HARD TIMES REPO

wallace · Mar 26, 2008

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 · Mar 26, 2008

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 · Mar 26, 2008

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 · Mar 26, 2008

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 · Mar 26, 2008

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 · Mar 27, 2008

Mike5252 said:
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 · Mar 27, 2008

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 · Mar 27, 2008

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 · Mar 27, 2008

Thanks Bluechip, that makes sense.

Slackdaddy · Mar 27, 2008

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 ?