massey333 you are right about a lot of Dealers getting burned on Company repos. John Deere Finance notes are not full recourse to the dealer like International, Case, and White where. With JD 1% of every note goes into a recourse fund for each dealer. When this fund get to certain size then the dealer will get his full loan amount but until then he will only get 99% of the amount. So when repo happens the costs are subtracted from the recourse fund of the selling dealer. When lot of repos happen like in the early 1980s the loss to the JD dealers was limited to what they had in their recousre fund. This difference was a big reason many JD dealers where able to stay in business when other brands had to shut their doors.
I have a friend that was a White dealer. Two repoed combines, that he had to pay the 18-20% interest on, forced him out of business. The cash flow just was not there. A real large Case dealer I traded with lost his personal farms when a bunch of Repos happened to him.
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