How does one sell a tractor?

dschott · Mar 14, 2011

May be a stupid question, but I have never sold a vehicle (or anything like a tractor) outright. I checked with the Kubota dealership that I bought it at, and they said they "really don't do consignments." So, this is the scenerio:

Bought it under the Kubota 42 months no interest loan program. It gets paid off in August of this year. I owe about $2000 on it. Selling my home and relocating, and CAN NOT take it with me, nor do I have a need.

How does one sell something like this with money owed. From the forum, I see there is no title given on tractors, and that you get a letter at the time of the loan payoff. A friend recommended that I sell it, have them pay Kubota the price we agree on, and Kubota refunds the surplus back.

Any other suggestions? I guess if someone want to take a risk they could come buy it from me, hope I pay it off, and them get them the payoff report. But looking at it from the buyers point of view, this is kind of risky.

tessiers · Mar 14, 2011

On your bill there should be contact info for the financing company. Contact them and they will walk you through the process. You should be able to send the money via most any bank and get closeout confirmation electronicly. We did a similar thing with a former tractor and the bank financiny the new sale did all the leg work and made the transactions.

Good Luck!!

bp fick · Mar 14, 2011

Kubota allows for electronic payments, which speeds the process up considerably.

If you only have 5 more payments, you could also consider paying it off now, so that you can tell the potential buyers, it is free and clear.

I sold mine with no issues whatsoever. As you say, there isn't a title, but the lien does have to be cleared. This happens with cars, boats, motorcycles and such every day. Perhaps you and the potential buyer could watch you make the computer payment together and see the payment being made. Piece of mind. In the olden days, buyer and seller went together to the bank or credit union and did this. It is not insurmountable.