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.
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Today's Featured Article - Upgrading an Oliver Super 55 Electrical System - by Dennis Hawkins. My old Oliver Super 55 has been just sitting and rusting for several years now. I really hate to see a good tractor being treated that way, but not being able to start it without a 30 minute point filing ritual every time contributed to its demise. If it would just start when I turn the key, then I would use it more often. In addition to a bad case of old age, most of the tractor's original electrical system was simply too unreliable to keep. The main focus of this page is to show how I upgr
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