Shoot Now, Pay Later at Tyler Firearms

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  • TylerFirearms

    , , Class-7 FFL, MRFD
    Industry Partner
    Dec 27, 2013
    1,952
    Halethorpe, MD
    We're considering implementing a "Shoot Now, Pay Later" program. Interest rates range from 9-15% depending on the term (3, 6, 9 or 12 months) and require a percentage down payment. You get to take the gun with you and pay for it over time. It includes your total purchase - guns, ammo, accessories, training classes, etc. No credit checks - only a paying job and a checking account.

    We welcome all comments about this program and your opinions on whether this type of program would benefit you.
     

    Name Taken

    Ultimate Member
    Feb 23, 2010
    11,891
    Central
    Do you already offer lay-a-way?

    What is the course of action to take the firearm back if/when someone doesn't pay?

    Seems like it would be a MSP headache if it is a handgun that has been registered to someone. When you go to "repo" the gun and gear how do you get it out of their name? Do you really want to be the guy knocking on some dudes door trying to take his 1,000 dollar gun purchase back he didn't pay for?

    If you don't plan on taking the property back other then a hit on their credit what is your assurance they will pay? You aren't doing a credit report you said so you really have no idea if their credit is already wrecked or not. If it's already wrecked they surely don't care about another open loan.

    If you plan on suing them civil court for the amount you need to have cost built in for your court time, paper work time, and serving of court paperwork.

    Would you be "outsourcing" the credit or holding it on a "house account". If it's a house account you stand to lose a lot of money.


    Again I'm against it from the start just because I'm against financing most everything. Let a lone items that you don't NEED. But it is an interesting approach to the market if you could figure out the logistics.
     

    JasonB

    Ultimate Member
    Sep 4, 2012
    2,580
    Belcamp
    Also if someone doesn't have a credit card available to use at 15% they probably have pretty bad credit and you shouldn't be lending to them anyway.
     

    fidelity

    piled higher and deeper
    MDS Supporter
    Aug 15, 2012
    22,400
    Frederick County
    What NT, very comprehensively, said. There is a lot more potential risk to you with many uncertainties. Repossession is even less straightforward than getting a car back, which itself can be a headache. Are you sure that the potential profits from this sort of offer will be sufficient to offset the costs, factoring in that there will be a certain proportion of customers that don't make timely payments and some that flake out entirely? Your collateral is in their safes.

    If you really go this route, like a pawn shop, you might consider getting some sort of collateral that you hold until payments are completed. It provides incentive for them to make you whole, and protects you if they don't.
     

    Alphabrew

    Binary male Lesbian
    MDS Supporter
    Jan 27, 2013
    40,749
    Woodbine
    Also if someone doesn't have a credit card available to use at 15% they probably have pretty bad credit and you shouldn't be lending to them anyway.

    nailed_it_RE_20th_Century_fox_theme_on_flute-s240x320-227191.jpg


    If the buyer can't get a credit card, you don't want to lend them money.
     

    DigDug

    Member
    Oct 21, 2013
    99
    Anne Arundel County
    I am under the impression you don't have a lay-a-way program, but I may be entirely mistaken. If you did, I would likely take advantage of it. Especially considering your close proximity to me.

    Although if you say no, my wallet (and my wife) will likely thank you for it.
     

    TylerFirearms

    , , Class-7 FFL, MRFD
    Industry Partner
    Dec 27, 2013
    1,952
    Halethorpe, MD
    We won't be doing the lending, only processing applications, so I'm not overly worried if someone fails to pay. Someone else will have to worry about non-payment if that were to happen. We'll get paid within 2 days, and that's no different than credit card transactions.
     

    TylerFirearms

    , , Class-7 FFL, MRFD
    Industry Partner
    Dec 27, 2013
    1,952
    Halethorpe, MD
    I am under the impression you don't have a lay-a-way program, but I may be entirely mistaken. If you did, I would likely take advantage of it. Especially considering your close proximity to me.

    Although if you say no, my wallet (and my wife) will likely thank you for it.


    We do have a lay-away program that is 50% down (nonrefundable) and the remainder due within 30 days.... :innocent0

    This new program would allow people to take their purchases with them instead of waiting until the lay-away is paid off (as is the current program). We would still maintain the current program, as that's in-house.
     

    AssMan

    Meh...
    MDS Supporter
    Jan 27, 2011
    16,218
    Somewhere on the James River, VA
    We won't be doing the lending, only processing applications, so I'm not overly worried if someone fails to pay. Someone else will have to worry about non-payment if that were to happen. We'll get paid within 2 days, and that's no different than credit card transactions.

    Sorry, it's www.mylendpro.com They bring the lenders and streamline the application process. Simple for the retailer.
     

    Sundazes

    My brain hurts
    MDS Supporter
    Nov 13, 2006
    21,308
    Arkham
    How is this different than any store credit? Tyler's is not doing the financing like Joes, got a job, you got credit car lot.
    He is simply adding an additional way for someone to pay for a retail product. No different than going to say Smyths and filling out their store financing for a diamond.
    I think the messaging needs to be changed to calm down the anti's though. Instead of shoot now, pay later, how about financing available.
    What surprises me is. in the PC world, he found some company willing to do the financing on firearms.
    Don't forget that the buyer still has to jump through the MSP/FED hoops. They just might want something and can't afford the cash all at once. I don't condone using credit cards, but some folks need them.
     

    K31

    "Part of that Ultra MAGA Crowd"
    MDS Supporter
    Jan 15, 2006
    35,632
    AA county
    We won't be doing the lending, only processing applications, so I'm not overly worried if someone fails to pay. Someone else will have to worry about non-payment if that were to happen.

    I smell a new reality series, "Gun Repo". :)
     

    Alea Jacta Est

    Extinguished member
    MDS Supporter
    IMO.

    Bad idea.

    He/she who cannot manage their finances PROBABLY shouldn't have access to a gun.

    There's a good reason that financial stability is an issue on security clearances.

    I would not do this was I in a business that demanded some degree of common sense and moral responsibility.

    Not to say that everyone doesn't have a right to be able to defend themselves. I am saying that "everyone" isn't really "everyone" in the big scheme of things. All the absolutists may now crawl out of the woodwork. "Infringement" is indeed gray. It ain't black and white.
     

    Jarhead FLSTI

    Active Member
    Aug 31, 2008
    804
    Glen Burnie
    I agree that it's a bad idea. Anyone that is buying a gun on credit for a term of 12 months or less and actually have the ability to pay back the loan on time will most likely already have credit cards and wouldn't need to resort to this type of loan. You'll also have to consider how many people would actually use this credit service. I really don't think many people would actually want to do this...
     

    embermage

    Active Member
    Sep 20, 2013
    747
    Rising Sun
    I agree that it's a bad idea. Anyone that is buying a gun on credit for a term of 12 months or less and actually have the ability to pay back the loan on time will most likely already have credit cards and wouldn't need to resort to this type of loan. You'll also have to consider how many people would actually use this credit service. I really don't think many people would actually want to do this...

    I would agree and disagree. Personally I would love to put a gun on a 12 month layaway (AR-50 springs to mind or Kriss Vector); however I do not want to take out credit to do it. With that said, I could very easily pay the loan back in 12 months as well, I'd rather not go that route for the same reason I do not have credit cards (other than STAR card and Gov Travel Card), I just do not want to borrow money unless there is no other way (house/car being the really only two items that spring to mind).
     

    BigDaddy

    Ultimate Member
    Feb 7, 2014
    2,235
    :lol: You guys have no idea how many boob jobs are financed this way. None of them get repossessed.
    If you think Tylers is making a mistake, then you must be against bigger boobs.
     

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