Financing Help with finance question.....

[Wistractorguy]

Ok, so I'm all hyped up on this kubota thing and reading all these postings. I go out on 05/30/03, after researching many kubota dealers in the area and find the best deal right at home. Tell them Im interested in the B7800, with numerous excessories. They say ok, great tractor, and shoot me a great deal. Remind you, during this time the rates were 0% for up to 36 mo, 2.9% for 48 and 60 mos...Thats why I went in, they were going to end like June 1st. They tell me they have one they are supposed to be getting in. So I told them I would like to buy it. They say they have to check credit and etc., which came back fine. Later I found out the, rates were extended to like aug 31st, so I wasnt worried. Towards the end of Aug, I recvd a call saying the tract is in, however was waiting on a la402 loader and R4 tires. So I questioned the rates, and they said no problem they are still good to go even if they change later. Got a call today, saying everything is in, R4 tires were just put on, only thing waiting on is the snow blower. Told me I could set up my delivery and financing....when I talk to the lady, she starts out now with the new rates currently offered...like 1.9% 24 mos, 2.9% 36 and so on...anyway I figured it out and its like im paying $945 extra at 36 mos, $253 at 48 mos, and $591 at 60 mos..When really had they ran it through when I was in initially, it couldve all been avoided? /forums/images/graemlins/mad.gif Just wondering what others thoughts were on this issue and for any advice? Thanks go out to Bird and Rat for help in my selection of tractor...

Todd

 

[Bird]

Todd, I've never run into that problem, personally, so I don't really know what can be done, if anything. If all the paperwork, loan application, etc. were done when the original deal was made, then I'd expect to still get the zero, or whatever financing was in effect at that time. But if they only told you what both the price and the financing would be when you agreed to buy, and now that the tractor has arrived it's something different, I'd be talking to the dealer about lowering his price to compensate for what I had to pay in interest. And if he wouldn't do that, then it would just depend on how bad I wanted that tractor, I guess, as to whether I took it or not.

 

[DavidJ]

I'm with Bird on this. If they kept telling you the charges were the same I'd ask the dealer to rectify the problem, reduce the price by that amount or I'd walk. If they'll do you this way now they'll do it later.

 

[jcollins]

Kubota will not protect the rates as far as I know. If at month end we find out that the rates are going to change we contact those people that are waiting on tractors and or implements and explain that they will have to come in and sign the retail contract even though thier equipment may still be 2 to 3 weeks out. We leave it up to the customer to make the descision as to if he wants to chance the new rates or lock in the current ones. Many times Kubota does not let the dealers know what the new rates will be untill the morning of the first day of the month; at that point the old rates are null. NH tries to keep the new rates secret as well but they will protect the rates if the dealer will send them a signed order and proof that the tractor is on order. If a implement is on order then NH will not protect the rate.

 

[5030]

I agree with JCollins.

Kubota will not hold rates after a campaign is over. Your dealer or should I say a "repersentative" from you dealer stating that is full of hogwash.

As no monies changed hands, you might as well wipe your bootie with the sales agreement.

I'd have locked it with a down payment at the very least. That way, you'd have legal recourse, now you have nothing.

 

[Inspector507]

I signed all my paperwork before the rates changed. That meant I was "paying" for my tractor before I recieved it, but I was locked in at the rate I wanted.

 

[NIXON]

Gotta agree with 5030 and inspector on this.
My dealer and I had come to an agreement on price , etc before the end of august . He told me that he had the feeling that financing rates were about to change . So, I signed on the dotted line then and there . I hate to say it , but unless you have a written contract as to price , finance rate ,etc . , You might have to go with the new terms /forums/images/graemlins/frown.gif
All the best , John

 

[don716]

I'm a very nice person and can get along with anyone but if the "Salesperson" said there would be no problem with the rate change since it was way before the cutoff date I would make him stand by it or it would come off the price of the tractor. I would be upset with the salesperson and want to talk to the Mgr. It might not do any good but I would make sure they knew I was'nt happy.

"If nothing could be done about the % rates, the difference would come off the price of the tractor."
Sorry, but that's my 2 cents worth.............
Donny

 

[Kelvin]

Serial numbers required for 0% contract to be accepted?

I have heard from (1) a friend in the local area and (2) someone that posted on this board that in order for the Kubota 0% financing sales contract to be accepted by Kubota that the sales contract must include the equipment's serial number. This means that the tractor (and any other equipment to be financed) has to be closer to delivery than "on order" implies.

In my friend's case, I think the dealer negotiated with a 2nd dealer to receive a tractor on his lot (thus getting a serial number to put on the contract) in exchange for an identical tractor due in the 1st week after the 0% financing ended.

Unlike one of the other threads going on about how bad Kubota may be in supporting warranty work relating to "unauthorized attachments", this "customer shaft" appears to the sole property of your dealer. This is in the form of either (1) their ignorance about Kubota financing, or else (2) they intended to lose your sale because they might've gotten a higher offer on the same tractor. Either way, I believe the way your dealer handles the problem to your sastifaction will be a strong indicator how he will handle any future problems that you may have.

Kelvin

 

[Junkman]

When I asked about the 0% finance, I was told that the application had to be approved and the tractor had to be in inventory and the paper work completed by the last day of August for the 0% finance. It just wouldn't work out that way for me, so I made other arrangements for payment without using the Kubota financing. I think that the reason for the firmness of the financing rules is that 0% finance cost them a lot of money and there is a limit on how much Kubota wants to hold paper on without making a profit on that paper. It is like a rebate..... 1 second after the expiration date and the offer is off.... no ifs, ands, or buts about it!!!!