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  1. #21
    Super Star Member LD1's Avatar
    Join Date
    Apr 2008
    Posts
    10,517
    Location
    Central Ohio
    Tractor
    Kubota l3400

    Default Re: buying used -- how to know if "title" is "clear"?

    Finding out where he bought it does little good if he financed with a third party.

    Quite simply I would ask him to show proof he owns the tractor. Whoever it was financed with would have sent him a letter stating the balance was paid in full. If he threw that away, he can request another copy. If he truly owns it outright, this will be a non issue. If he starts making up excuses and goes on the defensive, walk away.
    ".........there is only one way to find out."
    "Ok, hold my beer and watch this.........."


    Ford 5500 Backhoe
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    2005 Dodge 3500 4x4 Diesel
    8N Rebuilt and restored
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    (4) Sachs-Dolmar 116SI Ported
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  2. #22
    Super Member bp fick's Avatar
    Join Date
    Aug 2009
    Posts
    5,566
    Location
    Beaver Creek, Northern Michigan
    Tractor
    Kubota BX2360

    Default Re: buying used -- how to know if "title" is "clear"?

    Quote Originally Posted by TSO View Post
    What you'll do is, send payment directly to the Lein holder. If you pay more than he owes, either his lender will cut him a check for the overage, or you (or your lender) will cut two checks. One to the lien holder for the owed balance, and one to him for the rest.

    If he owes more than the sale, he'll have to pay the balance to his Lein holder before they release the title to you.

    Exactly. You'll be getting the Credit Corp on the phone and dealing directly with them. Not a bad thing at all. As stated, these kind of hard luck deals for one person can be great opportunities for someone else.
    BP


    "Some chickens, some gardens and a Kubota."

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