Paid off! Now what?

[dholly]

Now that I own it, a quick search tells me I should

1.) obtain a "Certificate of Origin", and;
2.) check with my County Clerk to verify the note is reported paid in full (UCC filing?).

The implication was neither is done automatically, so personal follow up is necessary. I'll call my Dealer for the former, but I do have a question about the latter. Specifically, how long does it normally take for Kubota Credit to notify the county? How long should I wait before contacting the county to check that it has been done and, how long of them saying "we have rec'd nothing from Kubota yet" before I need to direct my effort at Kubota Credit?

Thanks.

 

[riptides]

KCC has *always* sent ME the paper work saying I am lien free. These were the papers used through them to secure the loan amounts. All sets usually showed up within the last payment cycle. A month.

-Mike Z.

 

[thatguy]

I dont think you will get a certificate of origin or any other 'formal' (ie title) paperwork as ownership.. You may get something showing the UCC filing was released/satisfied..

There was a post months ago about someone trying to license their tractor for highway use and was trying to get a CO/title paperwork.. I dont think he was successful..

brian

 

[Redbug]

Hi Dholly,

You need to insure your tractor. I believe the insurance thru Kubota is good only as long as you are financing your tractor through them. I may be wrong...however it may be worth checking...

 

[mjarrels]

Now you can put it away dirty!

mark

 

[woodchuckie]

I also was under the impression that the insurance through Kubota(equipment insurance int'l, inc.) was just available while it was financed. I received a renewal notice notifying me that my insurance will expire.

It said to please contact their office if any of the following apply.

1. You still have a loan on your equipment. (I don't)
2. Your loan is paid in full and you reside in AL,AZ,AR,CA,CO,FL,GA,ID, IL,IN,IA,KS,KY,LA,MD,MN,MS,MO,NE,NM,NC,OK,OR,PA,SC,TN,YX,VA OR WI

I called and was able to get the insurance continued for 117.36 which is what it cost me for each of the three years before. It's a comprehensive policy with 200 dollar decuctable. There is a slight reduction in the total loss amount for depreciation.

 

[chrisjbell]

They sent me a copy of a form filed with the state releasing their lein on mine. I didn't have to do anything - they took care of it for me.

Come to think of it, I wouldn't have known to do anything...

 

[dholly]

Just to definitively close this thread... I purposefully waited without calling KCC to see if and/or when they would contact me. Lo and behold, almost two months and two weeks to the date of the final payment, I finally rec'd a cover letter from KCC yesterday. Also enclosed was the original 6-pg. Retail Installment Contract stamped P-A-I-D, and reminder to either continue insurance coverage thru your own agent (assuming you opted for the Kubota insurance during the term of your loan), or remove KCC as Loss Payee from your current policy (assuming you used an alternative insurance source). I suspect any action at the County Clerk office is un-necessary in my case, as it appears KCC simply held the paperwork for filing only in the event of default. My county offers electronic records access and shows no filing of the original loan or it's satisfaction. Hope this info helps someone, it does feel good to be paid off!

 

[lawn_king]

Here in massachusetts, once you pay off the tractor, you must buy a new bigger one within 90 days.

 

[mikeyd]

Now that you own it time to trade it in on the latest and greatest and get those payments rolling again.

 

[hill]

Now that you own it time to trade it in on the latest and greatest and get those payments rolling again.

That's right. You don't want to risk losing the habit of payment making; it would make it much more difficult to start back up. Get down to the dealer while you've still got some trade-in value left.

 

[bialecki]

Here in massachusetts, once you pay off the tractor, you must buy a new bigger one within 90 days.

I think it is a MA State law! Must also be orange in color as well.

 

[Dusty]

When I purchased my tractor, I only got a bill of sale from the dealer. I called a few months later, and requested a Certificate of Origin. It took about 3 months for the dealer to get it from Kubota. Since my state doesn't register tractors, I have just kept it with my other titles, for the day that I sell the tractor. It is good to have in the event that the tractor is ever stolen. It will be proof positive that you are the lawful owner if, and when the tractor is recovered. You can never have too much documentation.