FarmTrac Troubles

case1570 · May 6, 2008

MessickFarmThe constant bashing of textron is getting a bit old. That company bankrolls probably 2/3 of the smaller equipment companies. We deal with them daily, they certianly are not crooks. When an individual ceases to pay their mortage you don't blame the lender. Its not textrons job to question the way Farm-Trac was managed. Farm-Trac got themselves in this hole, now textron is left to dispose of the mess. They're going to do it in their own best interest, as any lender would... and frankly should. I do have sympathy for all those who are impacted by this, but whats happening here is pure and simple business.

Oh my friend you do not know the whole story. I have never been lied to by any company as much as I have been by the above mentioned floor plan company. DIRECT LIES AND MISINFORMATION!!! If this is business as usual may God help us all.
PS: What is a man worth without his word?
Case

SESS · May 6, 2008

MessickFarmEqu said:
The constant bashing of textron is getting a bit old. That company bankrolls probably 2/3 of the smaller equipment companies. We deal with them daily, they certianly are not crooks. When an individual ceases to pay their mortage you don't blame the lender. Its not textrons job to question the way Farm-Trac was managed. Farm-Trac got themselves in this hole, now textron is left to dispose of the mess. They're going to do it in their own best interest, as any lender would... and frankly should. I do have sympathy for all those who are impacted by this, but whats happening here is pure and simple business.

I appreciate you as a fellow consumer and equipment sales company to follow this thread-but the end result with Farmtrac will effect you as well because eventually these tractors 3,000+ tractors are going to be moved from their current locations and DUMPED into the hands of potential buyers and that will be money out of your pocket. You do not have all the facts. You could read every one of these 76+ pages of posts and still not have the complete sad, ugly, lied filled story that the dealers, tractor owners and Farmtrac employees are living with daily. I agree that the lender is entitled to payment for money that they have paid out, but there are many things that were done (and for lack of a better word) illegally and flat out wrong. Every individual knows you do not get into the deep financial problems that Farmtrac is having right now over night, it takes time and my friend Textron knew about it because Textron was giving money to Farmtrac to try and keep them alive. I will not say anymore because this site is viewed by many people that know exactly what is going on and what has gone on. If this is the kind of business that is happening in other parts of the United States and no one feels that it is wrong, than frankly I do not wish to do any kind of business with the fellow men and woman in the USA. This is my opinion and I am entitled to it, because I am living it.

swines · May 6, 2008

I'm sympathetic to the Farm Trac dealers and owners...

But, something being "wrong" doesn't equal it also being illegal. My best guess (based upon my own experience with court proceedings) - is that Textron is fully in compliance legally. I'm sure they have a legal team that has reviewed all of the contracts with every dealer and Farm Trac - and they know exactly where they stand and what they can legally do.

Now, if you can prove beyond any doubt that they have, in fact, violated a law....well then, that's a whole different ballgame. Being that their business crossed state lines makes it a federal offense - and the federal DA would be mighty interested.

However, as I've previously stated, I'd find it really hard to believe that Textron's legal advisor would let them do something that stupid....

Anyone can file a law suit as a civil action, but, you need to have a viable complaint other than, "I think this is wrong" - if you want to get very far. Otherwise, you'll need to have a nearly endless supply of spare, cubic dollars.

swines · May 6, 2008

case1570 said:
MessickFarmThe constant bashing of textron is getting a bit old. That company bankrolls probably 2/3 of the smaller equipment companies. We deal with them daily, they certianly are not crooks. When an individual ceases to pay their mortage you don't blame the lender. Its not textrons job to question the way Farm-Trac was managed. Farm-Trac got themselves in this hole, now textron is left to dispose of the mess. They're going to do it in their own best interest, as any lender would... and frankly should. I do have sympathy for all those who are impacted by this, but whats happening here is pure and simple business.

Oh my friend you do not know the whole story. I have never been lied to by any company as much as I have been by the above mentioned floor plan company. DIRECT LIES AND MISINFORMATION!!! If this is business as usual may God help us all.
PS: What is a man worth without his word?
Case

I can only say that in my case, I was sitting in court with my attorney while the manager of a company directly lied to a federal judge. I could not prove it because the subpoena we served on him did not reveal the piece of paper I knew was in a file - the piece of paper couldn't be found. Where was it? Either destroyed or in his brief case sitting on the table in front of his attorney.

The moral of this story? Life's lessons often come with a price (call it tuition in the college of life) - yes, it's painful but - you end up learning to be a lot smarter so there is no "next time."

Tim C. · May 6, 2008

Public forum.

Tim

rascoil · May 6, 2008

Tim C. said:
Public forum.

Tim

All I can say is that So Far The men at Agri Long Parts in S.C. are doing all they can for me. I have had 3 follow up calls checking to see if all is well. We got the last of the parts we needed to day, as far as I know any way. But I can not say any thing bad about them. Mr. Council and Mr. Parker have went way out of there way helping me. I know it sounds crazy but I am looking at buying another Farmtrac next week. YOU just can not pass up a good deal. Plus I think sooner or later some one will get the ball rolling again for them. I do love the fact that there are so many that want to comment on this topic that have not been effected in any way. But for Textron, I would NOT let them finance a dog house for me. That is all I can say about them. I will all you dealers the best and you have my full support.

redneckford · May 6, 2008

It may be legal (who writes the laws) but it will never never ever ever be morally or ethically right. In a capitalist system those with something(money) has to lose something for someelse to get it. I know other dealers of other brands that have received equipment that they never ordered and they had to deal with it or go out of business(Just not at this magnitude). Life is not fair.You can bet that if someone at ---- would have said something about things not appearing right they would be hunting a job right now(Like all those FarmTrac Zones Reps that knew something was amiss with free floorplanning never come due; things that are too good to be true usually are not. There is no whistle blower protection in the country!!!!!

LAWALLSTRACTOR · May 6, 2008

I have followed all of this thread from start to present, and I just want all of you Farmtrac dealers to know that I as one of your competition wish you all well, and hope that big business doesn't get out of paying for their share of this mess. Good luck to you all!

veno · May 6, 2008

Textron may have followed the letter of the law... may have skiped around the spirit of the law... However they were complicit in over stocking dealers when Textron was very aware on the financial situation of FarmTrac and knew what farmtrac was doing to the dealers....Textron's Sole interest is in recouping money from the dealers owed.... and when Farmtrac Closed..... where is Textron going to Recoup losses? Dealer Stock... and Since they are the Floor plan financier... the dealer is... well kinda stuck...legally.. to a degree... In Texas no NEW tractor can be sold with out a factory warranty... and Textron is aware of this... Like wise I would say that any lending institution that is involved in the sales of new equipment... Knew that FarmTrac was in dire straights... and allowed the Less than Zero Financing to perpetuate... Which will make any lender Complicit as well...

Follow the Money, the Lending Paper train.... there are Internal MEMO's... from all whom had dealings with FarmTrac in the Executive level.... They were very aware of FarmTrac's situation... Therefore are complicit in the collusion directed at the Dealers and Consumers alike......