Paying KCC directly to perfect a lein

indianaEPH · Mar 4, 2012

I'm trying to buy a used M59. It has a lien on it and was financed through KCC. Has anyone paid KCC directly to clear the lien on a used Kubota tractor sale, private party.

I would like to have 2 checks. 1 made out to KCC for the balance owed. The second for the remainder of the purchase price to the owner.

Has anyone experienced this type of transition? Any concerns?

1 more thing, it is an out of state deal.

Thanks

The Toolman · Mar 4, 2012

I would call KCC Mon morn an ask them what their preferred process is. I would not buy it until you do that.....

CHDinCT · Mar 4, 2012

Tricky one. Just make sure once you pay KCC, you can close the deal with the current owner. Have you see this tractor in 3D?

brin · Mar 4, 2012

Just cut your deal with the owner and call KCC and ask them what the net payoff is and their preferred method of payment...ie..cashiers check or bank wire and ask them to remove the lien and send you verification by way of a cancelled lien upon their receipt of your funds...I would not trust the seller/owner to make the payment...That is the only way I buy things like that.

westbrooklawn · Mar 4, 2012

I bought my RTV900 used and I bought it for the payoff on the loan that the previous owner had with Kubota financing. I verified the payoff with Kubota Credit, and when I picked the RTV up I gave the seller a Bank check made out to the seller and Kubota Credit. That may have not been the safest way to do it, but I figured I had possesion of the RTV, and if the seller somehow managed to cash the check without forwarding it to KCC (which is what he assurred me he would do, and was oulined in our bill of sale), then I had a bill of sale and cancelled check which would put the seller in a bad legal position. He did later provide me with a copy of the payoff letter from KCC. I think sometimes you have to go with your gut on the credibility of the seller also, as well as knowing where he lives, where he works, etc. so that you would have a better chance of going after him if you needed to.

JOHNTHOMAS · Mar 4, 2012

indianaEPH said:
I'm trying to buy a used M59. It has a lien on it and was financed through KCC. Has anyone paid KCC directly to clear the lien on a used Kubota tractor sale, private party.

I would like to have 2 checks. 1 made out to KCC for the balance owed. The second for the remainder of the purchase price to the owner.

Has anyone experienced this type of transition? Any concerns?

1 more thing, it is an out of state deal.

Thanks

brin said:
Just cut your deal with the owner and call KCC and ask them what the net payoff is and their preferred method of payment...ie..cashiers check or bank wire and ask them to remove the lien and send you verification by way of a cancelled lien upon their receipt of your funds...I would not trust the seller/owner to make the payment...That is the only way I buy things like that.

This is what I would do, the 2 checks after contacting KCC plus I'd want a written out Contract of sale specifying the terms of the sale signed by the seller and you the buyer.
There is also the possability of the seller having secured a second lein by another lender that has been recorded at the sellers local Courthouse. In Ky the Selling dealer records the KCC lein at our State Capital, Frankfort. Guess other lenders could also rcord at the State Capital instead of the local courthouse.

The Toolman · Mar 4, 2012

indianaEPH said:
I'm trying to buy a used M59. It has a lien on it and was financed through KCC. Has anyone paid KCC directly to clear the lien on a used Kubota tractor sale, private party.

I would like to have 2 checks. 1 made out to KCC for the balance owed. The second for the remainder of the purchase price to the owner.

Has anyone experienced this type of transition? Any concerns?

1 more thing, it is an out of state deal.

Thanks