selling horses on payments

[littlearab]

I have a gal looking at one of my colts. She wants to make payments. Fine have done that lots of times before.

But she has a new twist.. she wants to give me a small down payment. And post dated checks for the rest. Well OK... but then she says she then wants to take the foal when she gives me the post dated checks... :new_shocked: I'm alittle uneasy about the last part.She said just keep his papers and do not send until all the checks clear..

Would you or have you ever sold a horse this way. The gal claims she done this lots of times ,both selling and buying.

I just do not know.. my policy ahs aways been "no horse leaves the farm until paid in full".

 

[Tony]

I would have no problem with it, but I sell many on payments and they take the horses 90% of the time. I would love the post dated checks, personally.

 

[Jill]

You could ask her for references. I'm not sure how much stock to put into them since she will only tell you people who will give her good ones, but you may find you "know" someone she's dealt with which could give you peace of mind if you decide to do it.

 

[littlearab]

Oh. I like the post dated checks also. I have no problem with payments at all.

Just not so sure about letting him go before everything cleared. I guess I've had bad deals ,where I have had to go and get the horse back after checks have bounced and the buyer will not make full payment. When I told them no papers unless paid they said fine they just wanted the horse anyway. :new_shocked:

 

[HGFarm]

NO WAY!!!!! :no: There is no guarantee that those funds will be there when it is time to deposit them, just because they are post dated. I would stick to your policy and the horse stays on the property until paid for. I had a horrible experience once that I dont care to repeat ever again. I had to set rules now too... and stick with them.

 

[KanoasDestiny]

Please keep in mind that I am not a seller/breeder, but I have been a buyer. From my view on this, I would never go along with it. The down deposit and the post dated checks are ok in my opinion, but why on earth would she expect you to accept the post dated checks, and just hand over the horse trusting her?

I look at it like this, there is a chance that she will be good for the money, but what would happen if she bounced those checks? The fact that she isn't concerned about the papers isn't something to trust either, because there are people out there who wouldn't care less if a horse had papers or not. I would never allow the horse to leave until it was paid for in full, unless it was a close friend that was purchasing and the horse was already being paid on (you have to be careful then too because so much can happen/change).

I'm interested to see what others will say about this, but please be careful and don't let her make you feel guilty or bad for her. If the checks are good, then a little extra time won't hurt.

 

[Marnie]

This is the way that I like to do payments now. If I wait for them to send them, they seem to have more excuses than carter has liver pills, plus the mail system is sometimes very slow and they lose things. So I like the post dated checks. And I do tell them that if their is a problem when the date comes, just let me know. I don't know how it is where you live but in this county, writing a bad check is a serious thing. I do let them take the horse too, as long as they are within a reasonable distance, 1000 miles - than no. Just in case I have to repossess which I have never had to do yet. Yes, I like the post dated check idea!

 

[spazkat]

The post dated checks give you some added security, but as someone who has had a deal go very wrong I would never let horses leave the premesis until paid in full. In my case the woman had mostly paid everyone off, and there was only a small amount left unpaid so I agreed to let the ponies ship (I hold papers on all until final payment was made). Now a year and a half later I still have not received another dime, all 3 are still registered to me every call and email goes unanswered. All that has happened is that the ponies have lost their heritage. I dont know where they are, and worry constantly over what might have become of them unpapered. IMO its just not worth the risk unless they are going to stay close enough that you can physically keep tabs on them..

 

[ibquackers20]

Well if she really wants the mini then she should leave him there till he is paid in full I would think. When I bought 1 from a breeder I paid payments with the first being 1/2 the asking price and I could not get the mini till he was paid all upand the cheques all cleared.Then when I bought from the same breeder another one I paid in full; thanks to my mommy and daddy who lent me the money.And now with the third mini I was asked for 1/2 the price up front plus sign a contract and I could take him home leaving her with 2 post dated cheques that will pay for him in full and get his papers as well. I guess since she has never had any problems with my cheques and she has delt with me in the past that she knows I can be trusted fully.

I myself would ask the person that she can make payments but not get the mini till he/she is paid in full and the cheques all clear with no troubles that is if the breeder has never delt with this new buyer before - if she has delt with her then I would still ask for half and have them sign a contract for the rest and hold the papers till all paid. Just my 2 cents

 

[Songcatcher]

I would say the answer to your question depends on a number of factors. If you know or have had business with this person before. Is this person local? in state? out of state? If a local person writes you checks that will not clear, you have some recourse. If out of state, it can be MUCH more difficult. If you have dealt with this person before and trust them, go for it. If you know nothing about them, an ounce of prevention is worth a pound of cure.

 

[Frankie]

Just please note, when a horse crosses state lines,,,,,,,,,,,,,,,LAWS CHANGE!!!!!!!!

 

[Cathy_H]

Let me put it this way - If you can live without the money that you would have gotten when the checks didn't clear then go for it.................. Sorry to dump her in the rotten apple barrel without knowing her but I have seen too many trusting people get taken - us included.

 

[kaykay]

i am very greatful that everyone i bought from let me take the horse before it was paid in full. In fact everyone I have dealt with WANTED the horse picked up even though I was making payments. I also sell on payments and let the horse leave. But luckily everyone I have sold to I know really well

 

[Enchantress]

I've been on both sides of this.

Last year alone I picked up 6 horses on payments, one with post dated checks and a signed contract and the other just me sending in a check every month with a contract. The problem "I" have is transportation. One mare I bought from was more a matter of opportunity..I already had a shipper coming this way and couldn't have afforded to have her shipped up by herself later especially at that time of year. The other 5 (I had purchased from the seller before and paid up front) she felt comfortable enough sending the horses with post dated checks. I too usually volunteer to sign a contract and request the seller hold the papers until the horse is paid because that's what I'd do. Heck, I've even MADE the contract for the seller before and signed it and sent with deposit.

I also have a bunch of postdated checks now from someone local who has a horse out on payments. And I also have a horse out on payments where she sends a check every month. No problems. One was 9 month terms and one was 10 month terms. (Yeah, I'm generous.

I guess a lot depends on the circumstances. I know a lot of people get burned, and so have I, but I wouldn't have a lot of the horses I have now if everything was a prepaid before leaving deal and I know my horses would have missed out on some great homes if I required people to pay up front (one was an x-mas present). It's what you feel comfortable doing and what your gut instinct says about these people.

 

[Sterling]

IMO what good are post dated checks if the funds are'nt there at the end? (I'm not trying to be flip here at all

just stating my opinion in a question.) In buying horses in the past, I have always let it be up to the seller on whether they will let the horse go before or after the complete purchase price has been paid by me. I have also bought horses on a monthly basis, but I know me, and what I can handle as far as monthly payments. I would never ask of a seller to go against her contract or way of doing business by letting them know what "I" was going to do. If the seller wants the cash up front and I don't have it, I either wait until I do, come back and if the horse is still there then good for me. If not, then I look for something else at a later time when I do have the money in hand. (Can you tell I don't relish purchasing horses on a payment plan?) Me personally, I've sold horses and have them paid off before they left the farm....that's just the way I have done it....I hate to say this but I'm not very trusting anymore. Unfortunately hearing the horror stories that some sellers have had to go thru, some buyers spoil it for the rest. So in that frame of mind, I like to have my money sorce or know that it's there before I purchase a horse.

 

[Equuisize]

If you have a farm policy that you've always used, it works for you

and you're comfortable doing business that way...there isn't much

reason to change.... Is it an out of area transaction?

On the other hand the person probably really wants to bond with

that mini as soon as possible.

The first time I sold a horse that way was back in the late 80's.

It was a local person, I kind of knew them, knew their other horses

and it was a great deal for all of us. I used the same method,

one other time and it worked just as well. Both times the horse was

paid off over a year and it was pretty simple to just deposit their

check on an appointed day....

 

[disneyhorse]

I am currently making payments on a horse (on the other side of the country!) that let me take the horse and took a series of post-dated checks. ALL of my horses have been paid for on payments, I prefer to pay like that, and have sold horses like that as well. This current horse was the first I had heard of post dated checks and I was THRILLED with the idea. That way I don't have to pay postage to mail the checks out, or forget to send them... and the seller has my check right there to deposit and doesn't have to wonder "is it in the mail yet?" and keep checking their mailbox.

I just sold a pair of horses using this method. I don't see anything wrong with it if the person has references.

One of the reasons I like to make payments is so I have sort of a "credit" built with different breeders... since I pay my payments on time and such they usually will refer me in the future, so if there's a horse i MUST have but is more than what I have in my bank account, I can tell the seller that I'm good for payments, I have a long list of prior breeders I've made payments to.

Andrea

 

[Lisa-Ruff N Tuff Minis]

I would have no problem with it, but I sell many on payments and they take the horses 90% of the time. I would love the post dated checks, personally.

I am in total agreement with Tony and have and will continue to sell on payments with or without post dated checks and .. they take the horses when they are ready.

I have bought from many a farm this way as well

In this market with so many minis to choose from it really helps to be willing to work with clients

 

[Minimor]

I have paid with postdated cheques, but haven't expected to take the horses home before the last one cleared. Having said that, one seller did deliver the horse(s). But, she lives only 50 miles from here and I was a repeat customer, so she felt fairly safe.

I have let a horse go & the buyer delivered cash payments every 2 weeks. I did ask that if there was a problem to please let me know in advance so that I wouldn't be counting on getting the money on time. Happened twice, & I did not get advance notice---main thing, though, I did get the money.

On the other hand, I do know others that have gotten stung by accepting post dated cheques & letting the horse go--and in most cases it isn't something I'm comfortable with doing. Depends on the "feel" I get of the person, and of course I could be wrong on my impression. Interestingly enough, I find the people who openly say that money is tight & they can't pay a lot at a time tend to be the honest ones. If money seems to be no issue & they will write out the cheque at the drop of a hat, and/or they talk "big" about what they can afford to buy/have bought--those are the ones that have the cheque bounce. Those that actually have the money are the ones that haggle the most and try the hardest to get you to drop down to a ridiculously low price--such a low offer that it's insulting really. Obviously those "rules" don't hold true in every case, but by my observations that's the way it is a large percentage of the time.

As a side note--I thought that in the US post dated checks no longer had any validity--by that I mean I thought if you gave post dated checks to someone & they chose to cash them all at once, the bank wouldn't question it. The checks would get cashed, & you'd be out the money all at once? I have no idea if that is true, obviously, since I'm not in the US, but it's a topic that was being discussed on another BB & that's what people were saying. Here in Canada the clearing centers still check for post dated cheques, but in the US they don't? Something to check out if you are the one giving out post dated checks anyway.

 

[HGFarm]

Yes, I read that collection agencies have been noted for asking folks to send them post dated checks and then they cash them when they get them anyhow.... I dont think they are illegal, but a check is only worth something if the $$ is in the account.

Another experience we had, was not with a horse, but with some training equipment that we loaned to some folks who only lived 4 blocks from us. They seemed like nice folks and had a new baby born the same day as my daughter. We had called and left a couple of messages and then drove by one day- and that place was EMPTY- horses, house, etc.. and our stuff with it. They had been there only days before with NO signs of moving. So, sometimes being close by doesnt mean anything either.

I have heard of horror stories that horses were sold - the person didnt pay, resold the horses and promised papers (which never came) - who knows where they end up.... a big mess.

I have had many buyers that were WONDERFUL and were glad to give me references, which I checked... they did everything they were supposed to.... but that last experience really soured me on the POA that I sold. Now I am much more careful and leary.