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  1. #1
    Join Date
    Jul. 7, 2011
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    146

    Default ***UPDATE***Selling my horse trailer...question about an e-mail i received...

    I sold the trailer to the first person who came to look at it and no, it wasn't the person who wanted to make payments. Thanks to all of you for your suggestions. I would have not taken payments on it for the reasons that were mentioned here!


    so i'm selling my horse trailer. it's not a high ticket item but i have had several inquiries about it. i'm sure some were tire kickers as only one person so far is actually coming to look at it. i got an e-mail today from someone who left a local phone number along with their name. they want to know if i would take payments on the trailer (and i would keep it until it's paid off). I'm no legal expert, or any expert of any kind, so i'm not sure if this is something i should take into consideration? I don't want to get into any kind of situation that may come back to bite me down the road. The interested party suggested we write up a contract and that's all well and good but i think we all know that contracts usually aren't worth the paper they're written on and i do NOT want to get legal counsel on this as i simply cannot afford a lawyer!
    Last edited by muffintop; Mar. 28, 2013 at 09:07 AM.



  2. #2
    Join Date
    Aug. 15, 2009
    Location
    Knoxville, TN
    Posts
    1,939

    Default

    Well, if you write it up such that it is yours if they don't pay it off, there's not much risk to you. I wouldn't tie it up for more than a couple of months. How long do they want to make payments?



  3. #3
    Join Date
    Sep. 2, 2005
    Location
    Upstate NY
    Posts
    12,119

    Default

    Suggest they visit their local lending institution and get a loan and make payments to them and pay you in full. Then there are no issues.


    6 members found this post helpful.

  4. #4
    Join Date
    Nov. 1, 1999
    Location
    Shangri-LA
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    1,720

    Default

    Ditto what trubandloki suggested. I personally wouldn't do it, too many things can go wrong. I doubt anyone is going to be making payments on something that they actually leave in your possession. I would be concerned they would be "borrowing" it when they needed it and leaving it dirty, used and tore up etc and when they are done with the show season stop making payments. I think if they were legit they would be going thru a means of financing it with a lender and paying you cash so they could leave with the trailer.



  5. #5

    Default

    I think it depends on how many payments and how much? If they wanted to pay a deposit now and like the rest next month. Or maybe in smaller chunks for the next couple pay periods...I might go for it. I'd also keep a lock on the hitch just to be safes but if you're keeping the trailer and they are not using it at all until they pay it off and you've got a contract stating so...I might go for it. Particularly if the trailer has been on the market for a while and no one else has been much interested.

    If they want to take more than a couple months or they want to be able to use it before they've fully paid for it...I would just tell them to do the loan thing or save up over the next few months and if it's still available then they can pay for it in full. Or something.
    The Trials and Jubilations of a Twenty-Something Re-rider
    Happy owner of Kieran the mostly-white-very-large-not-pony.


    1 members found this post helpful.

  6. #6
    Join Date
    Oct. 25, 2008
    Posts
    2,193

    Default

    My dad has sold quite a few pieces of farm equipment over the years, and a problem he has run into a few times is people paying for stuff, but then taking forever and a day to actually REMOVE it. (Yeah, I don't get it either-- you paid for it, TAKE it!!) One guy paid for an old hay elevator, and it sat for TWO YEARS. Finally my dad had to send the guy a certified letter telling him he had X days to remove it or else he forfeited it. Guy never did come get it...

    So I guess my point is, what happens if this person is late on payments, or stops making payments? What then? I wouldn't do it without a VERY specific contract.

    Actually, I wouldn't do it, period-- they can borrow the money from someone else and buy it outright if they want it. You don't know them; why should you extend credit to them?
    *friend of bar.ka

    "Evidently, I am an unrepentant b*tch, possible trouble maker, and all around super villian"



  7. #7
    Join Date
    Jun. 17, 2001
    Location
    down the road from bar.ka
    Posts
    31,571

    Default

    Nope, too much risk you'll lose the best selling season (spring, early summer) while they screw around trying to pay it off then default by fall leaving you trying to sell into bad weather and holidays.

    Thses days anybody with even halfway decent credit can get a cash advance on a CC or a small loan from their bank/cu. If the bank or CC wont advance them the money? Pretty good sign you shouldn't do it either by taking payments while taking it off the market. Probably not something they should even by considering if they can't come up with the money for a basic used horse trailer.
    Last edited by findeight; Mar. 26, 2013 at 02:13 PM.
    When opportunity knocks it's wearing overalls and looks like work.

    The horse world. Two people. Three opinions.


    1 members found this post helpful.

  8. #8
    Join Date
    Jun. 16, 2001
    Location
    Los Angeles, California
    Posts
    3,410

    Default

    I bought a vintage car this way.
    Called up about the car, the price was more than I had I went down to the bank and opened a credit line, bought the car (In the bill of sale I had them put in a 48 hour no penalty buyback in case the car failed the mechanics check)

    More bad than good can come from taking payments. 'You Are Not A Bank'
    The Denver Broncos went to visit an orphanage. "It's so sad looking into their faces so devoid of hope." Sara aged 6



  9. #9
    Join Date
    Feb. 7, 2005
    Location
    Lancaster, PA
    Posts
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    Let them get a bank loan. If there's a reason why they can't get a bank loan, then you probably don't want to extend credit to them either.


    1 members found this post helpful.

  10. #10
    Join Date
    Jun. 17, 2001
    Location
    down the road from bar.ka
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    Yeah, I must get 20 "convenience checks" from 3 different CCs every month and I have a little better then average credit but not that much better. Never use them BUT if I did, it would not be difficult to get a reasonable amount paid off within a year to avoid the higher interest rates they come with.

    No need for any seller to carry interest free notes for some buyer when other options exsist for that buyer unless they are really deadbeats or in the hole financially, in which case they should not be buying a horse trailer
    When opportunity knocks it's wearing overalls and looks like work.

    The horse world. Two people. Three opinions.



  11. #11
    Join Date
    Dec. 21, 2008
    Location
    Longing to be where I once was.....
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    2,190

    Default

    Let them find a way to get the money if they really want it. There are several ways you can get a line of credit at the bank and it is easy as long as they are a customer in " good standing".



  12. #12
    Join Date
    Sep. 13, 2006
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    At the back of the line
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    Default

    Let me suggest something, Ive been looking for a decent trailer for awhile that doesnt cost a lot just for moving horses short distences. I am trying to not get into borrowing money & if I was waiting on a tax refund & saw a good trailer for not much $ I would maybe ask someone to hold it with a deposit.
    “Management is doing things right; leadership is doing the right things.” Peter Drucker


    1 members found this post helpful.

  13. #13
    Join Date
    Oct. 17, 2007
    Location
    CO
    Posts
    649

    Default

    I would definitely say no. In this market, it shouldn't take you long to sell a serviceable trailer for cash.



  14. #14
    Join Date
    Dec. 13, 2008
    Location
    Somewhere over the rainbow
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    317

    Default

    You can always have them pay with a credit card (Square reader, Paypal). Then they can make payments however they like.
    An auto-save saved my post.

    I might be a cylon



  15. #15
    Join Date
    Sep. 26, 2010
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    4,410

    Default

    I wouldn't do it without a rock solid contract and to get one of those may cost you an atty's review of it.


    If this is a decent trailer that you are offering at a good price, I'd keep it on the market until you can find someone who can pay for it in full. If you are busy (which I'm sure you are) you don't need the headache of worrying about what this other person is going to do (or not).



  16. #16
    Join Date
    Feb. 22, 2012
    Posts
    247

    Default

    Your trailer could disappear! Or be shipped overseas, they do it in Florida all the time. Contact a trailer dealer and see who they use to finance. You can provide them with that list. Trailers under 10k ( in good shape) sell pretty easily. Now don't ask me about selling lqs



  17. #17
    Join Date
    Feb. 28, 2006
    Location
    The rocky part of KY
    Posts
    9,372

    Default

    Quote Originally Posted by cnvh View Post
    My dad has sold quite a few pieces of farm equipment over the years, and a problem he has run into a few times is people paying for stuff, but then taking forever and a day to actually REMOVE it. (Yeah, I don't get it either-- you paid for it, TAKE it!!) One guy paid for an old hay elevator, and it sat for TWO YEARS. Finally my dad had to send the guy a certified letter telling him he had X days to remove it or else he forfeited it. Guy never did come get it...
    My DH actually did that once, and it took the guy re-listing it on CL for him to go fetch it. These were trusses from a 24" wide garage and he wanted them so bad but couldn't figure out how to get them on his trailer. He finally decided to cut them down the middle and just refasten the plates if necessary and took the gen set, the sawzall and a bunch of blades to get them

    I definitely had an opinion about that purchase!

    We have in the past bought and sold fishing stuff and our business through owner financing. It can be a real pain even if the buyers are known to you, I don't recommend it and don't' like the idea of keeping it on your property while they finish paying for it - too many possible things to go wrong - tree falls on trailer who pays whom what?
    Courageous Weenie Eventer Wannabe
    Incredible Invisible



  18. #18
    Join Date
    Mar. 13, 2006
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    Sno County
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    3,778

    Default

    Quote Originally Posted by arabracer View Post
    Your trailer could disappear! Or be shipped overseas, they do it in Florida all the time. Contact a trailer dealer and see who they use to finance. You can provide them with that list. Trailers under 10k ( in good shape) sell pretty easily. Now don't ask me about selling lqs
    Before I would agree to sell on payments I would install a lock for the coupler that way they can't come get it one day when you're not home.
    Yogurt - If you're so cultured, how come I never see you at the opera? Steven Colbert



  19. #19
    Join Date
    Nov. 20, 2011
    Posts
    116

    Default

    I guess it would depend on how many payments they are interested in making. If it's drawn out I wouldn't do it, as it gives more time for things to turn sour.



  20. #20
    Join Date
    Aug. 12, 2010
    Location
    Westford, Massachusetts
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    3,713

    Default

    Quote Originally Posted by furlong47 View Post
    Let them get a bank loan. If there's a reason why they can't get a bank loan, then you probably don't want to extend credit to them either.
    Exactly. If no bank, friend or relative will loan them the money, you certainly don't want to do it!



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