Selling tractor : do I have to tell Kubota Credit ?

[Bird]

No, you cannot. The reason is this: The lien existed at the time you bought the tractor. So you bought the tractor subect to the lien.

If you bought a car with a lien on it and the seller didn't pay it off, they could certainly come and repo the car from you. Same thing with the tractor.

Correct, and if you buy a stolen tractor, or anything else stolen, even without knowing it was stolen, the police can take that stolen property from you to return it to the rightful owner.

 

[blueriver]

That makes sense, but there are still some holes. For example as the seller, if the buyer is paying off the lien directly at the time of sale, the seller needs some assurance that that actually happens--and there are ways for the buyer to commit fraud in that process it seems. Since small tractors have entered the "consumer product" sphere, it seems like the buying and selling process controls have not reflected that change. To begin with, there is no tractor title with a lien showing as is done with vehicles. I understand the UCC filing sort of stands in for that, but ...

Dave .. That's why I stated make the check to the seller and the lien holder ... For example .. Stockyards get a monthly report that lists the names of sellers that have cattle financed .. If your on the list the auction makes the check out to the bank and the seller ...

 

[blueriver]

Something else to take note of .. Every state Has a dept of agriculture and they have investigators that are constantly working the sale of or theft of cattle and equipment .. The sale of mortgaged or financed animals and equipment is illegal

 

[Lastkidpicked]

Fellas, you would think a bunch of us farm boys would have come up with the simple solution on the first page of this thread.

I'm enjoying the back and forth, but really the easy answer is this:

The original poster picks up the phone, calls the Kubota dealer who set up the loan and asks, "Please look at my contract and tell me if I can sell my tractor tomorrow without paying off my loan."

 

[RunninOnEmpty]

The OP was asking if he could sell the tractor while carrying debt. He didn't ask if he could sell the tractor, carry debt AND get away with it. Rather than going after his character, a simple explanation of his obligation to Kubota would have been ample.

 

[blueriver]

The OP was asking if he could sell the tractor while carrying debt. He didn't ask if he could sell the tractor, carry debt AND get away with it. Rather than going after his character, a simple explanation of his obligation to Kubota would have been ample.

No one has gone after his character ... Rather advising anyone buying or selling a little advise ... Sure would hate to see someone buy or sell with a lien on the equipment

 

[like2wheel]

It should be noted that you will not get any information at all from Kubota Credit Corp about a tractor someone else has a contract on. Actually, they won't even tell you wether there was ever a contract on a particular tractor or not.

I speak from experience.

 

[k0ua]

Correct, and if you buy a stolen tractor, or anything else stolen, even without knowing it was stolen, the police can take that stolen property from you to return it to the rightful owner.

Here is a case in point:. A friend had an older pickup truck stolen in Missouri. Over 10 years later the Dallas police department calls and says "we have your truck impounded, and would you please come get it" They drove to Texas and picked up the truck which was in much better shape than when it was stolen, and instead of the 6 cylinder engine that was original, someone had dropped a nice small block V8 in her. Needless to say they were pleased to get the truck back in better shape then when it left. I am betting the person that "lost" the truck was not near as happy.

 

[Bird]

James, I wonder how many people compare the serial numbers on the paperwork, titles, receipts, etc. with the serial numbers actually on the tractor, car, or pickup when they buy one. I received an interesting complaint once when I was commander of the Vehicle Services Division (auto pound, wrecker company supervision, and our own fleet). The guy's complaint was that his pickup was stolen, and reported stolen, the thief had been arrested for something else, the truck impounded, then the truck released back to the thief when he got out of jail.

As it turned out . . . when the truck was reported stolen, the owner reported the VIN that was on his title, so that's what went into the computer files of stolen vehicles. But no one knew there was one digit different on the actual vehicle. So when the thief was arrested in the act of stealing material from a construction site and the truck was impounded, my clerk enter the VIN that was actually on the truck and got no report of it being stolen. The thief bonded out of jail, went to the pound, and claimed "his" truck. Now it's been so long ago that I've forgotten how the original (legal) owner found out that his truck had been impounded and released back to the thief, but when I got the complaint and went to investigate . . . well, the truck was back in the pound and the thief in jail again because he had refueled the truck, drove off without paying, and got arrested again.:laughing: So the legal owner got his truck back, and got a corrected title.:laughing:

I'm sure dealers don't often make a mistake in typing up VIN or serial numbers, but I sure check mine personally.:laughing:

 

[blueriver]

Bird ... Good point!!