How do I protect myself buying a used Deere?

[Cowboy3008]

I'm looking at a 2 year old Deere tractor.
A guy bought it from a friend who was in a money bind and is reselling it.
My concern is that the friend financed it and defaulted on the loan.
Being that the tractor isn't titled, I'm not sure what recourse Deere or the finance company would have.
All I can think about doing is getting the serial number, contact Deere to see what dealer sold it, then contact the dealer to see if it was paid for.
Any other input here?
Thanks!
- Dave

 

[RoyJackson]

The dealer is your best friend in this situation.
If the loan isn't paid off...well, there are other tractors. Maybe no Title...but there may be a lien attached to that serial number, and if they repossess it, the repo guys aren't going to care where they get it from.
Good luck!!

 

[ctlguy]

A lean search needs to be completed, Deere will not be able to tell you anything other than the retail note they may have not if it is completly free and clear. Most larger dealer groups, esp those selling big ticket items like combines and 4wd's have a dedicated person that all they do is conduct lean searches on equipment. Mostly because in the ag world blanket ranch/farm leans are very common and they need to get released from that lean. You will need sellers social and or tax id, real name, or any possible business name they have used in the past. It is not free to do these searches but you should be able to find some one to do one for a fee. The financial group that holds the lean will always win and you would be left holding the bag, best of luck.

 

[ctlguy]

Thats funny, noticed that I do not know how to spell lean/lien, etc.:laughing:

 

[rsewill]

Most, if not all, finance companies file with the Uniform Commercial Code office. Anyone, including an individual, can file with the UCC. If you are the oldest non-released lien holder you are in the catbird seat.

Often this can be checked on-line. The lien should be checked against the owner's name. Not always an easy search.

Good luck.

 

[RoyJackson]

A lean search needs to be completed, Deere will not be able to tell you anything other than the retail note they may have not if it is completly free and clear.

Actually, Deere probably can help...since they finance many of their sales...so, again..the Dealer is probably th best place to look initially.

 

[5030]

Thats funny, noticed that I do not know how to spell lean/lien, etc.:laughing:

Commonplace and acceptable on this site.......:thumbsup:

 

[RoyJackson]

Commonplace and acceptable on this site.......:thumbsup:

Yeah, it is...drives me nuts since I do document review as part of my occupation.
But, it is an internet forum with quite a variety of contributors.

 

[5030]

I look at it this way Roy....

It's a good cross section of Americana.....

...and what we have digressed to......:laughing:

 

[JD 4520]

Cowboy -

You can and should do all of the necessary lien searches and contacting Deere, additionally I would create a Bill of Sale that fully describes the Tractor being sold, chain of title (ownership) and representation of clean title that survives the closing. This means that the Seller is virtually guarantying free and clear transfer of interest and become liable for a clouded "title". You should be able to get some help with this by asking around.

Best wishes