Combines TREE how did you make out with AGCO finance

[Illinois_Gleaner]

The problem is that all the dealerships are run on good faith. When you trade for something on a lot and give a guy a check,dont you have good faith in the dealer that he paid the floorplan off for that item.IJ If he doest and then files on Agco and everyone else.They say that is our combine because we were never paid for it.Even though you have the cancelled check and the right serial numbers and everything,it doesnt matter if the dealer didnt pay for it before he sold it to you.As far as I am concerned, it is the Companys that have there selfcovered,because they can go against someone that has represented them. When I go into a dealership The Agco dealer really has no ties to Agco,when you get right down to it. IG IG

 

[agcntry]

Big problem I see with this is. AGCO and AGCO Finance are 2 seperate companies. AGCO Finance is owned 51% by Dll a big banking company out of Europe. So if he made payments to the dealer and didn't to AGCO Finance then basically he owes for it. The dealer has a contract to sell AGCO products and finance through AGCO Finance. AGCO Finance contracts say specifically where to send payment and it isn't a dealer.

 

[Irv]

If indeed the customer did pay the dealer for the combine, and does have the documentation to show that it is indeed paid for, I think he wouldn't have too much trouble getting this straightened out in court. Many states protect the retail customer, at the expense of the lender. Bought a pickup years ago, on a Saturday. Gave the man a title for my old one, a check for the difference, and my old pickup. He said the title was in the safety deposit box in the bank, which was now closed. He assured me I could pick it up the next week. (Maybe I was born in the darkIJ) After figuring out that he didn't have a clear title, and parking the pickup in the back of the machine shed, I ended up talking to sheriff, highway patrol and the judge. Ford Finance got hung on that one. The judge told me that most states protect a legitimate retail customer. It would be nice to know the FACTS on this story.

 

[Tim_nj]

Was this an outright purchase, paid in full, from the dealer, or was it a payment planIJ I can see a problem if he paid in full to the dealer and then AGCO wants it back. Under my state laws, AGCO would have to go after the dealer who didn't pay, not the customer, because the customer had no way of knowing that the dealer hadn't paid for his machine. Now, if this had been a finance arrangement through the dealer, instead of AGCO's financial entity, there would be less sympathy under NJ law because it wouldn't be viewed as the "right" way to do business. That's not to say there would be absolutely no recourse, however. I don't know what the laws in Il are, but sounds like Tree needs to talk to a good lawyer if he hasn't already . . . .

 

[gleanermanitoba]

If memory serves me right he purchased a machine from local dealer financed through Agco Finance. When he went to pay it out he paid it out to dealer who was supposed to forward to Agco Finance but went bankrupt instead and never forwarded it. It is my understanding payments are to go to Agco Finance only thing the dealer can do is put it in an envelope and mail it for you. I truly feel sorry for him as I am sure he paid in full and his local dealer screwed him big time, problem is Agco finance still wants their money.

 

[Illinois_Gleaner]

Agco took the farmers to court.Becasue they werent payed for. The dealer filed for bankrupcy,so who else could they go afterIJ It doesnt really matter if you paid in full or financed it somewhere else,the dealer didnt pay Agco off so it wasnt clear. IG

 

[Tim_nj]

This doesn't sound right to me. Are the laws in Il that much differentIJ Here, AGCO would not legally be able to bypass the dealer to demand payment from the customer, since the customer's contract was with the dealer, not AGCO, and AGCO's contract was with the dealer, not the customer. MAYBE if the customer hadn't paid the dealer yet, the court would allow AGCO to collect from customer directly to help settle dealer's debts, but since Tree has documentation of payment to the dealer, AGCO would have to wait for the bankruptcy court to hash things out with the dealer. I've watched this whole thing unfold before, but with a milk processor. Processor declared bankruptcy, farmer co-op tried to get money from the end distributor of milk to settle debt from that processor. Judge said contract for payment was between co-op and processor, not co-op and distributor. Since distributor had proof that it owed no money to processor, co-op had to sit and wait for court to come up with a payment plan to settle the mess. Several dairy farmers went under because of that one.

 

[Silver_Shoes]

This deal really sucks the big one, I really wish it could be resolved peacefully but I doubt it will. I really hope this dealer isnt selling products anymore and I hope some way he gets caught at his own game. If this customer was my neighbor I dont know what I could say to him although I feel for him immensely. But I also understand agco's position. I really hope no one else gets caught in a situation like this one. I hope the customer can hire a good lawyer and get it resolved, this situation is just passing around a dirty word and its the dealers fault from what I understand.

 

[wildcat]

It's been a long time since Business law; but if I recall correctly, there are times when you have to sue everybody involved and let the courts decide who will be held harmless. Unfortunately, a bad situation becomes FUBAR and good people get hurt needlessly. We've had dealers of all colors crash and burn here in ECKS, but I haven't heard of anything like this. Hopefully someone will keep us posted or maybe let us know how to follow it through a website, it may avoid some major grief for one of us someday.

 

[mickyd]

I just paid off the note on our combine(two years early, I am proud to say) and the check was made out to AGCO FINANCE as the terms of the note stated. The dealer has had nothing to do with it since I signed on the dotted line. Payments all went to Agco and the dealer has never said anything about it. I hope he gets it figured out, but the dealer ought to be shot or something. I know it would be easy to "trust the dealer" but I always follow the rules on the loan document, they have a toll free number and it sure should have be used. the "good ole boy" thing just doesnt work any more!!!!!!!!!!!!