Financing Large (Cost) Firearms

[TXBob]

As I was lamenting my inability to save (for firearms--I acutally do save, just not for firearms), I was wondering why some of the high end companies don't offer financing on their rifles.

Now I know with the Standard AR its not that big a deal--but when you start to hit the "high End" such as KAC or the Barrett 50s, I think there might be a market there. I figure if people do it for furniture, there should be a market starting around $2k.

Now before you jump in about my lack of funds, remember I'm not asking for 0% interest (I'm really not asking for anything). Just an observation that other industries in this price range offer financial "plans" to purchase costly items (and make some money of it as well). Might even be another source of income to offset the low margins.

[An Undocumented Worker]

While it sounds like a profitable idea, what repo man in his right mind is gonna try and reposess a rifle that is past due on payments?

[Moose-Knuckle]

They do, there called credit cards. :sarcastic:

[kry226]

While it sounds like a profitable idea, what repo man in his right mind is gonna try and reposess a rifle that is past due on payments?
:D :sarcastic:

[maddawg5777]

I see it as it would invoke the same problem as every other industry that allows credit. People buy, sign a contract and then don't pay. Then they dodge collection calls and such and they got a multiple thousand dollar gun for free. Then its not like a car where you can hire a company to show up in the middle of the night, hook it up and run. The firearm will be on their person or in a safe inside their house where they wont be allowed inside. Plus who wants to show up to a residence to get a gun back. People bitch and scream about their cars, what would they do with a working weapon? (not saying you wouldn't pay or go ape shit if they came for it)

So there are options for layaway which is the closest thing to financing but the dealers know that they can sell the weapon especially in this environment and they are better off moving inventory instead of financing a rifle and letting it sit.

If you really wish to pay interest on a rifle just get a credit card with a high limit and go to town, otherwise save and buy when you can.

[Kain]

I know a lot of companies that make shotguns for trap that do financing. In fact Kolar runs, or at least was running a program for youth shooters allowing them to have the shotgun and finance (Or more to the point the parents to finance it) it without any interest and that is for a shotgun that runs from $4k and up at over $10K. I do think that there would be a market for other guns to be financed as well, higher end ARs, 1911s, even class 3 weapons.

[TXBob]

While it sounds like a profitable idea, what repo man in his right mind is gonna try and reposess a rifle that is past due on payments?

Ok I lol'd on that one pretty hard.

I realize the answer is "Get a Credit Card" but to be honest, I'd rather that interest go to the Gun Manufactures than Credit Card Companies.

And most companies who do finance model in the loss rate (defaults, non-payments, whatever you call it) and that actually determines the interest rate they give. This was more of a curiosity than anything. It isn't that there isn't solutions (the above mentioned plastic), just that the industry itself seems to shy away (There was another thread on credit card charges a while back and let me tell you the banks are raping firearms mfg on those as well.)

Like I said above, I'd rather those interest payments go to the Bank of BCM(TM) than Bank of America.

[MountainRaven]

There's always lay-away.

[dtibbals]

I know a lot of companies that make shotguns for trap that do financing. In fact Kolar runs, or at least was running a program for youth shooters allowing them to have the shotgun and finance (Or more to the point the parents to finance it) it without any interest and that is for a shotgun that runs from $4k and up at over $10K. I do think that there would be a market for other guns to be financed as well, higher end ARs, 1911s, even class 3 weapons.

The financing you are talking about is a program offered by Dupont in FL, they are a Kolar and Krieghoff dealer. In fact I believe they were the very first Krieghoff dealer in the USA and some of the old guns had Dupont Krieghoff on the receiver rather than the new guns saying Krieghoff Ulm Germany.

But more on the subject...the financing that is offered by Dupont is a 3rd party. Buds gun shop was doing this as well but it was GE Capital who was doing the financing. It is basically the same thing as getting credit from a Best Buy or furniture store etc. However Bud's had to discontinue their financing program because GE Capital decided to no longer do business with anyone in the firearms industry. Guess that is what happens when the CEO of GE meets with Obama all the time.

We have seen a trend with banks no longer doing business with firearms manufactures or dealers. Intuit is also doing it with the credit card processing. Obama has been putting the screws to the large banks....he did give them billions of dollars and even more money in programs to bail out homeowners. So it is time to return the favor and help him with his anti gun agenda.

Paypal is another company that is anti gun...not long ago even Ebay banned many legal firearms parts as well as Google removing them from searches.

Bottom line is unless a 3rd party creditor wants to offer financing it isn't going to happen. The manufactures have enough capital tied up in R&D, capital investments and maintaining their supply chains. They have no desire or probably financial ability to offer financing programs on their own. S&W has a 60+ million credit line with their bank (B of A I believe) and Ruger has one over 30+ million. This is working capital, it would be probably close to half that amount just to run a finance program. If you need something whip out the old Visa. There are lots of interest free credit cards for 12-14 months, set yourself up a payment schedule and use their money for free!

[J-Dub]

I'll give you some of my "how to buy toys" tips and tricks.

I hate credit cards. BUT I have awesome credit (i pay my bills...go figure). So yes, I have a credit card. Why, the first six months was interest free. Sweet. After the first six months it will be for emergencies only. ( i would bet your bank has the same deals, just make sure to pay it off in six months)

Also do you have a bad habit? I do. Working mids right now its redbull. I know its pure shit and unhealthy. So i've sworn them off. What money i dont spend on Redbull i put in my penny bank. Plus I usually take a hundred bucks a month and save it for my toys.

Also income tax return, you know the small portion of stolen money you get back every year? I always save atleast half of that, the rest is treated like free money.....and goes to toys.

In a month or two I'll have a 28ga semi auto for next bird season. Will power my friend, its powerful.

[Magic_Salad0892]

There's always lay-away.

Financing, plus lay-away is pretty much a win. At least that way you're guaranteed your rifle by the time you have all the money for it.

[RyanB]

If you have excellent credit you ought to be able to get financing from your bank. At one time it would have been very easy to get a personal loan.

I considered doing it for a double rifle ($18,000).

[SMETNA]

Also income tax return, you know the small portion of stolen money you get back every year? I always save atleast half of that, the rest is treated like free money.....and goes to toys.

Every year I've blown through all of my refund on toys (because I work hard and I earned it dammit)

But this year, I'm going to do the responsible thing and pay 3/4 of it into my credit card balance. That'll wipe most of it away and it'll be nice to have that monkey off my back