Repo

[jeffgreef]

Sell the tractor used, have the buyer write two checks, one to Kubota and one to you. That is, if you can sell it for more than you owe on it. If you just give it to Kubota you lose all, I think.

 

[jaydee325]

Since this has basically turned into a discussion about financing, I thought some of you would find these 2 articles entertaining. It is a 2 part discussion, so pour yourself your favorite beverage and learn about the wacky world of subprime auto finance:

Part 1
Part 2

 

[sudden]

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

Have you considered selling it to pay off the debt and get some money back? Tell the buyer you’ll give them the title after bill of sale when all the paperwork clears

 

[MossRoad]

Have you considered selling it to pay off the debt and get some money back? Tell the buyer you’ll give them the title after bill of sale when all the paperwork clears

Do tractors have titles??

 

[MoKelly]

Do tractors have titles??

My tractor has no title. Nothing like a car.

MoKelly

 

[CincyFlyer]

My tractor has no title. Nothing like a car.

MoKelly

But you can bet that a UCC form has been filed in the state of sale, and as such the lender has a perfected lien. And that means that you cannot sell it without satisfying the loan.

 

[jjeff]

How many pilots do you know?

It's a show on discovery channel pretty interesting. Although at times I feel scripted.

 

[Citydude]

I traded an L2501 in on an L4060 during the Covid lockdowns all over the phone. The dealer wanted a picture of the model/ serial number off the 2501. He checked for leans against it. Dealers have the means to validate, the common guy buying a tractor off of Craig's list does not. Be aware....

 

[MoKelly]

But you can bet that a UCC form has been filed in the state of sale, and as such the lender has a perfected lien. And that means that you cannot sell it without satisfying the loan.

I have no loan. Never did.

But - if I did have a loan - I have no reason to doubt what you say.

Nevertheless, here in Missouri tractors have no title.

MoKelly

 

[jjeff]

Just because a person has toys, does not mean they are well off. You can have a million dollar house that the bank owns, a Corvette that is owned by GM financing, a orange tractor that is owned by Kubota, a boat, and even your furniture in the banks house that you dont own.
I think the TX term is "all hat, no cattle"

Ok then tell me two things how financial institutions still finance 6+ figure thngs with double digit interest rates when the debt to income ratio is so upside down? How do people think they can afford expensive material possessions then actually get p-off when it gets repoed? I'm sure most have fallen on hard times but
have lived in there means so survived without hits on there credit. I wish they taught a better personal finance class in highschool so kids who's parents that don't care about paying bills on time might actually learn something and be a little more financially responsible. It's amazing what an average person can responsibly afford with good credit and very low or non-existent debt.