How much down, and then how much a month?
And how would I make a contract to make sure they pay?Someone asked about a payment plan for my horse for sale?
I wouldn't do it. If they are sound people they can borrow from the bank. Let them have the hassle of getting the money from them.
If you do agree to a payment plan, keep the horse with you with them paying livery, until it is fully paid for and charge them interest.Someone asked about a payment plan for my horse for sale?
I'd pass on that buyer.
It's too risky, you could have the best contract out there and if they decide not to pay, it could take years to get your money, and that is if a debt collector can even find them. If they take off with the horse, stop paying and are unable to be located, you will most likely never get your money.
If they really want the horse, they could get a bank loan and pay you up front and pay the bank the payments not you.
When I bought my new horse a month ago I had a payment plan. He was $1500 and I'm paying as much as I can afford each fortnight. It could be anything from $10 to $500, but I've bought him from a friend so she actually trusts me doing this.
You could lease him to them until he's been paid off and then do a transfer of ownership and don't let him leave your property until he's been paid off.
Have them pay as much as they have saved up for the horse as the deposit but have them pay for his feed and let them come see him and ride him when they want to.
I would never sell a horse this way, you are not a bank and if they are financially secure they should have no trouble borrowing the money. There are so many possible problems which would involve you going to court to resolve. What if the horse gets injured and they suddenly decide they don't want it, or they don't pay and you take back the horse to find they have ruined it.
The only way I would consider this is if they left the horse with me until it was paid for in full.
I would keep the horse on your property until they pay. Even if they seem like they're honest people, they could easily run away with your horse (if they have it) and never pay you a penny.
I'd make the payment plan fast and painless. Ask perhaps $500 a month, get it paid for quickly. Or ask them to pay $1000 every 3 months.
But, until they pay, keep the horse with you.
If you want them to sign a contract with the horse with them, make it something like:
(Buyer's full name) is responsible for paying (Your name) (Amount of money per month you decide on). Payment is due at the end of each month. By signing the owner is stating they will pay on time and they will pay the required amount of money. Full ownership will be made when all payments are fully made to total to (cost of horse).
x._________________
There ya go! :)
I'd say $1,500 down, and installments of $500 each month until the horse is paid off.
A contract should look something like this, you may have to tweak it to fit your needs:
http://www.premiumsporthorses.com/forms/鈥?/a>
(You may want to add the part about the payments into the bill, incase you end up having to take the horse back due to it not being paid in full, and keep the horse on YOUR property until he/she is fully paid for- you can charge the people board if you want.)
I would say pay half down. So $1,750. Then for maybe 6 months after have them pay $292. That would be reasonable for me.
I would make the contract as detailed as possible and try and have someone experienced in law help you. But if you're not able to do that just really think the contract over and make it simple, no loop holes at all. Don't elaborate. So basically say;
You, ____ (put their full name here) agree to pay $292 per month over a 6 month period after this date __. All payments must be paid before the _ of every month. If not ____ (a consequence) will happen.
Something along those lines I would say.
Good luck!
i did this once to buy a horse and it worked out well. i payed 3600 in total, but how it worked was a ';lease to own'; i made monthly payments of $200 and at years end i paid remaining amount. in the contract we agreed that it was like i was leasing the horse so if i missed a payment the horse would go directly back to original owner and any money paid by buyer would be gone as if they were leasing the horse. also written was that if for any reason the horse died befor bein paid for fully the buyer still owed full amount, make sure thats in the contract. also things like the buyer is fully resonsible for care and housing costs. we wrote the contract as if i was a leesor and the original owner was a leesee. and when final payment made you write out a recipt that horse now belongs to them. have in contract that those are your intentions at end of lease term if payments are made out.
best of luck
well for one. i would not let them take the horse till payed in full (or have a care lease, where they take full care of the horse) what you could do it do a care lease with half down ( so $1750 down) and like $300 a month for 5 months and $250 the last month . make sure that the payments are all on contract and also when they are to be paid by. and do not take cash unless you have a receipt book that you can document the payments in. that way if anything happens and you go to court you have your butt covered. i would really recommend they do not take the horse till payed in full because i have seen to many bad things happen to good people who take payments ( like the people disappear with your horse and you never see any money again, its hard to trace a horse)
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