Deere is showing signs of the "GM disease" - where their financial unit is showing increasing profits, while the actual product divisions are showing declining sales.

Have a look at DE's Q3 FY2024 earnings release. You see that income and profit from production ag sales is down, but finance profits are up.

We saw this with GM and GMAC in the early 2000's, and it took another eight years for the poop to hit the propeller in 2008. But hit it did, and GM screwed bond holders to get out of their corner.