I want to buy your tractor... what will you accept

[fried1765]

And how does an average Joe do that? And with any kind of certainty? And does it cover everywhere one may get a loan at? Local banks, credit unions, dealers, etc?

Yup.....in the real world, that ain't gonna work!

 

[fried1765]

So when a bank or local credit union offers a loan on a piece of equipment.....they in turn notify the MFG of said piece of equipment? OF does that only work for dealer/mfg financed stuff. IE.....kubota can only tell you if kubota finance corp has a lien against a particular tractor? Or they can tell you if Joe Schmoe has it finance through a local credit union or bank?

Its the stories like skipperbrown just told that I have read so many of. If the sellers family had not stepped up....his buddies SIL would be out a lot of money and a big legal hassle

LOTS of exceptions however, that won't show up!

 

[ruffdog]

"Only Cash here.....no BS"

My only other option would have been to drive a 3/4 ton towing a 14K trailer for 350 miles, and carrying $32,000 cash.
I did not like that option.
On the other hand: How many others in Maine were sitting on a 32K pile of cash, and wanting that specific machine?
I think in the same situation (location) you would be waiting a good while for a sale, with your cash on the barrel head demand.

Hey...I'll take a check. We will have to drive to his bank and get it cashed before the deal though.:laughing:

 

[Reb954]

In God we trust, all others pay cash.

 

[fried1765]

Hey...I'll take a check. We will have to drive to his bank and get it cashed before the deal though.:laughing:

Driving to my bank ( me being the buyer) would mean driving from Maine to my Credit union in Minnesota.
Better pack some clothes.

 

[ruffdog]

Driving to my bank ( me being the buyer) would mean driving from Maine to my Credit union in Minnesota.
Better pack some clothes.

It will just cost the buyer an extra $0.30 a mile.

edit....in cash.

 

[fried1765]

It will just cost the buyer an extra $0.30 a mile.

edit....in cash.

Total would be about 3300 miles, or only $990 for the round trip.
Seller impossible to deal with.
Let's look for another tractor.:laughing:

 

[ruffdog]

Total would be about 3300 miles, or only $990 for the round trip.
Seller impossible to deal with.
Let's look for another tractor.:laughing:

I probably make it up on the other end because not many other's seem to be able to scrape cash together and I get the great cash price! :cool2:

 

[5030]

Hey...I'll take a check. We will have to drive to his bank and get it cashed before the deal though.:laughing:

While not germane to the thread (tractors), I take checks on my website all the time as payment for goods. My commercial bank guarantees the funds from the check. Never had an issue. Uttering and publishing is a felony in most states anyway.

 

[caver]

Here's a similar thread.

 

[wcampbell47]

What would I take? I did take 10 acres of land in Colorado for an L3901 that I was no longer using. I put eyes on the property first and did a title search before the trade.

 

[wcampbell47]

Most major banks use a phone app - Zelle. Someone shows up for your tractor. He sends you $ with the app. Two minutes later you get a text that $ is in your account. So far the largest amount I have been sent is $2500. Not sure of the limit.

 

[sixdogs]

Most major banks use a phone app - Zelle. Someone shows up for your tractor. He sends you $ with the app. Two minutes later you get a text that $ is in your account. So far the largest amount I have been sent is $2500. Not sure of the limit.

That sounds like a solution that solves a major problem.

 

[fried1765]

That sounds like a solution that solves a major problem.

Thar is a partial solution.
Now....what about the possible lien situation?

 

[sixdogs]

Thar is a partial solution.
Now....what about the possible lien situation?

You're in Maine and I'm nearly certain Maine has a lien database. 25 years ago I lived there and called some number in Augusta and they told me what I needed to know. No liens.

I did one transaction I couldn't verify and I wrote up "sold to" and "bought from" bills of sale. His stated he owned the item and indemnified me from any actions. Also was the same thing regarding divorce since that was out there. Probably wouldn't solve all situations but strong enough to deter most. Plus, seller could be charged with fraud. That's what I remember I was told by lawyer but it was a while ago. Country area and country lawyer.

 

[fried1765]

You're in Maine and I'm nearly certain Maine has a lien database. 25 years ago I lived there and called some number in Augusta and they told me what I needed to know. No liens.

I did one transaction I couldn't verify and I wrote up "sold to" and "bought from" bills of sale. His stated he owned the item and indemnified me from any actions. Also was the same thing regarding divorce since that was out there. Probably wouldn't solve all situations but strong enough to deter most. Plus, seller could be charged with fraud. That's what I remember I was told by lawyer but it was a while ago. Country area and country lawyer.

Good luck with charging a seller with fraud, and COLLECTING any dollars.
Legal costs could equal more than the cost of two NEW tractors.

 

[grsthegreat]

When I sold my old tractor on Craigslist I was inundated with scam artist within hours. Everyone wanting to send me a check and I was to ship tractor....then they would repay shipping fees. Ya right. A few wanted to send a check with $1,000 added that I was to cash and give the $1,000 to someone that would come out the same day to pick it up....again ya right I would be out a tractor and $1,000. What I did was change my ad to state only serious buyers, you MUST come and look at tractor. CASH SALE ONLY, but I can haul it to your house for a small fee if you don稚 have trailer. with this change, the emails stopped and I got several people come and look at unit. Ended up selling it AND the old snowblower for cash.

 

[Reb954]

Good luck with charging a seller with fraud, and COLLECTING any dollars.
Legal costs could equal more than the cost of two NEW tractors.

Charging, which implies a criminal act, a seller or buyer for fraud would be up to the local prosecuting attorney after investigation by the local police. A wronged person could sue, but not charge. Either way though, it would be a crap shoot as to whether the one wronged would get any money or value back.

 

[Jstpssng]

So..... a buyer for your tractor travels a X (many?) number of miles to purchase your tractor. Unbeknownst to him it has an unpaid lien.
You collect the thousands of dollars cash, and stuff it in your pocket.
You give the buyer a hand written receipt.
The buyer drives away with your (now his) tractor on his trailer.

The buyer is completely safe! How would ANY lien holder ever locate that tractor to repossess?
Search all 50 states for every used tractor out there?
Check all used tractors shipped out of US ports?

That tractor is GONE!
The issue is now a legal one, between the lien holder and the seller.
As the buyer, with a receipt from the seller, you are not ever even aware that there was a lien issue.

I would have insurance on a $25K tractor, so that's how they would find out that I have it.

 

[fried1765]

I would have insurance on a $25K tractor, so that's how they would find out that I have it.

I do not believe that could happen in my case.
My L48 TLB has a current used value of approximately 32K+

It is insured under my homeowner policy (USAA), and is not required to be specifically named in the policy.
For insurance purposes, I cannot take the tractor off my property, which is just fine with me. (so sorry, I cannot dig that hole for you)

If it did have a seller lien, I do not believe that the lien holder could ever find it?
I have never bought a new tractor, and have never taken any tractor to a dealer, for anything!

BTW, replacement value coverage IS included in my homeowners policy (theft, or casualty loss) - maybe $60K + for a new L47 TLB ?