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 | jonesiera
Join Date: Jul 2003 Posts: 187 Bedford,In 47421 
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2004-07-04 90039
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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 | DRankin
Join Date: Jan 2000 Posts: 5116 Northern Nevada 
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2004-07-04 90055
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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 | kwschumm
Join Date: Feb 2003 Posts: 5764 NW Oregon
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2004-07-04 90058
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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| jonesiera
Join Date: Jul 2003 Posts: 187 Bedford,In 47421
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2004-07-04 90060
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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 | Billy
Join Date: Oct 1999 Posts: 975 Southeast Oklahoma 
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2004-07-04 90062
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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 | Art White
Join Date: Jan 2000 Posts: 6898 Waterville New York
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2004-07-04 90075
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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| JDLOVER
Join Date: Jan 2004 Posts: 17 CUMMING, IA
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2004-07-05 90093
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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| jonesiera
Join Date: Jul 2003 Posts: 187 Bedford,In 47421
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2004-07-05 90116
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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| jonesiera
Join Date: Jul 2003 Posts: 187 Bedford,In 47421
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2004-07-08 90367
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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