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Tractor Talk Discussion Forum

Bank Repo. Tractor Business

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Kirk K.

12-15-2005 18:40:48




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I know a few dealers around here that are into buying repossesed tractors, Combines, wagons, and other farm equipment. They usually find some pretty good deals. But, sometimes, they can really get some junk in. I am interested into getting into this business also. I am young and like fixing up this newer equipment and reselling it. Does anybody know how I can get into this Bank business? Is there any good site or anything that I can join to get this list that they get with all the tractors on it? Any help is greatly appriciated. Thanks

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bigequip

12-18-2005 23:06:25




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 Re: Bank Repo. Tractor Business in reply to Kirk K., 12-15-2005 18:40:48  
Guys,
You don"t have to pay anyone to get the goverment auctions. Just call your local farm office anmd they can direct you to the sites. Its FREE!
My 2 centavos



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Paul in Mich

12-16-2005 06:14:56




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 Re: Bank Repo. Tractor Business in reply to Kirk K., 12-15-2005 18:40:48  
Kirk, I would buy repo"d farm equipment with the same awareness that I would bid on used equipment at an auction. Remember that if it is repo"d, odds are that it was neglected, and probably not well maintained at least during the last year or so of operation. You have to check way beyond the cosmetics to see the condition of the equipment, then determine what you have to put into it to make it re-sellable. A few years ago our outfit bought a used Gleaner L-2 combine with low hours, and a bang up cosmetic adjustment only to find that the raddle chain, clean grain elevator chain, straw chopper, cylinder bars, feeder house bearings, variable speed shiv was completely worn out, and nearly everything else mechanical, including the hydrostat was in bad need of attention or replacement. The engine started easily, and ran well, but burned 2 gallons of oil per day. So all in all, what started out as a bargain, was hardly one after the needed repairs were made. By the way, we"re still using the combine, so all is not doom and gloom. Two years ago we bought a repo JD 750 20ft no till grain drill. Before I got through the first 300 acres of soy bean planting, I had to replace all the disc bearings and seals. (32 disks), over half the press wheel bearings and seals, and about 8 or 9 closing wheel bearings and seals. This is for a drill that was advertised as "Field ready, and meticulously maintained". Just be wary, and be prepared to have to put some money into any type of used equipment, regardless of the nature of the sale.

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Ducknose Bob

12-16-2005 01:27:30




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 Re: Bank Repo. Tractor Business in reply to Kirk K., 12-15-2005 18:40:48  
You can really get some first class JUNK that has been repoed. The all time worst I have seen comes from fly-by-night dairy farmers, whose equipment was never serviced since it was delivered.
You might say, this is your tax dollars at work, since their operations are all heavily subsidized.



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jd m

12-15-2005 19:45:51




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 Re: Bank Repo. Tractor Business in reply to Kirk K., 12-15-2005 18:40:48  
From what I know about it generally you have to know someone in the insurance business to get a chance. The only website on this subject I have found is this government link: >Link
Registration>Link cost $39.95 so I have never done it.



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Ray

12-15-2005 19:01:12




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 Re: Bank Repo. Tractor Business in reply to Kirk K., 12-15-2005 18:40:48  
Most tractors are financed through a dealership,
not a bank.Dealers offer cheaper and sometimes interest free loans for up to 3 years.All you need is a big credit line to buy,just like they do.



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Kirk K

12-15-2005 19:06:43




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 Re: Bank Repo. Tractor Business in reply to Ray, 12-15-2005 19:01:12  
No, This is a actual list that some people get of Repo and Insurance sale tractors. This list is all over the U.S.



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