Is Kubota credit sketchy?

[cadman68]

I couldn’t say a bad word about my experience with them. Of course I did my part and paid on time and I had no issues at all. As far as my experience it was no different than any bank I’ve done business with. I wouldn’t hesitate to deal with them again in the future.

 

[CapnDean]

What I believe is sketchy is this:
Kubota Finance requires you to buy insurance (standard business practice)
Kubota Finance requires you to insure for the whole term of the loan (standard business practice)
Kubota Finance requires you to pay the insurance premium for the term in full and up front (not standard business practice)
Kubota Insurance will not refund premium or transfer coverage if you ay off and sell your machine.

See.... I bought a used one that is insured for at least one more year. The seller got no refund of premium and I got no transfer of coverage. Standard Business dictates that if you cancel coverage your remaining premium should be refunded. OR at minimum the coverage should continue.

 

[1970cs]

What I believe is sketchy is this:
Kubota Finance requires you to buy insurance (standard business practice)
Kubota Finance requires you to insure for the whole term of the loan (standard business practice)
Kubota Finance requires you to pay the insurance premium for the term in full and up front (not standard business practice)
Kubota Insurance will not refund premium or transfer coverage if you ay off and sell your machine.

See.... I bought a used one that is insured for at least one more year. The seller got no refund of premium and I got no transfer of coverage. Standard Business dictates that if you cancel coverage your remaining premium should be refunded. OR at minimum the coverage should continue.

Your information is not accurate! The Kubota insurance is added to each and every payment. Unless it was a farm account that was setup for annual payment?

If the previous owner paid off the last year in full, then Kubota credit would have gave a 10 day payoff less the insurance. If the previous owner feels he paid for this? Then he/she needs to get out the Kubota contract and the last page signed is a policy page from Ohio indemnity, which is the policy holder on the insurance side. Use the policy number and contact Ohio indemnity to see if there was supposed to be a refund.https://www.ohioindemnity.com/

Pat

 

[djm1204]

I believe that the Kubota Insurance is included in the monthly statement.

You can opt out of the Kubota Insurance if you provide them with an acceptable alternate insurance policy - at least was able to do that for an RTV

One major plus to the Kubota insurance is that it covers the original purchase price for the entire term of the loan. So if you pay 20,000.00 for a new tractor in 2018 and finance it for 5 years, and in 2023 just before the last payment, the tractor is legitimately totally destroyed, Kubota Credit will give you $20,000 towards a replacement Kubota tractor, or if you just want the cash - they will pay you the current market value if your tractor before it was totaled

 

[Closenough]

I've read over my current 0% NJ retail contract and there is no clause about changing the interest rate... under any circumstances. A simple late payment fee.

Since these contracts are state specific it's possible that your contract may be different.

 

[Dwooddave]

I too mailed my FIRST payment in, earlier than I should have ....just in case.

THEN I set up the autopay online - I get an email right before it is taken out, and it is done every month, of 60.....I have 4 more left!

Hokie, Congrats on almost being done w those payments...you'll have some extra funds to go to the big city

 

[FrozenOrange]

I had huge problems with Kubota credit for 6 months or so. It was a very wierd fluke. Once we got to the credit management level and we all figured out the problem they were great. Fixed my credit and everything. For the first 6 months I was barking mad though.
Problem: Kubota credit sent payment booklet and envelopes (nice of them. Right?)
The payment slips have a Los Angelos CA address. We put our cashiers check and payment slip in their envelopes and off it goes. A month later they are calli g about their payments.
We started sending them registered mail and it still took over 3 weeks. Our credit showed late payments for 6 months. I'm ready to go postal
Our postmaster lookedd at the envelopes and the tracking of our last 6 payments and found the problem. The envelopes from Kubota have a pre printed bar code directing them to Chicago and not LA like the address in the window shows. Bei g the mail is computer sorted it messed up. Because we used registered we could track it. Our payments ping ponged back and forth between Chicago and LA before ever being delivered every month for 6 payments. We use or own envelopes now and have no problems

Kubota credit helps fix things once we presented everything. You must present all your evidence and document very well. The poques they have answering the phones are useless but their managemnt level folks are top knotch.

Thats my experience. Why I don't do it on line? JOHN Deere credit played a game off taking two payments a month electronically. They did it a month or two. Then we got it fixed. Good for a couple months then double taps again. This happened four seperate times. Once it's taken electronically heaven help you get it put back. Be very careful and watch like a hawk.

Thats my short book. Sorry for the length.

 

[Juiced06GTO]

I am currently a payment ahead because they messed up the withdrawal of my first auto payment. I set it up the day I purchased the tractor and when the due date came they never took the payment. I sent in a payment manually along with an email asking them what was going on. A few days later another payment came out. I contacted their customer service line and they told me there was an issue with their system which delayed the payment. They took care of everything and asked if I wanted my extra payment back, I faced no fees or added interest.

 

[goldnrod24]

I've dealt with dozens (probably over 100) of lenders in my time and honestly, I find Kubota Credit to be pretty unsophisticated. Their web payment interface is clunky. They spent $ to send me payment coupons and envelopes that I'll never use (should offer an opt in/out upon loan closing).

I won't call them bad, but they clearly have lots of room for improvement from a customer interface perspective.

 

[Stmar]

I've dealt with dozens (probably over 100) in my time and honestly, I find Kubota Credit to be pretty unsophisticated. Their web payment interface is clunky. They spent $ to send me payment coupons and envelopes that I'll never use (should offer an opt in/out upon loan closing).

I won't call them bad, but they clearly have lots of room for improvement from a customer interface perspective.

That was my impression also; LA, Chicago and Texas did not know what each was doing. Timing and method of payment were dependent on location. Luckily I documented all my communications and kept my Kubota salesman in the loop and after I got my account set up on line it went smoothly, so far. I wanted to make all my payments by the same method to have a consistent trail. I too have a packet of "paper" that will just be recycled.

 

[wardsfarmnj]

I was actually not told by my Sales guy that they would not send out any correspondence. I waited to receive some kind of correspondence beyond contract but never received. I went on and paid the bill online but it is a bit weird they don't send an "initial bill" Almost every company does that, to a certain extent a lot of times almost as a safeguard to identity theft i.e. you receive a bill in the mail for a tractor you didn't purchase you may think some thing is up. I work as a private banker and deal with loans/credit and things of that nature on a constant basis so they are definitely a bit odd to how they do business. I called just to make sure I wasn't supposed to receive any correspondence and she essentially said they don't send anything out. I know a lot of people don't read contracts or they look for the important things such as how much and how much is the monthly payment. My guess is a lot of people assume they will get an initial bill.

 

[Benhameen]

I set up the auto pay and had the kubota insurance. Paid it off about a month early with no issues at all. Apparently I paid a few bucks extra as they sent me a check for 3 bucks or something like that. Also received a payoff letter pretty quick after the last payment was made.

I would also use the kubota credit website from time to time just to remind myself how much was left on the loan and to make sure everything was good. Never had any issue with the their site.

Over all a good experience for me.

 

[FUSE]

I've had a good experience with it so far but also agree with what others have said about room for improvement. I've never used the booklets, even for the first payment. What I do like is when you make a large payment it credits you automatically and shows how good your out to....example being for me I think I'm paid out for the next 7 or 8 months until the "next payment due" is available.

 

[Daren Todd]

I was actually not told by my Sales guy that they would not send out any correspondence. I waited to receive some kind of correspondence beyond contract but never received. I went on and paid the bill online but it is a bit weird they don't send an "initial bill" Almost every company does that, to a certain extent a lot of times almost as a safeguard to identity theft i.e. you receive a bill in the mail for a tractor you didn't purchase you may think some thing is up. I work as a private banker and deal with loans/credit and things of that nature on a constant basis so they are definitely a bit odd to how they do business. I called just to make sure I wasn't supposed to receive any correspondence and she essentially said they don't send anything out. I know a lot of people don't read contracts or they look for the important things such as how much and how much is the monthly payment. My guess is a lot of people assume they will get an initial bill.

I received an initial bill followed a couple weeks later with a payment book. Purchased my mower from them last year. I had the info already and had set it up with my online bill pay through my bank.

 

[ghec369]

Your information is not accurate! The Kubota insurance is added to each and every payment. Unless it was a farm account that was setup for annual payment?

If the previous owner paid off the last year in full, then Kubota credit would have gave a 10 day payoff less the insurance. If the previous owner feels he paid for this? Then he/she needs to get out the Kubota contract and the last page signed is a policy page from Ohio indemnity, which is the policy holder on the insurance side. Use the policy number and contact Ohio indemnity to see if there was supposed to be a refund.https://www.ohioindemnity.com/

Pat

I would like to obtain some clarification before I move forward with the purchase of my new Kubota (M62). Can someone please confirm if the cost of the insurance is refunded if the machine is paid before the maturity date of the loan? I understand there is no prepayment penalty. However, I am asked to pay approx. $4200 for the cost of the insurance. My plan is to pay off the tractor as soon as possible n would expect the remaining amount (proportional amt) of insurance to be refunded if tractor is paid ahead of time.

Also, do most people think it is a good idea to get the insurance if u pay for the tractor up front? I would appreciate any feedback.

H

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