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

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 07-04-2004, 17:01 Post: 90039
jonesiera



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 John Deere Ownership

I got a chance to buy a JD Compact,and the guy still owes money on the Tractor! If I pay him for the Tractor and he doesn't pay JD would I be responsible to pay off the debt should he default?
Kinda Concerned and need help!






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 07-04-2004, 19:13 Post: 90055
DRankin



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 John Deere Ownership

I don't think so, but I am not a lawyer. Unlike a car, there is no title to transfer although tractors are individually serial numbered and therefore trackable.

It is his responsibility under the terms of his agreement with Deere Credit to report he sold the collateral attached to the loan. I suspect Deere could then call in the loan. If he failed to fully pay it would seem more logical to go after him for the balance.

He has the right to sell the tractor, Deere has the right to call in the loan. I don't think they can repo the machine from a new owner.






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 07-04-2004, 19:28 Post: 90058
kwschumm



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 John Deere Ownership

You might email or telephone JD credit and ask them, although if you need a quick answer this won't help due to the long weekend. Here's the link.






Link:   JD Credit 

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 07-04-2004, 19:32 Post: 90060
jonesiera



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He has exactly what I want,but its kinda worries me as I would hate to loose the tractor and my money.
Thanks for your help, andI have some time to re-think the matter.
Bob jones






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 07-04-2004, 19:35 Post: 90062
Billy

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 John Deere Ownership

Since this tractor is used as collateral for the loan, JD would have the right to repo it if the original owner defaults.

Stay away from a deal like this unless the owner can give you a lien release from JD Credit.






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 07-04-2004, 21:37 Post: 90075
Art White



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 John Deere Ownership

I don't know about your state but in most it is illegal to sell mortgaged goods. I'd still contact jd credit to clear it yourself.






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 07-05-2004, 07:06 Post: 90093
JDLOVER

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 John Deere Ownership

Many years ago I worked for GMAC and altho the tractor is not titled,if it were me I would certainly contact JD Credit first. Either get their OK or you could give him two checks, one made payable to JD Credit for the amount he owes and the other one to him.

JDLOVER






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 07-05-2004, 10:49 Post: 90116
jonesiera



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Thanks Everybody,
I've contacted JD Credit and waiting for a reply. I hate to keep asking questions, but I tried to help(dumb me)someone one time,paid for Item and nver received it. It kinda makes the old man a littlt cautious!
Bob J






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 07-08-2004, 17:49 Post: 90367
jonesiera



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I got my answer from John Deere today and they said if he sells the tractor without paying off the Contract, the Tractor still belongs to john deere Finance. I wouldn't owe John Deere anything but the Tractor would still be their property! I'm sure glad I ask you guys! THANKS_____






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

Thread 90039 Filter by Poster:
Art White 1 | Billy 1 | DRankin 1 | JDLOVER 1 | jonesiera 4 | kwschumm 1 |




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