Clarifying "Paid Off"...touches a few past threads

[KeithInSpace]

Paid off my tractor 6 weeks ago and was expecting some type of letter or otherwise indicating that I own the thing. Nothing came.

Called my dealer and he said that KCC files a UCC debt with the SCC in Virginia. I guess I would liken it to a mechanics lien on the chunk of iron in my garage with serial number umpty-squat.

When I pay it off, KCC files again for release of the UCC debt and by virtue of there NOT being a lien, I then own the tractor (meaning there are no outstanding interests in the tractor other than my own).

There is no particular paperwork that comes to me by either KCC or the SCC unless I dig/ask for it...which I probably will in the next day or two for my peace of mind.

This subject also touches on the "application fee" issue I saw in another thread. When I bought the tractor, I paid an extra $40. $20 of this fee went to KCC to pay for the application/recordation of the UCC lien through the SCC. The other $20 pays for its release upon complete payment of the debt. These are set fees in the State of Virginia for filing these doucments with the SCC...not "gravy" given to the dealer.

Thing is, this probably varies from state to state, but it was enlightening enough to me that I thought I'd share.

 

[RoyJackson]

Thanks...I was wondering how that would be handled

 

[DiezNutz]

Keith, please let us know how your experience turns out. I'm going to want to do the same thing when the time comes.

 

[bx23barry]

I got a receipt set when I paid for it. Do I need anything else?

 

[KeithInSpace]

Do I need anything else?

Wouldn't mind something saying the lien has been released. You could pay it off and years later have something come up, then find out that KCC still has papers filed with the state saying they "own" part of the tractor...I doubt the UCC would be updated to recognize the balance is zero...it is there or not there and had an initial amount associated with it.

 

[bowhunter3030]

My 2 year 0% deal was paid off at KCC and I got a nice pay off letter and a copy of the retail installment contract showing it was paid in full.

 

[KeithInSpace]

Mr. Bowhunter3030, how long after you made your final payment did it take to get that letter from KCC? Doesn't sound like you called them either, correct?

 

[themichelob]

My experience was the same as bowhunter3030--got the original copy of the contract marked "paid in full" and a nice letter thanking me for doing business with them plus an offer of more credit should the need arise. Came within thirty days of making my last payment. Regards, Mike

 

[kbiddle]

I too got a letter from KCC ...
I think it was like 3 weeks or so

 

[bowhunter3030]

Mr. Bowhunter3030, how after you made your final payment did it take to get that letter from KCC? Doesn't sound like you called them either, correct?

I sent them my final payment on 3/19 and they mailed me this info on 5/14.