Repo

[Jstpssng]

What is the worst case scenario if Kubota is not able to repo?
Hard times
COVID-19

I had heard of UCCs the last time I was tractor shopping, but until reading this https://www.ne-equip.org/wp-content/uploads/2014/08/UCCinfo.pdf about 5 minutes ago, I didn’t know much about them. Not that I do now, but at least I know what the abbreviation stands for.

 

[ragingrooster]

So, does anyone know of some good spots to look for a repossessed tractor?

 

[johndinino]

Kubota is not a SAINT!! They have made mistakes in their work and I had to pay for it.

 

[RickB]

So, does anyone know of some good spots to look for a repossessed tractor?

Iron Planet.

 

[k0ua]

Do tractors have titles??

Not in this state. (Missouri)

 

[RickB]

UCC's are not limited to titled vehicles.

 

[3Ts]

Since we've gotten into finance: A friend of mine (about 40ish) always paid cash for everything. He'd accumulate enough to pay for whatever he was going to get before hand. Then he decided to buy a new car and take out a loan. He got quite an eye opener when he found out he had a low credit score and his interest rate was going to be twice what a high score would have been. He felt he'd done a good job managing money, which he had but that's not what the banks look at. They want to know how well you can handle debt, not money.

 

[Oh Lordy HepMe HepME]

Most states its not a felony to hide a item with a lean on it. Most judges simply side with the lender in court and set the amount one originally owed along with other costs like max interest (see loans tiny fine print) plus all their court costs, several lawyers, accountant & any/all added fee's they get added onto you.
Courts nor lean holders rarely care where the said property (tractor) is because the amount owed now set by the court will always be much more than its true value when they are done with you anyway.
You will pay dearly for it man, return it just trust me.
If the totalled up amount (very high payments) set by the court does not get paid the court will then garnish every check you work for "before you see it" till its all paid in full. Your credit will be crap for yrs too btw.
Most states consider default loans a simple cival matter and wont charge people for theft when the item is not returned. They dont!!

But' after your checks been garnished for say 2 or 3 yrs then the bank suddenly locates their tractor they can keep all the money you paid already & keep the tractor too. Yup!
This is why in most default cases the banks dont actually care to look for their vehicles till the last yr of payments you owe begins.
Why should they look sooner if they can make more money by waiting till the original loan amount gets paid then look?
Making more money is what banks do best and this is a legal way to make more off those who try to get over on them.

Btw, your bank never has to produce the title of a vehicle even after you pay off the court (garnish) they can accidentally on purpose lose it and leave it up to you to get it all straightened out.
I know a lady who went through it on a minivan. Never got the title from them.
The van sit in her neighbors garage almost a decade then sent to a scrap yard. She always regretted not returning it until she died.
Who won?
Well the same bank got her home in the end because they held her mortgage too. You will never win against a bank. Give it back like a real man would & start over within a yr or two with another lender & newer tractor. People do it every day....Man up!

Fwiw-
I knew a guy who thought his car would be repo'd over no/late payments. When he took it back they just lowered his payments and extended his loan so he could keep it. They done it 2 or 3 times for him until he got that ol' 1978 Chevette paid off. He bought it new, on a drunk day Im sure..lol
Upon returning it his bank most likely said "Keep it dude' you clearly suffered enough just being seen in it daily"..."We dont want that p.o.s."...lol

I'll forever miss my ol' buddy.. RIP Billy.

 

[Doughknob]

Emilio is commming.....!

 

[jjeff]

Since we've gotten into finance: A friend of mine (about 40ish) always paid cash for everything. He'd accumulate enough to pay for whatever he was going to get before hand. Then he decided to buy a new car and take out a loan. He got quite an eye opener when he found out he had a low credit score and his interest rate was going to be twice what a high score would have been. He felt he'd done a good job managing money, which he had but that's not what the banks look at. They want to know how well you can handle debt, not money.

So if your friend is so smart why wouldn't he use revolving credit in the form of a Cashback credit card and pay it off every month instead of paying with peelers for everything? You can get from 1-5% back depending on promotion. Just saying. Also I've ran into a few shady dealerships over the years where there finance department tries to charge you interest rates that are higher than what your bank or credit union can offer you, even with perfect credit 800+.