trouble on tractor financing

Bluecheck546 · Dec 20, 2004

Try Mahindra 0% financing.... http://mahindrausa.com/Finance/EMICalc.aspx /forums/images/graemlins/grin.gif /forums/images/graemlins/grin.gif

stevenf · Dec 20, 2004

onegreenday(kim) I hope this doesn't sound odd but I had the exact same problem with Kubota Credit in November. I am the President of my own corporation but it still makes me mad that nobody can do anything with a handshake anymore so on their Credit Application under income I made the salesman fill out the credit info sheet and forced him to put down my monthly income as $200 which was true since I control how much $ I make and how I choose to spend it. now I'm looking at a darn near $50,000 machine plus implements deal so payments are over a $1,000 per month for 3 years with 20% down. The salesman was not amused but I assured him that I was not wasteing his time and made him submit it without any other credit history other than my checking account # that has never had much money in it. It didn't take long to get a response and a letter of refusal from Kubota credit. The salesman called all excited and said he had just gotten my refusal confirmation what should he do. I told him call Kubota credit and ask them how much they would require down to sell me the tractor and stuff. They said they would reconsider with 25% down I told the salesman to resubmit with the downpayment equal to all but $36,000. set it up for 36 months at $1,000 per month and 0% interest which is what I was after to begin with or I'da just wrote a check off of a money market account from a different bank. The downpayment that I was suggesting was about 30% so needless to say the next call I got was from the salesman who informed me that he had never had more fun doing business with a customer that on paper was below the poverty level. Kubota accepted the deal without ever knowing my finances beyond a checking account with less than a $1,000. in it on a regular basis. The point of this negotiating tutorial is you hold the cards just don't play them all at once. If Kubota is your choice go back and talk to the sales person and have him call Kubota credit I'm quite sure they will do the deal as will any other Credit company if you put enough down use the automatic debit as a card to play if they turn you down again when you give them access to your bank account for some reason they believe they have the power. Which is fine as long as I choose to dump some money into it once a month.
Steve

Mark_in_NH · Dec 21, 2004

( But NH can do the deal and the tractors seem to have an OK rep on these boards )
I have owned my TC35D for 1 year and 8 months and I am proud to say that I love my NH and wouldn't trade it in for any other color out there. Not that I wouldn't hesitate to own another color, I just wouldn't give up my NH to do so.
This is only my personal opinion but I feel, think and believe that NH's have alot better then just an OK rep, at least with me. /forums/images/graemlins/smile.gif /forums/images/graemlins/grin.gif
I see a few other tractor company's using and coming out with sloping hoods and curved loader arms to enhance the machines ergonomics. GEE, I wonder where they got that idea /forums/images/graemlins/shocked.gif /forums/images/graemlins/grin.gif
I think you will be quite pleased with a NH if that is the route you decide to go. Good luck and keep us posted.

Soundguy · Dec 21, 2004

( New Holland wanted 20% down ($5,700) on a TN60A (selling for $28,500 with loader) but would take $4,500 down (less than 20%) on a TN65 (old style) (selling for $26,700)
)

Was that old style with loader as well? Or if not how much was the loader. Seems like for the money.. you could get an old style tn65 for the same money as a new style tn60. That's more tractor per dollar. Sounds good to me.. at least on the surface anyway. ( I'm one of those people that likes to get as much tractor per dollar as possible.. even if it sacrifices a few non-necescary options.... you just have to decided what options are necescary, and which ones are negotiable.... )

As for color and financing.. that is part of the game. Sometimes brand loyality comes down to those that help you.. if at this point in time.. 'blue' is the one helping you.. looks like it may be the start of a good relationship. /forums/images/graemlins/laugh.gif

Post more info. And good luck either way.

Soundguy · Dec 21, 2004

Another thought is a local bank ( long shot), or your local farm bureau, or even a company like FarmPlan.

Good luck

Soundguy

RockyMtDan · Dec 22, 2004

In some 0% finance deals The cost of the BUYDOWN is added right to the sale price. You may have more buying power by getting pre aproved (like from Ag Credit) and then ask the dealer for the cash price. You'll get the prime rate of 7.75% right now ,but over the life of the loan it may be cheeper.

onegreenday · Dec 22, 2004

The best price I found close to the Northeast (PA) was $26,500 for the TN60A with FEL ($28,700 in New Hampshire).

A NH dealer further south (in Georgia) said they could save me 5-10% on the "old style" TN65 (which has a few more HP).

I do like the New Holland but I haven't decided completely yet. I'm trying to build my credit this winter while the snow is on the ground and I'm surfing TBN for the latest tractor info.

I found a new Zetor 4341 with FEL in Coloroado for $22,500. They are $3K more in the Northeast. Thanks for the tips.

LBrown59 · Jan 12, 2005

( I have encountered some difficulty getting some of my customers financed, who did not use credit cards and had paid cash for everything. I was able to get them approved by using the electronic funds transfer option for their monthly payment. )

One of the big got yas of credit ratings and scores is to much reliance is put on credit cards.

My goodness what did they do before credit cards were invented?

LBrown59 · Jan 12, 2005

( If you don't belong to a credit union, join one. They are much more likely to extend you credit than a bank.
With that much downpayment, you probably won't have a hard time getting financed.
If you want to start getting some credit to buy later, go to that credit union, and open an account that will be frozen for at least $1000.00. You'll make monthly payments on it,for at least 6 months, and then pay it off and get the $1000.00 back. In the meantime, you've established that you can make payments on time and will have some good credit on your report. It's a great way to get started, and it only costs you the amount of the interest, which is usually less at a credit union. John )Interest cost is off set by interest
earned.

LBrown59 · Jan 12, 2005

( It really broke my little Scottish heart to pay a bank 15% to borrow my own money . )

Think that's bad try it with and insurance policy where not only are you borrowing your own money the insurance company also keeps your money.