Buying Advice buying used -- how to know if "title" is "clear"?

[LD1]

Finding out where he bought it does little good if he financed with a third party.

Quite simply I would ask him to show proof he owns the tractor. Whoever it was financed with would have sent him a letter stating the balance was paid in full. If he threw that away, he can request another copy. If he truly owns it outright, this will be a non issue. If he starts making up excuses and goes on the defensive, walk away.

 

[bp fick]

What you'll do is, send payment directly to the Lein holder. If you pay more than he owes, either his lender will cut him a check for the overage, or you (or your lender) will cut two checks. One to the lien holder for the owed balance, and one to him for the rest.

If he owes more than the sale, he'll have to pay the balance to his Lein holder before they release the title to you.

Exactly. You'll be getting the Credit Corp on the phone and dealing directly with them. Not a bad thing at all. As stated, these kind of hard luck deals for one person can be great opportunities for someone else.