Repo

[MoKelly]

The lawyer told me you would have to do a lien search in every county in every state with every possible version of the owners name you could think of.

John Doe

John A Doe

John B Doe

J. Doe

Etc etc etc

When it comes to legal stuff.....there is the way you think it should be and, to use a legal term......

it is what it is........pay me.

Well - that’s not easy! I guess at least you can do one on the county the guy lives using the name on his driver license.

MoKelly

 

[BX23S-1]

OP has only made one post, no follow up.

Yeah i don`t think he/she will be back. I`m guessing he/she didnt like what they were reading in the comments & replies to their question.

 

[Varmintmist]

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.

They lend at double digit interest rates because the debtor has garbage credit. They make their money up front, then sell the loan. As long as the debtor makes (pulling num out of butt) 20% of the payments where the entire payment is interest, they dont lose.
How do people think they can afford XXX? Because they were brought up being told that debt is OK for everything and when they take the loan they are told that they can afford the payment. Being able to afford the payment has nothing to do with being able to afford the item, but they want it and were told by other people who havent got a clue that they deserve the toys because they can take on air. When they find out that no one owes them a thing, they get get angry. College debt, EG.

 

[fishheadbob]

This original poster made one dumb post 13 pages ago. We certainly have run with it though.

 

[jjeff]

They lend at double digit interest rates because the debtor has garbage credit. They make their money up front, then sell the loan. As long as the debtor makes (pulling num out of butt) 20% of the payments where the entire payment is interest, they dont lose.
How do people think they can afford XXX? Because they were brought up being told that debt is OK for everything and when they take the loan they are told that they can afford the payment. Being able to afford the payment has nothing to do with being able to afford the item, but they want it and were told by other people who havent got a clue that they deserve the toys because they can take on air. When they find out that no one owes them a thing, they get get angry. College debt, EG.

I understand what your saying it was mostly a vent of me getting p-off seeing folks that make good money live irresponsibly, when other people struggle to make a mortgage payment. I knew of a few people that defaulted on student loans, doing so has more consequences than defaulting on a car or tractor loan imo you do not want to owe the federal government money.

 

[rademamj1]

This original poster made one dumb post 13 pages ago. We certainly have run with it though.

The OP may indeed be a long time forum member, but created a new account just for this one post. I agree with you, the members have throughly discussed tractor loan defaults and recommended some very good advice. Hope the OP found some useful information. I know I learned alot.

 

[cbjustdooit]

I had a friend that moved out of state for a new job, just in time for the company to go belly up.
He spent everything he had in the move. He took a 2 year old boat with him that he was making payments on...fell 2 months behind, and the bank kept calling. In our state the bank cant touch it until it goes 3 months. The bank then took his next payment and applied it to the current month, allowing one payment to hit the 3 month mark. They Repossessed it, and somehow lost it for 2 years before selling it at auction. Someone used it until it was completely trashed, putting over 1500 hours on it, then they sold it at auction for under $1000.00... he was still on the hook for the $36,000 note.

Find a way to pay your bills, or come to an agreement with the bank soon.
The house always wins.

 

[kenmbz]

OP was only on once, just to do this post and never came back.
Wonder if they even saw any of the posts.

 

[hube2]

OP was only on once, just to do this post and never came back.
Wonder if they even saw any of the posts.

If did change notification settings they the OP got the first response in an email and that was about it..... that is if this wasn't someone that created a second account just so that they could post this questionable topic.

Overall, I'd have to agree with most of what's been said though. Contact the lender, they really don't want to deal with repo'ing something any more than you want it repo'd. The only time this is not going to be the case is when they can potentially sell it for more than what you owe, like a house.

Yes, you could end up paying the difference.

A little story. When I was young I bought a car, then I lost my job and could not pay for said car. I told the bank to come and get the car, which they did. They sold it for 1/4 of what I owed and they filed a "judgement" on my credit and turned over the difference to a collection agency that hounded me for years. This "judgement" made my credit rating crap for a long time. These types of things will be removed from your credit after time, usually 7 years, or at least that was the case back then. When I was back on my feet I slowly paid off the collection agency, however, and here's the kicker, every time I made them a payment it extended the time that the judgment appeared on my credit to 7 years from the date of that payment. In the long run I would have been better off to tell the collection agency to go pound salt and they would never get their money, but I was raised better and believe in always paying my debts.

It's been 30+ years and things may have changed since then.

Before I gave up the car I had actually worked out a deal with the bank to just pay the interest and it was not affecting my credit at all. While I would have ended up paying much more than the original loan this way it would have cost me far less in the long run than it eventually cost me. Not only the money but the fact that I was unable to get any credit for a very, very long time.

Ahh, remembering the stupid things you did when you were young.

 

[MoKelly]

If did change notification settings they the OP got the first response in an email and that was about it..... that is if this wasn't someone that created a second account just so that they could post this questionable topic.

Overall, I'd have to agree with most of what's been said though. Contact the lender, they really don't want to deal with repo'ing something any more than you want it repo'd. The only time this is not going to be the case is when they can potentially sell it for more than what you owe, like a house.

Yes, you could end up paying the difference.

A little story. When I was young I bought a car, then I lost my job and could not pay for said car. I told the bank to come and get the car, which they did. They sold it for 1/4 of what I owed and they filed a "judgement" on my credit and turned over the difference to a collection agency that hounded me for years. This "judgement" made my credit rating crap for a long time. These types of things will be removed from your credit after time, usually 7 years, or at least that was the case back then. When I was back on my feet I slowly paid off the collection agency, however, and here's the kicker, every time I made them a payment it extended the time that the judgment appeared on my credit to 7 years from the date of that payment. In the long run I would have been better off to tell the collection agency to go pound salt and they would never get their money, but I was raised better and believe in always paying my debts.

It's been 30+ years and things may have changed since then.

Before I gave up the car I had actually worked out a deal with the bank to just pay the interest and it was not affecting my credit at all. While I would have ended up paying much more than the original loan this way it would have cost me far less in the long run than it eventually cost me. Not only the money but the fact that I was unable to get any credit for a very, very long time.

Ahh, remembering the stupid things you did when you were young.

I’m not so sure you were stupid for trying to do the right thing.

What I learned was the laws/rules were made by people who were stupid and failed to understand how things should work in the real world. Their rules made doing the right thing hurt the very person doing the right thing.

How does that make any sense?

MoKelly

 

[5030]

wow, 129 comments loaded with opinion and not much else. Has to be a TBN record.

 

[sunandsand]

Observations on this long-running thread . . .

The majority of the opinions are to pay your bills or at least try darn hard. That encourages me, I'd be unhappy if the majority of the opinions here were ways to weasel out of the debt. It shows me that morality is alive and well on TBN, and not completely dead in this country, although sometimes it appears to be on life support.

No title on my tractor in Florida, I'm not even sure if Kubota included a UCC-1 in the package. No sales tax on agricultural equipment either. ("No, you can't claim a Porsche as agricultural equipment, sir . . . ")

Zero percent financing is tough to decline, especially in inflationary times when we get to pay back the lender in depreciated dollars.

Buy-here-pay-here car lots: Business associate of mine (now deceased) somehow wound up with a buy-here-pay-here car lot, he thought it would be fun (yeah, right) and was attracted by the ability to buy his own cars at the local Mannhiem auto auction (at one point he had SEVEN 80s vintage Eldorados!) and he also liked the idea of a 36% annual return on his investment.

He bought cars because they were "cute". He bought not one, but two Renault Alliance convertibles despite the fact that keeping one running for a week straight was considered the eighth wonder of the world. I told him, begged him to at least read Consumer Reports, and only buy cars that were rated as reliable, and avoid the ****boxes that made the customers unhappy and less likely to pay. He bought more Renaults.

Then there were the managers. Manager #1 hadn't done ten pushups in his life, and it showed. He inherited something like $100,000, and blew it all in three months on lap dancers on South Orange Blossom Trail in Orlando. He was devastated when he was out of money and they wanted nothing further to do with him. He quit.

Manager #2 had TV news anchor hair and bright blue eyes. Except after work the wig came off his very bald head and the tinted contacts came out. At least he was consistent - you didn't get what you saw on the car lot, or when you looked at him. He left town.

Business associate then asked me if I wanted to run it. I declined, I wanted nothing to do with this kind of scummy business, hustling junky cars to people who couldn't afford them at astronomical interest rates, guaranteed ten feet or ten seconds, sorry, not interested.

The guy eventually went bankrupt - which was amazing, because he had been in the money business for half a century and definitely knew his way around - but he didn't know the used car business and got burned.

As Mark Twain said, it is easier to stay out than to get out (which is not limited to business).

Best Regards,

Mike/Florida

 

[CincyFlyer]

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

They have not title, as in the piece of paper that goes with our automobiles and motorcycles. But title is held, when there is a loan. But good if you have no loan; it's when buying from others that we must be wary.

 

[MoKelly]

They have not title, as in the piece of paper that goes with our automobiles and motorcycles. But title is held, when there is a loan. But good if you have no loan; it's when buying from others that we must be wary.

Yep - “caveat emptor, quia ignorara non debuit quod jus alienum emit”.

MoKelly

 

[MossRoad]

Haec paulo porcellum ad forum abiit,
Haec paulo porcellum mansit in domum suam
Et assaturam bubulae hac porcellum
Nullam hac porcellum
Et hoc iam diximus paulo porcellum et vnanimiter omnes equitauimus per viam in domum suam.

 

[goeduck]

What language is that?

 

[sd455dan]

Yep

They lend at double digit interest rates because the debtor has garbage credit. They make their money up front, then sell the loan. As long as the debtor makes (pulling num out of butt) 20% of the payments where the entire payment is interest, they dont lose.
How do people think they can afford XXX? Because they were brought up being told that debt is OK for everything and when they take the loan they are told that they can afford the payment. Being able to afford the payment has nothing to do with being able to afford the item, but they want it and were told by other people who havent got a clue that they deserve the toys because they can take on air. When they find out that no one owes them a thing, they get get angry. College debt, EG.

Sounds like the same thing with people buying houses they could not afford before the last real estate bubble burst..
Sure X we can give you an adjustable rate mortgage and get you in that house you want. See these nice low payments... and the buyer doesn't read the rest of the paperwork and signs, then after the loan is sold and the ARM really goes into effect, they cry foul for their own laziness and lack of doing the required minimum due diligence.

ps. I think some tractors come with a Certificate of Origin , like dirt bikes.

 

[MoKelly]

What language is that?

Latin.

We used to have to learn Latin in Catholic school back in the day. Mass was in Latin.

Latin is a Classical language but, unfortunately, also a dead language.

MoKelly

 

[MossRoad]

My mom taught it to me when I was a baby in church in the early 60's. She'd translate what the priest was saying to English for me by whispering it in my ear. Mass changed in the mid 60's to english when I was 6ish years old. Just one day BOOM! everything changed. In the late 70's it was still an optional language to take in my high school. It was apparently useful to those in the medical field, and sciences.

 

[earljr59]

Here is a different spin I want to share . A friend of mine is a local tree trimmer. A local man had a very nice kubota with a loader on it. One of the 2501 L - 3901 L type, nice low hour tractor. Perfect for use as a clean up tractor. $15,000 was the agreed on price. knowing there is not a title, he took his friend who also helped him on jobs ( a county Deputy actually) out to our local DMV. They said about all he could do was have seller sign a bill of sale with his Deputy friend as witness. So he did this on sellers word tractor was paid for. He was working in town and a local retired state trooper who does repo work for local banks and car dealers stopped and said a bank an hour away in another state ( Evansville,Indiana ) had hired him. They had the loan on the tractor and he was to repo it. After their "talk" the repo man continued searching for the tractor. After exhausting all his options, my friend took his attorneys advice and took the tractor to our Local Kubota dealer to be returned to the Lien holder bank. And yes, he was out his $15,000.