What happens after Paying off tractor and also KTAC

[TGKY]

I am about to Pay off my tractor that is financed through Kubota.

What will I get from them to confirm payoff? I assume it's not a title, but what is it that I'll get to officially confirm there is no longer a loan against the tractor.

Also, how does the KTAC insurance work after it's paid off?

Thanks in advnace!

 

[RCW]

It's been a long while, but I paid my 60 month loan off in 25.

I received a Lien Release of some sort. Acknowledged loan paid. Don't remember exact format as it's been too long. Filed it with other tractor paperwork.

Since I was early with pay-off, I received a refund of some of the KTAC premium that must have been pre-paid, and was no longer covered. Had no choice in the matter at the time, but again was 8 +/- so years ago.

 

[jyoutz]

It's been a long while, but I paid my 60 month loan off in 25.

I received a Lien Release of some sort. Acknowledged loan paid. Don't remember exact format as it's been too long. Filed it with other tractor paperwork.

Since I was early with pay-off, I received a refund of some of the KTAC premium that must have been pre-paid, and was no longer covered. Had no choice in the matter at the time, but again was 8 +/- so years ago.

I’m wondering if there’s an option to continue buying KTAC after paying off the loan?

 

[mcmxi]

I am about to Pay off my tractor that is financed through Kubota.

What will I get from them to confirm payoff? I assume it's not a title, but what is it that I'll get to officially confirm there is no longer a loan against the tractor.

Also, how does the KTAC insurance work after it's paid off?

Thanks in advnace!

You'll receive a letter from Kubota's financing division showing the model and serial number of your tractor along with descriptions and serial numbers of any implements purchased under the same contract. The letter will simply state that the loan has been paid off and the account closed. I've been through this a few times now.

 

[dirtydeed]

Pretty sure that you can purchase a new policy from KTAC when it's paid off...I'd suggest contacting them before the last payment though.

Website is here:

KTAC Insurance Agency - Home

Your decision to purchase a Kubota was most likely an easy one. Now you need to decide how to protect your equipment. Kubota-Endorsed Property Damage Insurance is the smart solution. After all, who knows the value of your Kubota better than Kubota Tractor Acceptance Corporation.

www.ktacinsuranceagency.com

second FAQ question... https://www.ktacinsuranceagency.com/faq.aspx


I do have to say that I have always used KTAC insurance until just recently when I purchased the mini-ex. KTAC was $100/month vs adding it to my business insurance for $24/month. I chose the latter this time. I understand that the coverage isn't as good, but gees.

 

[PaulL]

I think KTAC is excellent for general homeowners, because it covers every bit of stupidity that you could imagine, and it covers it pretty much new for old. New tractor owners probably don't know how many different ways they can break their machine, or break other people's property with their machine. It's probably worth the spend for that.

More experienced owners/operators can probably find a better deal for the types of breakage they're likely to create.

 

[Jchonline]

I’m wondering if there’s an option to continue buying KTAC after paying off the loan?

Yes you can.

 

[kubotafreak]

You will get a lien release, and refund of left over insurance coverage if any. You will get a separate letter, probably beforehand to offer you continued insurance at the then current rate. (Your old rate was locked in upon purchase) IF you do not continue the ins. service, then it cannot be started later down the road. Only way to have Ktac is buy new, or used from a dealer for the 99%. In sure someone slipped through some crack and got coverage somehow, but not the norm.

You can cut items off the quote. If you bought a tractor and implement. You could say only renew the implement or tractor.

 

[Wyatt545]

When I paid off last tractor a couple months ago, ktac called me and asked if I wanted to continue with coverage.

You will receive a release of lien letter from Kubota finance.

 

[Daferris]

As I recall KTAC does not offer replacement coverage once the loan is paid off it's only actual cash value coverage... Or in other words they take deprecation and you have to pay the difference to get new.

 

[Rdrcr]

I paid off both my previous B2601 and L2501 that were financed through Kubota. As others have mentioned, I received a letter from Kubota stating the tractor details and that the financial obligation has been fulfilled. I also received a refund for the KTAC insurance.

Had the KTAC insurance coverage remained the same, I would have kept it but, since the protection proved to be the same as my homeowners insurance, I had no reason to keep the Kubota coverage.

Mike

 

[North Idaho Wolfman]

WOW you Guys / Gals give horrible, outlandish and false advice and information!

It's really simple
Load the tractor back on the trailer and return it to the dealer, it's worn out and you need to buy another one!

See super simple!


Yes this is a Joke, the rest of the gang was spot on!

 

[TGKY]

WOW you Guys / Gals give horrible, outlandish and false advice and information!

It's really simple
Load the tractor back on the trailer and return it to the dealer, it's worn out and you need to buy another one!

See super simple!


Yes this is a Joke, the rest of the gang was spot on!

I will see if I can sell this to the rest of “management” here at the homestead lol lol

thanks to everyone for the help and fun here.

 

[fried1765]

I’m wondering if there’s an option to continue buying KTAC after paying off the loan?

Do those who buy KTAC after paying off their tractor loans, also buy "CarShield" after paying off their car loans?

 

[jyoutz]

Do those who buy KTAC after paying off their tractor loans, also buy "CarShield" after paying off their car loans?

I don’t see an equivalency. KTAC is property insurance, not just for accidental damage repairs. Theft, fire, etc… And it also covers when using the equipment off of the personal residence property.

 

[dirtydeed]

comment deleted

 

[fried1765]

I don’t see an equivalency. KTAC is property insurance, not just for accidental damage repairs. Theft, fire, etc… And it also covers when using the equipment off of the personal residence property.

They are similar in some respects, ....but you make a valid point.
KTAC, as I understand it, is certainly far more comprehensive.

 

[Fordtech86]

They are similar in some respects, ....but you make a valid point.
KTAC, as I understand it, is certainly far more comprehensive.

KTAC is insurance like jyoutz pointed out, it’s not an extended warranty like “carshield” that covers repairs due to mechanical/electrical/etc issues. But I believe kubota will sell you one of those though too

 

[skeets]

Really you have 2 choices as I see it.
1 go look for a new tractor or
2. live with it, take care of it, love it

 

[Henro]

What happens after paying off the loan and not needing to carry KATC insurance? You save money. My experience anyway.

I paid off my BX early, and paid cash for the larger tractor. Never had insurance on either (other than homeowners), except maybe during the loan for the BX, which is probably the case, I don't remember.

Insurance is insurance. Long ago I decided never to take out extended warranties on consumer products as well. Never needed one that I can remember. Saved bucks that way in MY case. I do carry homeowners insurance though...too risky otherwise. AND more than mandated car insurance. Again too risky otherwise. Also a sizable personal liability policy. Not that expensive.

But my tractors? Nope. Where I live chances of theft are slim, and being the bright guy I am, chances that I will do something stupid that is not covered by my homeowners insurance is slim. (Don't ask my wife for an opinion on this)

We all have different comfort levels. I prefer to spend my money on implements or whatever, and not on tractor insurance that I will likely never need.

As with everything else, your milage may vary...