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Elite Veteran
Posts: 1165
  
Location: California | I have an Arabian made I am trying to sell and wanted some opinions. If you have done a payment plan what do you do if they can no longer get the horse? Do you state in the contract that payments are not refundable or do you refund?
IF I do a payment plan the made will stay with me until she is paid off and I will have a contract drawn up. |
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 A Somebody to Everybody
Posts: 41354
Location: Under The Big Sky Of Texas | Money not refundable. I did this years ago took a payment of 500 and then never heard from them again. And this was like 10 years ago. |
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Elite Veteran
Posts: 634
| I took payments once and I will never do it again. Thankfully the horse stayed with me, so eventually it worked out but it took them 6 months longer than it should have to pay for the horse. It was a pain to deal with and it is something I'm not interested in dealing with again. Good luck if you do it though, hopefully you'll have a better experience than I did. |
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 No Tune in a Bucket
Posts: 2935
Location: Texas | If they repo your car, they don't refund you any money. Same thing. |
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 Strong Willed Woman
Posts: 6577
Location: Prosser, WA | You need a paid by date in the contract, they should also pay for feed and all payments made are nonrefundable. |
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"Heck's Coming With Me"
Posts: 10797
Location: Kansas | If they can't pay you for the horse up front then they didn't need the horse to begin with. They needed to spend the money on food or rent. Every time we've sold something on payments it took forever to get paid and ended in anger. |
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 Extreme Veteran
Posts: 425
Location: California | I made payments on my colt. I put like $1250 down (total $6500). The deal was that I'd him paid in full in 6 months worth of time. There was a contract in place (not super legit), and they trusted me to take the horse after one month. I paid about $900 ish a month and once he was paid, they sent his papers.
I got super lucky on that deal though. But there was no return of payment if I were to back out. They had all my info so they could track me down if needed. It wasn't the greatest contract, but still something signed on paper. |
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 Expert
Posts: 1898
| Frodo - 2016-04-08 1:04 PM
If they can't pay you for the horse up front then they didn't need the horse to begin with. They needed to spend the money on food or rent. Every time we've sold something on payments it took forever to get paid and ended in anger.
I have to disagree with this. I think there are a lot of people who have the means to feed and care for a horse that is in their possession but can't afford a big price tag. Me for one. So, I got an unsecured loan from the bank and made payments to them.
If they can make payments to you than they can make payments to the bank. You get your money up front, they might have to pay the bank interest but they can make their payments to them instead. It takes all the responsibility off of you. If the bank wont loan them money on credit, I wouldn't take their payments either.
I would not get involved in payments whether I knew the people or not. Money can make friendships sour in a hurry. And if you don't know the buyer you don't really know their trustworthiness. Even if they give you references it's still sketchy in my mind. People who do not intend on making payments on time, or at all probably also have sketchy friends who would lie about how honest they are.
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Expert
Posts: 1446
Location: California | ccarpe18 - 2016-04-08 11:53 AM
I made payments on my colt. I put like $1250 down (total $6500). The deal was that I'd him paid in full in 6 months worth of time. There was a contract in place (not super legit), and they trusted me to take the horse after one month. I paid about $900 ish a month and once he was paid, they sent his papers.
I got super lucky on that deal though. But there was no return of payment if I were to back out. They had all my info so they could track me down if needed. It wasn't the greatest contract, but still something signed on paper.
I did the same thing. Recently have bought two horses on payments. Horse came with me, but they kept the papers and I made on time monthly payments. However all care feed etc was my responsibility, and if said horse passed away, I would still owe the balance in full. This was however with local people. |
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Expert
Posts: 1446
Location: California | cyount2009 - 2016-04-08 12:11 PM Frodo - 2016-04-08 1:04 PM If they can't pay you for the horse up front then they didn't need the horse to begin with. They needed to spend the money on food or rent. Every time we've sold something on payments it took forever to get paid and ended in anger. I have to disagree with this. I think there are a lot of people who have the means to feed and care for a horse that is in their possession but can't afford a big price tag. Me for one. So, I got an unsecured loan from the bank and made payments to them. If they can make payments to you than they can make payments to the bank. You get your money up front, they might have to pay the bank interest but they can make their payments to them instead. It takes all the responsibility off of you. If the bank wont loan them money on credit, I wouldn't take their payments either. I would not get involved in payments whether I knew the people or not. Money can make friendships sour in a hurry. And if you don't know the buyer you don't really know their trustworthiness. Even if they give you references it's still sketchy in my mind. People who do not intend on making payments on time, or at all probably also have sketchy friends who would lie about how honest they are.
Thank you for posting that. |
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Go Get Em!
Posts: 13503
Location: OH. IO | Remember...CONTRACTS MEAN NOTHING IF YOU DONT HAVE MONEY FOR AN ATTORNEY. |
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 Veteran
Posts: 189
| I have made payments on just about every horse I have bought. Normally its half down and paid off with in a certain time frame. Just because I dont have all the cash setting around does not mean I dont or cant care for my animals. I know my budget and I stick to it. I dont commit to buying something I know I cant afford. With that being said..I have also accepted payments on horses as well. However any money paid toward the horse is non refundable..both ways..whether someone is making or receiving payments. A contract wont make someone pay...but you may have some recourse in a court situation..Go with your gut. Dont be afraid to ask them for references.I have references from people I have made payments to in the past so that helps perhaps..plus I take very good care of my horses. |
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Elite Veteran
Posts: 1165
Location: California | Thank you everyone! I do now how sour these situations can turn out. I figured nonrefundable but always nice to get opinions! I am not advertising her with the option of payments. I will only do it if the right fit comes along and they have at least half down. There would be a "paid by date" and if not paid mare goes back up for sale. No if ands or buts about it. It would be a very detailed contract and motorized. I bought this mare on payments. I could afford her care but the lump sum wasn't as simple. I put half down and broke the rest into a few payments. Mare stayed with the owner and I paid her feed. |
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 I'm Cooler Offline
Posts: 6387
Location: Pacific Northwest | I did payments on my current mare but I bought her from a close friend. We still had a written contract of how much money down I was doing and the deadline of when I had to have her paid off. I think I did $5,000 down and had 6 months to pay the rest off. |
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Accepting payments on a horse....