FarmTrac Troubles

[longtrman]

From what I can tell this is what has happened to him. They will sell of the tractors and stick him with the original amount less the fees. The word fees covers allot of ground, also in a negative way for the dealer. I guess they would treat it just like a auto repo. With all the bells and whistles. I wonder how many folks really did read there entire contract. I read things twice now and some times keep it over night and read it again. They know just how to fall in that gray area to keep big business safe from the little fish and out of court. This needs to be brought to public attention as much as possible. It needs to make it to the main stream media. A news network need to get a hold on this story.

I think this is probably what happened: The dealer in question returned his tractors before he found out that Farmtrac did not have the money to pay back Textron.

When you return floor planned whole goods, Farmtrac has to buy them from you by paying off Textron. Then Textron subtracts what is owed them and then sends you the difference if any. Because Farmtrac did not have any money (or credit either) they could not pay Textron. It would be nice if Farmtrac had explained this rather than accepting the tractors. ( I wonder if a criminal suit could be brought against Farmtrac employees for accepting the tractors knowing they had no money at all to pay for them. Isn't it something like fraud to accept something under false pretense?)

Textron may be able to request that the tractors be returned to the dealer but most likely the dealer will be considered one creditor at the end of a very long line of creditors. Whatever he gets will likely be a few pennies on the dollar if that much. Textron will still demand their full amount.

I paid $1000 to a lawyer for him to find this out for me when Scorpion folded a few years ago. His advice was do not return the merchandise that was floored by GE Capital to a bankrupt Scorpion. I'm glad I paid the grand it was good advise.

Remember nothing I say is good advise--consult your own experts--but as for me I won't return tractors to Farmtrac except if they hand me full payment in cash with my attorney saying that the Farmtrac employee has the authority to receive the tractors and the authority to expend the funds.

I do not expect Textron to auction the tractors right away as long as we can keep paying them the 11.25% interest and insurance. Where can they get 11.25 % anywhere else? The problem comes as the tractors age the value of the collateral drops. Also the insurance company may think that their risk is too great. Think of it if someone stold all your tractors--$1000 deductible and you're out of the problem. I can guarantee you the thief
won't be a Farmtrac dealer!

 

[dgl24087]

Wow, Farmtrac website is partially working now. Farmtrac | Full Product Line I guess that's how Lewpack got the data sheets they had on their site, briefly.

 

[country69]

yeah you can still get to the farmtrac site you just cant get to it by going to farmtrac.com go to google and type in like farmtrac dealers and itll take you to like farmtrac.com/dealer.htm

 

[tommybr]

Well, it is now Sunday. I don't know what new developments we will discover next week. I have been thinking about the "good old days"...when a man could trust others....when a man's word was his bond...when a handshake was as good as a contract..when honesty meant something...before corporate greed took over the entire US economy....when manufacturers respected and helped their dealers...those days apparantly have gone. I came across the following quotation sometime ago:

" WHAT MONEY CAN BUY"

" MONEY....
Will buy education, but not wisdom: tuition, but not knowledge; books, but not brains; a house, but not a home; a bed, but not sleep; food, but not an appetite; fine clothes, but not a fine man to put in them; POWER, BUT NOT CHARACTOR; medicine, but not health;finery, but not beauty; amusement, but not happiness; gifts, but not love; employees, but not friends; attention, but not respect;a fine funeral, but not eternal life; WILL BUY SOME MEN, BUT NOT GOD; WILL BUY A LOT OF EARTH, BUT NONE OF HEAVEN".....I don't know why, but this just came to my mind when contemplating the current situation. Someone somewhere will answer to the Judge of all the universe for the shinanigans that have gone on........

 

[tommybr]

And, let me add, .........maybe also answer to a judge down here!!!!!!!!!!!!

( OK, sermon is over!!!!!!!!!!)

 

[longtrman]

I've been thinking about that sale 4/25/2008. Everbody who possibly can needs to be there. If every thing goes for nothing it just makes it harder to get what Farmtrac owes us. It may not help a whole lot but right now any help is desirable. If none of the dealers are there the auction co. shills will get all the bargains and then the following week we'll be competeing against those bargains again. Dealers who can who have semi trucks might offer special rates to dealer friends to help make the merchandise more easy to move home and therby easier to bid on. We probably need a role call of sorts to determine who can be there. I haven't decided if I can afford the 1200 mile one way trip so I won't be at the top of the roll. I feel if that stuff doesn't bring anything the dealers will get nothing for what Farmtrac owes them. If the stuff brings a lot we'll probably only get a little.

Gurkins wins either way! If he gets it for nothing then we compete agaist it a week later. If it brings a lot--then he gets a bumper commission. I wonder what the comission will be considering he will draw his salary too!

 

[tommybr]

Mr. Gurkins said he wishes he could meet with each of the dealers, but the workload wont let him.....what if all the Farmtrac dealers in the US would schedule a NATIONAL DEALERS MEETING in Tarboro on April 24 and invite him to visit with them? Maybe rent the high school auditorium or something..... would love to attend a dealers meeting like that!!!!!!!! That could maybe take place the evening before the auction is why I suggest the 24th...just a thought...maybe some OTHER people to be invited too if they are man enough to meet with the dealers...would be quite interesting I'm sure....but I wonder how many of these people could be man enough to look the dealers in the eye after all that has gone on???

 

[longtrman]

Mr. Gurkins said he wishes he could meet with each of the dealers, but the workload wont let him.....what if all the Farmtrac dealers in the US would schedule a NATIONAL DEALERS MEETING in Tarboro on April 24 and invite him to visit with them? Maybe rent the high school auditorium or something..... would love to attend a dealers meeting like that!!!!!!!!

I doubt he would attend! Think how many dealers are owed money! He'd be scared to death.

 

[longtrman]

A few days ago everyone was saying "follow the Money" concerning the $14million. did any one get the first Montana reject memo? They said Farmtrac had revenues of $22million the first quarter of"06. Suppose the second quarter was 1/2 of first and third was 1/2 of second and fourth was 1/2 of third quarter-- that made $41.25million for the year! Where is that money? Did they lose it all in 2007?

 

[tommybr]

The dealers should have a meeting like this if no one shows up but the dealers themselves...it would get COVERAGE I am sure.