Buying a Toolbox With A Lein

[Skyline]

I was interested in bidding on a Matco box (full of tools) on eBay, and I had a discussion with the "owner". He admitted that he still owed money to Matco Finance; probably a bit more than the value. He said since he was no longer a technician; he did not make payments to a truck operator anymore, he sent payments directly to Matco. He claimed it was his intent to pay Matco off as soon as it was sold, but I was wondering if there is any safe way to do a deal like this with a stranger. The last thing I want is to buy a box that gets reposessed by Matco.

Any ideas?

 

[Joe B.]

Pay cash and don't leave your name.

 

[davestlouis]

This is a can of worms, unless it's a box you just can't live without, find a different one without issues.

 

[billymade]

Boy, thats a tough one; I wonder if there is a way to meet with him and have him do the payoff at the same time (over the phone with Matco?) during the transaction; plus, I would want a receipt to prove it was clear/debt free. Sounds like it could be a hurdle to overcome but if you could somehow clear it up and both you/seller be happy with the situation; it could be a good deal. If it was a car, you would have a title and the lien would have to be clear before the title was transferred; hopefully you can figure it out. If you could work it out; is it a good deal?

 

[Skyline]

Pay cash and don't leave your name.

That's not really an option with an eBay purchase.

 

[Chris Adams]

I wonder.
On a car there is a title.
On a house there is a title.
On a toolbox???


If I buy a TV on my credit card, then sell the TV to someone for 1 dollar, it's his.

The debt is mine, not the TV as it has no title.

Same on everything else except land and licensed vehicles, both of which are controled by the goverment.

So why would Matco, Snap-On-Mac, etc. have more rights to sold property than Sears, etc.?

If there is a 'department of liens' on tool boxes, is there one on toasters?

Or wristwatches, some of which sell for ten times what a tool box sells for.

Anyone got any first, not third or fourth hand info?

 

[Squeeze]

Get a lien waiver. If a contractor builds you a house, or even replaces a roof after a hail storm but skips on the lumber yard or his payroll you are responsible for the unpaid materials cost unless you obtain a lien waiver. I am not sure if the same could apply here. I would try to pay cash at pick up (your not having it shipped are you?) this would save him pay pal fees wouldn't it?, Obtain a lien waiver and a receipt. Also be leary of him having a friend meet you, it would be an easy out for him to report it stolen. and get paid again by insurance. Not to be over the top but I work for an insurance company on the claims side and you would be amazed at the stuff people do.

 

[dwilliams35]

I'm sure it's different state to state, but I really don't think you can put a lien on anything but real estate or vehicles. Lien's don't mean much unless there's a deed or title: it's not stolen, so they can't go that route. He's dealing basically with consumer credit: that follows the person, not the merchandise. Probably doesn't have anything on the loan documents that even identifies the items.

 

[rsanter]

I think you would be free of any worry as I think it would be close to impossable for them to do anything. with that sais there is still risk invloved so the price better be right to even think about it.
I think the ebay thing gives you some protection as you can print the page to prove you purchased it

most of the tools would have no risk associated but the air tools, diagnostic tools and the toolbox does have a serial number

bob

 

[Diesel-Mech]

Tool boxes are bought under secure loans and the boxes have serial numbers, Its not worth the risk and if you think the tool company's wont come collect their box you are mistaken.

 

[engineboy]

If you buy it and he quits paying on it and disappears, it will get listed as stolen. If by chance you lose a key and need a new one someday,or need to get a roller slide replaced later the serial number they track the boxes with will pull up the fact that it is stolen and your dealer will be notified that the box he is trying to get keys/parts for is stolen.

With Matco finance its just like buying a car, you cant legally sell it until its paid in full. The seller signed that agreement when he bought it, and that will not only strike his credit, but put you in possession of stolen merchandise legally.

I would walk away from this...you dont want to have this bite you in the a** later.

 

[tatra]

borrow the exes boyfriends truck when you pick it up...........two birds kinda thing..........

 

[Squeeze]

I was thinking of a Mechanics lien (no relation to auto mechanic or tools). That would not apply here.

 

[Lookin4'67Galaxieconv]

Unless this deal is worth going through all the steps to make sure the box is paid for when you buy it, I'd steer clear of it.

However, if you want to go through with the purchase, tell him that if you're the winning bidder you don't pay for it until:

1) you find out from Matco what he owes on it...you do that yourself, don't take his word for it...get the serial number and call them up

2) get him to agree that Matco will receive part of your payment to him (the balance of what he owes) and you will do that at a financial institution together when you pick up the box.

I'm assuming you're not having this thing shipped. That seems the only safe way to do it.

 

[engineboy]

You said:

"He admitted that he still owed money to Matco Finance; probably a bit more than the value."

How is he going to pay them off if he cant sell it for what he owes?

 

[Lookin4'67Galaxieconv]

You said:

"He admitted that he still owed money to Matco Finance; probably a bit more than the value."

How is he going to pay them off if he cant sell it for what he owes?

Are you addressing this to me? If so...that's why he does step #1...find out the balance. If he owes MORE than what the OP wants to pay, then walk away. Though I'd probably walk away anyway...sounds like it's too much of a hassle.

 

[yellowbox]

Pay cash and don't leave your name.

yup sounds like a good idea

 

[Danglerb]

Maybe give a call to Matco to see how they would like to see it resolved?

I'd walk away, ebay, distance, lien, too much potential trouble and the final bid price may not reflect ANY of the downside risk.

 

[Nealcrenshaw]

Where's the link to said toolbox?

 

[Merkava_4]

My guess is it's this one:

"JUST LOOKING TO GET RID OF FAST."

http://cgi.ebay.com/ebaymotors/MATC...Z320330778764QQptZMotorsQ5fAutomotiveQ5fTools

 

[Jononon]

I wonder.
On a car there is a title.
On a house there is a title.
On a toolbox???


If I buy a TV on my credit card, then sell the TV to someone for 1 dollar, it's his.

The debt is mine, not the TV as it has no title.

That's because you have an unsecured personal credit agreement with your credit card provider. When you open an account, as a business, with Snap-on, you create an enduring (ie. you don't have to create a new lien agreement for each purchase) Purchase money security interest (PMSI.) This gives Snap-on the superior secured credit position over their distinguishable goods, namely anything that was demonstrably supplied by them.

If there is a 'department of liens' on tool boxes, is there one on toasters?

Broadly speaking, yes. The financing company returns a National UCC Financing Statement form, UCC-1, to the relevant Secretary of State.

 

[daveblank]

Tool boxes are bought under secure loans and the boxes have serial numbers, Its not worth the risk and if you think the tool company's wont come collect their box you are mistaken.

You are exactly right.

To the original poster. You need to get the serial # & contact Matco. Option #3 on the automated answering service. Find out exactly how much is owed. You need to make his payment to them. Do not trust the seller.

If you buy the box & it's not paid for Matco has the legal right to take it from you & they owe you nothing.

 

[engineboy]

Are you addressing this to me? If so...that's why he does step #1...find out the balance. If he owes MORE than what the OP wants to pay, then walk away. Though I'd probably walk away anyway...sounds like it's too much of a hassle.

Sorry, that was addressed to the OP...he made that comment in his first post.

 

[nissan_crawler]

If it's handled direct by matco, and his intentions are to pay it off, than he should have no issue with you contacting matco, verifying amount owed, and you paying matco that amount direct, then giving him the remainder.

Problem solved.

 

[krusty the clown]

If it's handled direct by matco, and his intentions are to pay it off, than he should have no issue with you contacting matco, verifying amount owed, and you paying matco that amount direct, then giving him the remainder.

Problem solved.

except the seller stated that he owes MORE than the box is worth.

 

[nissan_crawler]

except the seller stated that he owes MORE than the box is worth.

Then he can put all of what the buyer gives him, plus the balance at that time.

 

[Uncle Buck]

Sounds like a great deal to walk away from to me. To my mind it is almost a border line illegal deal, at best it is suspect.

 

[sputnikv8]

I wonder how many of these "great" Craigslist deals we see on newer boxes have the same problem. Does everyone that buys one of these ask this question and verify with matco/snapon?

Just curious...

I'd run from this one btw.

 

[nissan_crawler]

I don't see the big deal, sit down on the phone with him and matco, you pay matco what he's asking, he pays them the remaining balance right then and there, you're free and clear.

 

[engineboy]

Its not a big deal to do it the correct way, but the seller obviously wants to pocket cash and not pay the remainder. If he wanted to do it the legal way I think he would have listed it that way in the auction and stated that right there.

"I have this box for sale for payoff...blah blah blah"

 

[krusty the clown]

i doubt the seller has the difference to pay "in cash" to matco at the time of sale.

 

[engineboy]

Right...he is just looking to peddle it to someone that doesnt care if its hot and make a couple bucks.

 

[Skyline]

I don't see the big deal, sit down on the phone with him and matco, you pay matco what he's asking, he pays them the remaining balance right then and there, you're free and clear.

This seems to be the best solution. I spoke to Matco's credit department, and they said they would take a credit or debit card over the phone, and release the lein immediatly over the phone.

Unfortunately in this case, as the seller and I discussed this, he called Matco as well, and found out he owed more than he thought. I don't think he was ready for the gap between real-world value of his tools vs. what he still owed. He proceeded to pull the auction. I was willing to pay quite a bit more than the final price on eBay before he pulled it, (and I told him exactly how much), but I think he decided to keep the tools when he found out what they were really worth.