Repo

[drshatzer]

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

I’m looking for a tractor possibly, what state are you in?

 

[scaredychicken]

I had surgery for colon cancer. Going to be out of work for 4 months. Called Kubota and explained what was going on and they told me not to make any payments for 4 months and to call them after that and we could work something out. Ended up being out for 5 months and didn't have to make any payments for 6 months. Never showed up on my credit as late payments either.

sounds about right

 

[goeduck]

And the OP is nowhere to be seen.

maybe he is related to the legendary Sparks.......

 

[scaredychicken]

makes me wonder why Kubota would want to repo a Deere in the first place ???

joke

with the OP's 6 min lifespan on TBN forum, we really have nothing to go on still. I hope that it all works out

 

[Goodwinch]

Sure glad the rest of you knew what this guy was on about. Also COVID-19 ??? what was that about. Maybe he wanted us to wear a mask while reading his post

 

[Frankenkubota]

Not in this state. (Missouri)

No

 

[lman]

Sure glad the rest of you knew what this guy was on about. Also COVID-19 ??? what was that about. Maybe he wanted us to wear a mask while reading his post

Maybe he thought that since the govt. told everybody that they wouldn't be evicted if they didn't pay their rent then he didn't need to pay for his tractor either.

 

[workinonit]

This thread is a lot like me talking to myself when I'm working on something. It's actually funny how someone can ride in, post a sentence, leave, never come back and get this collective sight on a roll. It happens all the time. I suspect it was a ruse.

 

[workinonit]

These types of threads usually require the words ballast, welder, generator or electrical to be in them. Now we have a new one, repo.

 

[NewToy]

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.

I wager this guy also has the eviction rules and any other Covid "freebies" figured out. I am 62 and have deprived myself of fancy boats, cars, Rolex watches and any other shiny expensive bauble out of my financial grasp. This austerity has resulted in a 845-850 credit score, paid off house and a bit of a cushion.
Pay your bills timely and don't dodge any of your financial obligations. Gambling debts, ($20 on a ball game and not Art Schilchter debts) are one way to judge ones charachter. If they burn you on that you can bet they have no issue with hiding their tractor.

 

[Bearcat81]

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

Sorry to learn of your predicament. Kubota has more loose change that fell behind the file cabinets in the executive offices then you do so work something out with them, or give them their tractor back.....don't be a felon and/or wreck ur credit!

 

[Marinemammal]

Never having bought a car on credit, I don't know what happens in a repo situation. Does the defaulting buyer get any credit for the payments that they had already made? For instance, if the new tractor was worth $20,000 and is still worth $15,000 and the owed amount was paid down to $10,000, shouldn't the defaulter have a credit balance?

 

[MossRoad]

Never having bought a car on credit, I don't know what happens in a repo situation. Does the defaulting buyer get any credit for the payments that they had already made? For instance, if the new tractor was worth $20,000 and is still worth $15,000 and the owed amount was paid down to $10,000, shouldn't the defaulter have a credit balance?

As mentioned earlier, they take the car back, sell it, and you are either charged the difference if it sells for less than you owed + fees, or given a refund if it sells for more than you still owe + fees.

 

[Username Taken]

As mentioned earlier, they take the car back, sell it, and you are either charged the difference if it sells for less than you owed + fees, or given a refund if it sells for more than you still owe + fees.

That's if you're lucky and the car isn't bought by somebody at the Bank for half what it's really worth, and you get sued for balance plus what you got robbed out of. Trust me, it happens all the time.

Homey gets a car repo-ed. He owed 10k on it. Fair Value on it is 9k. Guy at Bank buys it for 5k. Homey gets a judgement against him for 5k.

And they will follow you to the ends of the Earth to get it back. Had a friend that got an inheritance almost 20 years after a repo and that's what happened to him. The Court took it all out of his inheritance money. Which wasn't that much to start with.

Worst thing you can do is hide from them. Try to work with them. They're butt-heads. Big time. In a big way. Complete jerks as a rule.

But it's better than hiding. They will often work with you. Sometimes they'll even move the payments you missed to back end of the loan. They won't forgive them, they'll just sort of extend your loan.

People panic, they get scared, they hide. They do things they shouldn't do.

Don't let that mind set happen.

It'sjust business

 

[goeduck]

I know it has been brought up a few times in the thread, but it cannot be brought up too many times.....

When buying a used tractor make sure you are not buying a tractor that has not been paid off.

 

[TheDingy]

I am not an attorney, but here is what I would do, I have been through something similar when massive client walked a multi 7 figure bill. Call ALL of your creditors and see what they will work out with you if anything, if ANY of them are not willing to work with you bite the bullet and file for Bankruptcy. After you file nothing can be repossessed etc until the case is closed. As backed up as the courts are going to be with bankruptcies with COVID-19 it is going to be a year or two AND they will need to renegotiate your loan if you reaffirm the loan. Your credit will actually be better after all of this is done! Don't listen to these idiots that have never been through a hard time telling you to just pay your bills give the tractor back etc.

FYI: I am feeling pain as well, I am currently owed over 580k from rental property that I can not evict people from my banks are working with me but it has been tough.

 

[goeduck]

Is bankruptcy honorable/creditable/let-you-sleep-at-night in this case or gaming the system?

I know what I think it is in this case.

 

[MoKelly]

Don't listen to these idiots that have never been through a hard time telling you to just pay your bills give the tractor back etc.
.

I’m not sure anyone is an idiot to tell folks to pay their bills. Doing the right thing is always preferable.

MoKelly

 

[Steppenwolfe]

I’m not sure anyone is an idiot to tell folks to pay their bills. Doing the right thing is always preferable.

MoKelly

Fixing a wrong is always a good thing.

 

[Oh Lordy HepMe HepME]

I'm aware of a case whereby an owner declared his tractor stolen but hid it out for 5-6 months and later sold it cheap.
It was very tempting but I would not have slept well had I bought it.
(Was a B21 c/w FEL and backhoe and went for $7K.)
Knowingly receiving stolen goods is just as bad as stealing them.

A girl I worked with tried this with a house full of furniture..lol
Cops showed up at our work and chased her around inside the plant over 2 hours before finding her. She was charged for filing false police report, theft by deception etc...etc...etc..
Thats when I learned she had a bad drug problem too, all this really shocked me since I knew her so well for yrs. Or thought I did at least?
Idk why people try the chit they do? Its like they truly believe they can do the crime much better than all those people already in prison for trying it?..lol. Hey guess what Duuuhhmy, you really cant....lol