Buying Advice Nasty Divorce Forces Tractor Sale

[TripleR]

Travelover hit the nail on the head here.

That is the only reason we were questioning the personal stuff. Because IF his friend doesn't own the tractor 100% He cant legally sell it.

AND the fact that the OP was asking about this guys payment plan of $300 until paid for...well, that is a lien. And that means that UNTIL he has reached the obligation of 10k (ie: payoff) the tractor still belongs to his friend. And if the wife/ex-wife is still part owner (contested ownership), she can force a sale of the tractor, thus the OP will be out however many $300 payments he has made.

We are simply trying to advise him of the potential problems.

Exactly, I have seen this sort of thing happen and like many, feel it would be a disservice to the OP not to point out potential hazards.

It is easier to avoid a mess than fix one.

 

[8086bruce]

I would do what it say's in post #3!

 

[jinman]

According to the terms of this sale, you will be getting a $10k loan interest free for almost three years ($300 x 33.333 months = $10k). A lot can happen in three years. I have bought things from friends and paid them out over time, but never more than three months. I am firmly on Roy Jackson's team. I would borrow the money and pay off my friend if at all possible. I would say the same thing no matter what is the friend's personal situation. Since you didn't ask for that kind of advice, I'll just say that $10k sounds like a very good price; however, if something breaks on the tractor and you have to spend $3k to fix it, are you still going to pay that $300 each month with no remorse? What if you get the tractor half paid for and your friend wants it back? Will you let him have it and pay you $300 per month? Three years is a long time and a lot can happen. You gotta go with your gut feeling, but don't do it with your eyes closed.:thumbsup:

 

[teg]

Ask the wife if the tractor belongs to him... or better yet, ask him for a phone number of his ex-wife, and that you'll be asking her that question. See what he says... If he's trying to pull one over on HER... you'll find that out pretty quick.

 

[Travelover]

Just as an example of what can go wrong - my sister got divorced and her husband told her that he had sold his airplane awhile ago and the money was in the bank account they were to split. Guess what? He never sold the plane - he stored it at a friends hangar until the divorce was final.

Did the OP say that he had been storing the tractor for his friend for a long time? Would make me a little suspicious.

 

[LD1]

Ask the wife if the tractor belongs to him... or better yet, ask him for a phone number of his ex-wife, and that you'll be asking her that question. See what he says... If he's trying to pull one over on HER... you'll find that out pretty quick.

He could just hook up with the ex-wife That may make it a $5k tractor:laughing::laughing:


Just kidding BTW. Dont take me seriously

 

[Kyle_in_Tex]

A "diviorce" is a divorce that all the stuff has been "divied up". New way of saying "split the sheets".

That is a smoking deal, I wouldn't sell you my '02 4310 for that much if you had cash on the barrelhead.

 

[Scooby074]

OP: Most of the guys are right. Gotta watch if hes hiding assets, all this will come out in court and your "new" tractor could get repoed. An your friendship wrecked in the process.

Whats the rules on it if was bought outright? could she come after the OP and repo it if it wasnt fair market value? or he didnt give half of the sale price to her?

 

[LD1]

Whats the rules on it if was bought outright? could she come after the OP and repo it if it wasnt fair market value? or he didnt give half of the sale price to her?

I could be wrong, but this is the way I believe it would work:

IF the OP buys it outright, either cash or a loan from a bank, there is little to no chance of it getting "repo'ed".

All the ex-wife could go after would be half of the 10k. And if she or her lawyer feel that is well under market value, lets say of 14k, she could go after him for 7k instead of 5k. But she cannot go after the tractor if it is purchased outright. She can only go after him for half its value

 

[RoyJackson]

I could be wrong, but this is the way I believe it would work:

IF the OP buys it outright, either cash or a loan from a bank, there is little to no chance of it getting "repo'ed".

All the ex-wife could go after would be half of the 10k. And if she or her lawyer feel that is well under market value, lets say of 14k, she could go after him for 7k instead of 5k. But she cannot go after the tractor if it is purchased outright. She can only go after him for half its value

That's what I think too...which is why I suggested buying it outright several posts back.
However, the lawyers and judge could still make it messy, but I'm pretty sure the OP would make out OK. Of course, the seller might be screwed...