Beware JD Credit

_RaT_ · Jul 8, 2003

"Bet Kubota and all the others pull the same deal."

Don't take that bet, for what its worth, there was nothing in my Kubota financing contract about what Mdog is talking about. Zip, zero, nada.

F350Lawman · Jul 8, 2003

"Bet Kubota and all the others pull the same deal."

Don't take that bet, for what its worth, there was nothing in my Kubota financing contract about what Mdog is talking about. Zip, zero, nada.

If I understand you Kubota doesn't spell out how or when your info. will be used? SO is that better or worse?? JD spells out what they can do with your info. and Kubota doesn't say anything? What makes you think Kubota can't or won't use your info. for the same sort of reasons?

Just because it doesn't specifically say what happens with your info. don't jump to the conclusion that your info. is some how "protected" by Kubota or any one else for that manner.

This is why I think this is really no different than most other loan agreements we ALL have signed.

On edit: I just found this-

 Kubota loan app When you filled this out to apply for their financing you gave Kubota permission to OWN your application and info. forever even if you DIDN"T get approved. It has your job, salary, mortgage,rent,other loans, addresses, DOB and all the other goodies. They say the won't disclose to 3rd parties that don't have to do with the loan so I guess it's for their future solicitation? JDs has some similar wording regarding not distributing non-public info.

jlemon · Jul 8, 2003

For the most part, you're correct, almost all information is available on a credit report - including the names of the agencies who have pulled your report. However, my current place of employment and salary does not appear there, thanks to my employer, who does not release any of this to the credit agencies. I'm sure that if that information was publically available, I'd be receiving a lot more junk mail than I do at the moment. /forums/images/graemlins/frown.gif

gator · Jul 8, 2003

I encountered somewhat the same thing at the Pepsi play for a Billion web site. You have to "register" at this Yahoo site that openly admits it collects and sells personal information you provide. I considered my options, provide my personal information and hope I win something or don't provide my information and don't win anything. But after seeing the History Channel special on lightning, I have better odds of being hit by lightning than winning even the cheapest prize, so basically nothing in return for me providing this information. BUT, buying a new JD tractor and having to provide personal information to get it, I'd do it in a heartbeat. I would have two things to show for providing that information, a new tractor, and a grin on my face you couldn't remove with a chisel and hammer.
Thats the way I look at things.

thcri · Jul 8, 2003

For what it is worth, some companies will actually sell your name to make money. But there is a lot of them that state giving them the use of your name for protection only. They don't actually do anything with it as it is for their protection from people actually sueing them.

But I can agree as it would upset me also but am sure I signed for it on my New Holland Credit also.

murph

loner · Jul 8, 2003

My J.D. acount dont even show up on our credit report.I dont know why.Outside our local bank its the best credit we have. It didn't show on our last car purchase. Every credit scratch and dent for a good while was dang sure there. I just blame the bad on my evil twin! J.D. credit was sure cheeper than our local life long bank was. I dont think ther is alot of secrets any more If you never sign a dang thing. I for one am thankful for J.D. credit.

Dahammer · Jul 8, 2003

( For the most part, you're correct, almost all information is available on a credit report - including the names of the agencies who have pulled your report. However, my current place of employment and salary does not appear there, thanks to my employer, who does not release any of this to the credit agencies. /forums/images/graemlins/frown.gif )

Well, actually your employer has nothing to do whatsoever with a credit reporting agency..The credit company gets their information from you, not the employer. When you filled out your credit application you listed your employer's name, address and telephone number..that info is on your report. If you list Mickymouse.Inc as an employer /forums/images/graemlins/shocked.gif, it will be reported as such. Obviously your salary is not part of your credit report and does not appear on it.. /forums/images/graemlins/cool.gif

BillyP · Jul 9, 2003

There's not a consent paragraph in my JD Credit contract. The only time consent is mentioned is I give my consent to have any telephone conversations recorded.

fivestring · Jul 9, 2003

Works both ways here, too. Now they can post a negative for not paying the loan. Catch22.

bigpete · Jul 9, 2003

The key is whether JD will sell your personal financial information. The disclosure you described is written according to the Financial Services Modernization Act (also known as the Gramm-Leach-Bliley Act or GLB). Essentially, JD is telling you that it reserves the right to retain records on you and your account. There are other legal requirements of financial institutions if they intend to "sell" your information. In fact, they must offer you a chance to "opt out" of any such practice and you cannot be required to allow the sale of your info as part of an agreement after the fact. If your Agreement does not discuss the sale of your information, then the intent is to simply share your information "internally" with existing JD affiliates, which likely means the marketing folks and the various divisions within the company. If those "affiliates" are not identified in the Agreement, just ask.

You should have available to you a formal Privacy Notice from JD credit. In fact, the law stipulates that you must be provided that document and that you will receive a copy each year, usually after July 1. Watch these notices carefully. Most of us just trash those little folders--I used to because I need a magnifying glass to read them. Make sure you watch for an "opt-out" procedures and deadlines. If you neglect those you are automatically giving the lender consent to a change in policy, and probably will begin to see more telemarketing, direct mail, and inquiries on you credit report.

This is just my opinion, but you are probably looking at a pretty standard paragraph. As was mentioned above, your information is most likely being shared by your bank with its partners, by your insurance company with its divisions, and even from your gas card with Mobil, Texaco, whoever.

It would be a shame to see you let that tractor go. Especially since you are going to have the same experience with the next lender. Anybody who thinks JD is worse than the others hasn't really looked to find out. All you need to do is contact your lender or the company extending credit and request a copy of their privacy policy. Most of these practices are not knew to lenders. They are just now (in 2001) required to tell you about it. The only "entities" that are exempt from many of these laws are state and federal agencies. /forums/images/graemlins/shocked.gif