Beware JD Credit

[MDog]

I just want every one to know how unhappy I am with JD.
I purchased a JD2210 FEL 54"MMM.
The tractor was in but had to wait for a month for the MMM and FEL.
I was approved by JD Credit for the 75% borrowed.
When they delivered the tractor I had final papers to sign.
The JD Credit contract had a couple of things I disagreed with.
JD wanted the ability to use your info for any reason they saw fit and the kicker "FOREVER".
At the end of the Consent paragragh it read:
"We and our affiliates may use such information in our records for so long as it is needed for the purposes above and your consent remains valid after termination of our relationship with you."
I crossed out the parts about "and your consent remains valid after termination of our relationship with you".
I got a call that I was now refused the previously approved credit. I had the option of resigning with out crossing off that part, payment in full of the remaining 75% or they would pick up the tractor today.
So if you want the discounted financing be prepared to give up your personal and financial info to who ever JD wants to sell it to for as long as they want to.
They will not budge on this. Give up your right to privacy forever or NO Financing. You get 1 day warning.
They come for the tractor in the morning.
MDog

 

[rancar]

Well, how were you hurt by this other than you feel like your personal financial privacy is being compromised to some extent? Or more appropriately, how do you think John Deere would use your personal information to bring you irreparable harm?

I, too, financed the purchase of my JD 4710 through JC Credit. I noticed the same clauses. But, is this too much different from customer agreements one signs when applying for car loans from GMAC or credit cards from such entities as Visa or Mastercard.

FWIW, I've been paying off my JD Credit loan for about a year and I haven't noticed to any degree my personal financial privacy being jeopardized or compromised. JD Credit offered me terms I could live with and I've been very pleased with the financial arrangement I have with them.

...Bob

 

[SnowRidge]

MDog, good for you. If more people took a principled stand, we would all be better off.

SnowRidge

 

[R_squared]

Corporations need our money for the perpetuation of their existence. I'm convinced they would rather do business with neutered, spineless sheep. We are in the middle of building a house, where we are doing a lot of sweat equity. I had a few provisions to be written-in by the broker, bank, and builder. Each party did their absolute best to refuse or grossly delay the process thinking we would give up on our demands. Each party was badgered by us to comply, or we went down the list until we found cooperation. All of the above parties wanted us to comply with their demands in a prompt and diligent manor. My hat is off to you! A suggestion would be to get the money from another lender and go back to your dealer and buy that "used tractor" at a lower selling price.

 

[_RaT_]

"My hat is off to you! A suggestion would be to get the money from another lender and go back to your dealer and buy that "used tractor" at a lower selling price."

Wouldn't that beat all!

 

[F350Lawman]

If it bothers you fine don't do it but I think if you go and pull out your mortgage, credit cards, debit cards, consumer loans, car loans etc., etc, you may be on the phone cancelling things all afternoon.

I think that ANY of the above lenders will not allow you to alter a portion of their agreement. The have those pesky legal departments who are sure to so no to any changes.

Let's say they changed your loan to read "use info. until 1 year after this agreement expires" do you think they want to be responsible for pulling ALL your info from EVERY database they have? I they let people amend the contracts then they are going to have to track the changes and adhere to them I would suppose. If they don't then you sue. By having no end date they don't have to worry about getting rid of info. and they can mail you some ad at a later date.

JD wanted the ability to use your info for any reason they saw fit

It said that or is that or is that the way you read it?

I know evryone is beating the drums regarding big business but do you think the motives are sinister in THIS case? Remember there are just as many sharks among consumers who love to beat lenders out of $$$. I am sure they would love to make changes on their loan agreements as well.

We and our affiliates may use such information in our records for so long as it is needed for the purposes above and your consent remains valid after termination of <font color="blue">our </font> relationship with you

Sounds like they mean the loan you signed, "purposes above" would seem to refer to whatever spelled out in the loan, term, %, etc. They aren't going to let you cross out that because when you don't pay and the sell the bad loan to a collection agency, that agency needs to have your info. Sure JD has terminated their relationship with you but the info. will go to the collection agency. If they let you cross it out or have the info. be non-transferable than how is anybody going to go and try to collect the bad debt.

I think you may be cutting your nose of to spite your face. Either you will pay cash, go to the local loan shark or sign an equally "sinister" agreement with another lender.

Perhaps the tractor is the real issue / are you happy with it otherwise?

I detest much of what lawyers and corporations do but in certain instances I can understand why they go to the lenghts they do to cover ALL the bases. While you are only trying to protect yuor information others will exploit any loophole not to pay or to start some frivolous lawsuit.

 

[Chief]

Did you at least get 10 or 15 hours on it????? Just kiddin'. /forums/images/graemlins/wink.gif You were needing that 4210 any way right? /forums/images/graemlins/cool.gif I say good for you but F350lawman has a good point. Bet Kubota and all the others pull the same deal. /forums/images/graemlins/frown.gif

 

[CountryBoy]

<font color="blue"> Did you at least get 10 or 15 hours on it?????</font> </font>

/forums/images/graemlins/grin.gif

 

[cowboydoc]

Lawman is exactly right. They also use it to your advantage to post to your credit profile. If they couldn't use your information it would never show up on your credit report either. It's a give and take for sure.

 

[Dahammer]

What *exactly* is on your credit application with John Deere that isn't already on your credit file with Trans Union, Equifax, etc? Isn't all the info that you put on a credit application already known by just about everyone?? I'm not being a wise guy, but what is the big deal? If I want to know where you work and how much your mortgage is and if you ever been late on a Sears payment all I have to do is pull your report. It will even tell me your previous addresses and any alias names you used. Is there some *secret* info that John Deere asks you to disclose on their credit application?? Just curious /forums/images/graemlins/confused.gif