Tractor Sizing Help with a Kubota purchase

[FatTireFarm]

Thanks McREBEL. That sounds like a good plan.

 

[ultrarunner]

Many buyers with loans do so through Kubota which also requires Kubota insurance.

If there is a loan... the original documentation from the sale will show it and then the question is what is the payoff.

Here... the bigger problem is shady people with stolen equipment...

That said... most tractor folks are that are local are very honest... hey, they work for a living and you know where they live.

I've asked for and received bill of sales where the seller warrants and guarantees clear title and there is a place for the sellers driver's license number...

 

[Gafn]

All that said...

Treat it like a Craig's List sale
1) Don't go alone
2) Be mindful of your surroundings
3) Don't tell the guy you are carrying cash - many many folks have been killed for their cash Craigslist sale (guy in Dallas TX was killed for less than $2k and your carrying a whole lot more than that)
4) go armed
5) ensure your friend is armed as well
6) Leave the minute you feel the "uh-oh" or "oh-chit" chill running up your neck
7) the most important one - don't get killed buying a tractor - a few grand extra at a dealership - in the end well worth it

If this guy knows you got cash - your are now a target - if the guy is not on the up and up - for your protection Expect the absolute worse to happen, so you can be pleasantly surprised when it does not. At least that way you are prepared.

 

[ultrarunner]

When I sold my Dozer the buyer brought cash... he almost left before he got to the property because he didn't like what he saw getting of the interstate in Oakland...

Once he met me and saw the tractor and Mom was there two... all was good... I did not know he had the cash... only when he said he wanted it did we go sit down at the kitchen table...

 

[FatTireFarm]

After talking more with the owner, I feel less comfortable about the deal. I think he expects me to hand him a bunch of money and then wait around hoping he pays of the loan. I emailed him saying I wanted to involve the lending institution (no cash) and so far all I've heard is crickets. Glad you folks are around to give advice and watch my back!
Who knows, maybe he'll contact me with a legitimate way to work the deal but in the mean time the tractor hunt continues.

 

[Poopdeck Pappy]

Tell him to get a current payoff statement from the lender. Let's assume the agreed tractor price is $17,500 and the loan balance on the payoff statement is $12,000. You take a $12,000 cashier's check made out to the lender for the payoff amount and $5,500 cash to him for the balance. Have him sign a bill of sale that represents and warrants to you that the tractor is free and clear of any liens, security interests and other encumbrances.

Be careful about any "per diem" listed on the payoff statement. Some of them will say the loan balance is $xxxx as of xxxxx date, plus $xxx per day for each day thereafter until payment is received. You would need to factor that in.

Tell him the loan has to be paid off as part of the purchase or no deal.

 

[McREBEL]

After talking more with the owner, I feel less comfortable about the deal. I think he expects me to hand him a bunch of money and then wait around hoping he pays of the loan. I emailed him saying I wanted to involve the lending institution (no cash) and so far all I've heard is crickets. Glad you folks are around to give advice and watch my back!
Who knows, maybe he'll contact me with a legitimate way to work the deal but in the mean time the tractor hunt continues.

If he is very interested in selling his tractor and is being on the up and up then he shouldn't have any problem with this. I sure wouldn't. He could have hatched an idea to spend the money on something else and just keep making the tractor payments or he could have every intention of paying off the loan. Who knows. A bill of sale, as some have said, guaranteeing the tractor is free and clear is a good idea. But, if something goes wrong, I am afraid that would only help you in court when you try to get your money out of the guy who stuck you. You don't want to have to go there. If Kubota or whoever stops getting payments they are sending someone after their tractor wherever it is and I am not certain a bill of sale of any flavor is going to stop them from getting it.

Signed Chicken Little

 

[FatTireFarm]

I agree McREBEL, I'm not sure a bill of sale would mean much if someone came to repo the tractor. I'm surprised that tractors don't have "titles" considering their value. Even my Kawasaki Mule has a certificate of origin and can be titled. I'm starting to favor purchasing from a dealer unless I find a used tractor that doesn't have a lien on it. I'm gonna drive down to Barlow's next week to check out some of their used inventory.

 

[Yamaha2112]

I've been maintaining 100 acres with mostly a B series for over 20 years. It can be done. It's definitely no slouch.
I still want a bigger/newer one though. But then again, who doesn't?

And welcome to TBN!

 

[grm61]

If the seller of this used tractor still has a loan on that tractor, what do I do to protect myself when I hand him a wad of cash? Can the bank come after me for the tractor if I have a hand written bill of sale?? Seems kinda scary to me.

Absolutely they can!

Never buy a used tractor..especially late model without a paper trail showing it paid off.
There is one member on here that makes a habit out of selling tractors that aren't paid for..thinks he's smart using the banks money, very unethical IMO. Lucky for the buyers he makes the payment.

So yes you could get hosed...make sure you have a paper trail, or pass on it.

My :2cents: