down payment on a tractor

jason, NW Ontario · Oct 20, 2009

I'm serious about a tractor, but don't have all the money. I emailed to find out if he'd take a down payment, and wait for the rest of the payments - I'd be finishing the payments next year, and then I'd arrange for shipping. He's asking $4000, shipping will be just over $1000. I'm thinking I could come up with $1000 down now. I'm waiting to hear back from him.

If you were the seller, and we could come to an arrangement with payments and paperwork, would you agree to this scenario?

Just curious
Jay

Anonymous-0 · Oct 20, 2009

No..... If I sell something, it's because I need the space or the money.

And for you, say you make a deal on it now and then he uses the he!! out of it before you take delivery..........

Dave

SemperFi · Oct 20, 2009

I have sold three this year and I would not go for this if I was the seller. You might be honest and good guy, just to many things to go wrong. I dont take check money orders just cash and I will not hold them. First one with the money gets it.

This guy might need all the money up front who knows. Just dont be suprized if he dont go for it. Save up and pay all up front, who knows by that time something might be closer and who wont have to pay 1000 for shipping

Howard H. · Oct 20, 2009

There are sure a lot things that could go wrong for you and for him...

Have you seen the tractor in person??

If not, I'd be leary about it, for sure...

Howard

TimMiller · Oct 20, 2009

I wouldnt do a payment thing, especially if its not through a dealer. Best holding off and saving your money if you can help it. With the season comming to a close soon, there will be a good bit of equipment going up for sale. Also another good time to buy if you get lucky is as soon as planting/hay season starts up. Thats when we got all of our hay equipment at auction for a song (minus the mower which we bought new).

bradk · Oct 20, 2009

Don't get your hopes up.I personally wouldn't if I were the seller.

If you really want the tractor,borrow the money or if you have room on a credit card,request a credit card check from the company.Yes,the interest is high,but how bad do you want it?

Anonymous-0 · Oct 20, 2009

A reasonable chance if you are willing to accept delivery after making all the payments and I have room to store it or you are willing to have it sit outside. Otherwise no.

jason, NW Ontario · Oct 20, 2009

All fair arguments.

It's an estate sale, from his father. Only things left to sell is the tractor and the land. If it doesn't sell it will park at the neighbour's through the winter. The son is 1500km away. I just got off the phone with him, and he's okay with down payment and later installments - still has to talk it over with his sister. If they're both okay with it, I'm taking a road trip to test it out. He's willing to go as low as $3500, because I learned there's no 3 pth.

Jay

jason, NW Ontario · Oct 20, 2009

I would not have it shipped until I paid in full. It would sit outside at the neighbour's until paid in full. It sounds like the neighbour was a long-time friend of the deceased, and willing to accomodate.
In the end, I might dig deeper into the line of credit, but if I can pay when the money comes in, it would be better. I can look for some more farrier customers throughout the fall and winter, and combine that with the income tax return next year.

Jay

rustred · Oct 20, 2009

there are some down to earth people out there that are not only interested in only the money, and how much they can rake out of you.i give these support, not the ones running around the country buying up our old tractors and then reselling at rediculous high prices.and also shipping out of country.

Gun guru · Oct 20, 2009

Do you really think you can trust this guy with YOUR money for a year or whatever until you pay it off?

Save up the money and then buy it, payments only work with dealerships and banks.

El Toro · Oct 20, 2009

I would walk away from that. Hal

showcrop · Oct 20, 2009

Jay, something I have learned is to not fall too much in love with anything until you have really checked it out completely. Be sure that it is that good a deal before you get your heart set on it. be sure that if you find something that seriously devalues it that you can still walk away.

tg in VA · Oct 20, 2009

Why would ou want to go through all that for a tractor with no 3 point hitch?

Ray · Oct 20, 2009

I tried that before and it never works,the buyer almost always backs out.He either has buyers remorse,a friend tells him he paid to much,or his wife threatens to leave him,take your pick.

John - OH · Oct 20, 2009

As a buyer I don"t pay for what I don"t take home with me. As a seller, I"m not a bank. If I am selling, its because I want it gone and money in hand. Deals like yours seldom work out well.

Formerly PaMike · Oct 20, 2009

Had a neighbor sell a trailer that way. Guy never did finish all the payments or come get it. After 8 YEARS of going back and forth my neighbor sold the trailer for scrap. The "buyer" found out, called the cops and there was a big ordeal over it.
Cash is king in my book...

Anonymous-0 · Oct 20, 2009

are you kidding?? he is a seller not a bank

richardp3 · Oct 20, 2009

Jason, send me $1000, then send me another $3000 over the next year. When you complete the payments, I'll ship you a nice running tractor, with a 3pt hitch...

I'm being a smarta__, but trying to make a point. If you have $1000 now, go ahead and save another $1000 and then start hunting, show up (with friends) with the cash and a trailer, and make a deal. There are plenty of working tractors available for $2000-$3000 out there. Never trust someone you don't know, and never ever send money. As my Dad always said, "pay before you load, and get paid before you load".

dittmerku · Oct 20, 2009

I guess I'm in the minority here. Yes, I'd probably do that, but with a couple conditions: 1) I knew you pretty well, or at least talked to you enough to know you were serious. 2) We would have to schedule a payment system. 3) If you missed a payment, you not only don't get the tractor, you lose the money you paid already.
I've been on both sides of this deal several times and it's worked out fine every time. One time I bought a nice remington 11-87 that way, paid it off in about a year and got it just before deer season.
Be careful though, if you pay the money and the seller doesn't deliver, (or dies in the meantime and the family refuses to honor your agreement) is there a way for you to recover what you've lost? Trust has a lot to do with these kinds of deals.
just a though.
Kurt

brian(MN) · Oct 20, 2009

If this tractor is really something you want, see a banker. get a loan for the tractor and the hauling. If you think you could pay off the guy your way in a year, you shouldn't have trouble making loan payments. If you got a steady job and have a good balance sheet it shouldn't be a problem.
Even if all partys are honest here, you are going to have a year to "think about it". What are you going to do if a better deal comes along? ask for your money back?
Brian(MN)

Cas · Oct 20, 2009

I would think about insurance if you do this. You
do not own the tractor or have title to it. Can
you trust this person. Will he carry liability,
fire, theft insurance and who will pay for it?
The insurance is important and not that expensive. Personally I would not get involved
unless I had the money or could borrow it.

Ken Christopherson · Oct 20, 2009

In regards to having a steady job.... I thought mine was steady when I left on my vacation of 5 days over Memorial weekend. Came back and the gates were chained shut, Locks were changed, and I peered in the windows and the store was empty.... Not exactly a good end to a vacation. Not to put a downer on the situation, but I agree with you. If you have a steady job, and can make payments, why not talk to a bank? Worse case scenario is your credit score gets a little higher in the process..? - Ken (also in MN)

Wesley Stephens · Oct 20, 2009

A deal like this could be real good or real bad for either party. I would only enter into such an agreement if I really knew and trusted the other guy.

paul · Oct 20, 2009

With all the scammers on the internet, I'd not be real eager to do such a thing. I'd sooner sell for less to someone with cash & be done with it.

Likely I'm selling with the idea of using the money for something - now. So kinda not so interested in waiting around for payments. Are you offering more - like intrest, for the delay in getting the money?

As mentioned below, there can be issues when payment is made, but no more payments come.... Who owns it? Who insures it? Who is responsible for it? What can be done with it if payments are missed? I've heard of bad things - as others mentioned.

So, as a seller, I would not be real interested. I'd see more negatives on this than positives.

jmho, not saying what others should do, and no harm in you asking.

--->Paul

kyhayman · Oct 20, 2009

It appears that Im one of the minority here. Almost everything I have for sale I'll take payments on. In fact, thats whats paying a lot of my bills right now, some real estate I sold back in 04-06 at prime +4.

When I sell a tractor or something of that value that doesnt have a hard title for me to 'collect' I get a contract spelled out in writing everything. Its worth what a lawyer costs to get it done. To me, selling you a tractor would be no different that me selling you 5000 worth of hay. We sign a contract stating interest rates (right now my interest rate is the state legal rate, 18 percent) interest accurues from day one though in many cases if all payments are made on time and its a year or less I waive interest. Title if its a soft title like a tractor or hay doesnt transfer until payments are completed though the purchaser has use of the item with his down payment. I maintain the insurance to protect my interest.

But, and heres the big but in the situation. Im one of the few sellers around here that carries a lot of paper. That gives me market share, lets me justify higher prices, etc. If more farmers were willing to extend credit I'd have a lot harder time selling stuff.

Anonymous-0 · Oct 21, 2009

Kyhayman, If I understand, you let the buyer take the hay, then pay you ? The scummy scammers around here would feed the hay, and tell me to come repo the manure.. I have learned that once an item leaves my possesion, that is the last cent I will ever get for it..

Mark · Oct 21, 2009

18%?

That's the reason this (eastern) Ky. boy always pays cash, I'll be damned to a devil's hell before I'd be bent over and porked for 18%.

The credit card companies have always raped their customers, but I never would have imagined an individual doing such a thing to their fellow man. When it comes to a damned dollar, there is no longer any shame in what some men will do.

IndianaRed · Oct 21, 2009

He said if they pay within a year he usually leaves the interest off. And if someone is willing to pay 18% for something, who's fault is that? I don't see anything wrong with what he's doing.

Lend someone a $1,000 for a year and make $180, not a big deal either way. Not saying I would ever pay it, but to some it is obviously worth it.

down payment on a tractor

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