Repo
- Thread starter Kwfm
- Start date
sorleski
New member
I worked in collections (auto loans) a couple decades ago. Here is what happens 1) they take the tractor from you, and it goes to your credit report 2) they have to hire someone to repo and store the tractor, these fees are added to your loan amount 3) they sell that tractor at auction 4) you still owe any difference between the loan amount + the fees, and the selling price at auction. So, say you owe 10K, and they have 3K in fees, so your owing amount is now 13K, (and yes the fees are that high, so by turning the tractor in, you can save on some fees), the tractor sells at auction for 8K, you still owe 5K. If you don't pay it, it is written off and you are 1099'd on it, so it is listed as income to you, so then, the paperwork is sent to the IRS, and you will get a 1099 early next year from the bank.
Number15
Gold Member
- Joined
- Feb 20, 2021
- Messages
- 359
- Location
- Rhea County TN
- Tractor
- AC 7600 TTR, Branson 5520CH, Grasshopper 928D2
Besides the moral issues the real life problem last for years. If they have to do revendication it will be worse. Forget getting any loans in the future and you will end up owing way more than if you just do the right thing.
MHarryE
Elite Member
- Joined
- Feb 15, 2009
- Messages
- 2,946
- Location
- Northeastern Minnesota
- Tractor
- Kubota M7-171, M5-111, SVL75-2, RTV900XT & GR2120; CaseIH 1680 combine
It’s interesting, OP joined the 15th, one short post, now 5 pages of lots of info. No indication the OP has a tractor, is in danger of a repo, but lively discussion. Much more response than the swizzle-ma-jig on my B9800 fell on the ground - where did it fall from?
I can’t believe you are asking a question like that on this forum. Just face your responsibilities.
JRH02
Silver Member
They are among us.
The people who game the system, their family, friends or any one they can sooner or later get justice. And it may not be civil justice. It doesn't take long to recognize the type even in simple conversation. As for me I keep my distance in a polite way.
The people who game the system, their family, friends or any one they can sooner or later get justice. And it may not be civil justice. It doesn't take long to recognize the type even in simple conversation. As for me I keep my distance in a polite way.
Have tractor did travel
Gold Member
- Joined
- Jun 7, 2021
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- 352
- Tractor
- Kubota's M9000, B3200, L2550, Ingersoll 7020, 2 walk behind Gravely's and a Yanmar Vi0-45 mini-ex
Many seem to think all you need do is give the tractor back. I think not. You signed a contract of indebtedness for a certain amount of money, that was secured by the tractor. You give the tractor back, the dealer resells it at a public auction, but for less than you owe. You are under contract to pay the difference. I was in the "buy here, pay here" used car business. We repo'd, sold at auction, and sued the debtor many times. Our judgment, in my state, stood for 20 years. AFter 20 years, the judgment could be renewed for another period of time (I can't remember how much time). There are service providers that for less than $1.00 will report to the creditor any time your social security number shows up in their software, connected to an employer. Employers don't like employees whose wages are garnished - more paper work and makes them doubt your ability to manage your money and pay your indebtedness.
Finance your needs
Pay cash for your wants.
Finance your needs
Pay cash for your wants.
Sell it and pay off the balance due.
DonaldP
Gold Member
Honesty and integrity is what life is all about .. for most people.
Kubota trusted you and in turn you trusted them to deliver a solid well performing technically proficient product.
So now, who is the first party to hiccup in this deal of trust and honesty…the very trust and honesty that drives all of mankind forward -hopefully to a better place and not backwards.
We all make choices in life, what you decide to do will make or break you as a son/brother/father/grandfather and as a human being, for the rest of your life.
Choose carefully, and good luck!!
Kubota trusted you and in turn you trusted them to deliver a solid well performing technically proficient product.
So now, who is the first party to hiccup in this deal of trust and honesty…the very trust and honesty that drives all of mankind forward -hopefully to a better place and not backwards.
We all make choices in life, what you decide to do will make or break you as a son/brother/father/grandfather and as a human being, for the rest of your life.
Choose carefully, and good luck!!
fishdrivel
Gold Member
Lot of good advice on here already, with the best talking to the lender 1st.
If you decide to "give it back" you should know that "voluntary repossession" can be worse for your credit than if you let them just come get it. Talking to a lwayer is the 2nd thing to try. You can use a lawyer referral service to get a half hour on the cheap. Write down a 1/2 hours worth of questions. If your situation won't allow you to do that, it could get very expensive tying to be your own lawyer.
Word of advice, You will never regret doing the right thing.