Deere & Company introduces a new name–John Deere Financial–for its business unit that offers credit and financial services. The change is being made to better represent the full range of products and services offered by the business. It had previously been known as John Deere Credit.
Deere entered the crop insurance market in 2005, and earlier this year Deere established John Deere Insurance Company to strengthen its presence in the crop insurance industry.
John Deere Financial will offer retail, wholesale and lease financing to facilitate the sale of John Deere equipment in agriculture, construction, forestry, and turf care. The company also will continue to provide revolving credit and crop insurance for customers.
The transition to the new name will take place over the next few months at various locations with signage at the division's headquarters in Johnston being the first to change.
John Deere Financial is one of the largest providers of financial services to agricultural and construction customers in the U.S. with more than 2.6 million accounts and a managed portfolio over $23 billion. Today, John Deere Financial has approximately 1,900 employees worldwide and has operations in 20 countries.