Selling guns on consignment....

[VaTom]

I sold several guns on consignment for my father's estate. Once they hit the LGS, the LGS was in charge of price and sales timeline. Of course, you have to be able to trust the shop. I do . . .

In my earlier post I spoke of buying at local auctions. The point is. Consign to a reputable / licensed auction house that holds a FFL. Leave the details up to them. Buyer pays and has a background check (in Va.) before leaving with the firearm. Usually no reserve unless a high dollar item so you may or may not get exactly what you want out of the piece. But it is smooth for both parties. Buyer and seller.

 

[nachogrande]

TRUST

Trusting a trustworthy person is one thing, trusting an untrustworthy person is another. Not everyone can tell the difference every time. Technically, nobody "has to" do anything.
IN GOD WE TRUST, all others pay cash has long been a favorite expression of mine.

 

[chaparrito]

Unless selling a very collectible piece, it seems to me it'd make more sense to just discount the price to what you'd have to take on consignment and sell it outright some other way.

 

[df06]

consignment

They do,,so ask ahead of time to see their consignment policy.

A LGS I worked for paid the consignee by check 60days after the 1st of the month after the gun sold!
If it sold on May2,,the check went out 60days after June 1st.
Lots of unhappy people, but that was their policy and they stuck too it. They used the customers money for 2+ months.

Another local shop used to pay consignee the end of the month that the gun sold in. Their book keeping style I guess was to pay bills at the end of the month (sounds reasonable enough). You could wait as long as a month or as little as a day or two.

Any consignment gun not sold and you want returned to you (consignee) needs to go thru a 4473/NICS check to get it back to you.
That used to burn people up too, but should have been made perfectly clear to them when the consignment was being taken in and wether the NICS check transfer is going to cost them or not.

That amazing. I would not step foot in that store.
I rarely consign guns, but when I do, the LGS calls me and tells me it sold. I drive the four miles and pick up my money, the same day.

 

[Co Th G]

My only experience selling on consignment was not good. I left a really nice 15-3 at my favorite LGS with specific instructions "do not let anyone dry fire this revolver". OK no sweat. Two days later I returned to ask how it was going; and there, to my horror, were 3 teenagers passing my 15-3 back and forth dry firing the heck out of it and playing with like a toy I retrieved my gun, told the shop owner what I thought of his operation and left. Never again. Hope you have better luck.

I would never buy a firearm without dry firing it first.

 

[Ron M.]

Update....it's the law?

Was informed today that the reason for the ten day wait after the consignment weapon is received by the buyer, they have ten days to make sure it works properly and is safe to fire...it's the law...funny when I bought three guns there that were on consignment, nothing was mentioned about this law...guy there today said he thought I knew. It ain't in the contract.

 

[hoc9sw]

Was informed today that the reason for the ten day wait after the consignment weapon is received by the buyer, they have ten days to make sure it works properly and is safe to fire...it's the law...funny when I bought three guns there that were on consignment, nothing was mentioned about this law...guy there today said he thought I knew. It ain't in the contract.

My LGS has a similar policy included in the consignment agreement. I do not know if it is local or state law. Returns are only accepted for problems that are not disclosed. I can sell something that is broken, so long as I state that on the agreement. I have sold some with declared issues that went for parts.

 

[Ron M.]

My LGS has a similar policy included in the consignment agreement. I do not know if it is local or state law. Returns are only accepted for problems that are not disclosed. I can sell something that is broken, so long as I state that on the agreement. I have sold some with declared issues that went for parts.

And what if the clown who buys it screws it up, breaks it, or just doesn't like it. From now on, all sales will go through gun shows, private sale to private sale. The fact this is not stated on their contract would not pass the Judge Judy "smell test". If it's not listed within the four corners of the contract, it doesn't exist.

 

[sodacan]

The last gun I sold on consignment was sold by the dealer on layaway. The buyer had put money down and was going to take several months to pay it off. I told the dealer that since he took in the gun and put it in his book, it was his gun not mine, and I wanted to be paid. If the buyer reneged on the deal, the dealer would keep the funds paid and own the gun. He couldn't lose. No one had ever suggested that to him. I was paid and didn't care what happened after that. Most used guns don't come with guarantees and would not be taken back by a dealer, although that is certainly not a universal rule.

 

[gman51]

There is no way I would agree to sell a gun on consignment be sold on lay away. Here at any LGS I have dealt with consignment sales are cash only. IMO If the buyer doesn't have the cash in hand then he isn't getting the gun on lay away and the gun stays for sale till cash in hand buyer takes it. I would never deal with an LGS that would sell my gun on lay away. I am surprised CA even allows that as strict as their gun sales laws are.

 

[Wee Hooker]

I had a similar experience with a LGS and consignments some time back. I gave them two nice revolvers and priced them to move. Somebody came in the first week and put them on layaway and paid over 3 months.
I was mad but it was really "My bad" for not asking about the shop policy.
Now, I only do business with shops that require full payment.
Either that or I advertise them myself and just use the LGS for the transfer/shipping.

 

[hittman77]

Wow! Seems to me a lot of gun stores are making this WAY WAY too complicated.

To me ..... a consignment gun is a used firearm. There's no warranty. You buy it ~ you own it; as-is and where-is. You pay CASH. Seller gets his money, store keeps their fee.

 

[TTSH]

While I use layaway a lot, it would never even occur to me to ask for a long-term layaway (more than 7 to 10 days) on someone's consignment gun. That makes no sense to me at all.

 

[chief38]

I have had several experiences with selling consignment guns. Some OK and some bad. In one instance the gun did not sell and after 6 months and I took it back. The problem was the box / papers were missing and the gun was scratched up. Of course they tried to tell me the scratches were there - but I had pictures. After much aggravation I got a small store credit but that's not what I wanted! I wound up selling the gun privately on GB.

The second experience was when I brought a rifle to a LGS to sell on consignment, he sold it 3 days later, told me he had several people also interested, but claimed he sold it for my minimum price (YEA - RIGHT) and so I got my minimum payment

No more consignment sales for me. I have had very good luck here on the S&W Forum and on GB. I also know MANY shooters in my 2 Clubs that are always looking.

 

[Wee Hooker]

While I use layaway a lot, it would never even occur to me to ask for a long-term layaway (more than 7 to 10 days) on someone's consignment gun. That makes no sense to me at all.

Working in a small shop myself, I see people come in and have to use two or three credit cards to pay for a $400 purchase. Often one of those credit cards will be their girlfriends. I've even seen a guy try to buy a $2500 rifle/scope combo with a credit card from a furniture store. I.e. Some people insist on being over extended. It's these folks that often hem and haw over our 20% down /30 day lay away policy (for store owned guns)..... Then again, some folks just don't have the same scruples as you, sir.

 

[Ron M.]

I forgot to mention, I put the two guns on consignment through the owner. A few days later, I went into the shop and asked if anything new was in the case. The guy who stated the ten day policy pointed to my consignment .22 Terva revolver, not knowing it was mine, and referred to it as a ***. Should have been a warning.