GE Capital cuts off lending to Gun Shops

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Now at the top of my list to never do business with is GE Capital (this company, among other things, offers financing for new cars and of course, is a lender to businesses).

GE Capital has announced that it is going to cease lending to gun shops as "it re-examines it's business lending practices" in the aftermath of Watertown.

I'm re-examining my borrowing practices based on GE's senseless abandonment of providing financing to an important segment of American business and will never borrow or finance under the GE Capital auspices again and will encourage my friends to boycott GE Capital. I'll be sending a stern letter to their CEO tomorrow morning.
 
COL Jagdog said:
Now at the top of my list to never do business with is GE Capital (this company, among other things, offers financing for new cars and of course, is a lender to businesses).

GE Capital has announced that it is going to cease lending to gun shops as "it re-examines it's business lending practices" in the aftermath of Watertown.

I'm re-examining my borrowing practices based on GE's senseless abandonment of providing financing to an important segment of American business and will never borrow or finance under the GE Capital auspices again and will encourage my friends to boycott GE Capital. I'll be sending a stern letter to their CEO tomorrow morning.
Click to expand...

Hey, I beat you too it Col.;)
 
Actually, Central Standard Time trumps Mountain Standard time by 2 hours, so technically, I am 1 hour 47 minutes ahead of you.:D

Nah, I concede ---- you hit the "line of departure" 13 minutes before I did.

But, I think we are equally outraged.
 
I think they pulled out as being the lender for buds just after the Colorado theater shooting. They've been doing this for a while now.
 
Oh boy, another gun hating group to make fun of. Keep your money GE Capital. It's probably no good anyway and you charge too much for interest.
 
If you have taken advantage of any "interest free" deals at Rooms to Go guess who you are dealing with. Ditto for all those Ally bank ads on TV, a financing arm of GM, another business being run on taxpayer funds.
 
kcode said:
Though I hate to admit that I am a GE stockholder and receiving a nice monthly pension from them, the company has went down hill ever since Jack Welch retired and Imelt took over. GE Capital has been the money maker for years. It disappoints me that some of their recent decisions come right out of Obamas playbook. If you intend to bycott GE Capital, take a close look at the financial backer of a large per centage of the major store offered credit cards.
Click to expand...

I see your from KY and an X GE er...

Appliance Park?

I had worked on a bunch of machine tools from there, interesting place!!

GE Cap is a few miles away from me...
 
GE was much more well run under Welch IMO. GE Capital has huge amounts of cash. I had a neighbor who retired from GMAC and they said they couldn't afford to finance aircraft as GE did. I no longer own GE stock, at one time I had all my investments in GE. At one time GE managed their income so it looked like the income went up every quarter. Of course, like any company it went up and down, but the stock market liked what GE was doing. (Not that they didn't know that the income being reported was fertilizer). At one time GE was in the top ten of almost every mutual fund. The stock has somewhat fallen out of its special place. If you want to send a message to GE, sell all but one share and use that one share to make a statement at the stockholder's meeting.

Perhaps the NRA could organize a stockholder campaign to get one or two directors on GE's board. I used to get all these proxy ballots and just allowed management to vote them as they wished.
 
I'll play 'devil's advocate'

If I had big-bucks to invest right now, I would consider a new gun shop to be about the poorest investment possible.

& it has NOTHING to do with personal likes or dis-likes

To start a shop now, you would have to stock from a slim, HIGH priced market. The chances are in the near future prices will moderate if laws aren't passed to ban the sales.
Either way, a new shop will lose money on an inventory stocked at today's prices.

If you were trusted to handle someone else's money, would you gamble with it on a personal "likes" basis?
 
Aw **** - I have two accounts that are through GE Money - I am guessing they are part of the conglomerate. In both cases they are extended 0% interest accounts - and I am planning to pay them off prior to any interest being charged. and no plans to use the accounts after that.
 
A few years ago I came REAL close to buying a Strip Club. All the numbers were good ( NO comment) but G.E.Capital said it was a "RESTRICTED BUSINESS."
I asked what constituted a "RESTRICTED BUSINESS" and was told " anything we feel is not in the best interest of our image." Coming from a banker I had to laugh at that. :rolleyes:
 
cussedemgun said:
If I had big-bucks to invest right now, I would consider a new gun shop to be about the poorest investment possible.

& it has NOTHING to do with personal likes or dis-likes

To start a shop now, you would have to stock from a slim, HIGH priced market. The chances are in the near future prices will moderate if laws aren't passed to ban the sales.
Either way, a new shop will lose money on an inventory stocked at today's prices.

If you were trusted to handle someone else's money, would you gamble with it on a personal "likes" basis?
Click to expand...

Seems that you missed the point and did not bother to check the facts -- I actually took the time to investigate the facts. GE was only financing sales of guns for existing gun shops and has not provided financing to any new gun shops since 2006 -- GE would provide financing for folks who came in to buy a gun for say, $600 or $800 dollars at gun shops that GE has been providing financing for many years --- in fact, when GE quit providing financing for new gun shops in 2006, it announced that it would only continue to provide financing for a small group of existing gun shops (76 existing shops as I understand it) that they "grandfathered" --
now it is abandoning those shops and folks who wish to buy a gun and might have to finance those guns (for example, a $1300 Beretta A-400 shotgun) now have to find a different way of financing a gun purchase.

GE's decision was clearly a "liberal-slant" political/social one, not an economic one as you imply -- Newtown was mentioned by the company, not that they had better investments to make in other types of businesses.

I understand the point of "playing devil's advocate" but one doing so should have factual support for their position.
 
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