Shoot Now, Pay Later at Tyler Firearms

[TylerFirearms]

I think it's interesting how many people are giving their opinions for other people - or is it really for themselves. How people manage their money is of no concern to me. I was wondering if you, or anyone you know, would utilize this type of service. My goal is to provide as many payment "options" to people if they so choose to use them. Cash, check, credit cards, and now the possibility of financing to spread out the cost of a $15,000 Silver Pigeon or Barrett. It can be used for smaller purchases, but this service is really designed for larger purchases.

We have plenty of customers who don't use credit cards by choice. That doesn't mean they can't manage their finances, they just choose not to. Hell, we have a few customers that don't have cell phones or computers. It's their choice not to use them. Offering this service is just another method of payment for our valued customers. It's not for everyone.

 

[TylerFirearms]

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.

LMAO

 

[embermage]

LMAO

Yeah I had a good laugh out of that one too lol.
I'd be scared to see the interest rates on a 15,000 rifle lol

 

[Jarhead FLSTI]

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).

I personally like the idea of a layaway plan instead. I would think that 30% down and 7% per month for 12 months (or higher percentage for a shorter term) would be great. Yes I know that you'd be paying 114% for the gun but that's the price of using the FFL as a creditor. If the gun isn't paid off within 12 months, the initial 30% down is forfeit to help offset the investment made by the FFL.

I personally use credit cards quite often to buy guns. I do it because I rarely carry more than $40. I also pay off the card as soon as I recieve the bill because I don't want debt.

 

[TylerFirearms]

Yeah I had a good laugh out of that one too lol.
I'd be scared to see the interest rates on a 15,000 rifle lol

A 12 month term is 15%. Lesser terms are lower rates.

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[rseymorejr]

I financed a gun like this one time. It was a "No interest for 12 months" deal. It was a good deal for me at the time.

It made me think of Jeff Foxworthy, though:

"If you've ever financed a gun...... You might be a Redneck!"

 

[Uncle Duke]

I think you're wise to offer the option if you're comfortable with the exposure level. Presenting options is smart business, in this our instant gratification society.

To each man his own decision, but there's no arguing that 5 words sum up the thought processes of many: "How much are the payments?"

 

[Blaster229]

I would use it. It would allow me to get that gun "right then" when I saw it in the case instead of the " Well if it is still there on payday". Especially on a hard to get item.

 

[travistheone]

great idea. making money off of poor people is the easiest gig there is. finance everything, sell single rounds for a buck. If I had the capital I would get involved in some sort of high interest business that takes advantage of poor people.

 

[bnich82]

Are you offering this for NFA items? Would be a great alternative to purchasing suppressors or maybe a MAC to get into FA game, and make payments while waiting on the stamp vs full price up front while waiting.

If you get any of the QD Sig Supressors in 5.56, 7.62 and handgun calibers, I'll be a test subject...

Oh and I do own multiple CC, but only like using those in Emergencies


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[Call me Hef]

I think it's a good idea for your business and a bad idea for my bank account.
I love how you think outside of the box Chuck. It's been too long since I've visited, I may swing by at lunch time if it's not too busy here.

 

[sxs]

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.

LMAO

Almost spit out my coffee reading this!

Sounds like Chuck has minimum exposure himself....it's the creditor who is exposed.


I'm not one to use credit as a way to 'spread payments' as I hate paying interest which I consider just handing someone else my hard earned money just because I lack patience to wait until I can afford to pay for something outright. However, I know many people who do this with many things they buy and they are generally responsible citizens. (and FYI: this isn't an intent to be critical of someone else who uses credit as they see fit...it's the way I view it as far as my own use of it.) To be sure, I do use credit cards fairly often....to receive rebates, to avoid carrying large quantities of cash unnecessarily, for convenience, for online transactions and because some businesses (hotels, car rentals for two such businesses) require them. I just always pay at the end of the month. I fully recognize that not everyone views use of credit the way I do.

If it works for you, Chuck, all I can say is you seem to be constantly considering new ways to enhance your business. Glad to see ya growing.

 

[TylerFirearms]

great idea. making money off of poor people is the easiest gig there is. finance everything, sell single rounds for a buck. If I had the capital I would get involved in some sort of high interest business that takes advantage of poor people.

That's a little harsh. I could see if I was actively seeking people who can't afford to buy my products and telling them they "have" to buy now. Offering another method of payment is hardly making money off of poor people. Its not like we're doing payday loans. Now THAT'S making money off of poor people. If its profitable, I'll do it. That's the whole point of being in business.

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[TylerFirearms]

The whole point of this thread was to see if this service was something people would use. Its turned into a discussion about other people's financial abilities. I really do appreciate all the feedback, but if you would/wouldn't use this type of service, I would like to know why. I don't care about someone you don't know. They can make their own decisions in life. They don't need you to make their decisions.

Personally, for the money, I would use this financing for myself. If our local NFA dealers offered it, I would be more apt to buy a machine gun, SBR or suppressor for my existing guns. Having that much capital tied up for months is not something I like to do.

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[Doobie]

Very interesting and I see both sides of this. One thing that hasn't been answered that was already asked by NT though is how will the repossession work?

 

[sxs]

Very interesting and I see both sides of this. One thing that hasn't been answered that was already asked by NT though is how will the repossession work?

It's actually not Tyler's Firearms issue. It is the issue for the company providing the credit. I'm pretty certain it will be treated more like a personal loan...not a 'secured loan'.


So Travistheone thinks (or implies) that Tyler's is taking advantage of poor people? One could argue that not offering payment options is discriminating against poor people by denying access to the same goods as services others have.

 

[lsw]

I know what you're doing. With the loans being provided by your shop instead of a credit card company, customers will have another excuse/reason/impulse to come in and make a payment, and you'll have that many more chances to talk them into buying something else.

 

[Blaster229]

I know what you're doing. With the loans being provided by your shop instead of a credit card company, customers will have another excuse/reason/impulse to come in and make a payment, and you'll have that many more chances to talk them into buying something else.

Pretty sure he is not servicing the loans at his shop.

 

[Waz]

The whole point of this thread was to see if this service was something people would use.

i will use it if you offer it

 

[good guy 176]

The newly proposed service would not appeal to me, but I can see merit in it so long as Tyler is not on the hook for any fall throughs or repossessions.

I would, however, extend the layway timeframe out to 90-120 days, or longer in special cases.

Recently, I sold my third M1 Garand to an excellent buyer in Ohio because I agreed to accept installment payments from him...per our agreement, he pays in full within 75 days. Total sales: $3,300 since Jan 2015 from three separate transactions (Jan, Mar, May).

I do not hold a FFL01 or 03 license. Tyler handles my inbound purchases and I ship to licensed dealers/collectors who have provided a current license.

Lew--Ranger63
US Army (Ret-'84)