Equipment Ownership

Discussion in 'Heavy Equipment & Pavement' started by RockSet N' Grade, Mar 27, 2008.

  1. RockSet N' Grade

    RockSet N' Grade LawnSite Silver Member
    Posts: 2,454

    Just a heads up to all. If you buy a piece of equipment from a private party, do your due diligence and make sure there are no liens on the equipment and that it is "free and clear". Even then, do more homework......cause you just never know......it is not a pleasant experience to get a call from a "repo-man" wanting to pick up your machine that you thought you paid for. I suspect this will be a more common occurance if money tightens.......
     
  2. AWJ Services

    AWJ Services LawnSite Platinum Member
    from Ga
    Posts: 4,276

    Wise advice.

    I always ask for the dealer that sold the machine and call them.

    I had a friend who purchased a car from a guy and something similar happened.
    The guy went and got a replacment title on the car and then sold the car too my friend.
    Before hand he took the replacement title and used it for a title loan on the car.
    It was a mess.
     
  3. CarterKraft

    CarterKraft LawnSite Senior Member
    Posts: 290

    Good points,

    Also I would check all available serial numbers with your local dealer and stolen equipment task force in your area for stolen hits.

    I have seen twice were the machine or the engine was stolen, and the insurance company took ownership of the machine, the new purchaser then got to rebuy the machine from the insurance company. Not good, check numbers, all of them!
     
  4. RockSet N' Grade

    RockSet N' Grade LawnSite Silver Member
    Posts: 2,454

    The reason I brought this little subject up is a little experience I have gone through the last couple days......I bought my machine used from a guy, salesman handled it, and then I financed the rest. I have since paid off the machine...free and clear. I got a call two days ago saying a semi and repo-man were looking for my machine to repo because the guy I bought it from went bankrupt and took the money and spent it elsewhere - hence, there is a lien on the machine. I spent from 10am to 5pm at the dealership sweating bullets ( since the machine was there getting repaired)....and in the end, the dealership backed me up and called off the dogs........it coulda been a real bummer. So, do your due diligence and make sure if you buy used or new for that matter, that the machine is lien free and you keep your documents handy and in order.........
     
  5. AWJ Services

    AWJ Services LawnSite Platinum Member
    from Ga
    Posts: 4,276

    The bad part about equipment is that it is really hard too find liens on them.
    A car has a title and they are easily tracked.
     

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