Kubota Cedit - Financing used/assuming payments

[Rick in MS]

1 - Does KCC offer financing on used tractors?

2 - Is it possible (and does anyone have firsthand experience) to take over the notes from someone who has financed a tractor through KCC?

 

[JOHNTHOMAS]

1 - Does KCC offer financing on used tractors? Yes, thru a Kubota dealer with low interest rates. Barlows does it

2 - Is it possible (and does anyone have firsthand experience) to take over the notes from someone who has financed a tractor through KCC?

2 Doubt it but one could do a sales contract and make the payments for the seller with title passing when final payment made. I'd do this with the right person and have. Sure lots of people with opinions will respond to this but I do have experience doing it........ more than once.

 

[Fallon]

There is no title for a tractor.

I'm pretty sure KCC is for new machines only & the note is non-transferable. If so there is no legal way to do it unless you pay the machine off.

I paid off my L3200 before selling it to get rid of that issue. The loan is a collateralized loan & you as the note holder are responsible for keeping the collateral in good shape & in your legal posession (hence mandates for insurance written into the loan).

Can't hurt to call KCC & ask though. They might have options we aren't aware of to meet your needs.

 

[Tomtint]

Kubota will finance used machinery. But only if sold through a dealer

 

[Rick in MS]

Kubota will finance used machinery. But only if sold through a dealer

According to my local dealer - only if the dealer owns the equipment. He can't facilitate a sale with KCC through consignment.

 

[JOHNTHOMAS]

According to my local dealer - only if the dealer owns the equipment. He can't facilitate a sale with KCC through consignment.

He could if he would but not saying it's a consignment. Dealer wants paid for his work so ask how much for him to buy the machine and then sell it to you and you get the Kubota financing. Looks like a lot of dancing around rather than saying what it will take to do the deal.
Again, I've bought and sold Kubotas, several of them. It's true that most if not all states don't have "titles" on tractors but a contract to sell is a promise that title/ownership (not always a document) passes when the debt is paid off.
If my brother buys a new Kubota and has 0% interest payments and pays $300 a month and I take the tractor home and give him or mail in the $300 payment for him each month until the machine is paid off..............I can even get insurance to cover the machine with an insurance company or his KTAC insurance will cover his machine on or off his property while I am using (borrowing) it since his premium is paid for coverage on that machine while it is still "owned" by him.

 

[Rick in MS]

He could if he would but not saying it's a consignment.

My dealer doesn't seem to want to deal with it. As much as said try to find low interest loan and buy that tractor as he couldn't touch the deal that I was being offered - and that is what he would do if in my shoes.

I was offered a 2016 M5660SUHD with QA FEL (less than 100 hours), a Land Pride RCR1872 cutter, a Grade-Max HD Series grader with hydraulic tilt, and a set of pallet forks for less than $30k.

 

[JOHNTHOMAS]

My dealer doesn't seem to want to deal with it. As much as said try to find low interest loan and buy that tractor as he couldn't touch the deal that I was being offered - and that is what he would do if in my shoes.

I was offered a 2016 M5660SUHD with QA FEL (less than 100 hours), a Land Pride RCR1872 cutter, a Grade-Max HD Series grader with hydraulic tilt, and a set of pallet forks for less than $30k.

Contact Barlows. He had a M for less than that a few months ago, it's probably gone, but he's always buying good used equipment for resale with lower Kubota financing. A buyer had left this world and Barlows ended up with the machine with attachments and offered it to me for less than your figure and was under 100 hours.
He also sells new for great prices which the new beats the used sometimes (often) when the bottom line monthly payment is figured due to interest difference.
Looks like your dealer didn't want to be creative or go out of his way any to help you. My way or the highway is how many people in business see their role.:thumbdown:

 

[KTAC]

There is no title for a tractor.

I'm pretty sure KCC is for new machines only & the note is non-transferable. If so there is no legal way to do it unless you pay the machine off.

I paid off my L3200 before selling it to get rid of that issue. The loan is a collateralized loan & you as the note holder are responsible for keeping the collateral in good shape & in your legal posession (hence mandates for insurance written into the loan).

Can't hurt to call KCC & ask though. They might have options we aren't aware of to meet your needs.

Fallon,

You're correct. It is illegal to sell equipment that is not owned by the seller (you don't "own" it until the equipment is paid in full). In addition, anyone purchasing equipment in this manner (finance it through a private party) should look very closely at Consumer Laws because you will not have the same protection as someone that goes through a licensed company. The person that "assumes" the loan may be making payments to someone but that doesn't mean "that someone" is making payments to the finance company. Unfortunately, when you try to take the easy way out it usually comes back to bite you.

As far as financing used equipment, KCC will finance used equipment that was taken in as a trade. KCC's purpose is for new equipment financing which also means helping dealers get rid of used equipment that was traded.

 

[MessickFarmEqu]

The issue here is that there loans secured with the government with a UCC filing and then sold off to anther bank in a package of loans. Does not transfer to a new owner so easily .