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Discussion Starter #1 (Edited)
Went a little out of schedule, but decided to pay off loan on my '14 1025R. Almost 4 years to the day. After getting past dealer prep screw-ups, it's been a good little tractor. Been looking at RAM 2500's and definitely don't want to be making multiple payments. Would be nice to get another 0% interest loan, that's for sure.
 

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Congrats on reaching the end of the payments.

I asked my sales guy at the Deere dealer what percentage of people uses Deere's 0% for their purchases for SCUTs and CUT's verses paying cash and he said it was about 85%. He also said that since the dealer participates in the financing as part of their agreement with Deere, that while most people use the Deere Financial financing offer, very rarely does the dealer have to repossess a unit for failure to pay........If someone does default on their loan with Deere, the dealer has to take possession of all the equipment under the lien and then make it ready for resale, to help Deere cover their outstanding loan amount.

One other point I wanted to make you aware of is that if you had any insurance coverage under the Deere financing deal or related to the loan, the insurance coverage uniformly ceases once the loan is paid off. So, you might want to make sure your tractor is covered either under your home owners insurance policy, or under another separate policy of coverage.

I added a specific "Inland marine" coverage policy on my tractor and implements so it would be covered anywhere for any loss. I purchased coverage based upon the total cost of all my items and accessories. While the total coverage is nearly $40k, the premium is only about $200 per year with a reasonable deductible.

While adding the tractor to your homeowners policy is usually the easiest way to cover it, just make sure you are well aware of the limitations and exclusions when insuring your tractor in this way. Many homeowners policies will not cover losses for collision with a licensed vehicles or in the public road right of way. Since I am often traveling on private roads and from one property to another, I want my tractor covered regardless of the terms of loss and where it occurs. ]

Just something to think about.
 

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I ran my payments right down to the wire, May of this year. But it does make the engine run sweeter when that last payoff document comes!:laugh:

Excellent advice above regarding insurance. Now I'm rethinking mine and will investigate a totally separate policy for my "stuff".:thumbup1gif:
 

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Discussion Starter #4
Congrats on reaching the end of the payments.


One other point I wanted to make you aware of is that if you had any insurance coverage under the Deere financing deal or related to the loan, the insurance coverage uniformly ceases once the loan is paid off. So, you might want to make sure your tractor is covered either under your home owners insurance policy, or under another separate policy of coverage.
Tractor and added implements have been on my homeowners policy since day 1. For use on my property only; no commercial use.
 
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Congrats on reaching the end of the payments.

I asked my sales guy at the Deere dealer what percentage of people uses Deere's 0% for their purchases for SCUTs and CUT's verses paying cash and he said it was about 85%. He also said that since the dealer participates in the financing as part of their agreement with Deere, that while most people use the Deere Financial financing offer, very rarely does the dealer have to repossess a unit for failure to pay........If someone does default on their loan with Deere, the dealer has to take possession of all the equipment under the lien and then make it ready for resale, to help Deere cover their outstanding loan amount.

One other point I wanted to make you aware of is that if you had any insurance coverage under the Deere financing deal or related to the loan, the insurance coverage uniformly ceases once the loan is paid off. So, you might want to make sure your tractor is covered either under your home owners insurance policy, or under another separate policy of coverage.

I added a specific "Inland marine" coverage policy on my tractor and implements so it would be covered anywhere for any loss. I purchased coverage based upon the total cost of all my items and accessories. While the total coverage is nearly $40k, the premium is only about $200 per year with a reasonable deductible.

While adding the tractor to your homeowners policy is usually the easiest way to cover it, just make sure you are well aware of the limitations and exclusions when insuring your tractor in this way. Many homeowners policies will not cover losses for collision with a licensed vehicles or in the public road right of way. Since I am often traveling on private roads and from one property to another, I want my tractor covered regardless of the terms of loss and where it occurs. ]

Just something to think about.
Good point Sulley. I paid my 1025 off in a little over 2 years.
When we just bought the Gator at 0% we realized that it is insured for theft only for life of it being financed. Making us think twice of being in hurry to pay it off.
 
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