Jul 8, 2003

I just want every one to know how unhappy I am with JD.
I purchased a JD2210 FEL 54"MMM.
The tractor was in but had to wait for a month for the MMM and FEL.
I was approved by JD Credit for the 75% borrowed.
When they delivered the tractor I had final papers to sign.
The JD Credit contract had a couple of things I disagreed with.
JD wanted the ability to use your info for any reason they saw fit and the kicker "FOREVER".
At the end of the Consent paragragh it read:
"We and our affiliates may use such information in our records for so long as it is needed for the purposes above and your consent remains valid after termination of our relationship with you."
I crossed out the parts about "and your consent remains valid after termination of our relationship with you".
I got a call that I was now refused the previously approved credit. I had the option of resigning with out crossing off that part, payment in full of the remaining 75% or they would pick up the tractor today.
So if you want the discounted financing be prepared to give up your personal and financial info to who ever JD wants to sell it to for as long as they want to.
They will not budge on this. Give up your right to privacy forever or NO Financing. You get 1 day warning.
They come for the tractor in the morning.
MDog

rancar · Jul 8, 2003

Well, how were you hurt by this other than you feel like your personal financial privacy is being compromised to some extent? Or more appropriately, how do you think John Deere would use your personal information to bring you irreparable harm?

I, too, financed the purchase of my JD 4710 through JC Credit. I noticed the same clauses. But, is this too much different from customer agreements one signs when applying for car loans from GMAC or credit cards from such entities as Visa or Mastercard.

FWIW, I've been paying off my JD Credit loan for about a year and I haven't noticed to any degree my personal financial privacy being jeopardized or compromised. JD Credit offered me terms I could live with and I've been very pleased with the financial arrangement I have with them.

...Bob

SnowRidge · Jul 8, 2003

MDog, good for you. If more people took a principled stand, we would all be better off.

SnowRidge

R_squared · Jul 8, 2003

Corporations need our money for the perpetuation of their existence. I'm convinced they would rather do business with neutered, spineless sheep. We are in the middle of building a house, where we are doing a lot of sweat equity. I had a few provisions to be written-in by the broker, bank, and builder. Each party did their absolute best to refuse or grossly delay the process thinking we would give up on our demands. Each party was badgered by us to comply, or we went down the list until we found cooperation. All of the above parties wanted us to comply with their demands in a prompt and diligent manor. My hat is off to you! A suggestion would be to get the money from another lender and go back to your dealer and buy that "used tractor" at a lower selling price.

_RaT_ · Jul 8, 2003

"My hat is off to you! A suggestion would be to get the money from another lender and go back to your dealer and buy that "used tractor" at a lower selling price."

Wouldn't that beat all!

F350Lawman · Jul 8, 2003

If it bothers you fine don't do it but I think if you go and pull out your mortgage, credit cards, debit cards, consumer loans, car loans etc., etc, you may be on the phone cancelling things all afternoon.

I think that ANY of the above lenders will not allow you to alter a portion of their agreement. The have those pesky legal departments who are sure to so no to any changes.

Let's say they changed your loan to read "use info. until 1 year after this agreement expires" do you think they want to be responsible for pulling ALL your info from EVERY database they have? I they let people amend the contracts then they are going to have to track the changes and adhere to them I would suppose. If they don't then you sue. By having no end date they don't have to worry about getting rid of info. and they can mail you some ad at a later date.

JD wanted the ability to use your info for any reason they saw fit

It said that or is that or is that the way you read it?

I know evryone is beating the drums regarding big business but do you think the motives are sinister in THIS case? Remember there are just as many sharks among consumers who love to beat lenders out of $$$. I am sure they would love to make changes on their loan agreements as well.

We and our affiliates may use such information in our records for so long as it is needed for the purposes above and your consent remains valid after termination of our relationship with you

Sounds like they mean the loan you signed, "purposes above" would seem to refer to whatever spelled out in the loan, term, %, etc. They aren't going to let you cross out that because when you don't pay and the sell the bad loan to a collection agency, that agency needs to have your info. Sure JD has terminated their relationship with you but the info. will go to the collection agency. If they let you cross it out or have the info. be non-transferable than how is anybody going to go and try to collect the bad debt.

I think you may be cutting your nose of to spite your face. Either you will pay cash, go to the local loan shark or sign an equally "sinister" agreement with another lender.

Perhaps the tractor is the real issue / are you happy with it otherwise?

I detest much of what lawyers and corporations do but in certain instances I can understand why they go to the lenghts they do to cover ALL the bases. While you are only trying to protect yuor information others will exploit any loophole not to pay or to start some frivolous lawsuit.

Chief · Jul 8, 2003

Did you at least get 10 or 15 hours on it????? Just kiddin'. /forums/images/graemlins/wink.gif You were needing that 4210 any way right? /forums/images/graemlins/cool.gif I say good for you but F350lawman has a good point. Bet Kubota and all the others pull the same deal. /forums/images/graemlins/frown.gif

CountryBoy · Jul 8, 2003

Did you at least get 10 or 15 hours on it????? 

/forums/images/graemlins/grin.gif

cowboydoc · Jul 8, 2003

Lawman is exactly right. They also use it to your advantage to post to your credit profile. If they couldn't use your information it would never show up on your credit report either. It's a give and take for sure.

Dahammer · Jul 8, 2003

What *exactly* is on your credit application with John Deere that isn't already on your credit file with Trans Union, Equifax, etc? Isn't all the info that you put on a credit application already known by just about everyone?? I'm not being a wise guy, but what is the big deal? If I want to know where you work and how much your mortgage is and if you ever been late on a Sears payment all I have to do is pull your report. It will even tell me your previous addresses and any alias names you used. Is there some *secret* info that John Deere asks you to disclose on their credit application?? Just curious /forums/images/graemlins/confused.gif

_RaT_ · Jul 8, 2003

"Bet Kubota and all the others pull the same deal."

Don't take that bet, for what its worth, there was nothing in my Kubota financing contract about what Mdog is talking about. Zip, zero, nada.

F350Lawman · Jul 8, 2003

"Bet Kubota and all the others pull the same deal."

Don't take that bet, for what its worth, there was nothing in my Kubota financing contract about what Mdog is talking about. Zip, zero, nada.

If I understand you Kubota doesn't spell out how or when your info. will be used? SO is that better or worse?? JD spells out what they can do with your info. and Kubota doesn't say anything? What makes you think Kubota can't or won't use your info. for the same sort of reasons?

Just because it doesn't specifically say what happens with your info. don't jump to the conclusion that your info. is some how "protected" by Kubota or any one else for that manner.

This is why I think this is really no different than most other loan agreements we ALL have signed.

On edit: I just found this-

 Kubota loan app When you filled this out to apply for their financing you gave Kubota permission to OWN your application and info. forever even if you DIDN"T get approved. It has your job, salary, mortgage,rent,other loans, addresses, DOB and all the other goodies. They say the won't disclose to 3rd parties that don't have to do with the loan so I guess it's for their future solicitation? JDs has some similar wording regarding not distributing non-public info.

jlemon · Jul 8, 2003

For the most part, you're correct, almost all information is available on a credit report - including the names of the agencies who have pulled your report. However, my current place of employment and salary does not appear there, thanks to my employer, who does not release any of this to the credit agencies. I'm sure that if that information was publically available, I'd be receiving a lot more junk mail than I do at the moment. /forums/images/graemlins/frown.gif

gator · Jul 8, 2003

I encountered somewhat the same thing at the Pepsi play for a Billion web site. You have to "register" at this Yahoo site that openly admits it collects and sells personal information you provide. I considered my options, provide my personal information and hope I win something or don't provide my information and don't win anything. But after seeing the History Channel special on lightning, I have better odds of being hit by lightning than winning even the cheapest prize, so basically nothing in return for me providing this information. BUT, buying a new JD tractor and having to provide personal information to get it, I'd do it in a heartbeat. I would have two things to show for providing that information, a new tractor, and a grin on my face you couldn't remove with a chisel and hammer.
Thats the way I look at things.

thcri · Jul 8, 2003

For what it is worth, some companies will actually sell your name to make money. But there is a lot of them that state giving them the use of your name for protection only. They don't actually do anything with it as it is for their protection from people actually sueing them.

But I can agree as it would upset me also but am sure I signed for it on my New Holland Credit also.

murph

loner · Jul 8, 2003

My J.D. acount dont even show up on our credit report.I dont know why.Outside our local bank its the best credit we have. It didn't show on our last car purchase. Every credit scratch and dent for a good while was dang sure there. I just blame the bad on my evil twin! J.D. credit was sure cheeper than our local life long bank was. I dont think ther is alot of secrets any more If you never sign a dang thing. I for one am thankful for J.D. credit.

Dahammer · Jul 8, 2003

( For the most part, you're correct, almost all information is available on a credit report - including the names of the agencies who have pulled your report. However, my current place of employment and salary does not appear there, thanks to my employer, who does not release any of this to the credit agencies. /forums/images/graemlins/frown.gif )

Well, actually your employer has nothing to do whatsoever with a credit reporting agency..The credit company gets their information from you, not the employer. When you filled out your credit application you listed your employer's name, address and telephone number..that info is on your report. If you list Mickymouse.Inc as an employer /forums/images/graemlins/shocked.gif, it will be reported as such. Obviously your salary is not part of your credit report and does not appear on it.. /forums/images/graemlins/cool.gif

BillyP · Jul 9, 2003

There's not a consent paragraph in my JD Credit contract. The only time consent is mentioned is I give my consent to have any telephone conversations recorded.

fivestring · Jul 9, 2003

Works both ways here, too. Now they can post a negative for not paying the loan. Catch22.

bigpete · Jul 9, 2003

The key is whether JD will sell your personal financial information. The disclosure you described is written according to the Financial Services Modernization Act (also known as the Gramm-Leach-Bliley Act or GLB). Essentially, JD is telling you that it reserves the right to retain records on you and your account. There are other legal requirements of financial institutions if they intend to "sell" your information. In fact, they must offer you a chance to "opt out" of any such practice and you cannot be required to allow the sale of your info as part of an agreement after the fact. If your Agreement does not discuss the sale of your information, then the intent is to simply share your information "internally" with existing JD affiliates, which likely means the marketing folks and the various divisions within the company. If those "affiliates" are not identified in the Agreement, just ask.

You should have available to you a formal Privacy Notice from JD credit. In fact, the law stipulates that you must be provided that document and that you will receive a copy each year, usually after July 1. Watch these notices carefully. Most of us just trash those little folders--I used to because I need a magnifying glass to read them. Make sure you watch for an "opt-out" procedures and deadlines. If you neglect those you are automatically giving the lender consent to a change in policy, and probably will begin to see more telemarketing, direct mail, and inquiries on you credit report.

This is just my opinion, but you are probably looking at a pretty standard paragraph. As was mentioned above, your information is most likely being shared by your bank with its partners, by your insurance company with its divisions, and even from your gas card with Mobil, Texaco, whoever.

It would be a shame to see you let that tractor go. Especially since you are going to have the same experience with the next lender. Anybody who thinks JD is worse than the others hasn't really looked to find out. All you need to do is contact your lender or the company extending credit and request a copy of their privacy policy. Most of these practices are not knew to lenders. They are just now (in 2001) required to tell you about it. The only "entities" that are exempt from many of these laws are state and federal agencies. /forums/images/graemlins/shocked.gif