I am curious to see if anyone else offers payment plans. I have and never got hurt. But when the price is alittle more costly I am worried. What type of plan do you offer? Contract to share? I am afraid they will take the mare for the summer and then give her back? What are some things I can do to protect myself????
Do you offer payment plans
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For the first time in 9 years we got burnt on a payment contract this year. Unfortunately the people moved so I have been unable to track them down and get the horse back. We will for sure be rethinking how we do this. I am so thankful that over the years people have always let us make payments but I think for now on we will not let the horse leave until it is paid for. I did retain the papers on the horse that left but apparently this doesnt matter to the people who defaulted on the payments.
Our contract normally calls for 20 % down and payments each month. Late fee if the payment is late. We also do have in our contract that if we have to re posses the horse all costs are charged to the buyer.
Our contract normally calls for 20 % down and payments each month. Late fee if the payment is late. We also do have in our contract that if we have to re posses the horse all costs are charged to the buyer.
eagles ring farm
Well-Known Member
We would take a deposit and payments
but so far no one has expected to take the horse without payment in full
so no horses have left our farm without being paid for
we may consider different arrangements if it were someone we were very comfortable with
but so far no one has expected to take the horse without payment in full
so no horses have left our farm without being paid for
we may consider different arrangements if it were someone we were very comfortable with
Charlotte
Well-Known Member
We work with buyers to try to talor a a payment plan that will fit their needs. BUT.. If we don't know the buyer very well the horse stays here till paid in full. So far that has worked well.
Charlotte
Charlotte
Maple Hollow Farm
Well-Known Member
We will do the payment plans too and the horse has to stay until paid for. We do come up with a date the horse has to be paid for by and picked up by, this is decided by us and the buyer so they can figure how long it will take them. I have known people who have a horse for sale, have it paid for and no one comes to get it. They talked to a lawyer and since they didnt have a contract saying it had to be picked up by any certain time, they cannot resell it or do anything with it, it took a couple years before anyone came to get it!
Becky
Well-Known Member
I take payments here too when needed to help a buyer. Unless the buyer is local or someone I know very well, the horse stays here until paid for.
I made a mistake a few years ago letting a filly go to a buyer several states away opn payments. The buyer had previously purchased from me with no problem, so I felt comfortable with this one. A year went by and the buyer decided there was something wrong with the horse and she quit making payments. Even a letter from my attorney had no affect. This was a good horse and I didn't want her to disappear, so I ended up buying the horse back, hired a shipper and told him to get the horse fast! The filly is now a valued mare in my broodmare band with nothing wrong with her.
So, no horses leave without here without being paid for except in rare cases.
I made a mistake a few years ago letting a filly go to a buyer several states away opn payments. The buyer had previously purchased from me with no problem, so I felt comfortable with this one. A year went by and the buyer decided there was something wrong with the horse and she quit making payments. Even a letter from my attorney had no affect. This was a good horse and I didn't want her to disappear, so I ended up buying the horse back, hired a shipper and told him to get the horse fast! The filly is now a valued mare in my broodmare band with nothing wrong with her.
So, no horses leave without here without being paid for except in rare cases.
We too offer an interest free lay away program. Some folk have taken a year and a half to pay in full.
We let them decide what payment plan is best for them and then accept check or money orders for installments. We keep their payments, unaltered, in a folder for them. When pay-off is imminent, and only with their permission, we cash their payments and start their project. Anytime prior to starting, we will send all their payments back to them for any reason upon their request. Anything is more important than buying from us. My luck has always been that when a few bucks are saved up, this is when the dog or horse or kid will need surgery. Or some repair will need to be done right away and ect. We would rather see that done than folk overextending themselves.
This is just one reason we don't play the credit card game.
We do not let a rig go until it is paid in full.
Bb
We let them decide what payment plan is best for them and then accept check or money orders for installments. We keep their payments, unaltered, in a folder for them. When pay-off is imminent, and only with their permission, we cash their payments and start their project. Anytime prior to starting, we will send all their payments back to them for any reason upon their request. Anything is more important than buying from us. My luck has always been that when a few bucks are saved up, this is when the dog or horse or kid will need surgery. Or some repair will need to be done right away and ect. We would rather see that done than folk overextending themselves.
This is just one reason we don't play the credit card game.
We do not let a rig go until it is paid in full.
Bb
Leeana
Well-Known Member
Yes, I've been lucky in the past to be able to purchase a few of our horses on payment plans. So many people have been overly nice to me over the years, I guess I look at it as returing the favor that so many people have showed me...being 21 years old and doing it all yourself can be hard at times but I may it work.
But yes, Payments plans are an option here....I normally go out about 6 months with a reasonable down payment. I always ask what works for the buyer, as I've found what works for them is more important then what works for me.
But yes, Payments plans are an option here....I normally go out about 6 months with a reasonable down payment. I always ask what works for the buyer, as I've found what works for them is more important then what works for me.
Ellen
Well-Known Member
We work each payment plan depending on the client. And I don't readily advertise I take payments. Then at times it is almost a nessecity to do it for clients, because of breeding season.
Generally, I will take 20% down. And call it a lease to buy, until the contract and payments have been fulfilled.
So, far no problems, but I have heard of some horror stories. If you would like a copy of my contract, pm me.
Generally, I will take 20% down. And call it a lease to buy, until the contract and payments have been fulfilled.
So, far no problems, but I have heard of some horror stories. If you would like a copy of my contract, pm me.
minie812
Well-Known Member
We have done payment plans on ours with 20% nonrefundable deposit. Short term. I will require a contract from now on as one person I did not do a contract wilh promised to pay within a certain time ( I even gave them extra time) and I ended up having to demand payment or go and get the horse. She was buying other horses from others on payments too I guess. Be careful as it is usually someone you know that will take advantage of you. It can ruin a friendship for sure
and it only takes once to ruin it for others
Joanne
Well-Known Member
We have taken payments with a contract, and even sent the horses once a certain amount was paid.
Never had any problems until 2009.
That was the first year that we had people paying late, having to be reminded of the contract dates, and paying less than promised. Two still owe me money that should have been paid off months ago. Frustrating.
We too are rethinking our contracts and strategies Kay.
I have been doing this for 17 years now and was fortunate to be able to buy many horses on contracts over the years.
I certainly want to repay the favor, but 2009 experiences makes it harder to trust people to do the right thing.
One client has even gone on to buy other horses, and paid cash for them, while still owing me a large sum of money.
I would not own several of my horses if I would have had to buy them out right and I certainly appreciate those that let me make payments, even letting me take them home and continue to pay them off.
Thank you so much!
Never had any problems until 2009.
That was the first year that we had people paying late, having to be reminded of the contract dates, and paying less than promised. Two still owe me money that should have been paid off months ago. Frustrating.
We too are rethinking our contracts and strategies Kay.
I have been doing this for 17 years now and was fortunate to be able to buy many horses on contracts over the years.
I certainly want to repay the favor, but 2009 experiences makes it harder to trust people to do the right thing.
One client has even gone on to buy other horses, and paid cash for them, while still owing me a large sum of money.
I would not own several of my horses if I would have had to buy them out right and I certainly appreciate those that let me make payments, even letting me take them home and continue to pay them off.
Thank you so much!
We also have been selling for 17 years.....and from the very start made our horses available with payments on contract. Each contract tends to vary according to the buyer's situation.
In all of these years, we have been very fortunate in that we have only been burned THREE times. And with one, the person up and moved so we don't know where they or the horse are to this day.....and it's been about 8 years now.
The other two situations we were forced to repossess.
In all of these years, we have been very fortunate in that we have only been burned THREE times. And with one, the person up and moved so we don't know where they or the horse are to this day.....and it's been about 8 years now.
The other two situations we were forced to repossess.
ShaunaL
Well-Known Member
For the first time right now I have 2 horses sold on payments. Fingers crossed it goes well but of course both payments are now 8 days late and counting
I have contracts but I didn't address late payments, just non-payment - brain lapse I guess.
Regardless of how this turns out I will continue to be willing to sell on payments. I used to pay the entire cost in full when I bought horses but with the economy I had to switch to only buying on payments a couple years ago.
I am very very very grateful to those breeders that have allowed me to buy on payments (and all have let me bring the horse home immediately, before being paid for) and I have ALWAYS made sure that I paid the horse off well before the final due date and made larger payments whenever possible. The payoff times alloted have varied from 6 months to 1 year, although, as said, I have never taken the full time allowed to pay the horse off. I try to do it as quickly as possible.
Regardless of how this turns out I will continue to be willing to sell on payments. I used to pay the entire cost in full when I bought horses but with the economy I had to switch to only buying on payments a couple years ago.
I am very very very grateful to those breeders that have allowed me to buy on payments (and all have let me bring the horse home immediately, before being paid for) and I have ALWAYS made sure that I paid the horse off well before the final due date and made larger payments whenever possible. The payoff times alloted have varied from 6 months to 1 year, although, as said, I have never taken the full time allowed to pay the horse off. I try to do it as quickly as possible.
Over the years I have learned that there are some really really EXCELLENT buyers....and there are some REALLY REALLY rotten ones. I have revised my contract many times over the years because of situations that have arisen....and feel that the one I have now is fair and equitable for both me as seller, and for the buyer.
I have a contract - even if it is a horse being sold for straight cash at the time of pick up.
I will allow someone to make payments but unless I know the person VERY well, the horse never leaves until fully paid for. I also require a down payment of 25 percent or $500 non-refundable, whichever is less. Normally, the first two months there is no board (because that is typically how long it can take to arrange transport), but I start charging board after 2 months at the rate of $50 per month per horse. The buyer is also responsible for any farrier and veterinary bills incurred while it is under my care.
If any payment is more than 10 days late (always due on the 1st of the month) or if any check bounces...the entire contract is null and void - and the buyer forfeits ALL funds paid to date.
I do ask that the buyer take out mortality insurance - payable to me - in the event the horse dies before paid for, as the buyer is still responsible for completing payments even if the horse dies. And before anyone gets their underwear in a twist at this thought....remember that if they had paid full price and taken possession immediately, and the horse died......well, you get my drift.
I have a contract - even if it is a horse being sold for straight cash at the time of pick up.
I will allow someone to make payments but unless I know the person VERY well, the horse never leaves until fully paid for. I also require a down payment of 25 percent or $500 non-refundable, whichever is less. Normally, the first two months there is no board (because that is typically how long it can take to arrange transport), but I start charging board after 2 months at the rate of $50 per month per horse. The buyer is also responsible for any farrier and veterinary bills incurred while it is under my care.
If any payment is more than 10 days late (always due on the 1st of the month) or if any check bounces...the entire contract is null and void - and the buyer forfeits ALL funds paid to date.
I do ask that the buyer take out mortality insurance - payable to me - in the event the horse dies before paid for, as the buyer is still responsible for completing payments even if the horse dies. And before anyone gets their underwear in a twist at this thought....remember that if they had paid full price and taken possession immediately, and the horse died......well, you get my drift.
Ive been very lucky to be able to make payments on 3 of my horses which was awesome for me. With 2 of the horses, I got to bring the horses home without full payments; BUT did'nt recieve reg papers till compleatly paid in full. I really apperciated it as I could'nt afford all the $$$ at once for all 3 minis and as a buyer. It was very nice of the sellers to do so for me. I even was a total stranger (out of state buyer at that) with 1 of the sellers, and when I became a repeat buyer, I was given the oppertunity to be able to do payments again.
I know its hard to trust anyone with buying and selling... BUT THANK YOU TO ALL OF YOU WHO DO STILL OFFER PAYMENTS TO OTHERS LIKE ME WHO TRUELY ARE HONEST BUYERS!
I know its hard to trust anyone with buying and selling... BUT THANK YOU TO ALL OF YOU WHO DO STILL OFFER PAYMENTS TO OTHERS LIKE ME WHO TRUELY ARE HONEST BUYERS!
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friesepferd
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I don't know about with horses, but I have done payment plans with other items. Just make sure you have a through contract in hand which states what action you will take when. I would probably do a X amount per month, and if not paid in full by X date, then u go get the horse kinda thing. I have one case where somebody bought something from me, then went through some hard times (divorce) and still hasn't paid me back, but this is mainly because I gave him quite a bit of slack, and honestly its not enough for me to care too much about. How strick you want to be about payments is totally up to you. If you want to put in their contract that if they are 10 days late they have a fee, like a lot of landlords do, then go for it. If you just want to put a 'you must have it paid off by this date' in there, then do that. It's up to you, just make sure its all written down and signed.
Coventry Lane Farm
Well-Known Member
We sometimes offer payment plans depending on the situation, but I have had one breeder in Vermont this past year in 2009 stick me with $1000.00 owed to me and she sold the horse thru Craigslist as a pet I found out after doing some research, she has lied to me numerous times and kept telling me she was going thru hardship times and never would answer my phone calls or e-mail messages, pretty rude person to say the least....and she was under contract as well and I can't located the horse... so that makes things alittle tougher for us doing payments for people anymore.
I had another person give me 2 bad checks located 5 miles from me and was put on payments by money order, but she has finally paid off her account this month so I don't have to deal with that situation any longer.
For future sales of our horses ....terms may be alittle different than of the past, its a shame that we have to be more strict with our sales of horses and the terms of our contracts ...because there are good people out there that are honest and mean well.
Also was added to our contracts...late fee's and returned checks for NSF, and other added charges if not compled by the agreed contract terms. We do require non-refundable deposits made upon sales or breeding contracts.
I had another person give me 2 bad checks located 5 miles from me and was put on payments by money order, but she has finally paid off her account this month so I don't have to deal with that situation any longer.
For future sales of our horses ....terms may be alittle different than of the past, its a shame that we have to be more strict with our sales of horses and the terms of our contracts ...because there are good people out there that are honest and mean well.
Also was added to our contracts...late fee's and returned checks for NSF, and other added charges if not compled by the agreed contract terms. We do require non-refundable deposits made upon sales or breeding contracts.
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REO
Well-Known Member
I have always taken people at their word, but over the past 17 years, it has been hard to fully trust.
I learned the hard way to NEVER let a horse leave until it is paid in FULL! There are a few I do trust though. I don't have a hard contract, I ask people what they're able to do and I work with them, I bend over backwards to help.
I do want them to pay $30 a month if it's going to take more than a month or so to pay for them.
I always do whatever I can to help people make sure that it's the horse that they want and help them get it. I know what it's like to want a horse really bad. I've been helped by people to make my dreams come true in the past, and that's what I try to do now.
I learned the hard way to NEVER let a horse leave until it is paid in FULL! There are a few I do trust though. I don't have a hard contract, I ask people what they're able to do and I work with them, I bend over backwards to help.
I do want them to pay $30 a month if it's going to take more than a month or so to pay for them.
I always do whatever I can to help people make sure that it's the horse that they want and help them get it. I know what it's like to want a horse really bad. I've been helped by people to make my dreams come true in the past, and that's what I try to do now.
Yes, I accept payments, and paypal also to give folks different methods of payments. I have had wonderful buyers over the years but after being really burned by someone who bought my last POA mare, am a bit hesitant to let the horse leave the farm unless paid for... however if it's someone I am comfortable with, I would.
Allure Ranch
Well-Known Member
[SIZE=12pt]We've taken payments with a contract on numerous ocassions and we've been very fortunate not to of had any problems. [/SIZE]
Ocassionally I've had some individuals pay a little later than the term that we set. But overall everyone has been really good. I understand that sometimes things can transpire and your not able to meet your obligations in a timely fashion as intended.
We've also been extremely fortunate to be able to buy several horses ourselves on contracts over the years and I certainly want to afford other's the same ability that we were given in order for them to obtain the horse of there dreams.
Ocassionally I've had some individuals pay a little later than the term that we set. But overall everyone has been really good. I understand that sometimes things can transpire and your not able to meet your obligations in a timely fashion as intended.
We've also been extremely fortunate to be able to buy several horses ourselves on contracts over the years and I certainly want to afford other's the same ability that we were given in order for them to obtain the horse of there dreams.
