Financing 0% Financing?

[rwsr50]

Just bought my first Kubota Monday, a BX 2230. I decided to use the Kubota 0% Financing promotion, but was unpleasantly surprised to get hit with $400 in charges to get the 0%. I had heard there was something like a $150 finance charge, but that's a lot different than $400!

Has anyone else run into this?

 

[om21braz]

From what I understand they give you 24 months at no charge. If you want 36 months, a charge of 1.5% of the total is added up front; i.e., on $10,000 the charge would be $150.00. Another charge, which varies by state, is for filing the lien with the authorities. Here in NC it is $100.00. So the $400.00 you spoke of may be a total of the two - just ask the dealer to explain them to you.

 

[slowzuki]

In Canada on the L3130 the choice is 0% or 2500$ cashback. Basically amounts to a fake 0% rate.

Ken

 

[MessickFarmEqu]

The 1.5% charge went away about a month ago, and even so we where strictly told not to pass that along to the customer.

Your local dealer is probably adding their own financing fees. They do have the option to do that.

 

[robertm]

I just finance my new B7510 for 36 months at NO CHARGE. That was something I watched. I even stayed away from a possble 4000 Series Deere because of the added charges, too. Check with your dealers. There's a chigger in the wood pile somewhere!

 

[rwsr50]

Just got home and looked at my contract. I was wrong, the financing charge was $300, not $400 as I said above. Of that, $100 was to the State for the lien, and $200 was for documentation preparation fee.

 

[robertm]

$100 TO THE STATE! /forums/images/graemlins/shocked.gif What State do you live in? And $200 for doc prep fee is OUTRAGEOUS! !@#$% a car doc prep fee is usually around a whopping $35 where I come from! I guess that includes the phone line time to fax the application back to Japan for approval, eh? /forums/images/graemlins/grin.gif Hell, for that matter, it must be written on some of that fancy Japanese silk! Was the salesperson with one arm, and in need of a prosthetic for his writing hand? You financed it for him/her! I sure hope it wasn't a hay spear he stuck you with... OUCH! /forums/images/graemlins/shocked.gif Hey, enjoy the tractor! You will be having sooooo much fum soon enough that a heals will wound, I mean, all wounds will heal. That extra $300 sure could have helped you out in the implement department, though.

 

[Henro]

It cost me something like $100 to finance a BX2200 for three years at 0% last summer. The $100 did not go to Kubota. I forget what it was for, but I think I had to pay the same fee in PA when I got zero percent financing on my Ford van. There was no documentation fee.

I think the dealer is socking it to you with that fee. I would ask what it was for and see what they say. But if you already signed the papers...I guess the deal is done... /forums/images/graemlins/frown.gif

 

[rwsr50]

I printed out the Kubota loan application off the internet and had it all completed and took it to the dealers. He in turn FAXed the application to Kubota. Next they had a multipage contract print out for me to sign in about 6 places. Maybe I should have charged the dealer for my signature, ha, ha.

Anyhow, the whole deal only took about a half hour. If the State charges $100, there's nothing the dealer can do about that, but $200 documentation fee for a half hour's work! That's $400 an hour!

I was already stretching the budget with the price of this tractor and sure didn't need that kind of surprise.

 

[v8dave]

My 0% 36 month loan for my B7610 had a $20 fee paid to the state for the lien. Loan written May 26, 2004.

Dealer: Sacramento for Tractors, Sacramento, California.

Dave