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John Deere Financial CFA - get off CR?

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Anonymous
Not applicable

John Deere Financial CFA - get off CR?

DH has a John Deere Financial loan of not very much reporting to his CRs so not sure what kind of equipment it is would have to check some files. It’s opened 2018. It’s a Farm Partnership loan so I don’t think it should be reporting to his CRs. DH is a 14% Partner. Should this loan be reporting to his CRs?

 

Sorry this is in bold, clicked “B” by accident in mobile and can’t figure out how to unclick.

 

<mod edit:  Unbolded it for you Smiley Happy>

Message 1 of 7
6 REPLIES 6
RobertEG
Legendary Contributor

Re: John Deere Financial CFA - get off CR?

Upon what basis do you believe that a Farm Partnership Loan is not reportable to a CRA?

If it is a joint account for which he has some personal financial obligation, that is likely sufficient to report to a consumer reporting agency.

Message 2 of 7
Anonymous
Not applicable

Re: John Deere Financial CFA - get off CR?


@RobertEG wrote:

Upon what basis do you believe that a Farm Partnership Loan is not reportable to a CRA?

If it is a joint account for which he has some personal financial obligation, that is likely sufficient to report to a consumer reporting agency.


I guess because none of the other Farm Partnership business loans are appearing on his credit report, just this one. And as far as I know he didn’t sign a personal guarantee for it, whereas he did for the operating line, which does not appear on his credit report Thank Heavens or his DTI would be like 8000% lol

Message 3 of 7
Anonymous
Not applicable

Re: John Deere Financial CFA - get off CR?

Oh, and it’s not that I don’t think it would be reported to a CRA just that I assume that it should be reported to the Farm’s business credit report, like the Experian one.

Message 4 of 7
dynamicvb
Valued Contributor

Re: John Deere Financial CFA - get off CR?

OP, I always thought John Deere Finance was a hidden tradeline too. I've never had one, but from what I've read around these and other forums about how they do things. Did you have a late or some other ding as I think any negatives takes it out of hidden and shows them. How about let us know if you find out anything different. I was considering financing a tractor through them later in the year and the hidden tradeline was a huge plus, if they are no longer hiding them, then I may go a different route 

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Message 5 of 7
FinStar
Moderator Emeritus

Re: John Deere Financial CFA - get off CR?


@dynamicvb wrote:

OP, I always thought John Deere Finance was a hidden tradeline too. I've never had one, but from what I've read around these and other forums about how they do things. Did you have a late or some other ding as I think any negatives takes it out of hidden and shows them. How about let us know if you find out anything different. I was considering financing a tractor through them later in the year and the hidden tradeline was a huge plus, if they are no longer hiding them, then I may go a different route 


I don't think the OP is referencing the revolving tradeline.  JDF offers a variety of different financial products besides the traditional revolving account, which currently doesn't report to the CRAs (unless delinquent). 

Message 6 of 7
Anonymous
Not applicable

Re: John Deere Financial CFA - get off CR?

There aren’t any delinquencies on it, and I’m not sure what it’s for maybe I should call the implement and ask, easier than digging through files. It was originally financed for a little over $16000 in 2018 and I can’t begin to guess what kind of equipment costs so little. Something for haying maybe?

Honestly the farm Partnership is pretty broke right now because we are holding on to so many soybeans but it looks like we will finally be able to sell them. I’d hate to see his personal credit ruined if the Partnership went up in flames. If things were really to turn south and the Partnership had to restructure through bankruptcy I don’t think we could just pay that bill because it would be preferential treatment. I’ve got my fingers crossed that the bank raises our operating line like they promised but who knows. Or the insurance company could get off their butt and pay us for the wheat that got winter killed.

Does anyone else have an opinion on whether or not a partnership business loan should be reporting on his personal CR?
Message 7 of 7
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