'Financially Sound': Challenger Introduces Special Low-Rate Financing; Including Fixed Rates as Low as 0% with Payments Deferred until after Harvest

Business Wire,  June 1, 2005  

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DULUTH, Ga. -- Beginning today until July 31st, North American producers can reap all the technology designed into Challenger's largest wheel and track tractors and postpone the first payment until after harvest. To make the offer even more appealing, Challenger Finance is offering finance rates as low as zero percent for three years on MT500 and MT600 models.

"This is the best deal we've ever offered on such an in-demand line of tractors," says Doug Griffin, director of Challenger sales and marketing for North America. "With features like our TechStar CVT (continuously variable transmission), electronically controlled engines and the quietest cabs in the industry, the MT500B and MT600B Series are among the most technologically advanced tractors in the industry. Now, customers can combine the improved efficiency these tractors offer with finance rates as low as zero percent for three years. For those who need more time, we're also offering a 3.9 percent-fixed rate for up to six years. Either way, the first 'harvest' payment isn't due until January 2006."

Customers who prefer the power, traction and performance of the field-proven Challenger track tractors are offered equally appealing incentives including, a 2.4 percent fixed rate for three harvest payments or a 4.9 percent fixed rate for up to six years. Again, the first annual payment isn't due until after harvest in January 2006.

"This outstanding offer even includes the new MT875B, the largest production tractor in the world, with 570 gross engine horsepower," says Griffin. "Of course, both the MT700B and MT800B Series are equipped with new Cat ACERT engines that take power and performance to Tier III levels without a compromise in fuel economy or durability. Plus, there's not a tractor on the market that can match the ride, traction and performance offered by Challenger's innovative Mobil-Trac system."

In all cases, finance rates are fixed for the full term of the contract and there is no penalty for pre-payment or early payoff.

"Our goal is to provide the most advanced equipment in the industry to our customers, as well as, help them better manage their cash flow through the full cropping season," Griffin adds. "Thanks to these no-interest or low-interest programs, farmers can keep the extra cash and reinvest it in their businesses."

Griffin cautions, however, that even though customers can delay payment until after harvest, that's not the case with their purchase decision. The extra-low finance rate programs are only available through July 31, 2005. Naturally, all loans are subject to Challenger Finance credit approval and a minimum down payment or trade equity is required. Participating Challenger dealers can provide information on all financing options and eligibility requirements.

"If customers need one more reason to consider this limited-time offer, it's the exceptional, timely service Cat dealers provide. Not to mention their commitment to keeping equipment running in the field, day after day," Griffin adds. "That, of course, affects the bottom line in the form of less downtime and greater productivity."

Unlike most ag dealerships, Cat dealers can perform 95 percent of all repairs in the field with a fleet of fully equipped service trucks. It's the way Cat dealers have been doing business for years.

For more information on these special finance rates and Challenger products, please visit www.challengerag.com. To read more Challenger news, visit our Web site, (From the pull down menu, select USA/Canada. Click on About Us & Services, Info Center and select Press Releases).

About AGCO

AGCO Corporation, headquartered in Duluth, Georgia, is a global manufacturer and distributor of agricultural equipment and related replacement parts. AGCO products are distributed in more than 140 countries. AGCO offers a full product line including tractors, combines, hay tools, sprayers, forage, tillage equipment and implements through more than 3,900 independent dealers and distributors around the world. AGCO products are distributed under the various well-known brand names AGCO(R), Challenger(R), Fendt(R), Gleaner(R), Hesston(R), Massey Ferguson(R), New Idea(R), RoGator(R), Spra-Coupe(R), Sunflower(R), Terra-Gator(R), Valtra(R), and White(TM) Planters. AGCO provides retail financing through AGCO Finance in North America and through Agricredit in Australia, the United Kingdom, France, Germany, Ireland, and Brazil. In 2004, AGCO had net sales of $5.3 billion.

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