Noob question

[bajabum]

Hi all,
I have a question, about equipment ownership...
Is there such a thing as a title or lien release when you pay off a loan on a new tractor?

I paid off my branson 2400, and all mahindra finance did was send me an email saying the balance is zero.
I was expecting some paperwork from them..

I have two older tractors, but they were cash deals.

thanks for any info !

ATB,
Steve

 

[TerryR]

Steve,

My impression is that in most states in the US there is no official titling of tractors. The invoice you received is your only title, and the notice about the loan is your evidence that it was paid off.

Terry

 

[k0ua]

Same here, Just a letter saying.. Yep you payed it off.. that is it. Tractors have the status of a hammer, If you don't owe any more money on it, you don't owe any more money on it. No title, no registration.

 

[econometrics]

Like TerryR said, most states do not title tractors. Texas does not.

But like you, OP, I also felt odd in going in to buy a tractor and not getting a title.

"How can I prove that I own this thing?!" :laughing:

 

[lostcreekranch]

If you buy from a dealer you will get some paperwork. If you buy from an individual, ask for a signed bill of sale.

 

[bajabum]

Well, I finally got a letter from Mahindra, listing the tractor, FEL and BH by name and serial number, and with the "paid in Full" message!

But I had to ask for the letter...

I feel better now.