Selling tractor : do I have to tell Kubota Credit ?

[Hiltz]

I never said it was "right", but if I'd gotten hit by a truck, I'm sure my wife would have paid all the outstanding bills.:laughing: And yes, I understand that it could have been a tornado or fire that killed both of us, destroyed the house, and the cash. Or maybe a nuclear bomb that wiped out the nation. Everyone, including you, take some chances every day. Maybe you'll make it through the day, and maybe you won't. So you decide what you think the odds are and act accordingly. What if I'd lost the money gambling, or if I'd been robbed? Well, the odds of that happening were less than the odds of you being the robber.:laughing:

I understand we are all taking chances. But in this instance you are taking chances with someone's money or property that is not yours. There lies the problem. As an honest person that you seem to be I am sure you can see this difference.

 

[Threepoint]

[snip]
As with most forums, there are always silly questions. Because we all have different levels of understanding, new guys ask questions that seem silly to others. At no point did I get the impression the OP was trying to screw Kubota or the buyer.

Agree. The self-righteous piling on of moral indignation struck me as a lot sillier than the OP's initial question. Early in the thread it was clear that he was not understanding how there could be a lien on his tractor, which, unlike a motor vehicle, is untitled and unregistered. He even said he could see a problem if there were a lien. He was thinking in terms of consumer credit card debt, a whole 'nuther animal. So if he didn't think the purchaser or Kubota Credit would be at risk from his just continuing to service the debt (he'd already paid for the buy-down of his interest rate to zero by foregoing the cash discount), he didn't see what was wrong with it, legally or morally. Sure, he could have gone back and read his Kubota Credit documents before posting his question, and he may have found the due on sale clause. But not everyone knows, or really needs to know, what UCC-1 financing statements are, how they are publicly searchable in every state, and how they prevent a second-hand purchaser of a commercially-financed tractor from being a "bona fide purchaser for value without notice." When folks posted replies saying there was a lien, they weren't explaining how. In fact, I bet this thread has been helpful to a lot of people who did not know they should ask for a rep and warranty of good title, and, perhaps more importantly, consider doing a UCC-1 search, when buying a relatively new tractor second-hand.

Just my opinion. Have to go start another thread on welding 1/2 inch plate with a 110 volt welder.........

Cool! Been wanting to try that! I hear all you need are multiple passes.

 

[MoKelly]

My goodness this was interesting. Poor OP never deserved all the bad stuff thrown his way. Its a tough TBN world out here.

MoKelly

 

[MoKelly]

I think some posters were a bit harsh on the OP. I don't think he did his research before he posted. Just my opinion. Have to go start another thread on welding 1/2 inch plate with a 110 volt welder.........

Or we can ask for opinions on what truck is best --- Ford or Chevy?

MoKelly

 

[blueriver]

I did not read all .. The tractor is collateral for the loan .. You can not sell secured equipment kubota has filed a UCC on this piece of equipment ... The buyer will not have ownership.

If an agent sells without doing a UCC search to verify ownership .. Then the agent assumes liability to pay the creditor.

Every auction we run a complete search ... a lot of them have language that has a "blanket" on not only the tractor but any and all attachments ..

Buyer beware ... Do a search!!!

 

[GManBart]

You can't sell it without a title. You don't have a title, till you pay it off. Pretty simple

Tractors don't have a title in most states.

 

[not2old]

I'm surprised that nobody else has brought up the fact that it isn't really a no interest loan. Not taking advantage of a lower price for cash means you've paid the interest up front. Now that the tractor is being sold and the loan has to be paid off means that you didn't even get the benifit of all of the 0% interest. That's the way I look at it. I disregard most "financial advice" from money professionals and I'm doing quite OK.

 

[k0ua]

I'm surprised that nobody else has brought up the fact that it isn't really a no interest loan. Not taking advantage of a lower price for cash means you've paid the interest up front. Now that the tractor is being sold and the loan has to be paid off means that you didn't even get the benifit of all of the 0% interest. That's the way I look at it. I disregard most "financial advice" from money professionals and I'm doing quite OK.

You do bring up a very good point!

 

[grm61]

This thread, and the previous one on this topic, seem so silly. All you have to do is read the contract, or ask a lawyer, and of course the difference between unsecured (credit card) and secured loans has been adequately explained by a number of people here. Yes, it's "wrong" to sell a car or tractor without paying it off, but it can be done without any evil intent or without anyone losing money, but of course that doesn't make it "right" or legal.

I suppose a smart buyer would check to see if there's an outstanding loan on a car or tractor before buying from an individual. But when I sold my last Kubota, it was still financed with Kubota. The buyer never asked or I would have told him, and we'd have had to do more paperwork, take more time, etc. But since he didn't ask, I didn't mention it. I got cash, took that cash to the bank the next morning, and sent a check that day to Kubota to pay it off. So I reckon I was illegal for about 24 hours. Personally, there's just no way I'd have gone any longer without paying it off because you never know what might happen in the future.

It's called lying by omission.

A lot of folks seem to think it's OK to operate in the Legal Cloud as long as they don't inhale.

 

[like2wheel]

It's called lying by omission.

A lot of folks seem to think it's OK to operate in the Legal Cloud as long as they don't inhale.

Yes, and I've noticed he's been conspicuously absent from this thread after getting the last one locked to avoid further criticism.