HARD TIMES REPO

wallace · 03-26-2008, 11:10 AM

Hey guys and girls just a little heads up...
I received a call from a customer that is about to loose his CK20 hydro tractor loader backhoe, he called me to willing give up his tractor.
If anyone is looking for a deal on a...
2006 CK20 hydro
KL120 loader
Kb2365 w/12" bucket
Grill guard
Sunshade
It will be coming to my lot with in a week or so, we do not have the current hours as the customer is bed ridden.
To clear him from this tractor we will need to get $13,851.00
Please with all do respect this is a non negotiable number.
All legal paper work will be down by us Wallace Tractor.
If someone is interested in financing this tractor please call us.
If anything chances I will pass it on.

jinman · 03-26-2008, 01:55 PM

Rick, I don't need that tractor, but I think that's a darn nice thing for you to do. It's likely you will end up doing two people a favor.

wallace · 03-26-2008, 02:23 PM

Ya we been known to do a couple of nice things out here

One thing I would advise to all consumers to be aware of is...
Be very careful if you go and look at a used machine to buy..If you a getting a REAL good deal look twice before you buy.
This is a prime example.. A customer is falling behind on his payments and decides to sell the equipment off and pockets the money, that receipt that he hand wrote means crap in court.
You will then be resposible to satisfied the loan on the equipment if your luckey..unlucky would be jail time for receiving stolen property.

That is not the case here but just how things could end up.

Mike5252 · 03-26-2008, 05:31 PM

I've never financed a tractor before, but that's an interesting question. As tractor's don't have titles, how would you legally attach to the tractor?

Said differently, how is a loan on a tractor that doesn't have a title any different from buying a second hand tv that someone put on a best buy charge account?

sugarmaple · 03-26-2008, 05:34 PM

yikes! Caveat emptor has never been so true. It is very kind of you to help out your customer in this way, and it is good for your kharma.

Spider · 03-27-2008, 03:09 AM

Quote:

Originally Posted by Mike5252

Said differently, how is a loan on a tractor that doesn't have a title any different from buying a second hand tv that someone put on a best buy charge account?

I don't know the position is the US, but I am guessing the financing systems are similar to here. It really depends on whether you took out a loan to buy the goods outright or finance. In the latter case the title of the goods remains with the finance company until the finance as been completely paid off. Hence the product can not be sold by the keeper of the item until the finance is paid.

390GT · 03-27-2008, 04:59 AM

Tractor have serial numbers on them. Tractor companys have finance arms like automobile companys do, (Ford Credit, GMAC). If you don't pay off the loan they will want the tractor back. Greg

bluechip · 03-27-2008, 07:24 AM

Financed tractors are secured by the filing of a UCC-1 form at the county and ins some states, state level. To be sure a seller owns the tractor (or any non-title property), the buyer must do a search for a UCC filing. Trick is you might need to know what county the lien was recorded in, usually the county the property was originally delivered too. but people move and....
So its better to just by new or from a reputable dealer.

Mike5252 · 03-27-2008, 07:33 AM

Thanks Bluechip, that makes sense.

Slackdaddy · 03-27-2008, 08:04 AM

So if You are buying a used 2 year old tractor for 15K,
Chances are the seller financed it, and he is going to take the money you pay him to pay off the loan.
But once the money is in his hand, he may not ?

03-26-2008, 11:10 AM	#1 (permalink)
wallace Veteran Member Join Date: Feb 2004 Location: PA. Posts: 1,404	HARD TIMES REPO Hey guys and girls just a little heads up... I received a call from a customer that is about to loose his CK20 hydro tractor loader backhoe, he called me to willing give up his tractor. If anyone is looking for a deal on a... 2006 CK20 hydro KL120 loader Kb2365 w/12" bucket Grill guard Sunshade It will be coming to my lot with in a week or so, we do not have the current hours as the customer is bed ridden. To clear him from this tractor we will need to get $13,851.00 Please with all do respect this is a non negotiable number. All legal paper work will be down by us Wallace Tractor. If someone is interested in financing this tractor please call us. If anything chances I will pass it on. __________________ Wallace Tractor and Equipment www.wallacetractorandequipment.com RICK WALLACE (570) 689-7494

03-26-2008, 01:55 PM	#2 (permalink)
jinman Super Member Join Date: Feb 2001 Location: Texas - Wise County - Sunset Posts: 8,213	Re: HARD TIMES REPO Rick, I don't need that tractor, but I think that's a darn nice thing for you to do. It's likely you will end up doing two people a favor. __________________ Jim

03-26-2008, 02:23 PM	#3 (permalink)
wallace Veteran Member Join Date: Feb 2004 Location: PA. Posts: 1,404	Re: HARD TIMES REPO Ya we been known to do a couple of nice things out here One thing I would advise to all consumers to be aware of is... Be very careful if you go and look at a used machine to buy..If you a getting a REAL good deal look twice before you buy. This is a prime example.. A customer is falling behind on his payments and decides to sell the equipment off and pockets the money, that receipt that he hand wrote means crap in court. You will then be resposible to satisfied the loan on the equipment if your luckey..unlucky would be jail time for receiving stolen property. That is not the case here but just how things could end up. __________________ Wallace Tractor and Equipment www.wallacetractorandequipment.com RICK WALLACE (570) 689-7494

03-26-2008, 05:31 PM	#4 (permalink)
Mike5252 Silver Member Join Date: May 2006 Location: Cleveland, Ohio Posts: 226	Re: HARD TIMES REPO I've never financed a tractor before, but that's an interesting question. As tractor's don't have titles, how would you legally attach to the tractor? Said differently, how is a loan on a tractor that doesn't have a title any different from buying a second hand tv that someone put on a best buy charge account?

03-26-2008, 05:34 PM	#5 (permalink)
sugarmaple Bronze Member Join Date: Jan 2007 Location: middlebury vt Posts: 56	Re: HARD TIMES REPO yikes! Caveat emptor has never been so true. It is very kind of you to help out your customer in this way, and it is good for your kharma.

03-27-2008, 04:59 AM	#7 (permalink)
390GT Bronze Member Join Date: Jun 2006 Location: S.E. Michigan Posts: 88	Re: HARD TIMES REPO Tractor have serial numbers on them. Tractor companys have finance arms like automobile companys do, (Ford Credit, GMAC). If you don't pay off the loan they will want the tractor back. Greg __________________ Greg in SE. Mich. TC33DA,SS,FEL,72"MMM,72"FB, 72"RB,60"BB,5'RC,PHD

03-27-2008, 07:24 AM	#8 (permalink)
bluechip Veteran Member Join Date: Jun 2003 Location: Arkansas, USA Posts: 1,494	Re: HARD TIMES REPO Financed tractors are secured by the filing of a UCC-1 form at the county and ins some states, state level. To be sure a seller owns the tractor (or any non-title property), the buyer must do a search for a UCC filing. Trick is you might need to know what county the lien was recorded in, usually the county the property was originally delivered too. but people move and.... So its better to just by new or from a reputable dealer.

03-27-2008, 07:33 AM	#9 (permalink)
Mike5252 Silver Member Join Date: May 2006 Location: Cleveland, Ohio Posts: 226	Re: HARD TIMES REPO Thanks Bluechip, that makes sense.

03-27-2008, 08:04 AM	#10 (permalink)
Slackdaddy Silver Member Join Date: Mar 2007 Location: Maryland Posts: 107	Re: HARD TIMES REPO So if You are buying a used 2 year old tractor for 15K, Chances are the seller financed it, and he is going to take the money you pay him to pay off the loan. But once the money is in his hand, he may not ? __________________ Case 580 Super-E 1 Wife 3 Kids 16 Chickens lottsa guns No time

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode