Financing Kubota Financing Question

[seapea]

I agree, but what if I was stupid and rolled it? Or knocked out a post on my barn overhang and dropped the roof on it?

Things like that, while unlikely, are not risks I would ultimately want to take, at least not while I am still paying for the tractor! And frankly, the coverage by State Farm, because of those types of exclusions, does not meet the LETTER of the requirement that Kubota puts forth.

However I would imagine that I could have gotten away with "certifying" that my coverage met their requirements, and saved myself some money. I chose not to do so.

Couldn't agree more, but...

Did you read the following exclusion in your KTAC policy:

20. For loss while the collateral is in the possession or control of you, your employees, or your representatives.
​

I called KTAC about this last week. The agent seemed to be surprised by this exclusion, and was suppose to talk to her boss to see if it means what it really seems to mean. If it does, then this insurance is all but useless. I never got a call back. I have called 3 times since, and never get through to an agent. I leave voicemail messages with two call back numbers, and they never call back. Previously to asking this question, I had no trouble getting hold of an agent or getting calls returned.

 

[stimpee]

Couldn't agree more, but...

Did you read the following exclusion in your KTAC policy:

20. For loss while the collateral is in the possession or control of you, your employees, or your representatives.
​

I called KTAC about this last week. The agent seemed to be surprised by this exclusion, and was suppose to talk to her boss to see if it means what it really seems to mean. If it does, then this insurance is all but useless. I never got a call back. I have called 3 times since, and never get through to an agent. I leave voicemail messages with two call back numbers, and they never call back. Previously to asking this question, I had no trouble getting hold of an agent or getting calls returned.

Revival of this thread, since I just got my "Ohio Indemnity Company" policy in the mail.

My policy says:

20. For loss while the collateral is in the possession or control of the creditor, creditor's employees, or creditor's representatives.

In this case, per the definitions at the front of the document, creditor = lender not YOU.

Also, the policy clearly covers the replacement cost or actual cash value of the tractor and implements, etc, not just the loan balance, for those that were wondering.

Now whether you will have to argue the actual value of it in the case of a loss, who knows...

Steve

 

[seapea]

Thanks so much for the update. Mine clearly says "you" and not "creditor", so they must have updated the policy. Mine says "SIP-200 (10/2006)" in the lower left corner of each page. What does your says.

The frustrating thing is that after I initially brought this up with KTAC and asked for a clarification, I never got a call back, even after 4 followup calls where I left a message. It really appeared to me that I was getting the run around because I noticed something that they didn't want me to notice.

Chris

 

[stimpee]

Thanks so much for the update. Mine clearly says "you" and not "creditor", so they must have updated the policy. Mine says "SIP-200 (10/2006)" in the lower left corner of each page. What does your says.

The frustrating thing is that after I initially brought this up with KTAC and asked for a clarification, I never got a call back, even after 4 followup calls where I left a message. It really appeared to me that I was getting the run around because I noticed something that they didn't want me to notice.

Chris

Mine says ISP-600 (10/2006) in the lower left corner.

Also, in the upper right corner, in tiny tiny print, it says:

AF033T Rev 1 01/07

Now, the lack of response is a different issue. I would be making thier lives miserable until someone responds...

Or ask your dealer for support on that question.

Steve

 

[jinjimbob]

I just financed a Kubota, the dealer just asked for a copy of my home insurance and policy number.

I also found it funny that you get around $300 off if you do not finance a B2320 tractor, but if you do finance through them, they add $125. Kind of a weird mixture.

 

[seapea]

Revival of this thread, since I just got my "Ohio Indemnity Company" policy in the mail.

My policy says:

20. For loss while the collateral is in the possession or control of the creditor, creditor's employees, or creditor's representatives.

In this case, per the definitions at the front of the document, creditor = lender not YOU.

Steve

Based on the info you gave above, I decided to go ahead and get the KTAC insurance. Your timing was good because the offer was going to expire the next day. I just got the policy today and it does indeed have clause 20 as stated above, so all is good. Thanks again.

Chris