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Red Bull Agressive
Posts: 5981
   
Location: North Dakota | I have a horse for sale and I finally had someone contact me that is interested and may be a good home. The only issue is they said they'd have to make payments. I'm fine with accepting payments, my only concern is that I am boarding the horse and would prefer not to have to keep paying for her while waiting for them to finish paying. I don't want to send her over there though, and risk them not finishing the payments. I'm just not sure what the protocol is in this situation? If you have personal experience please share! |
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 Not Afraid to Work
Posts: 4717
| I would make them pay board on top of payments if it were me. How many payments? |
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 Professional Amateur
Posts: 6750
Location: Oklahoma | Horse Purchase Agreement needs to be in place with the payment terms and the amount of board that will be paid during the payment term.
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Extreme Veteran
Posts: 428
Location: God's country | I did this on a horse and made a very good friend out of the deal. However, I realize that this could turn into a bad situation just as easily. I made up a contract and specified the number of payments (3) and that if not paid on time the horse would be taken back by the owner and I would forfeit the payments I had made. I took out insurance on the horse and had her listed as loss payee until the horse was paid in full. I treated her better than my own and had no desire to take advantage of anyone so it worked out fine. Good Luck!
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  Northern Chocolate Queen
Posts: 16576
Location: ND | I wouldn't do payments unless I was selling to someone who I know well. So many things can go wrong. You are not asking a lot of money for your mare, I'd have a hard time taking payments. |
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Tried and True
Posts: 21185
Location: Where I am happiest | Tell her your not a bank. They can go to their bank and get a loan. |
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 Elite Veteran
Posts: 678
Location: Canada | My thoughts:
They need to pay board/farrier/deworming and all vet fees from day 1 onwards
You need to have a contract with specified payment dates and the disclosure if they fail to meet those dates they forefit all monies. Include horse is sold as is with no warranties.
Insurance needs to be taken out on the horse and you list as owner.
I wouldn't let it go over 2 months for payments.
Best of luck |
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 Neat Freak
Posts: 11216
Location: Wonderful Wyoming | Let me tell you my story. I sold a yearling gelding on payments and signed her contract back in July. Horse was to be insured and regardless of whether this was carried out, he was to be paid in full in the event something happened to him. Horse was to be paid off in Sep. Don't hear back and no other payments were made. Wait around for shipping and in the meantime I never charged a dime for horse care or feed. Start to nag to get final payment in Oct and get a shipment date found. Check comes, I cash it in town, get a call later that the horse had an accident and died, literally was supposed to ship that weekend. I call, horse isn't insured. She cancels the final payment and now I am having fun dealing with her through a lawyer as this is a horse I could have easily sold for that same amount anytime between July and Oct 31st. I am not a bank and will never EVER take payments for an older horse again. It actually grosses me out that someone that has her place in society thinks you can do a contract with someone and because you screwed up and neglected to insure, that you won't hold up your end of the deal. |
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Industrial Srength Barrel Racer
Posts: 7268
| I took payments on a horse I sold for only $1000 - took me well over a YEAR to get it all. Tell her to GET A LOAN. |
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 Extreme Veteran
Posts: 331
Location: Loma Linda, CA | I make payments on just about everything. I have the money, just not the upfront money and have never had any issues.
I've also let people make payments to me and never had any issues, but the horse stays on the property, I keep the car title etc.
Right now I am looking at a cow bred 6 year old mare that I am asking my ranch that I work at to let me feed lease or consider a lease to own on her. She is started, but has some quirks that their last ranch hand did to ruin her and I want to fix them and make her my other barrel horse. They want $3500 for her so I am offering the feed lease + $200 a month to pay her off in a year and obviously she stays on their property. It's where I board and work so it would work out, but since my employers main horse is off for another month she won't give me an answer till her vet clears her main horse otherwise she is going to use the one I want :P
But I've also bought a lot of stuff from them on payments and always finished paying so I have a good track record with them :P
As far as a boarding situation, they pay board + payments. |
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Tried and True
Posts: 21185
Location: Where I am happiest | Phxbarrel - 2014-12-09 7:41 AM I make payments on just about everything. I have the money, just not the upfront money and have never had any issues. I've also let people make payments to me and never had any issues, but the horse stays on the property, I keep the car title etc. Right now I am looking at a cow bred 6 year old mare that I am asking my ranch that I work at to let me feed lease or consider a lease to own on her. She is started, but has some quirks that their last ranch hand did to ruin her and I want to fix them and make her my other barrel horse. They want $3500 for her so I am offering the feed lease + $200 a month to pay her off in a year and obviously she stays on their property. It's where I board and work so it would work out, but since my employers main horse is off for another month she won't give me an answer till her vet clears her main horse otherwise she is going to use the one I want :P But I've also bought a lot of stuff from them on payments and always finished paying so I have a good track record with them :P As far as a boarding situation, they pay board + payments.
Thats a good idea getting their car title to hold as collateral. |
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Veteran
Posts: 127
Location: Kansas | I have taken payments on a couple I have sold. I usually get half down and the other half when they get the horse. I never let it go longer than 2-3 months and the horse stays with me until it is paid for. If it is a colt that is waiting to be weaned then I generally don't charge board but a horse that I am feeding in a pen or stall I charge board on. |
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 Good Grief!
Posts: 6343
Location: Cap'n Joan Rotgut.....alberta | thats what banks are for........i was asked once back when i thought i might sell a horse..lol................and that was my reply....
m |
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 Ima Fickle Fan
Posts: 3547
Location: Texas | When I was young and just out of college, I wanted to get a horse and have something to ride. I found a lady who would take payments.... Then I got a dose of reality. I know this isn't true for everyone, but the reality is that I really couldn't afford a horse. The cheapest part is the purchase price. The best thing to happen to that horse and lady was that I didn't try to make payments.
I am in a better place now from a financial standpoint, and IMO, payments are not a good idea. Too many things can go wrong. If you believe in the idea of "You break it, you buy it," too many things can go wrong while you're getting payments.
I'd pass and wait for another buyer.
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 Cute Little Imp
Posts: 2747
Location: N Texas | Taking payments is totally your call. Sometimes it works out, sometimes it doesn't. To answer your specific question about board, the buyer needs to pay that until the horse is paid in full and they pick it up. You shouldn't have to pay any care on that horse while you're waiting to get all your money, because there's someone else out there that will come up with all the money up front. If they don't like that, they can get a loan at a bank.
Basically once the contract is signed, you should have zero out-of-pocket expenses for the horse. |
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 Expert
Posts: 3782
Location: Gainesville, TX | There are bad and good stories here. I just finished doing two payment plans with people, one lady in KS and another in Canada. One was on a weanling for a decent sum. I wasn't going to wean until September anyway and she wasn't going to be able to pick it up until this Friday. We have plenty of pasture and the weanling doesn't eat much anyway. I have had no troubles and the weanling is insured. The same occurred for a girl in KS. I took 4 payments. It was just a broodmare so I kept her out on pasture. Same story. Horse left this weekend.
It's not all bad. You just have to cover yourself well with a contract and very upfront payment terms. |
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 Midget Lover
Location: Kentucky | aggiejudger - 2014-12-09 11:48 AM When I was young and just out of college, I wanted to get a horse and have something to ride. I found a lady who would take payments.... Then I got a dose of reality. I know this isn't true for everyone, but the reality is that I really couldn't afford a horse. The cheapest part is the purchase price. The best thing to happen to that horse and lady was that I didn't try to make payments.
I am in a better place now from a financial standpoint, and IMO, payments are not a good idea. Too many things can go wrong. If you believe in the idea of "You break it, you buy it," too many things can go wrong while you're getting payments.
I'd pass and wait for another buyer.
I had the same thing happen to me. I bought a horse on payments because I was just out of school and thought I could do it all. Not so. |
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Expert
Posts: 2685
| I have sold 2 horses on payments. Both were great experiences that happened with great people. I let the horse go with the person both times. One person was a "stranger" that I signed a contract with that also had a second person signed that said if the buyer failed to make the payments, that person was responsible. It just so happened that signer #2 was the dad of signer #1 and owned a large oil business. Had I of thought they couldn't afford the horse, I would not have done it. It was a dad letting his daughter buy her own horse. She did very well paying the mare off. The other horse sold was to a good friend of mine that also had a very good job.
I have bought 2 horses on payments. I will agree that it is much harder than it sounds. I got both done. I was able to pay off the more expensive horse much faster than expected and the cheaper one much slower than expected but it was the 2nd horse I had bought from those breeders so they were very good to me. It was just 2 very different times in my life.
I will not tell you what you should do. I will probably never let another horse go off of my property without being paid in full and just charge board but I have had 2 very good experiences doing so... I think it depends on WHO your selling to and its hard to judge a book by its cover to know exactly who it is you are selling to. |
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 Member
Posts: 49
| I bought a horse 2.5 years ago and was lucky enough that the girl let me make payments. The purchase price was $5,000. This is my first real barrel horse, and the most i have ever paid for a horse. We made a contract, I paid $1,500 down payment and 300 a month for a year. When I brought the down payment, I was able to take the horse with me, and when he was paid off I was mailed his papers. I feel that I have gained a lifelong friend from this. However I sold a "friend" a little 2horse trailer for $800 and we agreed on payments. She had "bills" come up and was supposed to pay $100 per week and when the trailer was paid off then she could pick it up. She proved that she was not a loyal friend and did not stick to her word as she did not pay me for almost a month. If you do accept payments just be cautious. Not all people are loyal and trustworthy |
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Extreme Veteran
Posts: 302
| I have made payments on many weaklings, and babies in the belly, it's a great situation for me and for the seller, of course it is individual what the seller requires for insurance, usually they insure the baby until it has left their property, of course with a full grown horse, this situation can get really unclear, I would have a start and end date, and collateral or a no pay no refund deal and some sort of insurance agreement |
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 I'm Cooler Offline
Posts: 6387
Location: Pacific Northwest | I've only done payments on a horse once, and if I was buying from someone I didn't know or wasn't VERY close with I would probably take out a loan to avoid payments.
In my case, I was leasing the horse from a very good friend, and had been for 2 years (she was at my house). So when I bought her I gave them a down payment, we worked up a contract that stated when I had to have her paid in full by, and that's what I did. |
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Blessed 
Location: Here | SaraJean - 2014-12-08 8:01 PM I wouldn't do payments unless I was selling to someone who I know well. So many things can go wrong. You are not asking a lot of money for your mare, I'd have a hard time taking payments.
I agree |
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 Ms. Marine
Posts: 4641
Location: Texas | Unless I knew the person very well and trusted them, there would be no payments. |
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 Too Skinny
Posts: 8009
Location: LA Lower Alabama | I would worry that if they didn't have the chunk of money up front to purchase then they wouldn't have the chunk they would need in an emergency so the horse would probably be better off waiting til they either save up the total or get a loan. |
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Making Payments on a Horse?