Selling on Payments

[PAS Hercules]

I have purchased on payments and sold on payments, I will only let a horse/weanling leave my property if the buyer is in state and if I know them, I DO take payments and offer free board until paid off, as long as all the terms of the contract are kept up

 

[Songcatcher]

I have sold several horses on payments (some to members of this forum) and have had great experiences for the most part. However, I was fortunate to learn a very valuable lesson on my very first experience. I sold a horse to the east coast (I am in Oklahoma). The contract was very well worded that the horse would not be released until paid in full. One third was paid down and one third was to be paid for each of the next two months with a deadline for final payment. I received the down payment and the first payment on time. The second/final payment did not arrive. The buyer told me her husband had sent it and they would put a stop payment and send again. They told me it was sent again, but still did not arrive. The hauler was scheduled to arrive on a certain date, and I called them and told them that payment had not been received and I would not release the horse until payment was received. I emailed the buyer and told them what I had done. She then replied that she had told her husband to send it, but something had turned up and he had used the money for something else (lies adding up and getting caught up with). She wouldn't have the money for another month or two. We had specific dates due in the contract and I had reduced the price if paid for by a certain time. She was WELL past the agreed upon date so I made her pay the original price plus board after the agreed date. I finally did get my money and I released the horse to the second hauler she contracted. I mailed her the papers after she sent payment for board. I really feel like I would have never got my money if I had let the horse go before receiving final payment. The hauler had to sue her to get his final payment.

On the Studbook Online, after the owners name, it now says "Moved - No Forwarding Address".

I have only bought one horse on payments (although many have offered me payment plans). I had bought other horses from this seller previously and even though I could have paid for it immediately, decided to make the payment just to establish the credit. I bought a mare and filly with the filly's application not yet sent in. It was agreed that I would pay the balance (not quite half of the total price) when I received the registration papers. I brought the mare and filly home (approximately 500 miles) sent in the application, got the papers back in about a month, and sent the payment.

 

[Candleliteranch]

Thank you all for taking the time to reply and share your experiences. We have only taken payments twice in the past and got screwed both times. Needless to say both buyers have unregistered horses. I've been talking with this prospective buyer for a couple months now and do feel comfortable taking payments from her.

Thanks again

 

[wantminimore]

I've bought all of my minis on payments/trades. Two were from a friend that lives 10 min. away and there was no contract. A mare with foal I bought on payments from a lady in the same state and there was a contract and I got the two before they were paid for, I did put a down payment on them.

The last one I got was a trade and I was very nervous about this transaction. It was sight unseen over the internet and a long ways away. After a lot of emails we agreed on what was to be traded (tack) and she sent me the contract to sign and I sent her the stuff and after she got it then the horse was to be sent to me which he was and it all worked out fine but it was the first out of state buy for me.

 

[midnight star stables]

I have purchased on payments and sold on payments too

 

[sdmini]

I've not bought on payment but I have sold on payments. To the rest that do sell on payments what is your longest time period you will allow.

 

[Songcatcher]

I've not bought on payment but I have sold on payments. To the rest that do sell on payments what is your longest time period you will allow.

That really depends on the animal and the circumstances. The animals I have sold were either bred mares or foals. The longest I have had payments set up for so far was 3 or 4 months. However, if I were selling a stallion that I didn't mind keeping around and using for a while, I would be more than happy to set up longer payments.

 

[REO]

Ditto Songcatcher

 

[Echo Acres]

I bought my first mini on payments. If she wouldn't have allowed me to do that, I would not have been able to buy him. I was from out of state. I put a down payment and then had so long to pay him off. I was able to pick him up and take him home, but not given his papers till paid in full.

I have also accepted payments and have had decent luck. Right now accepting payments on a couple, we will see how it turns out.

I agree, I think you have to "feel" each situation out and determine what type of feeling you get from the people. Sure bad things might happen, but I think for the most part it will work out okay.

 

[Knighthawke]

I sell on payments and have 4 out now.

I will sell foals on payments a lot and then people can have them payed off by the time of weaning.

If it is an adult I will let them go with a deposit. I do have a contract and most I will allow the person to pick payment date, and amount. I usually get $200 down and them monthly payments of $100 to $200 depending on the price of the horse.

I do have in my contract that if the payment is late by 15 days that there is a late fee of $20.00. I tell people I understand that things happen if you cannot make a payment just please call and let me know. DON'T LEAVE ME HANGING!

I recommend insurance for all horses but require it on horses over $1000.00

I do state in the contract any guarantees like if the mare is in foal that I will give a LFG or if it is a young mare that I will give a free breeding. EVERY THING IS IN WRITING.

I do have in my contract if the person stops payments I can reclaim the horse. AND any money already paid is FORFEITED!!

I keep the papers until the horse is paid in full. I do have I will supply a lease contract for showing if needed.

I have not really been burned yet. I had one person last year that bought a mare she was close by that the gentleman lost his job and could not make payments. I told him I would work with him on reducing the payments for waylaying 2 payments but he wanted the best for the horse so he gave it back and was going to pay the months payment that he owed for that month. I told him don't worry about it we went and picked her up and resold her no problem.

I think you need to know the people really well too.

I have not sold horses on payments more than 300 miles away, I would be a little more leary if they were 1/2 way across the us.

Barb

 

[SampleMM]

In the past I have sold horses on payments. I have only been taken advantage of one time and I refuse to let that one bad egg keep me from helping people out. However, I do prefer to keep the horse at my facility until it's paid in full, but I must admit I'm a sucker for a youth and will do whatever I can to help them.

 

[Knighthawke]

What do people do about keeping them until they are paid off. Do you charge board??

 

[Cavallini Farms]

I have bought and sold horses on payments. I make the deposit non-refundable, although I don't ask buyers pay a huge amount into the non-refundable part. Usually 5 - 10% is all.

I do charge board, $50 a month just to cover feed and care. I do put in the contract that should the horse become sick or injured, it will be the buyers responsibility even though the horse remains on my property until paid for.

No one can predict the future, and things do happen, job loss, illness, etc. I have not had anyone back out of a purchase yet, but I understand that things happen so I do not count the money as mine until the horse is paid for.

Unfortunately I just had to back out of an expensive purchase for the first time due to a new threat of job layoffs in my husband's company. Scary times, right now, but this too shall pass...

 

[Charley]

I tried payments once. I think the problem was the way the contract was written. I did not use dates but days past. So the first three payments were made a few days late each, this pushed the final payment about two weeks later than anticiapated. Then the day for the pick up was stalled more when the fourth payment was not made. I was not charging board so I felt very taken advantage of. I finally sent a check for the total of the payments made to the buyer and kept the horse. I still have her. I would never do payments again. Some people just take advantage of others and I choose not to put myself in that situation again.

 

[Margaret]

I understand the trying times that we are in,

and since their is no reason to not be flexible with a buyer that is taking two of my horses, making things as do-able as possible is really what Ive chosen to do.

I am keeping her two foals that she is making payments on, as long as she needs me to, since I have plenty of hay and really love taking care of them for her..

Yes, I trim their hooves, and make sure they get their grain, and give them lots of love too.

( I actually enjoy having them here, and consider it a privelidge to take care of them)

She has allready more that half paid for them, so what good does it do me to put the thumb screws on her durring these trying times?

I did not set a contract for her, so really she can set up her own payment terms and really she wants them as soon as she can get them paid off. (who wouldnt?), so I know shes doing her best.

It is a buyer/ Seller trust relationship. ( Yes they still exist!)