Have you ever sold a gun on a forum taking payment plans?

[BillyJean]

Looking for to hear from folks who have sold a gun on a forum and taken payments for the gun. For example, $300 gun, taking three $100 payments over a period of, say, six weeks.

Especially interested if hearing from folks who have done that and run into complications. Did they miss a payment? What did you do? If it was long-distance deal where shipping/an FFL was involved, how'd you handle it?

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[Knobgoblin]

Sounds like a terrible idea.
I've taken a loss before, just to be nice.
I've given stuff away too.

 

[solv3nt]

I have a rule, don't risk anything monetarily that I'm not willing to walk away from. For everyone, that dollar amount is different. If losing up to and including $300 is not acceptable to you, don't do it.

 

[trevi]

Long ago, i attempted this and the buyer wanted to make 3 or 4 payments for a rifle i was selling. I told him, okay, we can try but if he decided to have a change of heart or interest, i was keeping 25 percent. He even drafted up a notarized contract and sent me the $50 hold fee, also part of the total balance. All i ever received was that fee. Reached out to the guy and he said he lost his bonus at work and told me to keep the fee. No loss on my end.

 

[2Wheels4Ever]

Nope, and I wouldn't ever consider it. I don't sell guns to make my living, so I'm not desperate to make a quick sell. I don't mind holding out for that easy cash deal. If I knew a guy personally, I might put the gun on layaway for him, but for some random dude on the forum? No way.

 

[Chicomfan]

I've bought and sold both using this method. If you make the terms clear from the beginning and aren't in desperate need of the money from whatever you're selling then it's no risk on your part. When I've done this as a buyer I've always received what I bought when I paid it off. So I'd have to say it's been a great way to both buy and sell higher priced firearms.

 

[BillyJean]

Long ago, i attempted this and the buyer wanted to make 3 or 4 payments for a rifle i was selling. I told him, okay, we can try but if he decided to have a change of heart or interest, i was keeping 25 percent. He even drafted up a notarized contract and sent me the $50 hold fee, also part of the total balance. All i ever received was that fee. Reached out to the guy and he said he lost his bonus at work and told me to keep the fee. No loss on my end.

I've bought and sold both using this method. If you make the terms clear from the beginning and aren't in desperate need of the money from whatever you're selling then it's no risk on your part. When I've done this as a buyer I've always received what I bought when I paid it off. So I'd have to say it's been a great way to both buy and sell higher priced firearms.

I've also bought using this method. As you say, for higher-priced stuff there's a lot going for it. Maybe the thing is difficult to find a buyer for because of its expense. Especially as the seller who doesn't need the money right away, downside is wasting one's time.

My only concern is if this person makes two payments and gets laid off, for example, or otherwise bails. Would you refund the money? Do a partial refund and keep some as penalty for your trouble?

I ask because I personally would never bail on a payment plan and then expect any money I'd paid toward it back from someone. To me, the money would be the penalty for breaking my word. But I realize not everyone thinks the same way.

 

[toast]

I've done deals like this for other collectibles, although never for a gun. I'd be willing to though.

Basic rules:

1.) Judge the person. If they are known to the community and have made a name for themselves, they're likely fine. Ask for vouches and get them from well known members. If anything feels off, bail.

2.) The buyer takes ALL risk including a NONREFUNDABLE deposit.

I have found that most buyers try to pay off faster than agreed upon terms, as they tend to appreciate the favor.

 

[nammac]

As @trevi mentioned, lay out the rules up front, the required cadence of payments, what happens if a payment is missed and what happens if the buyer has a change of heart. Set a fee for cancelation or not fulfilling the agreement, 25% of the items price is reasonable.

Personally, I'd not offer a payment plan, I'd leave that for FFL's and those who sell firearms for a living.

Just my opinion…

 

[Unka-Boo]

If they can make payments, they have the ability to save enough money to buy outright.
You are not Rent to Own.

 

[Chicomfan]

I've also bought using this method. As you say, for higher-priced stuff there's a lot going for it. Maybe the thing is difficult to find a buyer for because of its expense. Especially as the seller who doesn't need the money right away, downside is wasting one's time.

My only concern is if this person makes two payments and gets laid off, for example, or otherwise bails. Would you refund the money? Do a partial refund and keep some as penalty for your trouble?

I ask because I personally would never bail on a payment plan and then expect any money I'd paid toward it back from someone. To me, the money would be the penalty for breaking my word. But I realize not everyone thinks the same way.

I've always set it up, both as a buyer and seller, that after a certain period of time with no payment, then the would be purchaser forfeits all payments.

 

[trekkerpaul]

I've done it a few times with someone I knew. Worked out ok even though a couple times the payment period was extended. Would do it for someone I don't know if ther was a non refundable deposit if they bailed. The payment period would have to be short as well.

I have also refused payment plans that were based on the buyer wanting to sell something else, Yada Yada.

Mostly it's a hassle and personally only do it with friends I know.

 

[GWS]

Sure as long as I give them a piece of the gun with each payment.

 

[solv3nt]

Honestly, for "only $300", I'd have him save a little longer and sell it to him when he's got the full amount if you're not in a hurry to sell.

 

[ZA_Survivalist]

I've offered that to people.
(Payments, not taking possession)
I move money around for business and as of late, my wedding.

My offer is a deposit which is applied to the total when I follow through, then agreed payments or the bulk of the rest of the total is paid and we link up.. I've made note that if for any reason I bail, I offer that they can keep my "hold" deposit.

I realize that deal isn't for everyone, but this way they have something to show for holding a firearm and suffer no risk while also having a deposit if I bail. I've only offered that a few times, but as a regular member here I keep my word for a deal and pride myself on my trader rating and following through.

I'd assume looking at the itrader rating someone can quickly tell if someone is serious or not, plus the offer of a deposit provides more incentive to hold said firearm. Rather than holding a firearm only to be ghosted or bailed on last minute.

 

[FATAL125]

I've given stuff away too.

Is that so... ... I like free stuff

 

[DirectDrive]

I suppose one could do it, if one had the patience, but certainly DO NOT release the firearm until the final payment is completed.

I wouldn't do it.

 

[Knobgoblin]

Is that so... ... I like free stuff

A free dive into the AK furniture bin for you , sir.
Will PM pics on Thursday

 

[FATAL125]

A free dive into the AK furniture bin for you , sir.
Will PM pics on Thursday

 

[FATAL125]

@BillyJean apologies for the drift.

Looking for to hear from folks who have sold a gun on a forum and taken payments for the gun. For example, $300 gun, taking three $100 payments over a period of, say, six weeks.

Especially interested if hearing from folks who have done that and run into complications. Did they miss a payment? What did you do? If it was long-distance deal where shipping/an FFL was involved, how'd you handle it?

So I've never done this with a firearm, but I have in the automotive and motorcycle world.

As the seller, I set the parameters. Just as a seller would in an actual business. The earlier comments pretty much already covered this, but I'll throw it out anyhow.

Everything on paper or otherwise recorded... PM's, texts, etc... Minimum 25% deposit up front applied to the total or kept as a fee for breach of contract. A payment plan that is comfortable for me the seller. In the case of payment failures or buyer backing out, I keep the deposit and 50% of whatever payments have been made and refund the rest and this is non-negotiable. If not a physical paper contract, and the only correspondence is electronic in nature, I make sure the buyer responds with "I, John Doe, agree to all terms set forth in the above contract." In the event something went super sideways and went to court, all my T's are crossed and I's dotted.

Edit to add: In the case of shipping or an FFL being involved, it'd be like if I was transferring a title. No different than if you received payment in full up front. The transfer would not be initiated until all payments were satisfied.

Shipping and transfer fees would be spelled out and agreed upon in the payment contract as well.