finance question?

[Chippendale]

I would have thought that the gun would be the property of the finance company until it is fully paid for, If payment to the finance company stopped wouldnt they claim the gun?

Chippendale (with clothes on)

[TonyL]

It all would depend on how the agreements are written, ie, if they are Hire Purchase agreements the good remain the property of the lender until the last payment is made / agreement settled early. If they're written as Personal Loans the lender has no title to the goods.
I've never looked at these agreements so wouldn't know what umbrella they come under. Guessing they would be personal loans, as mentioned higher up the thread. I've worked with automotive agreements for donkeys' years and we have things like HPi at our disposal to check, amongst other things, whether a vehicle is subject to a finance agreement. Guessing nothing like this will exist for guns, making me think even more that they will be personal loans.
I suppose the easiest way to check is to talk to a shop that offers credit as they will have to tell you all the ins and outs - type of agreement, interest rates etc., as they'll be bound by the FCA to do so and to be qualified to offer advice.

[rapidresponse1]

agree with what your saying tony

[derekm]

If it can't be afforded today, wait until it can be. It still has to be paid for and may well cost a lot more on credit.

[Kevmcc]

Some people don’t care about the future and just try to rip as many people off that they can in a short or long time period. They think there above everything until they decide to change there life around some years down the line and it all catches up with them. Really sad but that’s the state of this world now luckily it’s just the few and not the majority that do it.

[Murphy]

If it can't be afforded today, wait until it can be. It still has to be paid for and may well cost a lot more on credit.

They offer a 12 month interest free option.

I have bought loads of things on interest free over the years.

But I agree for 20% interest it’s crazy using finance on luxury’s!

[derekm]

If they offer 12 months interest free, will they give a discount for cash? Interest free is free to the customer but not to the shop.

[Murphy]

If they offer 12 months interest free, will they give a discount for cash? Interest free is free to the customer but not to the shop.

I’m pretty sure it’s illegal to offer a different price for finance.