liens

[Capricious]

Buyer buys mini excavator through a dealer (consignment machine)

Spent $34,000.00

Machine was stolen. Owner did not report it stolen until after buyer bought it.

Buyer loses machine.

Buyer out $34,000.00

After unknowingly buying stolen equipment, business owner out $3 - KMOV.com

 

[two_bit_score]

It happens.

If he purchased insurance coverage it should pay for his ‘equitable’ loss. Can’t understand having a loan on something and not having it insured.

 

[balzerja]

update. John deere picked up the tractor on 10-18-2017. The final offer from them was to pay $22k to keep it. Didn't make sense to me to fork out $22k plus the $27k I altready paid for a almost 5 yr old 3520 tractor. I ended up getting almost identical 2017 3039r for $30500.(e hydro,h165 loader,73" hd bucket and 72" auto connect deck.) Dealer worked with me since he was the same dealer who sold it to the S.O.B. I bought it from. Went to 2 other dealers and he was $2500- $3000 cheaper than the others. Anyhow, no money down and 0% interest for 5 years softened the blow even tho i am paying more now. Didn't have to pull the $22k of the bank. Deere financial came across pretty brash to me.. Made me feel like I was the bad guy also. Did not want to deal with me. Anyhow over and done with and I don't have to look at the old one and be reminded of all the B.S.

 

[hawkeye08]

Good lesson to learn, sorry you had to go through it, glad you shared it so the rest of us can be on lookout for this when we buy used.. thanks for putting up with the questions and such..

 

[KubotainNH]

It sux but time to move on. Sure would like to see the SOB get nailed. Thanks for the update.

 

[two_bit_score]

update. John deere picked up the tractor on 10-18-2017. The final offer from them was to pay $22k to keep it. Didn't make sense to me to fork out $22k plus the $27k I altready paid for a almost 5 yr old 3520 tractor. I ended up getting almost identical 2017 3039r for $30500.(e hydro,h165 loader,73" hd bucket and 72" auto connect deck.) Dealer worked with me since he was the same dealer who sold it to the S.O.B. I bought it from. Went to 2 other dealers and he was $2500- $3000 cheaper than the others. Anyhow, no money down and 0% interest for 5 years softened the blow even tho i am paying more now. Didn't have to pull the $22k of the bank. Deere financial came across pretty brash to me.. Made me feel like I was the bad guy also. Did not want to deal with me. Anyhow over and done with and I don't have to look at the old one and be reminded of all the B.S.

I appreciate you sharing your experience. Lot of good lessons in this thread. Thank you.


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[DavesTractor]

The insurance idea is wonderful. Often with a homeowners or business policy, there are some obscure coverages that go along for "free" that we all ignore. We care about fire, theft, collision and liability. But what if you do have coverage for being the victim of a fraudulent transaction? Very smart to check on that.

If not, I'd be looking for the guy that defrauded you. Have some PI at least check for location, current job, any bank account, any assets. If he comes back as someone with no assets or job who will likely never have anything, then I'd just drop it. But if his name is on the title of something, I'd get a judgment against him and a lien on whatever he has. You never know, his great uncle may have left him a piece of property by now.

 

[CincyFlyer]

The insurance idea is wonderful. Often with a homeowners or business policy, there are some obscure coverages that go along for "free" that we all ignore. We care about fire, theft, collision and liability. But what if you do have coverage for being the victim of a fraudulent transaction? Very smart to check on that.

If not, I'd be looking for the guy that defrauded you. Have some PI at least check for location, current job, any bank account, any assets. If he comes back as someone with no assets or job who will likely never have anything, then I'd just drop it. But if his name is on the title of something, I'd get a judgment against him and a lien on whatever he has. You never know, his great uncle may have left him a piece of property by now.

And keep after the local prosecutor to file charges; sometimes that can help someone "find" the money they stole from you.

 

[two_bit_score]

The insurance idea is wonderful. Often with a homeowners or business policy, there are some obscure coverages that go along for "free" that we all ignore. We care about fire, theft, collision and liability. But what if you do have coverage for being the victim of a fraudulent transaction? Very smart to check on that.

If not, I'd be looking for the guy that defrauded you. Have some PI at least check for location, current job, any bank account, any assets. If he comes back as someone with no assets or job who will likely never have anything, then I'd just drop it. But if his name is on the title of something, I'd get a judgment against him and a lien on whatever he has. You never know, his great uncle may have left him a piece of property by now.

Exactly. It depends on the policy but you can have a claim if you have a loss to your equitable interest. That is essentially what you are insuring anyway. Some very interesting cases on insurable interests in equity. In this case I think it would have helped if he would have insisted in JD making a theft report and having the police get a right of possession hearing in a local court. That way he could have had law enforcement seize the tractor, court ruling that he lost his interest due to a fraudulent sale and most likely his insurance would have had to pay for his loss.

.

 

[two_bit_score]

And keep after the local prosecutor to file charges; sometimes that can help someone "find" the money they stole from you.

Yes sir!
The way I see it balzerja was the victim of a $27K swindle by the guy he bought it from.