Anyone ever sold / bought a horse on payments?

[ClaireLV]

Since Jake got sold on this kind of arrangement I was wondering if anyone had some idea of the necessary paperwork. How do I do the bill of sale? I guess I won't give them his registration till I get the full amount?!
CatB do you have a sample 'contract'? Anyone?

[CatB]

I can check when I get home tonight. I've never purchased a horse on a payment plan, but lots of people do it. The most important thing is to get ALL expectations in writing.

[LynnC]

I did sell one on a payment plan to a friend. I actually just wrote everything down on a piece of paper and we both signed it and updated it with each payment. I probably should have had something more official now that I look back on it. We just made sure that we both had a copy and updated both copies. I'm sure that someone on the board may have an actual sales contract or sales agreement. I would definately hold the papers until the transaction is complete.

[Skye Pilot]

I bought a horse on payments....
Had to have the payment to the people on the due day or I lost my money and horse.
Did not get papers until Horse paid in full..
Had a full contract with signatures and notarized. I was 16 so my father had to sign too!
Have heard horror stories if there is no contract even between friends.

[Big Tee©]

I bought Rambo on payments, but it is a much different situation at a track: in some cases, the judges are notified of the amount owing on the horse, other times those purchases are done on a raceout, whereby the horse is held jointly by the buyer and seller until the agreed amount is paid off by the horse's earnings. Neither applied when I bought Rambo, however. I bought him cheap from someone I have known forever, and he was never worried about not getting paid, and at the end of the meet, he had the money. We were both happy with the results, him more than me, since he hated the horse.

[ZenRider]

Definitely get a contract. Only person I know that sold a horse on payments ended up with the horse back. She sold to a friend and the friend just stopped paying at one point. She'd bug her friend get a payment or two, then nothing again. She went throught that for a couple of years(after all, this was supposed to be her friend), then finally gave up and just took the horse back. It was kinda ugly. Am I scaring you yet? Don't mean too, but a contract is a must. Bet all will be fine with you, but if you can get them to put a substantial amount down, like half if you can. Would be incentive to pay the rest fast.
Oh, and I would put in a non-refundable clause, should they, before payments are paid off, 'change' their minds. The non-refund could be written as a leasing fee should that occur. Or something like that anyway.
Good luck.

[Lisann]

I bought my Ay-rab mare on payments. I was not yet out of college - I picked her out while on Spring Break. I put 1/3 down, made monthly payments for 5 months, and the balance was due within six months. I did not get her papers until she was paid in full. The seller did not know me from Adam. There was a simple agreement written up. I know there are a lot of potential dangers associated with selling horses on payments, but it can work out.

[Lynne]

I bought two of mine on payments, at the same time. I'd been looking for ONE horse and found nothing. THen I found the two, together, and loved them both. We did a "payment" plan. Nothing in writing....

I think we paid half up front and then later paid off the rest.....

The only thing there that I would have had in writing was an agreement with the friend I bought them with. They satayed at my place, we later boarded them, I had a falling out with the neurosis at the boarding barn and took "my" horses someplace else. The friend and I had paid half for the two but never settled whose horse was whose etc. ...never (stupidly) though you had to do those things with friends.

He lost interest, I moved the horses and asked if I should move both or just one of the two we bought "together" . He'd not been out to see them ion months. I said "I'll take him if you want me too or decide what you want to do with him"...(DUMB) he said "No , you take them" ... Didn't hear from him for over a year during which I had the horses. THen he called and wanted to sell one (he was getting married) At the time one was SEVERELY lame, and he said "well get the vet out and when it is treated and okay call me and I'll sell one".

Ug...ug...ug....

[Katie Jo]

I just sold one on payments.. We did a normal bill of sale, I held the papers, the buyer wrote up a 'contract' of sorts for payment info- payments due on 1st of the month, full amount paid by June 1st. In my bill of sale I had written stipulations- such as, if payments are late or not made, the horse will be repossessed by me, and brought back to my facility until further arrangements have been made...
Just make sure in the contract that you spell out, if payments are missed the horse comes back to you, NO QUESTIONS ASKED. I know a lot of people that have had to repo a horse even in a 'good' business deal.

[chrisnstar]

Both...I've bought and sold... when selling, I keep the horse at my place until it is paid for, but I also have the buyers sign a contract that once they make a payment for the horse, the animal is their liability from that time... i.e., they are responsible for vet care... they still owe me if something terrible happens to the horse. If they take longer than two months to pay for the horse, I charge them board fees...

As for buying, I was lucky when I bought Zab on payments, the previous owner knows me and just sent Zab home with me. I made sure I had insurance on Zab until he was paid for. The previous owner also knows where I live and could have come and repossessed Zab if I defaulted on payments.

chris

[Neeners]

I bought Molly on payments.. We have a bill of sale that reads much like a lease aggreement, amt of money due on specific date of the month, papers are held til paid off, $500 down ...
Its great actually cuz i can use paypal to pay and never have to write a check lol.. couple more payments and im done with that and i get her papers. She is a friend of mine (the seller) so its been a real pleasant experience. Ill have to see if i can dig up our contract on my computer if you want it.

[Katmease]

I don't have my contract on this computer but essentially, the contract states the date of sale, the amount of sale, which horse it's for, the date the horse has to be paid for in which case if it's not paid for by that time (unless you amend the contract in writing if something unforeseen like loss of job, etc. comes up), they forfeit the money paid. If the contract is amended to be paid past the original due date, board fee is assessed for each day after that unless that is amended also. The registration papers are kept by me until the horse is paid for. It depends on how much I trust them if they get the horse before it's paid for, most generally the horse stays here until paid for. They are responsible for vet bills but if the horse dies before pickup, they get their money back. Naturally it has to be signed & dated by both parties.