Afternic / Dan.com lease to own questions

[domainica]

I have some domains with Afternic that I'd like to list as "lease to own" (LTO). A quick few questions came to mind that I hope someone may be able to answer:

1. If a buyer enters into an agreement for an LTO and the monthly payments required, how long after the monthly payment due date does Afternic/Dan.com consider it late?

2. Will there be a late penalty charged?

3. How much time needs to pass to make current the monthly payments before Afternic/Dan.com consider the buyer in violation of the agreement and, therefore, returns the domain name to the seller and terminates the contract?

Thanks.

 

[Mister Funsky]

I'll tag @GoDaddy on this and let them do their thing with links, etc.

What I can contribute is that my experience with their LTO has worked as expected. It took a little time for the initial transaction to complete and for the first installment's arrival, but the following payments came on time.

 

[GoDaddy]

Thanks for tagging us, @Mister Funsky!

@domainica, to answer your questions, a buyer has 12 days to pay before the LTO deal is canceled. There are no late penalty charges because of the 12-day window to receive payment, after which the deal is canceled. After 12 days, Afternic will cancel the transaction and begin the process of returning the name. For more information, we recommend reading through Afternic's Help Center.

 

[domainica]

Sorry to be so thick but does the 12-day window refer to all payments? For instance, if the first three monthly LTO payments are made on time, but the 4th payment isn't, does it mean that Afternic will then cancel the transaction on the 13th day AFTER the 4th payment due date?

 

[Mister Funsky]

Sorry to be so thick but does the 12-day window refer to all payments?

Yes

if the first three monthly LTO payments are made on time, but the 4th payment isn't, does it mean that Afternic will then cancel the transaction

Yes

A few years ago on another platform, someone made 6 of 9 payments for a name and then walked away. I got the name back in about a week...still have it.

 

[Traderas]

@GoDaddy

I m really looking forward for a formula that would allow the first payment to be bigger than the rest, like a down payment.
For example you could have the first payment to be something between 20%-40% of the total price, and the rest amount could be split up equally in instalments, like inow.

 

[Dane]

@GoDaddy

I m really looking forward for a formula that would allow the first payment to be bigger than the rest, like a down payment.
For example you could have the first payment to be something between 20%-40% of the total price, and the rest amount could be split up equally in instalments, like inow.

Yes! I would absolutely switch more names over to LTO if we could do this.