Do you offer payment plans

[Little Wolf Ranch]

Hello,

What we do here is a 25% down payment and atleast a $100/month payment, depending on what they can afford. Foals getting weaned have free board but if they are weanling age and up, it's $30.00/month board fee which includes grain, supplement (if needed), hay, water, shelter & hoof trimmings if needed as I am my own farrier. No matter what though, no horse leaves my property until paid in full. Also, the 25% deposit is non-refundable and the payments are only non-refundable if I back out of the sale for whatever reason. If they back out, they waive the money already spent since I have taken the horse off the market for them.

That's the only way I can be sure that I get my money in full without losing the horse in the process to a new owner "disappearing".

Easy enough I guess - in theory!!

 

[Minimor]

Also, the 25% deposit is non-refundable and the payments are only non-refundable if I back out of the sale for whatever reason

Just curious....I'm sure you meant that the payments are refundable only if you back out of the sale...but if you should back out of a sale for some reason, would you not then refund the down payment as well? I sincerely hope this is the case.

 

[Little Wolf Ranch]

No, you read correctly. All deposits are non-refundable for sales (of any kind - live animals or not), stud fees, etc. no matter who backs out of the sale. This is the case with stud fees and sale items.

With STUD FEES - I only offer two public stud fees per stallion per year. I have had people reserve two years in advance (which is currently the case on my youngest stallion) so I do not advertise that stallion as having bookings available when he does not. The 25% deposit is paid along with a contract signed stating that the deposit is in no way refundable as I have taken the stallion off the market for breeding and the deposit is my compensation. I never ask for the breeding to be paid in full and won't take any extra money except the deposit so I never have to worry about holding onto the money incase they do back out. HOWEVER - I have to have a REASON as to why I backed out - ie. the mare had a positive coggins, extremely poor condition, contagious health conditions, etc. Not just "I decided not to". With SALE ITEMS (live animals or inanimate objects) - I take the 25% non-refundable deposit and the deposit works the same way as I have taken said item/horse off the market and the deposit is my compensation incase someone backs out, etc. Also, I CANNOT back out of the sale because "I decided not to" I have to have a REASON - poor living conditions in new home (homes ALWAYS get inspected either by myself or another breeder who lives nearby and I respect their opinion), animals in new home that are not being properly cared for, noticed cruel handling practices while here or handling another animal, etc. Something that would be detrimental to my horse for sale.

If in any case that "I decided not to sell/breed" (ie I decided my stallion will show this year instead or I decided not to sell that horse afterall, etc.) then of course I will refund the deposit in full either by money order or check, however they wishes.

 

[RockRiverTiff]

We've only sold on payments a handful of times, but we've never had a problem. I generally require 25% down with the remainder due in six months or less. My contract says the deposit is non-refundable, but if the sale was terminated due to a real emergency, I would readily return it. The horses don't leave the farm until the final payment is received, but I don't charge board during the contract period. Under normal circumstances I don't offer payments under $200/month because it's my feeling that if the buyer doesn't have that much extra money temporarily I would worry about their ability to offer the horse proper care long-term or in case of an emergency.

 

[Magic]

I sell horses on payments quite often, and currently have several horses being sold under contract on time payments right now. I haven't had too many problems with taking payments but I do see the need to tweak my contract.

I've bought many of my horses on payments over the years and very much appreciate being able to do so.

 

[Minimor]

wow, Katie, do you specify all that in your sale contract? I would suggest that you need to be careful with that one. I also say 'non-refundable deposit' but if I were the one to back out of the deal on a horse I was selling, I would refund that deposit. I know that I wouldn't buy anything from anyone that I knew might back out of the sale and not refund my money in full.

What it comes down to is you could check someone's place and decide that you just don't like one particular thing, and use that as an excuse to back out of the sale. Do that 3 times over and you'd have collected a good chunk of change on a horse that is still in your ownership. Or someone goes to load the horse & gives it a clap on the rump with their hand so that it hops into the trailer...you can claim cruelty and take the horse back without giving back all the money. I can see you being taken to court over something like that sometime.

However you do it is certainly up to you, but I do hope that you're completely clear to potential buyers about the possibility that you could decide to back out of the sale & if so they won't get all their money back. I know people that were mad when a seller backed out of the sale and did refund all the money, so I can say for sure they'd have been totally steamed if the seller said sorry, I'm keeping the horse AND some of your money!

 

[Margaret]

I have paid for a horse with the payment plan method and sold one that way locally..

Both times the horse was allowed to stay with the buyer until paid off.

The key is to write up a payment plan, have both parties sign, and retain the registration paperwork until the horse is paid for.

Keeping back the paperwork is an incentive for getting the horse paid off.

Of course doing it this way there is no guarentee for missed payments, or a longer payment plan that origionally projected.

With the last horse I purchaced, the paperwork was sent to me before the horse was paid off, but that was based on a friendship that was based on trust.

 

[Coventry Lane Farm]

Keeping the registration papers until paid in full doesn't always work .....I found that out last year with the so called breeder located in Vermont, she sold the horse out from under me without the papers as a pet so she could buy her daughter a new riding horse and whomever that person is that bought the filly has no clue that the seller didn't even own the horse and what she was up to doing. Some people don't care about the registration papers when buying horses, so sometimes that doesn't work at times.

Most people are honest that we do have making us payments every month and if they are having a difficult time with making their payments, we work with them to get thru their hardship and it works out in the end with the exception of one person we had in 2009.

We will continue to offer payments, but under different terms than in the past.

 

[Little Wolf Ranch]

wow, Katie, do you specify all that in your sale contract? I would suggest that you need to be careful with that one. I also say 'non-refundable deposit' but if I were the one to back out of the deal on a horse I was selling, I would refund that deposit. I know that I wouldn't buy anything from anyone that I knew might back out of the sale and not refund my money in full.
What it comes down to is you could check someone's place and decide that you just don't like one particular thing, and use that as an excuse to back out of the sale. Do that 3 times over and you'd have collected a good chunk of change on a horse that is still in your ownership. Or someone goes to load the horse & gives it a clap on the rump with their hand so that it hops into the trailer...you can claim cruelty and take the horse back without giving back all the money. I can see you being taken to court over something like that sometime.

However you do it is certainly up to you, but I do hope that you're completely clear to potential buyers about the possibility that you could decide to back out of the sale & if so they won't get all their money back. I know people that were mad when a seller backed out of the sale and did refund all the money, so I can say for sure they'd have been totally steamed if the seller said sorry, I'm keeping the horse AND some of your money!

It seems as if you need to contact me privately if you would like to discuss further. What I have in my contract is the standards of living and handling that I expect ANY new owner to have (and NO i don't demand 5 star service BUT I am more specific than Animal Control/Humane Societies) along with the explanation of the 25% NONREFUNDABLE deposit. I provide multiple pictures from various angles along with a video of the horse along with the option to come out to the farm and see the horse. I've never had a problem with my contract and I've sold many horses on this contract with no problems. If the potential owners aren't sure - I URGE them not to put a deposit because it will not be refunded if they back out of the sale. Again, contact me privately if you wish.

Also, when I sell horses I keep the horse AND registration paperwork at my farm until paid in full. No exceptions. Also, with the sale of the horses, I also include the appropriate fee for having the horse transferred into his/her name before the horse leaves my farm and I have received full payment. I also register any foals myself and transfer them into the new owner's name upon receiving full payment.