GE Capital ends lending program with gun shops

Post by **OakRidgeStars** » Wed, 24 Apr 2013 19:41:30

It's almost like they care more about their progressive agenda than they do making money.

http://www.stamfordadvocate.com/news/ar ... 460906.php

DryBones · Post by **DryBones** » Wed, 24 Apr 2013 20:29:57

Stockholders should be furious!

Reverenddel · Post by **Reverenddel** » Wed, 24 Apr 2013 20:32:04

(shrugs) F'ck'em. There are plenty of other lenders...

You know what guys? Why doesn't a few of the BIG gun manufacturers start their own credit union, and make it a REQUIREMENT to own a gun to have an account?

They could lend to each other, lend to small gun businesses, and lend small loans to hunt clubs, gun ranges, and hunters for equipment.

Instead of giving our money to people that hate us, how about we start banding together, and LEAVE THEM!

FiremanBob · Post by **FiremanBob** » Wed, 24 Apr 2013 21:46:40

I find it odd that individuals would finance firearms purchases with debt in the first place. I would not think well of anyone who would borrow from a finance company to buy a firearm. Perhaps this product line was losing money for GE and they figured they could get the libtards off their backs by announcing a policy change as a sop to them.

thekinetic · Post by **thekinetic** » Thu, 25 Apr 2013 08:19:05

GE makes crap anyway, seriously they're the second worse appliance company there is the first being whirlpool (over priced junk). So F'em!

vabeachman58 · Post by **vabeachman58** » Thu, 25 Apr 2013 08:33:54

GEs CEO is an Obama advisor. I won't buy anymore GE stuff. If they don't want to lend money to a growing industry that makes great products that are highly sought after, that is their loss, and other lender I am sure will be happy to step in.

TallEd · Post by **TallEd** » Thu, 25 Apr 2013 08:56:03

Doesn't GE make guns?

: GE.JPG (40.39 KiB) Viewed 3374 times

dorminWS · Post by **dorminWS** » Thu, 25 Apr 2013 11:49:28

FiremanBob wrote:I find it odd that individuals would finance firearms purchases with debt in the first place. I would not think well of anyone who would borrow from a finance company to buy a firearm. Perhaps this product line was losing money for GE and they figured they could get the libtards off their backs by announcing a policy change as a sop to them.

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I don't think GE Capital has been doing consumer loans for consumer purchases of firearms (except maybe indirectly and to the extent the gun shops they may have made loans to may be carrying accounts receivables for guns sold on their own books).

I'm pretty certain that what GE Capital was doing was business loans to gun dealers to finance business expansion, purchases, and working capital needs. They've been in this business a long time, and have tended to go after customers who were just a little risky and/or a little small for the big commercial banks. They’ve tended to finance cutomers who are exploiting “booms”, which means not only more risk and smaller customers, but shorter-term loans. And because of this, the implications are more ominous than you might think at first blush.

To the extent these asshats refuse to renew credit lines and notes for their customers who sell guns, they will put a financial squeeze on those gun dealers. Those dealers will have come to rely upon the use of those funds (in exchange for interest paid) to provide liquidity and otherwise operate their businesses.

And THIS is where the rest of the Obama economy effects the situation. God knows a lot of the banks are unwilling/unable to loan money. And in addition to that, the federal bank examiners are in a position to discourage banks from making loans to replace those that GE Capital is withdrawing.

These things, taken together, could result in the affected gun dealers not having enough money to buy, expand and/or replace inventory. Because prices have risen, it will take more money to replace sold inventory than it took to stock it last time; which will create an urgent need for funds. In the case of a dealer who was overextended or marginal to begin with, it could even put them out of business. And to the extent that dealers are forced to rely upon funds generated by their own sales rather than borrowing to meet these needs, this will also tend to drive up the prices of firearms and ammunition even further. So I see it as part of a very broad and aggressive move to constrict the availability of firearms to the American public. I smell White House influence here. And NO, I don't need a tinfoil hat.

General Electric richly deserves to be boycotted by all gun owners and all friends of liberty and constitutional government.

dorminWS · Post by **dorminWS** » Thu, 25 Apr 2013 12:16:57

DryBones wrote:Stockholders should be furious!

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They should, but an ever-growing percentage of stock is held by the so-called "institutional investors". That means people like insurance companies, hedge funds, mutual funds, etc. Those people are using other people's money, and a lot of them are the same kind of ivy-league, ultra-liberal, silver-spoon asshats as Jeff Immelt of GE.

dorminWS · Post by **dorminWS** » Thu, 25 Apr 2013 12:19:29

vabeachman58 wrote:GEs CEO is an Obama advisor. I won't buy anymore GE stuff. If they don't want to lend money to a growing industry that makes great products that are highly sought after, that is their loss, and other lender I am sure will be happy to step in.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Yes, I guess there will be other lenders, but it will still cause some dislocation, and almost surely increase costs for gun dealers. Think of it this way: Somebody walks into your living room this evening and tells you you've got 30 days to refinance your house. Not impossible, but not welcome news, right?

Reverenddel · Post by **Reverenddel** » Thu, 25 Apr 2013 22:00:31

Again... why can't gun owners, gun business, and gun manufacturers, stop nitpicking each other, and open our own credit union to finance OUR needs?

Every race, religion, and community in this nation has a "backing" from some "bank". We could become "owners" of a credit union charter, and stop this nonsense.

Can you picture 70 MILLION people leaving sh'thead financial institutions to start their OWN!?

My God! If they only brought $100 apiece... That's 7 BILLION in ASSETS right there! And I don't know about you, but I got more than $100.

Domino · Post by **Domino** » Thu, 25 Apr 2013 22:30:45

I think they own my Lowes account. I will check it out and close it immediately, if so. I never use those transfer balance deals I get, but I will in this case.

[ Post made via Mobile Device ]

dorminWS · Post by **dorminWS** » Fri, 26 Apr 2013 10:07:17

Reverenddel wrote:Again... why can't gun owners, gun business, and gun manufacturers, stop nitpicking each other, and open our own credit union to finance OUR needs?

Every race, religion, and community in this nation has a "backing" from some "bank". We could become "owners" of a credit union charter, and stop this nonsense.

Can you picture 70 MILLION people leaving sh'thead financial institutions to start their OWN!?

My God! If they only brought $100 apiece... That's 7 BILLION in ASSETS right there! And I don't know about you, but I got more than $100.

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T'ain't a bad idea. Maybe GOA or SAF or NAGR or one of those other outfits who are always bumming money ought to jump on it and dedicate some of what would have been profit for GE to pro-2nd Amendment lobbying and funding a pro 2A super-PAC. Sort of like a credit union for the gun community. NRA ain't quite rabid enough for this one IMO.

HOT-DAMN! I LOVE the smell of a free-market solution in the morning!

HMM.... Bet that would get the liberals into high gear on campaign fundiing reform, huh?

wpoppert · Post by **wpoppert** » Fri, 26 Apr 2013 10:28:35

Reverenddel wrote:(shrugs) F'ck'em. There are plenty of other lenders...

You know what guys? Why doesn't a few of the BIG gun manufacturers start their own credit union, and make it a REQUIREMENT to own a gun to have an account?

They could lend to each other, lend to small gun businesses, and lend small loans to hunt clubs, gun ranges, and hunters for equipment.

Instead of giving our money to people that hate us, how about we start banding together, and LEAVE THEM!

+1! I like this idea a lot! How do we start such a thing?

Reverenddel · Post by **Reverenddel** » Fri, 26 Apr 2013 11:02:16

http://www.bankrate.com/brm/news/cu/20000301a.asp

How to start a credit union
1. Find something in common. Credit union members are a collective group having a common bond:

•Occupation -- Employees of the same company.
•Association -- Members of a professional and trade association, fraternal order, labor or church group.
•Community -- Residents of the same well-defined neighborhood, community or rural district.
•Income -- Low-income members can contact the National Federation of Community Development Credit Unions. Click here for more information.

2. Get together. As a rule, a "yes" vote by 500 potential members warrants continuation of the process to form a credit union. The National Credit Union Administration requires that a credit union with fewer than 3,000 potential members provide more evidence of support, since only about one-third of potential members will join and credit unions with less than 3,000 members may not be economically justified. Survey your potential members to determine whether they have an interest in supporting a credit union.

3. Do the paperwork. You should order the Interpretive Ruling and Policy Statement 98-03, which redrafts the NCUA's Chartering and Field of Membership Manual. The NCUA also has material on how to start a credit union. You may obtain this document from the NCUA's Web site.

4. Meet the membership requirement. If you want to discuss your potential field of membership, you should contact state or federal regulators. You must ensure that your survey covers a defined membership group and meets the definitions as required by state and federal regulations. It is suggested that you get your proposed FOM in writing.

5. Find a financial expert. A CPA or a person with a strong financial background needs to be on your organizing committee. This person will be responsible for developing realistic pro forma financial statements based upon your survey responses and the degree of sponsor assistance you will receive.

6. Form a committee. Your organizing committee should be comprised of individuals with very good credit. Both the state and federal regulators will obtain a current credit bureau report on each organizer and will take a dim view of a bad credit bureau report. Furthermore, the state will not allow someone who has had a bankruptcy within the past seven years to participate on the organizing committee or in the future operation of the credit union.

7. Set up a board of directors. The board is responsible for the general direction of the entire credit union, and its members should be able to understand the general and social environment in which it operates.

8. Collect some money. To help the credit union offset the cost of enrollment forms, a membership fee (typically $5) is charged. Additionally, each member is required to purchase at least one share (usually at a cost of $5 to $25) to help provide a base from which loans can be made.

9. Get by with a little help from your friends. It is recommended you obtain assistance from a credit union consultant in your area. This service is provided free of charge and, by utilizing this service, it will make the chartering process simpler and less time-consuming, since the consultant will be familiar with the necessary paperwork that must be completed.

10. Apply for status. Petition your state's Comptroller's Office or the National Credit Union Administration for official status.
Source: Florida Credit Union League

You know what? That's not hard to do... I think I'll send this off to the VCDL, see if they have some contacts that may help us!

Virginia Gun Owners Forum - VGOF