450EXC
Gold Member
I hate to be a newbie whiner and always talking money but 9:00 last night, tractor finially delivered, and dealer hits me with $ 306 in finacing fees, ins, etc. I already lost the 300 rebate. Does everyone pay this?
Intrest free finacing (for only $ 600)
- Thread starter 450EXC
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Cliff_Johns
Elite Member
No. And certainly not after the contract is signed! Seems like a bit of a hobson's choice at this point though.
Cliff
Cliff
powerstroke2000
Silver Member
- Joined
- Sep 22, 2002
- Messages
- 199
there is always a finance fee but most the time it is added to the contract.If it wasn't going to be added to the loan you should have been told.
bluechip
Veteran Member
I recently lost a sale, had the guy approved for a brand new CK25HST, loader, Kioti bush hog, etc. Over the phone I asked him if he wanted to use the fincance company's insurance or add it to his property insurance...
He got upset with me because his payment came in higher than I had originally told him because we added the property insurance. He said I should have been more honest with him up front about the insurance, and he was right.
I would have never guessed that someone with good enough credit to get approved would not be experienced enough to realize that something financed will have to be insured...
Now I talk about the insurance up front. It was my error and we both paid a price, I lost the sale and he bought less tractor from my competitor who he thinks is "more honest".
I think the truth is that we just went over his monthly budget.
I was certainly not trying to be deceptive, in fact I always pad the payment I quote by a few dollars to cover the finance company's document and filing fees which are always added in.
In most places you have a choice of were you get your tractor insured, but the lender does need it covered.
Of course the rebate is only offered to those who do not use the special financing, you can pay market (almost 8% now) and keep the rebate...
IF you were asked to pay this amount in cash, it could be because the down payment was not large enough. I have had this happen before, especially on deals with sales tax, as the down payment needs to cover the tax first, then the rest is applied to the equity. (They don't finance the sales tax).
Bottom line, is I don't think your dealer was trying to gouge a few dollars more, but perhaps, like my situation, he could have explained better...
Hope this helps, you are not paying $600 for financing. actually only the documentation and filing fees are a cost of financing and they would even be added to an 8% deal...
He got upset with me because his payment came in higher than I had originally told him because we added the property insurance. He said I should have been more honest with him up front about the insurance, and he was right.
I would have never guessed that someone with good enough credit to get approved would not be experienced enough to realize that something financed will have to be insured...
Now I talk about the insurance up front. It was my error and we both paid a price, I lost the sale and he bought less tractor from my competitor who he thinks is "more honest".
I think the truth is that we just went over his monthly budget.
I was certainly not trying to be deceptive, in fact I always pad the payment I quote by a few dollars to cover the finance company's document and filing fees which are always added in.
In most places you have a choice of were you get your tractor insured, but the lender does need it covered.
Of course the rebate is only offered to those who do not use the special financing, you can pay market (almost 8% now) and keep the rebate...
IF you were asked to pay this amount in cash, it could be because the down payment was not large enough. I have had this happen before, especially on deals with sales tax, as the down payment needs to cover the tax first, then the rest is applied to the equity. (They don't finance the sales tax).
Bottom line, is I don't think your dealer was trying to gouge a few dollars more, but perhaps, like my situation, he could have explained better...
Hope this helps, you are not paying $600 for financing. actually only the documentation and filing fees are a cost of financing and they would even be added to an 8% deal...
I dont think my dealer was being dishonest or deceptive. He probably just forgot or thought it was standard and everyone knows. The cost were wrapped into the loan but they are still cost.
I try hard to keep my credit good. My last 2 loans had no fees. Even the credit card apps that come every week are 0 % - 1 year, and thats junk mail.
I honestly did not think about the insurance thing-my fault. But if it was mentioned sooner I would have checked with my homeowners- I'll call them monday if I have time. dealer will fedex contract late monday am.
Thanks to everyone for putting up with my whining.
Who is this Hobson guy?
I try hard to keep my credit good. My last 2 loans had no fees. Even the credit card apps that come every week are 0 % - 1 year, and thats junk mail.
I honestly did not think about the insurance thing-my fault. But if it was mentioned sooner I would have checked with my homeowners- I'll call them monday if I have time. dealer will fedex contract late monday am.
Thanks to everyone for putting up with my whining.
Who is this Hobson guy?
In addition to the excellent offerings here, keep in mind that if you want to use your tractor off your main property, your homeowner's insurance may not cover it. This has been posted many times where a poster thought the homeowners would cover their butts if the tractor were used somewhere else, then they found out it wasn't do.
The insurance that Agricredit offers on Kioti tractors (maybe $12-20 a month) covers the tractor anywhere and is not a bad deal.
I had to pay some fees as most loans have initiation or application fees, sales taxes etc up front.
John
The insurance that Agricredit offers on Kioti tractors (maybe $12-20 a month) covers the tractor anywhere and is not a bad deal.
I had to pay some fees as most loans have initiation or application fees, sales taxes etc up front.
John
Cliff_Johns
Elite Member
</font><font color="blue" class="small">( there is always a finance fee . . . . )</font>
That's just not true. I paid no finance fee when I bought my tractor on a three year plan. You need to ask. I was suprised to find out on this board that sometimes there is a finance fee. It may be commonplace, but it is not always there.
Cliff
That's just not true. I paid no finance fee when I bought my tractor on a three year plan. You need to ask. I was suprised to find out on this board that sometimes there is a finance fee. It may be commonplace, but it is not always there.
Cliff
Good point KiotiJohn. Am I right-agricredit covers fire, theft,and damage? If I just stayed with them it would be less office time and more seat time.
Cliff Johns- thanks for reassureing me. It's too late to shop around but I'll ask dealer to waive fees just for the heck of it.
Cliff Johns- thanks for reassureing me. It's too late to shop around but I'll ask dealer to waive fees just for the heck of it.
</font><font color="blue" class="small">( Good point KiotiJohn. Am I right-agricredit covers fire, theft,and damage? If I just stayed with them it would be less office time and more seat time.)</font>
Yes, I believe that it covers everything. Well, not damage one does oneself, but if a tree falls on it I think that's covered!
Anyway, it cost me a little over $400 for the 36 month term of 0% financing. I don't think that's too bad. The application fees were not much, nothing like fincance charges of 6-8%. John
Yes, I believe that it covers everything. Well, not damage one does oneself, but if a tree falls on it I think that's covered!
Anyway, it cost me a little over $400 for the 36 month term of 0% financing. I don't think that's too bad. The application fees were not much, nothing like fincance charges of 6-8%. John
Here is the breakdown of cost. filing fee for title-like thing=40, application fee=100, ins=165. Thats for 2 years.
$82/yr for ins isnt too bad I guess. It was the last minute thing that got me going. I probably will end up taking it off property to help the neighbors. We're all pretty tight up here on the hill. I might need to buy more attachments. Or is the rule if the neighbor needs postholes, he buys the drill for me?
$82/yr for ins isnt too bad I guess. It was the last minute thing that got me going. I probably will end up taking it off property to help the neighbors. We're all pretty tight up here on the hill. I might need to buy more attachments. Or is the rule if the neighbor needs postholes, he buys the drill for me?
