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GE

ranch hand

Well-known member
http://www.google.com/search?site=&source=hp&ei=wDl4UcObEMSaiQLFjYEI&q=ge+to+stop+financing+gun+stores&oq=ge+to+stop+financing+gun+stores&gs_l=mobile-gws-hp.12...4734.26624.0.27932.32.31.0.1.1.0.991.11289.2j9j3j5j0j6j5.30.0...0.0...1c.1.11.mobile-gws-hp._lcVlAjs2eo

You can google it and lots of others have stories on it
 

Martin Jr.

Well-known member
So, they actually stopped financing gun shops five years ago, and now are dropping shops that have changed to guns only.

GE Capital actually dropped a lot of businesses in the last few years and instead are lending to them as Capital Solutions.
 

Steve

Well-known member
GE Capital Finance ceased providing consumer financing for new gun-shop customers in 2008, and recently extended the policy to existing customers.

Loans to gun customers is "an immaterial part of our sales volume," Wilkerson added.

Some of the nation's largest lenders don't finance gun purchases.

Wells Fargo stopped the practice in 2004 for business reasons, company spokeswoman Lisa Westerman said. Citigroup doesn't finance firearm loans, says spokeswoman Liz Fogarty. Bank of America would not comment on whether it provides consumer financing for firearms.

GE Capital's new policy affects only retailers that sell firearms exclusively and not general merchandise stores, such as Wal-Mart, that sell guns and other products. Some stores have changed their product mix in recent years to just firearms and the new policy will cut off financing at those shops, Wilkerson says.

Midwestern Firearms of East Peoria, Ill., offers layaway plans for customers but not financing. Still, owner John Meek called GE Capital's move "an injustice as far as their thinking goes — blaming the instrument rather than the perpetrator."

GE is based in Fairfield, Conn., not far from Newtown, where Adam Lanza killed 27, including 20 children, and his mother, before killing himself. Lanza's father, Peter, is a GE executive.

Other companies are also backing away from the gun business after the tragedy. Private equity firm Cerberus Capital Management has said it wants to sell Freedom Group, which manufactures Remingtons, Bushmasters, Marlins, H&R and other well-known firearm brands.
 
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