ComplaintsforAGCO Finance LLC

• Initial Complaint

  08/06/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Purchased a tractor using AGCO finance. Tractor was paid of some months ago. AGCO has reported it, resulting in a negative action on my credit report recently. After the tractor was paid off. There is absolutely no reason for this. I would like AGCO the remedy this immediately. The individual whom was spoken with from AGCO could not/would not help.

  Business response

  08/08/2024

  Please find the response on behalf of AGCO Finance LLC. 

  Customer response

  08/12/2024

   
  Complaint: 21972908
  
  I am rejecting this response because: Purchase was made at Bangor Tractor & Equipment, not ************ Sports. Did AFC get my account mixed up with a different *****************************? This would not be the first time I have had to deal with issues because I share a name with someone else. 

  Credit report reflects 100% of the payment were made on time. See Attached. 

  The employee conversation over the phone claimed that he did not understand why the account was filed with a delenquent payment after the account was closed and no such delinquencies existed. 

  I am getting different responses from AFC, I am now more confused with this situation than before. 

  
  
  Sincerely,
  
  **********************************

  Business response

  08/22/2024

  Please find the attached secondary response on behalf of AGCO Finance LLC.

• Initial Complaint

  11/28/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  27Oct23, pd $18,500. received a pd in full letter from AGCO.AGCO reported to Credit Bureaus:remark" section of ALL CREDIT REPORTING AGENCIES removing the charge off, "Charged off as bad debt, "Profit and loss write-off" comments. "account status" section of ALL CREDIT REPORTING AGENCIES removing the Derogatory remarks. "Current Payment Status section of ALL CREDIT REPORTING AGENCIES removing the "Charge-off & In Collections, "In Collections/Charge-off" remarks. Worst Payment Status" section of ALL CREDIT REPORTING AGENCIES removing the "Charge-off *******

  Business response

  12/07/2023

  We appreciate your bringing this matter to our attention and giving us the opportunity to respond.  

  Upon review, DLL found that it originally reported **************** account as CLOSED: UNPAID BALANCE CHARGED OFF. Upon further review, it appears that the account is more accurately reported as PAID: SETTLED FOR LESS THAN FULL BALANCE.  A request to update the account was submitted to the credit reporting bureaus on November 30, 2023.

  If you have any questions, please feel free to contact us.
  

  
  

  Customer response

  12/08/2023

   
  Complaint: 20925122
  
  I am rejecting this response because:  The letter dtd 31Oct23 from AGCO Finance LLC. 1st sentence states paid in full; "We have received a payment on your account referenced above with AGCO Finance LLC. which paid this account in full."

  AGCO Finance  (lien holder) had given verbal permission to move the tractor from the Continental *** to the ** Territory St. Croix, ************** in Aug2023.  I had requested a written document for Customs & Border Patrol stating the "lien holder authorizes the tractor to board the boat for shipping to the ****.   In October ***************************** route to the ************* AGCO called me and stated I had to pay the tractor lien in full prior to shipping.  **** offered to forgive the interest that I had previously paid as a mea culpa for the confusion and misinformation.  I paid what they stated, $18,500.00.

  Per my credit reports and my co-borrower whom is my Mother, ********************* credit report still show derogotory comments and should be corrected on ALL Credit Bureau's and on both my Mothers credit reports and my credit reports.

  Equifax

  Remarks:  Account paid for less than full balance

   

  TransUnion

  Account status:  Derogatory

  Remarks: Settled - less than full balance

   

   

   

  Sincerely,
  
  *******************

  Business response

  12/15/2023

  A request to update the account to the status "Paid in Full" was submitted to the credit reporting bureaus on December 12, 2023.

  Customer response

  12/15/2023

   
  Complaint: 20925122
  
  I am rejecting this response because: The business is not stating that they are also correcting reports to the *************** that *************************, Co-borrower credit report has also been changed to paid in full.
  
  Sincerely,
  
  *******************

• Initial Complaint

  03/15/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Purchased a brand new 2022 *************************** Tractor May of 22. $60,000.00 investment that proved to be a Lemon. Made all payments on time while in our possession and 2 payments after turning it in as a Lemon. The haycutter was over $12,000.00 of the purchase and installed by the owner of dealership on our property. I had approximately 20 hrs on the tractor at that time using the loader and Auger attachments. Once haycutter was installed I got 10 mins use out of the machine with two breakdowns occurring in that interval. Using my best good faith efforts I spent a mo trying to get dealership to come fix it with no results. Was told I had to bring it in by ***** ( owner of Massy Dealership ) I was not able to take it in as the haycutter was not correctly installed and couldn't be removed as a result. This was explained to both ***** and ( ************************* regional ****************** of repossession as well ************ ) was told repeatedly I had to take to them even though it was not possible due to incorrect install of cutter. After a mo of this I started voluntary repossession with ********************. *****'s dealership took possession of tractor in Aug 2022. We made both Aug and Sep 2022 payments even though it was at dealership. ***** told us several times he had buyers but couldn't sell until Deuberry released it. Spoke with Deuberry numerous times with nothing accomplished. Tractor just sat at dealership from Aug 22 until Jan 2023 not for sale. ***** told us he had buyers numerous times including Nov and Dec and that purchaser wanted it before end of yr. Deuberry wouldn't let it happen. Got a certified letter dated 1/6/23 from Agco/Deuberry stating tractor was to be sold at a private sale after 1/16/23. Now new model yr, 5 mos of depreciation and private vrs retail sale. We are now told we owe over $10,000.00 I say it's Agco's loss for not selling it in a even close to timely manner. We even paid 2 payments while they had it. Restore our credit 2 750+ it was & they lose $.

  Business response

  03/23/2023

  We appreciate you raising this issue to our attention and the opportunity to respond.  Please note that the contract contemplates a transaction for agricultural purposes, and not for consumer purposes.

  While AFC is sympathetic to Mr. and ***************** situation, AFC believes it has acted appropriately regarding the Retail Instalment Contract and Security Agreement entered into between ************************** And ********************* (the Customer) and East ********* ATC (the Dealer) which was subsequently assigned to AGCO Finance LLC (AFC). 

  While we understand the Customer may have experienced issues with the equipment subject to the Agreement (the Equipment), please note that AFC is merely the finance company under the Agreement and is not the manufacturer nor the seller of the Equipment.  Per the terms of the Agreement, the Customers payment obligations are unconditional and not subject to claims, defenses or counterclaims of any kind or for any reason whatsoever, all of which were expressly waived by the customer as against AFC. 

  However, AFC strives to be a valuable partner and resource to its customers. As such, in this particular instance, AFC actively coordinated with the Customer and Dealer to repossess the Equipment at the Customers request. Upon review, AFC took possession of the Equipment on or about September 27, 2022.Once AFC received possession of the Equipment, it began the sale process,including completing any necessary repairs, obtaining appraisals, conducting searches for other secured parties, finding a buyer, and providing notice of private sale to the necessary parties.  On or about January 20, 2023, the equipment was sold via private sale for the appraised value. 

  Additionally, it is AFCs belief that the Customers account has been reported fairly to the credit reporting agencies and that no corrective action is necessary.

  AFC does not believe that it acted inappropriately or in contravention of any applicable law.  Because of the legal and factual conclusions stated above, we are unfortunately unable to acquiesce to the Customers desired resolution.
  

  
  

  Customer response

  03/28/2023

   
  Complaint: 19596631
  
  I am rejecting this response because:

  1) Tractor was picked up by the dealership according to our records (*****) on 07/26/2022. Communications were frequent between ***** at the dealership prior to surrendering the Tractor via voluntary repossession trying to get the tractor repaired under the warranty that the brand new tractor had and was repeatedly told we had to bring it to them even though ***** and ******************** both were aware it was not possible as ***** had installed the haycutter incorrectly making it impossible to take off and take to them. We finally in July started the voluntary repossession process with ******************** and as above was picked up in July. Per several conversations with ***** he was prepared to fix tractor and put up for sale but ******************* had not authorized him to do so. ******************** informed us in August that he had been sick and on business travels and was not able to get to the dealership to check the tractor for assessment of repair needs or appraisal over and over again. ***** informed us multiple times he had attempted to get authorization from ******************* to fix and sell tractor in 2022 because he had a buyer and ******************** wouldn't give him authorization to do so. He even had a buyer late in the year wanting to buy for his farm before end of 22 and still ******************** didn't authorize the repair until Jan 23 and then chose to list at private auction type sale after Jan 16th 2023 instead of allowing the dealership to sell to a customer of *****'s in 2022. As a result of 6 months of delays and a new model year the tractor depreciation took place beyond reasonable business practice and it is not our fault that ******************** who is a representative of Agco Finance caused this $10,000.00 loss in value nor our responsibility for the delay and subsequent loss of value especially when dealership had a buyer as early as Sep 22 wanting the tractor. Furthermore Agco is the Manufacturer/Owner of *************************** Tractor as well as owner of the Agco Finance who was represented by ***************************** throughout this ridiculous voluntary repossession and sales process. Again in good faith we made Aug and Sep 22 payments which was plenty of time for the repair which would have been covered under new tractor factory warranty and therefore shouldn't of even needed *********************** consent to repair then sell. I accept no responsibility for Agco Finance's employee *********************** ridiculous delay in allowing the sale of this tractor and causing the loss of value.
  
  Sincerely,
  
  ***** And *********************

  Business response

  04/05/2023

  AFC believes it has acted appropriately regarding the repossession process and has reported accurately to the credit bureaus.  However, AFC strives to be a valuable partner and resource to its customers and is willing to discuss the deficiency balance owed by Mr. and ****************  We kindly request that they contact us directly via email at **********************************.

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