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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
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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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