Repo

ragingrooster

New member
Joined
Aug 11, 2015
Messages
18
Location
North GA
Tractor
None
Regrettably, I've experience with similar situations and there's a chance that they won't take the tractor back. They will typically fight to get the original contract paid and use repossession as an absolute last resort.

My 2¢ to the original post - reassess this situation. Things might not be as dire as you think. Scrape change together, finance elsewhere (i.e. CC's, Home, etc.) and try to get through.

In the mean time, investigate selling the equipment. I offer this as a secondary fix due to the fact that tractors can be Very illiquid (depending on lots of variables) and take a long time to get what you need.

But, yes to trying to communicate with Kubota. Lots of times they'll negotiate as well as far as you follow through.
 

MidwestMike

New member
Joined
Sep 12, 2019
Messages
6
Location
S.W. Michigan
Tractor
Kubota B2650
Sell it and pay off the balance due.
Can you sell a tractor that you don't own? I was warned when looking for used Kubotas to be very careful, since with Kubota's long financing you may be buying a tractor that the other person doesn't actually own.
 

249DSam

New member
Joined
May 2, 2016
Messages
3
Location
Covington, Ga
Tractor
CAT 249D
What is the worst case scenario if Kubota is not able to repo?
Hard times
COVID-19

Contact Kubota, they WILL work with you in good faith, they did with me back in 2008. They are good people, with full intentions to help customers as much as possible. Always within reason of course.

Do NOT hide the tractor. Give it back if your plan is to be a jackass.
 

RickB

Super Star Member
Joined
Sep 18, 2000
Messages
14,594
Location
Up the road from Dollar General WNC
Tractor
Just a Scag
The dealer has no skin in the repo game unless the dealer himself financed the sale which all but never happens. Dealer can and does bill the finance company for retrieving the item, any pre-liquidation repairs or cleanup and in some instances storage fees.
 

Flad

Member
Joined
Jul 3, 2016
Messages
41
Location
Victoria
Tractor
cat 428b
Hi' Repo companies make at least 10 to 15% of the value of the repo then there is the cost the financiers have to send it to auction where there is a sellers premium paid by the sellers another 15% on average to the auction house it all starts to add up and that's before any other legal costs you will end up paying, so there is a bare minimum of an extra 30% on top of what you owe plus legal costs and the difference of what the auction brings and what you will be left with to pay.
Auctions don't always get the market value and the finance companies don't care because you will end up paying or go bankrupt, but there goes any future financing you may later need.

Every one is doing it tough including Tractor dealers and Financiers so if you can do a deal they would most likely take interest only payments as a repo is not the end of your financial problems but only the beginning.
Its smarter to take the tractor back your self if you can that way you wont need to pay for the repo pick up.
 

Brily Farms

New member
Joined
Jun 20, 2015
Messages
10
Location
Fountain Inn, SC
Tractor
New Holland TC33DA
Repossessions are covered by state laws. When a vehicle/tractor is repossessed, the finance company is obligated to obtain at least 3 sealed bids or sell the asset at auction. As previously mentioned here, the proceeds of the sale of asset are applied against the balance due on the asset. If the proceeds are less than the balance, the creditor (borrower) is legally obligated to payoff the difference. Conversely, if the proceeds of the asset sold at auction exceed the balance due the finance company, the borrower is credited back the difference. These laws can vary slightly from state to state, however, in general, all repossessions are treated the same. Most often, the last thing the finance co wants is a repo'd asset. By contacting the finance co early on when financial difficulties arise, the FC will make all effort to work with the borrower. Finally, unless the dealer has a partial or full recourse agreement with the lending company, the dealer is not financially effected by a repo. Most dealers have non-recourse agreements in place for this reason.
 

macdoesit

Bronze Member
Joined
May 7, 2021
Messages
52
Tractor
Mitsubishi MT 2801fd Loader
I don't know how old you are but guessing you are late 20's early 30's. You need to grow up NOW, take responsibility, do the right thing, call the people you borrowed from, tell them you will deliver the tractor, if you have a trailer, if not let them come get it, Do Not do any harm to the tractor, clean it up. You will feel better knowing you did the right thing. Start rebuilding your credit. God first, credit 2nd, family 3rd. Your credit tells what kind of person you are. Used to be a deal was made on a hand shake and a 45.
 
 
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