Liens on a Tractor Purchase: John Deere Review  -- John Deere Tractors Discussion Forum and Review Liens on a Tractor Purchase: John Deere Review -- John Deere Tractors Discussion Forum

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 06-18-2003, 20:13 Post: 57964
realman21502



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 Liens on a Tractor Purchase

Is there anyway to determine if there is a lien on a used tractor. I don't want a finance company coming and stealing my tractor out of my garage because I bought a tractor from someone that didn't bother to make the payments.






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 06-18-2003, 23:52 Post: 57979
jonwhit



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 Liens on a Tractor Purchase

This is a guess, but most liens that could be on a piece of equip are something like a UCC general lien. If it had a title to it like a car or truck the title would have the lienholder listed, that would be too easy. If it is a business you are buying it from you could go to the court house where the co is domiciled and ask for a lien search from the register of deeds. If they owe a lender and it is secured by specific collateral i.e. a tractor mod # and year, I think it would be listed. If you have a valid bill of sale I would be more concerned that they haven't done something like file bankruptcy. You must have some concerns about the seller, huh.






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 06-19-2003, 05:47 Post: 57984
Misenplace

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 Liens on a Tractor Purchase

Usually when a title has a lien holder you get a payoff letter. The seller will have to take that to the secratary of state to transefer title without the lien. I just have a small tractor so I dont know about larger equipment but mine is not titled. Loans on non-titled equipment are personal loans.






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 06-19-2003, 06:12 Post: 57989
Billy

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 Liens on a Tractor Purchase

Jon is right about the UCC. You can check for one at your county courthouse. Take the name of the guy and asked them if there's a UCC filed on his tractor.






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 06-19-2003, 08:34 Post: 57998
DRankin



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 Liens on a Tractor Purchase

I know that Kubota Credit, for instance, files liens in the Country where the owner resides every time they write a loan. That is how some people get caught for not paying local sales tax on out of state purchases.

The County Court house would be a good place to start.






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 06-19-2003, 09:55 Post: 58001
Misenplace

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 Liens on a Tractor Purchase

Mark, do you mean state sales tax or do you have to pay both ? Also I am wondering if after you satisfy a loan say with Kubota that the dealer has placed a claim on how do you get a letter of release ? From Kubota or the dealer that filed the lean ?






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 06-19-2003, 10:56 Post: 58006
DRankin



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 Liens on a Tractor Purchase

I was referring to State sales tax. When I paid off my loan with Deere Credit I got the original sales contract back from Deere stamped "paid".

I went to Calif to buy my BX and brought it back to Nevada. My contract shows I paid sales tax somewhere so it didn't raise any red flags. Had I gone to Oregon where there is no sales tax, I was told that there is a chance someone on this end might have caught on and sent me a bill for Nevada sales tax.

There are two ways around the problem,

1) pay cash,
2) obtain a loan that does not use the tractor for collateral.






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 06-19-2003, 12:08 Post: 58011
AC5ZO

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 Liens on a Tractor Purchase

In many states, it is your responsibility to disclose and pay the sales tax for items where you paid no sales tax. That includes mail order, internet sales, and items purchased in another non-taxing place while living in the taxing (home) state. I am sure that we all do this, so there is no reason to beat this to death.

The reason that the Internet and mail order have so many legislators concerned is that they cannot regulate businesses outside of their states and don't get records of tax payments. With a filed lein it is a different matter, as Mark says. There is a paper trail to a potential untaxed purchase.

It should also be noted that not all notes are secured by the tractor. Even if a tractor was purchased, the borrower may be the responsible party even if the tractor is no longer available. This comes into play with theft, destruction, and other occasions where the "collateral" may not be available or worth the debt amount.






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 06-21-2003, 14:18 Post: 58087
marklugo



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 Liens on a Tractor Purchase

Some states require that UCC's be filed in the county of residence of the borrower and other states require that they be filed with the state. Find out which you are dealing with. Then contact the appropriate entity and they can tell you.






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Discussion Boards > Active Subjects > Messages as Posted > John Deere Review Forum

Thread 57964 Filter by Poster:
AC5ZO 1 | Billy 1 | DRankin 2 | jonwhit 1 | marklugo 1 | Misenplace 2 | realman21502 1 |




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