FarmTrac Troubles

[SESS]

That would be great. There are several other dealers here in Florida that are in the same boat with us. I have sent you an email. Thanks a bunch!

 

[agequipt]

To all farmtrac dealers and owners

We are trying to find any cutomer that is critical Down on a farmtrac machine

Please send pm to me.

The Dealer counsil is working on resolutions

 

[Cop in Overalls]

Everything in life is a calculated risk. You can walk to the mail box and get killed by a car. Things happen. I purchased a a 360dtc with a loader one year ago. Several things went into me decision including company track record to that point, my dealer, tractor reliability, the fact that it was built by LS/LG and price. A comparible tractor in green, blue or orange would have cost me $9,000 more. Yes I could have financed one of the other tractors, but I am from the old school where cash rules. I could not be happier with the tractor except for the current company status. I appreciate non Farmtrac owners who post on this thread to express their support for the situation we are in. Others come to pontificate why we should have bought their color tractor and explain the folly of our ways. If I had not gotten the deal I got, frankly I would have continued to use my old tractor and not purchased one of their tractors. I would have not been able to justify the cost of other colors. Am I worried about geting parts down the road? NO! We live in a global economy and the parts I need will be available from LS with the a few strokes of my keyboard. LS/LG is a first class company and I am not worried about them closing their doors. I also find it interesting that some people think that there must be some kind of conspiracy when new members to this forum say positive things about their machines or dealer. The reality is that we are driven to come to this board because of the current situation and network with other owners and dealers.

The events on this thread remind me of a bad car crash. (Yes, Farmtrac crashed very badly. We now have to wait to see if the damage is repairable or if it is a total loss.) Some people drive by and say "That's terrible! I hope no one is hurt. There but for the grace of God go I" Other drive by, gawk at the wreckage and say "HA HA! If they had only bought the kind of car I drive, THAT would have never happened!" My experiances in life tell me that the latter group usually ends up in a ditch about a mile down the road.

I am certain that shots will be fired in my direction for expressing my viewpoint, but I figure if non Farmtrac owners can express their opinions, I can express mine. Besides, that's what we wear bulletproof vests for. Currrently I am putting on my bulletproof overalls. Once again I would like to express my thanks to all non Farmtrac owners who have expressed their support and sympathy.

 

[Charolais]

Everything in life is a calculated risk. You can walk to the mail box and get killed by a car. Things happen. I purchased a a 360dtc with a loader one year ago. Several things went into me decision including company track record to that point, my dealer, tractor reliability, the fact that it was built by LS/LG and price. A comparible tractor in green, blue or orange would have cost me $9,000 more. Yes I could have financed one of the other tractors, but I am from the old school where cash rules. I could not be happier with the tractor except for the current company status. I appreciate non Farmtrac owners who post on this thread to express their support for the situation we are in. Others come to pontificate why we should have bought their color tractor and explain the folly of our ways. If I had not gotten the deal I got, frankly I would have continued to use my old tractor and not purchased one of their tractors. I would have not been able to justify the cost of other colors. Am I worried about geting parts down the road? NO! We live in a global economy and the parts I need will be available from LS with the a few strokes of my keyboard. LS/LG is a first class company and I am not worried about them closing their doors. I also find it interesting that some people think that there must be some kind of conspiracy when new members to this forum say positive things about their machines or dealer. The reality is that we are driven to come to this board because of the current situation and network with other owners and dealers.

The events on this thread remind me of a bad car crash. (Yes, Farmtrac crashed very badly. We now have to wait to see if the damage is repairable or if it is a total loss.) Some people drive by and say "That's terrible! I hope no one is hurt. There but for the grace of God go I" Other drive by, gawk at the wreckage and say "HA HA! If they had only bought the kind of car I drive, THAT would have never happened!" My experiances in life tell me that the latter group usually ends up in a ditch about a mile down the road.

I am certain that shots will be fired in my direction for expressing my viewpoint, but I figure if non Farmtrac owners can express their opinions, I can express mine. Besides, that's what we wear bulletproof vests for. Currrently I am putting on my bulletproof overalls. Once again I would like to express my thanks to all non Farmtrac owners who have expressed their support and sympathy.

I couldn't agree more. My Farmtrac tractor is old enough that it has LongAgribusiness across the front and the loader does too. I bought a new 2610 Long back in 1997. Traded a 574 IH with a Long loader in on the Farmtrac in 2004. My dealer had been selling Long tractors years before I bought from him. So he's been there a while now. If Farmtrac makes a come back he'll be right there. If they don't he'll be right there. I have no worry about parts for my tractors. My dealer knows the right thing to do. He'll stand by the folks that bought tractors from him to the end. If he pulled all the Farmtracs off the lot when this thing started and put in a new color he'd never sell tractors in this area again. We stood by him and he's standing by us either way it goes. And if Farmtrac comes back I'd buy another one in a skinny minute. I can't get support on the big 3 or little 4 brands like I have with my Farmtrac dealer.

I also thank the folks that have stopped by with comments. The ones that have been negative know and may not admit that once Farmtrac go up and running they shook the earth for other large name brand tractor dealers down the road within 25-30 miles with their sales and service. The guys that bought the other big brands can thank us Farmtrac buyers and dealers for the good quotes they got because Farmtrac was there. If Farmtrac doesn't come back those prices will return to the higher end.

In this whole Farmtrac Troubles thread we've seen just about everything you could think of. First the bad news, then panic, some sympathy and some I told you so. Quite frankly I couldn't believe how open with information some dealers have been. In my view some of that can be a good thing and some can be a bad thing.

Farmtrac has been good competition all through my area and can only hope that same quality and support will return in full strength. It's kept other brand dealers honest price wise at the least. After weeks of reading, talking on the phone and putting 2 and 2 together I've come to one conclusion. If this had happened 25-30 years ago we'd be reading about charges being filed against a money grubbing ceo. Each day I read here I hope to see some news of that because in the end where did the money go. I could be wrong in my thoughts on this so anyone feel free to correct me if I'm wrong.

Now for those workers at Tarboro. I can only imagine how they feel. I went through the same thing when working for textile companies. Somebody in Tarboro did some "pretty work" as I refer to that as a great job. There were a bunch of folks that worked there without pay for a while so we know the dedication is there. We know there's quality in the product as Farmtrac owners and we know the prices were competitive. I know I have a dealer that's second to none. It would be a pure shame to let Farmtrac die. So I look forward some time this month to see the news that the workers return to their jobs in Tarboro's Farmtrac. I'm sure the downturn in the economy will be a factor in decisions being made now. But I still got hope.

 

[a blurr]

My dealer knows the right thing to do. He'll stand by the folks that bought tractors from him to the end. If he pulled all the Farmtracs off the lot when this thing started and put in a new color he'd never sell tractors in this area again.

Your dealer may not have a choice! So just because he has to move to another brand to make a living no one will buy from him?? That just does not make any sense. Hopefully we can all stay with FT but the reality may be bitter. If another brand is brought in for selling then that is just the reality of a Free market and you have to do what has to be done.

 

[TBDonnelly]

My dealer knows the right thing to do. He'll stand by the folks that bought tractors from him to the end. If he pulled all the Farmtracs off the lot when this thing started and put in a new color he'd never sell tractors in this area again.

Your dealer may not have a choice! So just because he has to move to another brand to make a living no one will buy from him?? That just does not make any sense. Hopefully we can all stay with FT but the reality may be bitter. If another brand is brought in for selling then that is just the reality of a Free market and you have to do what has to be done.

I believe the key words are: .....when this thing started....... I interpreted that as: immediately.

Don

 

[SESS]

To all farmtrac dealers and owners

We are trying to find any cutomer that is critical Down on a farmtrac machine

Please send pm to me.

The Dealer counsil is working on resolutions

Who is the "Dealer Council" and how can we as a dealer get in contact with them? Here is my email for contact: kalwells@hotmail.com. Thanks

 

[Charolais]

Your dealer may not have a choice! So just because he has to move to another brand to make a living no one will buy from him?? That just does not make any sense.

He still has his Farmtracs right up front and will until they are taken away, if that be the case. Just to clear up what I was getting at (and I could have done better) is this. If he decides to drop the Farmtrac line and pick up a new color it'll be very unlikely that he'll sell many tractors short term. If he's dropped as a Farmtrac dealer then he has a chance with the new color if bitterness doesn't rule. It's not going to bother me either way but I suspect others may not look at it (either way) to kindly. The dealers have already been hurt and if Farmtrac comes back it's hurt too because of the time frame. It's taking way to long to keep the brand name strong. If that plant had changed hands in a two week period they'd have come out pretty good. That's dealers, workers and Farmtrac.

 

[a blurr]

Who is the "Dealer Council" and how can we as a dealer get in contact with them? Here is my email for contact: kalwells@hotmail.com. Thanks

The dealer council is a group of dealer owners who are farmtac dealers. They were appointed as reps for dealers by region. This was formed long before the trouble. So it was not something that has just began. They are in contact with all dealers and if you are a dealer you will find their contact info on paperwork that was provided to you by FT. They try to represent the dealers as one voice instead of may voices.

 

[SESS]

The dealer council is a group of dealer owners who are farmtac dealers. They were appointed as reps for dealers by region. This was formed long before the trouble. So it was not something that has just began. They are in contact with all dealers and if you are a dealer you will find their contact info on paperwork that was provided to you by FT. They try to represent the dealers as one voice instead of may voices.

We did hear that a Dealer Council was being set up a year or so ago. We had never been contacted, told our Territory Manager many times that we had never been contact, and even tried to tell Farmtrac that we had never been contacted and do not know who our regional representative is. Again, I guess we sit and wait some more hope that the dealers in Florida will be contacted. I know of 5 dealers in FLA that have yet to be contacted by anyone with regards to Farmtrac. Thanks for the info.

 

[kevanos]

I've tried emailing the "home office" in India, but haven't heard anything back. I'm emailing again today, so we'll see.

sbeem mentioned that they are ordering parts from "Long Agri". Who is that? I though all of Long Agri became Farmtrac N.A. ???

I hope Farmtrac survives/revives/resurrects in some manner.

 

[California]

I've tried emailing the "home office" in India, but haven't heard anything back. I'm emailing again today, so we'll see.

India has sophisticated business columnists in the newspapers and there may even be a financial paper there covering this story. Emailing a business editor in Escort's home city might get an article started, or they might even point you to existing coverage.

 

[Heywood Jannockitov]

I've tried emailing the "home office" in India, but haven't heard anything back. I'm emailing again today, so we'll see.QUOTE]

Why don't all the dealers just call up this dude? Get it from the horse's mouth. When it is noon here (EST) it is 10:30 pm there.

The irony of the fact that the Escorts logo has a wrench in it has not been lost on me.

 

[country69]

long equipment is the company store that farmtrac owns here in tarboro and they are shipping out parts for farmtrac. they can be reached at 1-800-488-2012

 

[redlevel]

I bought a 535 in August, 2006. I assume, unless someone picks up the brand, that the warranty is toast.

I bought a loader for it about this time last year. I used the "better than zero" financing for the loader.

Does anyone know what is the status of the rebate checks?

I have been following the thread fairly closely and don't remember seeing this addressed.

 

[Tractech]

Redlevel,
As of right now the rebate checks have stopped. The checks were coming through Farmtrac and as of right now FT is down and no checks in or out. Hopefully they will be able to resolve all this soon. Unfortunately it is wait and see for everyone involved.

 

[tommybr]

Suposedly, ther is a company that is looking seriously at buying Farmtrac....a very BIG company.....let's all hope this works out for the good of dealers and customers alike and let's hope it happens soon.

 

[tusekiaharjo]

I've tried emailing the "home office" in India, but haven't heard anything back. I'm emailing again today, so we'll see.

sbeem mentioned that they are ordering parts from "Long Agri". Who is that? I though all of Long Agri became Farmtrac N.A. ???

I hope Farmtrac survives/revives/resurrects in some manner.

I have tried e-mailing India as well and still to this day ahve yet to receive a reply. I have also been trying to call Farmtrac NA and have yet to talk to a live perosn, just the automated call center.

 

[SHIFTY]

Finally a little insight !! This article is from FARM EQUIPMENT

" Breaking News: Farmtrac in Receivership; Textron Financial Seeks Millions
Farmtrac in Receivership; Textron Financial Seeks Millions

According to a February 28 report in The Daily Southerner newspaper, based in Tarboro, N.C., Farmtrac, the manufacturer of compact and utility type tractors, which closed its doors on January 18, has gone into receivership.

The paper reports that on February 12 in Edgecombe County Superior Court, Textron Financial Corp. is seeking "not less than $13,309,056 plus interest plus attorney's fees of $1,996,358 and additional contingent obligations."

According to a Claim and Deliver affidavit dated February 12, the actual value of Farmtrac property is "approximately $12 million."

The complaint form also states that N. Hunter Wyche of Raleigh, a legal representative for Farmtrac, agreed to a request for Claim and Delivery hearing by Textron Financial. A claim and delivery is a legal action to recover personal property that is in the possession of another party.
Textron Financial Corp. local counsel David M. Warren said Wednesday that a Claim and Delivery hearing has not yet taken place. It is one of options available to Textron and Farmtrac.

Edgecombe County Superior Court Trial Coordinator Bill Nichols said on February 27 that during a hearing, attorney Jim Morrow of Tarboro was appointed as receiver for Textron Financial.

A receiver is appointed by a bankruptcy court or creditor to run a company. The responsibility of the receiver is to recoup as much of the unpaid loans as possible. Being in receivership is not an enviable situation for a company. Forbes Media explains that, "Often receivers find that the best way to pay back loans is to liquidate the company's assets, which would effectively put it out of business."

Farmtrac originally signed into the repurchase agreement with Textron Financial on October 6, 2006.

When asked about severance packages or buyout plans on February 5, Sales Manager Sushil Kaul conceded that "the company does not have enough funds" to consider those options.

The newspaper also reports that Farmtrac CFO Alton Cobb and marketing director Shenu Agarwal have failed to respond to calls and e-mail within a 3-week period inquiring on the company's status. Farmtrac dealerships also have reported the company's failure to respond. "


The way Im reading this it sounds like Textron will be taking over

 

[dgl24087]

"Often receivers find that the best way to pay back loans is to liquidate the company's assets, which would effectively put it out of business."



Sounds more like Farmtrac's assets will be sold to recover the debt, i.e., Farmtrac will no longer exist.