Did a online search and found a tractor I may consider is financed. Could the bank come back on the buyer? Or should a person ask for proof it was paid off? He does not know that I know this. How would you handle it?
Buying equipment that may have a lien on it
- Thread starter tom4018
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hurleyjd
Well-known member
Call the bank and make the check payable to the owner and the bank so each has to sign to cash.
OP
OP
tom4018
Dumb Old Farmer
Just wonder if he will even admit it has a lien on it? I did a search to see if it possibly did and shows active until 2/2017. He may get upset thinking I was being nosy, but just trying to protect myself.hurleyjd":16rgpqmk said:
tom4018":3b16ltxa said:
Did he tell you it was "free and clear"? People misrepresent all the time.
Nothing wrong with protecting yourself Tom.
M-5
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Ask him and tell him that since you are buying you want to run the vin number before you purchase it.
M-5":2khtiqxc said:
Exactly, do what the bully suggests. Otherwise he'll punch you.
M-5
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Pay no attention to TT , He is an internet instigator
tom4018":330hw9gy said:
M-5 is a registered cyber bully.
JMJ Farms
Well-known member
Yes the lienholder (bank) can come back on it. Get a bill of sale and make the check payable to the bank as mentioned above. Or make the seller provide a letter from the bank showing a clean title. Nothing wrong with doing a UCC search. Smart man.
bigbull338
Well-known member
if the seller has a lien on the tractor then once you buy the tractor he is supposed to pay the note off.so the bank will release it.but if i was you i would go to the bank with the seller and make sure he pays the tractor off.when i traded tractors in 2013 the dealer payed my tracor off in the trade and i had a nice down payment on the new tractor.
