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Author Topic: Layaway  (Read 10058 times)

Feud

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Layaway
« on: September 23, 2010, 11:35:25 PM »
This may seem like a stupid question, but as I"m no stranger to feeling and acting stupid I figure I'll ask it.

How does putting a gun on layaway work?  I'm vaguely familiar with the idea of layaway, I think it's reserving an item and then gradually paying it off, like a store extended credit.  So, when one puts a gun on layaway, do they get to take it home, does it just get taken off the shelf until paid off, can someone purchase it still (resulting in the person putting it on layaway getting a refund)?   ???

Try not to laugh too much guys.  :-[

Edit: This probably should have gone in the general forum, I was looking at the "I have a problem" thread and forgot to change subforums.  Sorry about that.


TommyGunn

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Re: Layaway
« Reply #1 on: September 24, 2010, 12:05:27 AM »
I don't know specifically with guns, but when I was in retail, layaways were tagged with the potential buyer's name and some other info, and put in a store room until the buyer completed all the payments.
You don't let other people buy an item on layaway.  Years ago I put a TV on layaway and actually had the idiot store sell the one I had my tag on!!! I was so angry that even though I'd bought it there because it was on sale, I took my $$$$ and bought it full price elsewhere.
I suspect that guns would be handled the same way -- put away until fully paid.
The only thing I might wonder over is when in the process the NICS check would happen.
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Raptor

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Re: Layaway
« Reply #2 on: September 24, 2010, 12:06:37 AM »
AFAIK, putting a gun on layaway is like putting anything else on layaway: you put some money down on the item, and the store holds it from you until you pay it off, but you don't get to take it home until you've paid everything. Some places might have a limit for how long an item will go in layaway before they restock it, some might not. YMMV.
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cpaspr

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Re: Layaway
« Reply #3 on: September 24, 2010, 12:59:19 AM »
I can only tell my own recent experience.  I put $350 down on my latest purchase, as that was all the cash I had on me.  The next payday, I paid it off, plus the background check fee, and filled out the BATF form.  That's when the sale was consumated, when I had paid for it in full.

This same store, I know of people who simply pay $xx amount every couple of weeks.  When they get enough in the kitty, they look around and decide what they want.  But that's not really the same as putting a specific gun on layaway.
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Thernlund

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Re: Layaway
« Reply #4 on: September 24, 2010, 03:42:34 AM »
Layaway is paying something off in increments while the store holds the item in reserve for you until you've paid in full. 

There is almost always a limit to the length of time a store will hold a layaway item while you pay.  This is usually 90 days.

There is sometimes a fee charged for using layaway.  Sometimes this is a flat fee, like $10 or $20, other times this might be a percentage of the purchase price, like 5% or something.

Payments are not scheduled or in any particular set amount.  Basically you pay what you can when you can.  There is however usually a minimum down payment when you begin the layaway.  This is up to the store and can vary a great deal.

You can usually cancel the layaway at any time and get your money back, but often a store will charge a restocking fee if you do.

If you exceed the time limit of the layaway terms, there is usually a fee charged.  For example, if it takes you more than 90 days to pay off and take possession of the item, a store may charge a fee, say 10%, to extend the terms.



This is usually the process for guns and non-guns alike, the sole difference being that with a gun you fill out a 4473.  You don't fill that out however until you make your final payment and take possession. 

Also, different places might do things just a little differently.  Pawn shops for example don't usually charge a fee to use layaway.  Retail stores usually do.

If using layaway, make sure you understand the terms before putting an item on layaway, and make sure you adhere to them.  Otherwise the item you purchased could end up costing you more than you intended to pay for it.


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Corey

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Re: Layaway
« Reply #5 on: September 24, 2010, 10:02:25 AM »
Once upon a time nearly every department store offered layaway service. I think Kmart and Wal Mart were the last mass merchandise retailers to end the practice. Stores offering their own credit cards is what killed the layaway. That, and a culture of instant gratification. About the only places left that offer layaway are gun stores and jewelry stores.

I work part time at Cabela's and can tell you how it works there. Cabela's offers 90 day layaway on any item over $100.  Anyhing other than a firearm is held at customer service. They have a storage room just for layaway items, looks like a mini warehouse. All the items are tagged and the layaway is tracked on the computer.

Firearms layaways are handled seperately. The customer info is put in the register along with the gun info. A gun gets assigned to a layaway by serial number. A tag is printed and attatched to the gun and the gun is located to a layaway shelf in the back room. The gun is partially removed from the computor inventory. By this I mean it is still in the ATF bound book (kept electronically) and that will show us the gun info and the exact shelf it is on, but the inventory computor that shows what we have for sale will not show that specific gun. The 4473 and background check are done when the layaway is completed and you are taking the gun home.

Cabela's requires 25% down to start a layaway and you have 90 days to complete it. If you cancel a layaway or you need to extend the layaway for another 90 days there is a flat $25 charge for it. Cabela's generally will not charge the cancelation fee if you are cancelling to buy a different gun.

This was probably more detail than you were looking for, but I just get that way sometimes.

luke213(adamsholsters)

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Re: Layaway
« Reply #6 on: September 24, 2010, 01:47:35 PM »
I understand the technical aspect of layaway but I've honestly never understood why anyone would do it. I guess to hang on to a particular product but it seems to be more logical to put the money aside yourself either in a bank or just in a coffee can for that matter. Either way it just seems like a way to charge you for something that is more easily taken care of yourself. That also doesn't account for gas to and from the place to make payments and everything else involved.

To me it seems like way too much work for no gain. At least that is my perspective on it.

Luke
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Splodge Of Doom

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Re: Layaway
« Reply #7 on: September 24, 2010, 04:22:32 PM »
I think that it has merit when in situations where if you don't get the item there and then, it'll be gone.

Corey

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Re: Layaway
« Reply #8 on: September 24, 2010, 04:26:29 PM »
I understand what your saying. Everyone has different reasons for doing it. Some have a harder time saving and the laway kind of mentally focuses them on pitting the money toward their toy without having to pay interest.  The most useful part of a layaway to me is the gun library. You find an unusual gun that you have to buy but don't have the money yet. 25% down gives you 90 days to come up with the rest of the money and nobody can buy it out from you in the meantime and again you don't pay any interest.

luke213(adamsholsters)

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Re: Layaway
« Reply #9 on: September 24, 2010, 04:28:54 PM »
I think that it has merit when in situations where if you don't get the item there and then, it'll be gone.

Agreed, but in a normal retail setting I just don't see it as an option;) I remember being a kid(we didn't have much money) and my parents putting things on layaway and it just seems odd now thinking back on it.

Also if it doesn't cost anything additional then I can see it as a service of sorts, but if they are charging more for it I'm just not seeing it(unless it's an odd gun/deal etc that is a one time shot).

Luke
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Harm

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Re: Layaway
« Reply #10 on: September 24, 2010, 04:29:40 PM »
The value of layaway seems to be for those that don't use credit-cards, and find something "rare" or "unique" that catches their eye they don't want to take the chance of losing.  

I.E. the Italian engraved WW2 Colt 1903 pocket pistol I found a few years ago with military insignia, photos, luftwaffe cockpit glass handles etc.   :banghead
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Avenger29

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Re: Layaway
« Reply #11 on: September 24, 2010, 07:55:31 PM »
Quote
The value of layaway seems to be for those that don't use credit-cards, and find something "rare" or "unique" that catches their eye they don't want to take the chance of losing. 

This. I don't have a credit card, nor do I desire to possess one. Layaway gives me an interest free time to get something that I desire without taking the chance of it disappearing before I can save up the full amount.

My dealer has what I consider very, very fair layaway terms. He'll hold the item for three months from date of first deposit. You can transfer the deposit to any item in the store if you change your mind in that time. If you "abandon" your deposit(s) (i.e, not finishing payments and picking the item up or not using up your deposit amount on other items for sale within the layaway time) he keeps the money.

No hassle, very simple, and his system keeps jackassery to a minimum. I have purchased several guns, optics, accessories and even large quantities of ammo on layaway.





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TommyGunn

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Re: Layaway
« Reply #12 on: September 24, 2010, 11:48:34 PM »
I understand the technical aspect of layaway but I've honestly never understood why anyone would do it. .....
Luke

One reason why it is done, around Xmas, is to keep the presents hidden from curious children.  Big Box stores have this happen a lot.  Wal - Mart did this .... before they stopped doing layaways.
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Precious Roy

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Re: Layaway
« Reply #13 on: September 26, 2010, 03:00:11 AM »
The first gun I ever purchased retail I purchased on layaway.  I bought a Remington 1187 from a farm supply type store (Farm King).  I put something like 125 bucks down and then went in and paid each time I got my paycheck.  I think it was on layaway a few weeks or a month before I got it paid off.  Knowing you have money tied up in it and knowing it is something you really want is great motivation to get it paid off quick or it was for me anyway.  If I remember right they didn't charge anything for putting something on layaway at the time.  Of course that was 17 years ago.

The clerks kinda got a kick out of it too.  A teenager coming in every few days to make payments on his shotgun every time he got an extra 10 or 20 bucks or coming in and just signing over his entire paycheck towards it. 

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akodo

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Re: Layaway
« Reply #14 on: September 28, 2010, 06:38:06 PM »
I understand the technical aspect of layaway but I've honestly never understood why anyone would do it. I guess to hang on to a particular product but it seems to be more logical to put the money aside yourself either in a bank or just in a coffee can for that matter. Either way it just seems like a way to charge you for something that is more easily taken care of yourself. That also doesn't account for gas to and from the place to make payments and everything else involved.

To me it seems like way too much work for no gain. At least that is my perspective on it.

Luke

oh, layaway is most productive when the target market fails to complete the purchase, allowing the store to either restock the item after receiving SOME money or else pocket a fee for starting the 90 day count over again.

Layaway is most common in low income areas as that is where people are more likely to not have ready cash.  Also, part of the reason a person may be low income may be due to many stupid financial decisions...and buying what you cannot afford is a stupid financial decision.

I.E. the same places you find 'rent-to-own' furniture stores and 'payday loans' and 'check cashing only 10%!'

Layaway is really no different than someone who buys an item for X dollars on their credit card but through interest and late fees finally pay off the item for 2X.

And like 'rent-to-own' layaway has been killed by easy credit.  Now that credit is getting harder to come by, I expect layaway to return.



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