Noticed Something Interesting in my Kubota Credit Account

[AndyMA]

I was finally able to create a Kubota credit online account.
On my Zero Interest loan, the payoff amount is $20,495.45 whereas the current balance is $23,665.67
This represents that the payoff is $3,170.22 less than the account balance? See attachedView attachment Kubota Credit.pdf

This may be an interesting way to get a discount on a machine?

If you have a Kubota Credit account you may want to check

Andy

 

[rktman26]

I was finally able to create a Kubota credit online account.
On my Zero Interest loan, the payoff amount is $20,495.45 whereas the current balance is $23,665.67
This represents that the payoff is $3,170.22 less than the account balance? See attachedView attachment 587854

This may be an interesting way to get a discount on a machine?

If you have a Kubota Credit account you may want to check

Andy

It may have something to do with the Insurance. If you included the KubotaCare (or whatever it's called) insurance in the amount you finance, I believe the reduced payoff is a result of the premiums being prorated. You won't have the insurance if you make the reduced payoff, unless you make separate payments.

I can't back this up, I just think that's what it is.

 

[AndyMA]

It may have something to do with the Insurance. If you included the KubotaCare (or whatever it's called) insurance in the amount you finance, I believe the reduced payoff is a result of the premiums being prorated. You won't have the insurance if you make the reduced payoff, unless you make separate payments.

I can't back this up, I just think that's what it is.

That makes sense, I think your right. Thanks

 

[Atchuuu]

That makes sense, I think your right. Thanks

Many times the 0% interest loans will revert to standard interest rates if you miss payments or are late. I was thinking that it could be the interest you would pay if you don't pay on time or as scheduled. Don't have any experience with Kubota Credit though.

Let us know if you find out for sure.

 

[nikerret]

Also interested, if you find out. My balances are different, too, at 0% versus the payoff, but only by a few hundred dollars.

 

[shooterdon]

It may have something to do with the Insurance. If you included the KubotaCare (or whatever it's called) insurance in the amount you finance, I believe the reduced payoff is a result of the premiums being prorated. You won't have the insurance if you make the reduced payoff, unless you make separate payments.

I can't back this up, I just think that's what it is.

Over $3k for the insurance would be really expensive. If that is the case, I would risk not having it.

 

[HillStreet]

As Atchuuuu said, I believe it is a higher finance rate if the loan goes late. The Kubota Insurance premiums are added to the “amount financed”. I paid my 5 year loan off after 2 years and got a refund for the balance of KTAC, just a few hundred bucks. I paid the tractor in 2017 and never noticed the two amounts showing on the account. They may have recently changed the rules.

 

[TheMadOne]

Just checked my account. There's a $360.00 difference. I assume that's for insurance, which is cheap peace of mind, IMO.

 

[Zeus24]

I do not know how in Kubota, but most likely the decrease in payments is due to insurance. Insurance helps you to cope with the loan if you get into a difficult situation. When I took out a mortgage loan, I also took title insurance (because I took an apartment on the secondary market), this insurance protected me from the risk of being left without an apartment, you never know what happened to the apartment earlier. Mortgage Advisor Derby gave me confidence that at the end I would be able to get the keys to my apartment and advised on all issues. I'm not 100% sure, but I think it's about insurance in your Kubota credit account.

 

[Cahaba Valley Farm]

I do not know how in Kubota, but most likely the decrease in payments is due to insurance. Insurance helps you to cope with the loan if you get into a difficult situation.

Welcome to TBN Zeus