liens

[PILOON]

I know this stuff happens.
A B21 c/w BH and FEL was offered for $7000 which I refused as I won't buy stolen goods.
The former owner declared it stolen after he finished his work and hid it for a few months to cool off so to speak.
Now it so happens that I know who actually owns it now and I would not wish to be in his shoes should he get caught with a 'hot' tractor.
Around here you need plates but he can't plate it due to SN tracing that would probably declare it as stolen, nor can he have dealer service it order parts etc etc as SN is always called for.
For me a few $$ savings is simply not worth the hassles nor my reputation.

 

[PILOON]

I know this stuff happens.
A B21 c/w BH and FEL was offered for $7000 which I refused as I won't buy stolen goods.
The former owner declared it stolen after he finished his work and hid it for a few months to cool off so to speak.
Now it so happens that I know who actually owns it now and I would not wish to be in his shoes should he get caught with a 'hot' tractor.
Around here you need plates but he can't plate it due to SN tracing that would probably declare it as stolen, nor can he have dealer service it order parts etc etc as SN is always called for.
For me a few $$ savings is simply not worth the hassles nor my reputation.

 

[rScotty]

rScotty blames the finance company for the problems of the OP and then suggests that he further compound his problems by hiding the machine away until the heat clears.

The OP is acting in a responsible manner as far as we know from the posts but rScotty is suggesting that he become a thief and attempt to hide the goods. For what reason? They know ho has the machine and he wouldn't gain anything at this point doing that. rScoty, seeks to project his dishonesty onto the OP..

Yes, I have heard that argument before. It is common to the existing loan industry and to the legal industry which defends it. Any chance you are connected to either of those? And I'll agree it is an argument with the merit of having existed for a long time. But societies do change. Technology is changing ours rather rapidly even as we post.

From a more grassroots public perspective, there are times when existing laws & regulations are simply no longer relevant to a new situation. The original poster (OP) brought up a good example of that very thing. And it is part of why we elect legislatures. When an interpretation needs modification, existing laws need to be examined and possibly changed. As the OP points out, the current loan/lien/collateral/ownership problem is not treating him fairly - and this is partly because of a by a socieal & technological revolution that wasn't even on the horizon when those old fashioned lien and collateral relationships were developed. History shows that non-violent obstructionism is one way to bring public attention to laws that have become unfairly burdensome. When it works, it is a good way to start the governmental process.

The downside is that any changes tend to be resented and resisted by vested financial interests.
All part of the process....
rScotty

 

[TomSeller]

rScotty blames the finance company for the problems of the OP and then suggests that he further compound his problems by hiding the machine away until the heat clears.

The OP is acting in a responsible manner as far as we know from the posts but rScotty is suggesting that he become a thief and attempt to hide the goods. For what reason? They know ho has the machine and he wouldn't gain anything at this point doing that. rScoty, seeks to project his dishonesty onto the OP.

.

All he was saying is that the buyer should make sure that the finance company had their paperwork in order before they are allowed to take it. That is all.

 

[Sprinklerman]

Kinda makes you afraid to buy something used . My questions would be , how can you believe the finance company simply since they say so ? Did the original purchaser report it stolen? If so they would have been paid by insurance.
How do you know the finance company wasnt paid in full and it is a paper work mistake? I wouldnt give the machine up until a judge decides true ownership . But I would do it in a legal way

 

[aczlan]

Kinda makes you afraid to buy something used . My questions would be , how can you believe the finance company simply since they say so ? Did the original purchaser report it stolen? If so they would have been paid by insurance.
How do you know the finance company wasnt paid in full and it is a paper work mistake? I wouldnt give the machine up until a judge decides true ownership . But I would do it in a legal way

I agree, are you certain that they didn't mess up the paperwork and mark it defaulted when it was paid in full?

Aaron Z

 

[Sprinklerman]

I got interested in this thread , in doing some reading it seems to me that you would almost need to search all 50 states to see if there is a ucc filing .

 

[two_bit_score]

Kinda makes you afraid to buy something used . My questions would be , how can you believe the finance company simply since they say so ? Did the original purchaser report it stolen? If so they would have been paid by insurance.
How do you know the finance company wasnt paid in full and it is a paper work mistake? I wouldnt give the machine up until a judge decides true ownership . But I would do it in a legal way

Reasonable questions. Probably all answerable in favor of the JD Finance Company but you never know until you ask. There absolutely are legal ways to resolve issues like this.


TBS

 

[John Fitzgerald]

Years ago, Ford Motor Credit tried to say I was in default on a pickup truck, and they were mentioning repo. I wasn't in default at all, and was actually paid ahead, and had the cancelled checks with their endorsements to prove it. When they saw their mistake, they were apologizing by letter. The current owner should make sure the paperwork is right. The tractor may have been paid off, and they don't have the paperwork.

 

[TomSeller]

Years ago, Ford Motor Credit tried to say I was in default on a pickup truck, and they were mentioning repo. I wasn't in default at all, and was actually paid ahead, and had the cancelled checks with their endorsements to prove it. When they saw their mistake, they were apologizing by letter. The current owner should make sure the paperwork is right. The tractor may have been paid off, and they don't have the paperwork.

Great input !!