Selling horses on payment in PA - Page 2 - The Horse Forum
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post #11 of 20 Old 11-01-2011, 12:49 AM
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I bought my second horse on payments. But the lady I bought him from was the barn owner I was boarding with, so I think she felt she could keep an eye on him.

Actually, when I first asked about him she refused to do payments, but after trying to sell him for a little while she came back and said she would do payments. So I did payments and payed board on the horse at the same time. Worked out great for both of us.

But, it is definitely risky. I don't think I would ever sell a horse on payments. Of course I would never sell one of my horses either. If I had to part with one, I would rather give it to the right person. But I have trail horses, not valuable breeding or show stock. So it would mean more to me to find them a good home than trying to sell them.
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post #12 of 20 Old 11-01-2011, 12:57 AM
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Quote:
Originally Posted by Saddlebag View Post
if a buyer has to make payments they can't afford a vet bill or farrier .
Not so, I could not afford the payment outright for Alto, and the shipping to get him home all at once, being that I could get 100 trims for the cost of the horse, and making payments also allowed me to keep my vet emergency money untouched.

It really annoys me when people keep repeating that old chestnut, it MAY be true SOME of the time, but not in every case.
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post #13 of 20 Old 11-01-2011, 01:10 AM
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Quote:
Originally Posted by Golden Horse View Post
Not so, I could not afford the payment outright for Alto, and the shipping to get him home all at once, being that I could get 100 trims for the cost of the horse, and making payments also allowed me to keep my vet emergency money untouched.

It really annoys me when people keep repeating that old chestnut, it MAY be true SOME of the time, but not in every case.
I agree, If I was looking for another horse I wouldn't be able to spend over a certain amount because I would be unwilling to dive into emergency funds that are already reserved for vet bills....farrier and ect. I make plenty a month to pay for the normal bills and to put little more into savings each paycheck. I would think payments would be a good option.

I sold a horse once with out people giving me a full price, more of a deposit on trail loans. The first person that tried him paid me 25% of the agreed upon selling price, which I returned to her when she decided they didn't match well. The second person also put down 25% that I held onto until they said they wanted him, then they paid the other 75% a month later. I had a one month lease contract, that they had the option to buy once it was up. There were no payments in the lease but a $500 deposit.


Want to know the story? From The Start? It is a work in progress.
The $25 horse I didn't want.
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post #14 of 20 Old 11-01-2011, 06:55 AM
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I have bought on purchase plans and brought the horse home before it was paid off. But I trust me. LOL
Would I do it? Maybe. If I needed the horse gone for herd issues or lack of ability to care for it, I would ( with good refrences). If the horse was no problem and it didnt need to go, I wouldnt. It would also depend on the horses worth. A $20,000 show horse, NO. A $500 4-H horse, yep.
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post #15 of 20 Old 11-01-2011, 06:59 AM
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Originally Posted by Joe4d View Post
I'd suggest they try a bank or credit card company. If they have good credit and income the bank will give them a loan, If they are jacked up the bank wont. Think about it. If a bank, with lawyers, contracts ,collection agencies and repo men on the payroll wont loan them money, why should you ?

The person that needs a loan thru a bank, should pick a more reasonable horse. A bank note for a horse, that is more irresponsible than asking the breeder to give payments. Thats the horse that will end up in danger.
What a rediculious thought.
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post #16 of 20 Old 11-01-2011, 07:00 AM
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Quote:
Originally Posted by Joe4d View Post
I'd suggest they try a bank or credit card company. If they have good credit and income the bank will give them a loan, If they are jacked up the bank wont. Think about it. If a bank, with lawyers, contracts ,collection agencies and repo men on the payroll wont loan them money, why should you ?

The person that needs a loan thru a bank, should pick a more reasonable horse. A bank note for a horse, that is more ignorant than asking the breeder to give payments. Thats the horse that will end up in danger.
What a rediculious thought.
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post #17 of 20 Old 11-01-2011, 08:44 AM
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whats the difference in a bank note or a private loan ? It is still borrowing money to buy a horse. Not very sound financial management. But as a seller if someone wanted to buy a horse on credit I would send them somewhere that is professional and has the legal resources at their disposal to deal with problems if something goes wrong.
Making payments on a horse that stays on the sellers property until paid off is more like a layaway plan and not really what the OP asked about.
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post #18 of 20 Old 11-01-2011, 01:23 PM
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Quote:
Originally Posted by SaddleDragon View Post
The person that needs a loan thru a bank, should pick a more reasonable horse. A bank note for a horse, that is more ignorant than asking the breeder to give payments. Thats the horse that will end up in danger.
What a rediculious thought.
*Le Sigh*

There is a world of difference between buying a nice family trail horse at a $1000 give or take, and yes you should save up.

When we are talking about breeding stock then it may not be possible to afford the quality that you want all at one go, and we are all agreed that you shouldn't breed grades or poor horses. That's why I paid installments on my stud, some people sink their money, and someone elses in a mare.

I would imagine that a lot of competition horses are paid for with borrowed money one way or another, it is more of a business deal than a pleasure purchase.
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post #19 of 20 Old 11-01-2011, 02:01 PM
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It would have to be an "isolated" situation for me to sell on contract and the horse wouldn't leave until final payment. I bought a horse on a payment plan along time ago, paid $7500 for her. The seller let me take her home right away. After about 6 months I told the seller I wanted to pay her off which was a good sum sooner rather than later. The seller was "funny" about her papers be readily available. My gut went hmmmm, after a little research(lesson well learned)this filly's dam wasn't paid for. I contacted the legal owner of the filly's dam and she said if you pay me you will get your papers. If you don't you won't. The woman who purchased the filly's mare was in major debt to this woman. I said ok, so I dropped a check in the mail and within a week I had my papers. I was young but I learned a valuable lesson.
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post #20 of 20 Old 11-01-2011, 03:55 PM
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I think it really depends on the situation and the cost of the horse. If I was trying to buy a horse for $1000, I'd fully expect the seller to laugh at me if I asked for a payment plan. However, I can appreciate that a lot of finished, great horses cost a lot more than that. If I was looking at a 10K or 20K horse, I'd ask about a payment plan, but would definitely understand if the seller required the horse remain at their location until paid in full.

When I was selling my gelding, I had him listed at $400. I had a very interested family show up to look at him, but they wanted to pay me in monthly installments of $100 or $200. Right away, red flags started going off -- if they couldn't afford the $400, how on earth would they afford to have his feet done or his teeth floated? Heaven forbid they need both done in a single month!
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