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Tractor Talk Discussion Forum

Repossed Farm Equipment

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DeerTrax

01-21-2007 14:45:09




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I know a guy who has been buying repossed farm equipment(tractors, combines, grain carts, ect.) for a couple years. There apparently is a website that carrys this equipment. Does anybody know what it is? He has to pay a sum of money to receive a list that has the equipment on it. Then, you can look at the equipment on the internet and bid on it. I was curious to see what this site is. I am in need of a few cheap projects. Thankyou for your help.

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cadet trooper

01-22-2007 16:47:10




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 Re: Repossed Farm Equipment in reply to DeerTrax, 01-21-2007 14:45:09  
Guys, you all have good points so many things can affect the financial situation of farm operations, health, weather and bad management blah, blah. I was involved with a person that got farms ready for liquidation auctions. The thing is most banks let farmers go too long and get too many more debts accrued before they shut them down mainly I'm sure because of the way business is slow to react not because they are sympathic to the cause. All too often most farm operations just do what it takes to live day to day waiting for the sheriff to show up with the papers to be served, been there done that.IT'S SAD! CT

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supergrumpy

01-22-2007 12:33:45




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 Re: Repossed Farm Equipment in reply to DeerTrax, 01-21-2007 14:45:09  
first job I had in CA was driving re-possesed cars back to the dealer that sold them, rode with the crew boss one day, he usually drove an old station wagon but that day he drove the wrecker

he knocked on the door, borrower came to the door and asked the crew boss to give him 2 minutes, he emptied Remmington 870 into the repo vehicle and then handed the keys to the boss

my last day in that job

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ktheo1

01-22-2007 07:00:11




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 Re: Repossed Farm Equipment in reply to DeerTrax, 01-21-2007 14:45:09  
PCA used to have a list of Repo equipment at thier office but I haven't seen one lately .I think Mike is a little of base with his rant .The lender is not the bad guy here ,its the deadbeat that won't pay his bills and makes it tough on guys that do.



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Michael Soldan

01-21-2007 17:56:34




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 Re: Repossed Farm Equipment in reply to DeerTrax, 01-21-2007 14:45:09  
Deer Trax, I'm not sure what to say to your question, nothing personal and I hope you know that. I would personally stay away from any repossesed anything. Someone's misfortune is something I would stay away from. I had a friend go broke and his stuff got repossesed, the bank was handling it. This sleazy bank liquidator asked me if I was interested in a Ford 4 furrow plow that was left over from the bankruptcy. No one had bid anything on it and as far as I was concerned I wasn't going to help the bank out. It was scrap metal as far as I was concerned and the guy begged me for an offer, finally he made me an offer to take the plow and it was so ridiculous, about three times the worth of a good plow, I just laughed at him and walked out the door. Repossessed may carry a lot of baggage with it, tractors that have been abused and not serviced regularly, skimping on repairs and replacement parts etc. Someone who is having financial problems will be forced to forgo maintenance , try and get more out of machinery and do more work than the machine is capable of. Mostly I don't take to helping liquidators at the expense of some guy who has lost his machinery and or his farm. As I said, no offence to you, but I'd be real careful about looking there for a winter project..just my opinion

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Hard Knocks

01-22-2007 03:43:42




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 Re: Repossed Farm Equipment in reply to Michael Soldan, 01-21-2007 17:56:34  
So what is a bank supposed to do just let everyone not pay their loan that can't make payments? A bank or any lender has an obligation
to recoup a much of their money from deadbeat lenders as they can so they can be there to help their paying customers/depositers and shareholders.If I lend you money I expect to be repaid or if I borrow I expect to pay the loan back.As far as repo equipment just check it out like you would any other piece of used equipment.

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dhermesc

01-22-2007 05:58:58




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 Re: Repossed Farm Equipment in reply to Hard Knocks, 01-22-2007 03:43:42  
Agreed. Its all business, having a working relationship with your bank is as important as having a working relationship with any other supplier. How long do you think most farmers would be in business if lenders tightened up credit to the ag industry?



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dds-inc

01-21-2007 15:25:26




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 Re: Repossed Farm Equipment in reply to DeerTrax, 01-21-2007 14:45:09  
LOL..... .sounds A LOT like EBAY!!!



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Jon Hagen

01-21-2007 17:53:17




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 Re: Repossed Farm Equipment in reply to dds-inc, 01-21-2007 15:25:26  
Be carefull of that stuff. Some just fall on hard times and have to give up well cared for equipment,but some are not making payments,know they are going to lose it and beat that stuff to death right up to the time they take it away from them. a bit scary with anything that has an engine on it.



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Ken Macfarlane

01-22-2007 07:15:09




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 Re: Repossed Farm Equipment in reply to Jon Hagen, 01-21-2007 17:53:17  
Well, technically you're helping the farmer out buying his stuff because unless he went completely bankrupt, he is still responible for the balance of the loan.

People here think they are so smart running a vehicle into the ground as soon as they know they can't pay for it. Thats rediculous, just means they have to pay more since the bank can't recoup the money.



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