Financing, Insurance & Extended Warranties | Compact Tractor Buyer's Guide Part 4
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- เผยแพร่เมื่อ 19 มิ.ย. 2024
- Your purchase process does not stop after you select your equipment. Working with your sales specialist, you will then need to work through financing, insurance, and extended warranties.
Compact Tractor Buyers Guide
Part 1: 20-70HP Base Tractor • 20-70HP Base Tractor |...
Part 2: Tractor Configurations - • Tractor Configurations...
Part 3: Must-Have Implements - • 5 Must-Have Implements...
Part 4: Financing, Insurance & Extended Warranties - • Financing, Insurance &...
00:00 - Buyer's Guide Part 4
00:30 - Are these more than just profit centers for the dealership?
01:18 - Financing
03:48 - Insurance
06:40 - Warranty
08:25 - Contact Us with Questions
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Neil - this is amazingly informative. I’ve never heard anyone do such a great job explaining financing and the fees. And I always believed the dealership made money when doing the financing. I also didn’t know that the UCC fee here in PA is the highest. Keep up the great work. This series was certainly a great tool.
Side note - Neil, I think it’s time for a Messick’s on our side of the state. I know a great location. :)
Yep 41 years I was a faithful and loyal customer of a John Deere dealership, but when I got it busted off in my ass on a repair I haven’t been back to that dealership in over two years now and I don’t know if I’ll ever buy another John Deere again, but you’re way too far away over in Pennsylvania and I am in Illinois but I watch your videos. That orange looks better every day.
This video is why I deal with Messicks, even though I live in St.Hedwig, Texas. Up front and honest, that’s more than I can say for Ewald Kubota!
Yes, my dealerships aren't any better out here either.
Man, I wish Messick's would open a store in north Georgia :) It's nice to hear from a dealership insider about what is and isn't a profit center, and from someone that I consider to be trustworthy.
I wish they were closer to me, they seem like a very well run dealership compared to the dealer in my area LOL.
@@wildbill23c I agree. The salesman at my dealer doesn’t hardly know anything about these tractor and doesn’t seem to care to help with anything after the initial sale.
KTAC is worth every penny. Damage the tractor and for a small deductible it gets fixed. Roll the tractor and total it, it gets replaced.
Yep
Just got a price on a $78k kubota 57-5. The buyers order said $11,625 for ktac I was blown away
Another good one, Neil
Keep them coming!
Fantastic video Neil. Keep on makin them. Cheers
Good stuff and feels very open and clear. Thanks NM
Financing is a huge profit center for autodealers.
Thank you for the video Knoxville TN.
Great video...
I just ordered a l2501 with implements from my local Kubota dealer. Your videos really helped along the process. Appreciate it, Neil
Wow. The data collection angle on warranty programs is pretty slick. Never thought of that.
Except usually its the opposite of what you think...they want the data so they can redesign the machine to fail after the warranty expires LOL.
You're spot on with the profit/money being on the purchase side, not the addons. Sadly, in my area here I'm seeing our less than stellar K dealer selling basic implements at exorbitant markups -- in some cases over $500 more than others just a few hours away. It's to the point where I could literally order from you, pay 500$ in shipping and get the same implement for what it would cost (or even a bit less then) buying it direct locally.
That hood (aka bonnet), grill and lights are about $2700.00. Ask my neighbor who crashed into my MX5100
Plus the labor to have it all installed....KTAC if I recall has a deductible around $500-1000, but I think its based on the machine if I'm not mistaken.
I feel bad for Nick with the last name "skidmore"
Bought the extended warranty for the SVL 75-2 And when the main hydraulic pump failed, it definitely paid for itself
Lol, welcome to Taxsylvania! Taxed to hell and back in PA.
With all the new electronics and computers in new equipment and the fact that new items aren't built like they use to be I would highly recommend getting a good extended warranty.
Make sure whatever you are paying for actually covers those items though, most times it only covers your powertrain.
Before I bought my bx23 two weeks ago, I was surprised to find that you didnt have a financing video. I financed through kubota credit and it went smoothly. The only issue was that kubota thought my debt to income ratio was too high because they couldnt see that my mortgage was split between my wife and I. Ended up fine and got my tractor in 3 days.
Slightly disapointed that you dealers keep these expensive awesome tractors outside to start rusting before it even gets to the customer. Yall ever heard of a 4$ tarp or 300$ carport lol. I understand that its a tractor but you would never see my new tractor with an unprotected metal part out in the rain without some kind of oil coating or cover. Rust is cancer
I believe you have my stapler......
Get back downstairs Milton
Thank you for this series of videos, I think it is going to be very helpful to me when I purchase a tractor. I am retired and living in the Republic of California. I only have two acres, but I am looking at the BX23S, just because I can work for an hour or so doing physical labor, but I can work all day with a “riding style” machine. We have an JD E130 riding mower, a Bobcat 453 skid steer, but I rented the BX23S to do some small stump removal (had to dig all 6 feet into the ground to get to the roots small enough to cut with my sawsall, while my wife used the Bobcat and chain to pull the stump up the ramp down I made with the Bobcat. I needed both machines working in conjunction with each other. I was a four hour process instead of a three week process without the BX.)
Respectfully submitted
Lots of people in my research, say the backhoe implement is an unnecessary expense, I could just go rent one or rent a mini excavator. I think the thing I am buying is the convenience, because part of the rental I have to pay is the two hours of driving and the hour of clean up. The same rental counsel was said about the skid steer, I can’t say how may times I have used “Bob,” on a whim, maybe because I a have become addle brained or because I don’t find the statistic important. Additionally, many times the rental locations don’t have the equipment in stock, and I have to wait.
Maybe you can use the convenience factor of ownership as a selling point, even though I products, like the expensive backhoe may statistically spend most of its life sitting in tall grass. I apologize for the verbosity, but I enjoy your videos, and I find this series helpful. While I live in California and won’t necessarily become a paying customer, I felt the need to thank you publicly.
Convenience is exactly why I bought my BX2680. I knew I wanted the largest engine for the extra PTO horsepower, so that was a given as to which machine to get. I knew I had no use for a backhoe, so that automatically ruled out the BX23S...for the once every 5-10 years I need to dig a trench or something requiring a backhoe, I'll rent the excavator or a backhoe.
The convenience part is exactly that, when I want to go do something with a tractor I want to do it then, not whenever a rental place just happens to have what I need. The rental place in town doesn't have much, and 99% of the time its all rented out, good luck trying to get your hands on a tractor at the rental yard in town....the next one is a 2 hour round trip to a larger rental yard...and you are paying for that 2 hours of your time driving back and forth and not even using whatever you rented...no thanks...for what the rental place in town charges to rent a tractor and an implement for 4 hours (that is the minimum) I can make 2 tractor payments, so it was a no-brainer to just buy a brand new tractor so I can use it when I need it and want it, and not rely on someone else. My aunt couldn't get that through her head...said you don't need a tractor just go rent one...I told her that she can do that anytime she needs a tractor and to never call me to use mine. So far they've spend thousands on tractor rentals, to have made a years worth of payments on one....Convenience is the key, having it available when you need/want to use it, is far more important than the payments.
I have a BX23S on two acres. It’s the perfect size of machine. I’ve had it for 5 years and I’m already up to 170 hours and I don’t even mow with it. Once you have a backhoe, you’ll find more excuses to use it.
@@namewithheld367five years and 170 hours already? my last tractor I had it for 1 year head over 400 hours.. you must not spend any time on your tractor 🤔
Geez. I think I'll sell my land and travel instead of buying a tractor. No wonder the sales and finance people won't give a straight answer out here. Thank you Neil for straight the information.
Absolutely recommend KTAC. Bent my B2650 loader and out a dent in a rear fender. Called KTAC. They said to get a quote to repair/replace. Submitted and they paid without question. I only had to pay my low deductible.
But how much was insurance?
Great informative video! I did not finance my Kubota, but I insure mine through KTAC. I believe
I'm thinking of continuing my KTAC after my tractor is paid off next year, since a replacement tractor is around the $25k mark, I think the KTAC would be a wise choice to keep.
I have KTAC but hope I never need it, even having insurance on a machine you still have a deductible you have to pay out of pocket before you can get your machine fixed. If I recall my BX2680 has a 5 or 6 year warranty, but that is only on certain components, not the whole machine....a lot of people just assume when they see a machine out there with a 5+ year warranty its the whole machine, its not...usually its just covering the engine or transaxle....and only to a certain number of hours, after that the warranty is useless, and unless its a failure caused by a defect, you are paying the bill anyways.....so don't assume a warranty is going to cover the machine for a breakdown.
Always trust the man who has a red Swingline stapler on his desk!
I believe you have my stapler
Too bad that is not Neils desk! 🤣
its like superman 3.
@@MessicksEquip it’s The office Space with the character, Milton
I know about 2 brothers that bought a new LS tractor and didn't know that they should keep the radiator and cooler clean during and after they were mowing hay. And so they overheated the engine and they were told that LS would replace the engine and other components for free, would that be my luck, i don't think so. Of course I wouldn't want to try that!
The KTAC insurance is just like any other insurance its based off of profitability versus risk. Most of the time the insurance company is going to make a hefty profit on the insurance for a tractor. Its a business. They wouldnt get into it if they didnt see profitability
Because usually people pay their premiums and never use it...I have KTAC, yep, its expensive, but its a lot better and cheaper than having to replace a $20K+ tractor if something goes wrong....Think of KTAC as a close example of your car insurance....KTAC will fix your tractor, like your car insurance will fix your car...You still have a deductible with KTAC...however its usually much cheaper than the repairs/replacement. If I recall you can have more than just a tractor on KTAC, some implements/attachments can also be included....with my tractor KTAC covers the tractor, roto-tiller, and loader.
Hey neil why dont you do actual real life video on real life customer experience's regarding insurance and extended warrantys. Im talking about interviewing customers who have had to use either one and wbat there outcome was.
That would be interesting. I'm sure there would be some detractors that claimed the people interviewed were cherry picked, though.
The state taxes you, AND charges you a fee to get a loan?
One question; Is there much difference with cash price vs financing price?
I paid cash and also took KTAC Insurance for the 'just in case'.
Depends on the vendor. I usually get the impression that the cash discounts are stingy compared to the value of financing.
Who is Nick Skidmore and why isn't he at his desk working?
Does the insurance cover the cost of getting the tractor to and from the dealer for the repairs? Thank you!
There is some provision for trucking, it does not always pay the cost in its entirety. If your tractor is on the top of a 10,000ft mountain in Colorado you'll have some costs to cover.
No...and the KTAC insurance has a deductible as well, you still have to pay to have your tractor repaired...or worst case if they can't fix it you get a new machine....but if I recall the deductible is around $500-1000. Don't know, don't really care to ever have to use it for my machine LOL.
Went to buy a kx57 mini today and when I read the buyers order it said $11,624. Does that even sound normal?
for what? insurance over 5 years maybe?
@@MessicksEquip I’m guessing the whole amount up front? Is that normal? Sorry I should have mentioned for ktac.
@@lawastesolutions Yes, looks scary on the paperwork when lumped together. Thats KTAC for the entire loan term.
I am going to say one thing about extended warranty. They suck . Ok one more thing all they pay for is parts . No tear down or reinstall pay. .
Our extended warranties are the same as your factory warranty coverage. They pay for install.
@@MessicksEquip Do those factory warranties cover the whole machine, or just the powertrain? To my understanding its just powertrain coverage?
First?!?
i'm 6 months away from paying off my L3901 and you better bet your sweet cheeks i'm getting KTAC again.
CASH TALKS
so your a salesman and here i thought you were the owner ..
both. I am one of the owners, and I learned the ropes of the business in the sales dept.