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Holding rifle as collateral
merlinn
Member Posts: 1,549 ✭✭✭✭✭
In Oregon, can I hold a rifle as collateral for a balance on my motorcycle sale?
I hold a CCW in Oregon and Utah and believe the young man who is buying my
motorcycle is legitimate. I can?t find anything in the statutes that would prevent me from doing so..
Any of you Oregon brothers can weigh in and would be greatly appreciated.
Thanks in advance.
I hold a CCW in Oregon and Utah and believe the young man who is buying my
motorcycle is legitimate. I can?t find anything in the statutes that would prevent me from doing so..
Any of you Oregon brothers can weigh in and would be greatly appreciated.
Thanks in advance.
Comments
I wouldn't do it. I do not trade firearms with strangers.
I have known for 18 years. The nephew lives with him.
The rifle is worth more than the balance owed on the Honda. He has been making payments religiously for a couple of months. I would like him to get in a few weeks of riding before the snow flies. Using the rifle as collateral will allow me to let him take the bike.
The young man is a nephew of the person who recently bought my airplane whom
I have known for 18 years. The nephew lives with him.
The rifle is worth more than the balance owed on the Honda. He has been making payments religiously for a couple of months. I would like him to get in a few weeks of riding before the snow flies. Using the rifle as collateral will allow me to let him take the bike.
I don't know your state laws, but in AZ it would be fine providing he is 18 and not prohibited.
It's always nice to give the benefit of the doubt to a young man, and feels good to trust they are good people. That don't mean you have to conduct business with any less of a business protocol.
Buy the rifle at a discount and apply that to his balance. Open ended deals scare me. Do you transfer title or not? If anything happens to him, and you are not the owner of the rifle, things could get weird. And if you hold the title when he is driving, that is another liability. Cash and carry.
What kindof Honda and what Airplane?
quote:Originally posted by merlinn
The young man is a nephew of the person who recently bought my airplane whom
I have known for 18 years. The nephew lives with him.
The rifle is worth more than the balance owed on the Honda. He has been making payments religiously for a couple of months. I would like him to get in a few weeks of riding before the snow flies. Using the rifle as collateral will allow me to let him take the bike.
I don't know your state laws, but in AZ it would be fine providing he is 18 and not prohibited.
It's always nice to give the benefit of the doubt to a young man, and feels good to trust they are good people. That don't mean you have to conduct business with any less of a business protocol.
Buy the rifle at a discount and apply that to his balance. Open ended deals scare me. Do you transfer title or not? If anything happens to him, and you are not the owner of the rifle, things could get weird. And if you hold the title when he is driving, that is another liability. Cash and carry.
What kindof Honda and what Airplane?
86 Honda 450 Rebel (rare)
1948 Cessna 170 ragging
You are right to want collateral no matter who it is. The grandson of a 30 year friend and neighbor got me because I thought knowing them was enough protection.
The longer answer is that unless the person is on a very tightly defined list of close relatives, a background check and legal transfer through an FFL is required for any changes in possession of a firearm in Oregon.
In other words, you would have to do a BG check and transfer for you to take possession, and then if/when the debt is paid you would have to repeat the process...in reverse.
I wouldn't run it as collateral where you don't know the laws. But as long as it's legal for him to sell you, meaning it's legal for you to do a private firearm sell in your state that's the way I would do it.
But I would still put a lien on the motorcycle too. That way if he defaults you can keep the firearm and the Motorcycle
I'd suggest taking OWNERSHIP of the rifle for the balance due with the understanding that he can 'buy it back' at a set price in 'x' many months
Agreed...it I took it as collateral, I'd assume they are likely not coming back for it, so might aswell just take it as payment. Assuming you want it, and it meets the value requirements. caveat...I live in a free state...the state doesn't have any business in my buying, selling and trading activity.
The short answer is No.
The longer answer is that unless the person is on a very tightly defined list of close relatives, a background check and legal transfer through an FFL is required for any changes in possession of a firearm in Oregon.
In other words, you would have to do a BG check and transfer for you to take possession, and then if/when the debt is paid you would have to repeat the process...in reverse.
^^^^^THIS^^^^^^
Ever since my last deal, I don't do open ended.
A friend of mine told me his son was going to lose his house to foreclosure. He bought it at a reduced payment for the first three years and then couldn't make the new payment. The house did not appreciate as he expected so he couldn't refinance it. He had done a lot of work on the house and wanted to keep it. I was the only one who had the money to buy it from quickly from the bank foreclosure without have to finance it.
The deal was I would buy the house as a foreclosure from the bank and he would rent it from me for a year. After a year, he would get funding to buy the house back from me at a specified price. So I get the cash, buy the house from the bank, and he makes rent payments.
Several years later, I still have the house and he has been making rent payments. He now finds financing and wants to buy the house for the price we specified. Told him the price went up. I've had to pass on other real estate deals because I had so much of my money tied up in the house. Also, I was the one taking the risk that the house wouldn't depreciate even more. He could have walked away and I would have been stuck. I never raised the rent in all those years and the house appreciated to where he is getting a great deal at the price he was trying to buy it for. I would also have to pay capital gains on the additional years I held it because I was listing it as a rental on my taxes.
Told him what price I would sell the house for which was more than the price we agreed to because the end of the term of our original agreement had passed and the only agreement we had in force was the rental agreement.
He and his dad were pissed, but I stood firm. They assumed it was okay to keep going on with it, even though I did remind them of the deadline. I felt they were taking advantage of me.
You know us Cessna drivers are utterly reliable. [^][:I][:p][:)]
I will give you several of my rifles as collateral for your Spitfire or Mustang.... I will be happy to make monthly payments for either one of them. [:D][:D][:D]
You know us Cessna drivers are utterly reliable. [^][:I][:p][:)]
Well, I had to sell the 170 a while ago but bought a Sportster to ease the pain.
I still have the TALON and you are welcome to make me an offer on it!
Give me all your weapons and a big bag of money and it is yours.
quote:Originally posted by bpost
I will give you several of my rifles as collateral for your Spitfire or Mustang.... I will be happy to make monthly payments for either one of them. [:D][:D][:D]
You know us Cessna drivers are utterly reliable. [^][:I][:p][:)]
Well, I had to sell the 170 a while ago but bought a Sportster to ease the pain.
I still have the TALON and you are welcome to make me an offer on it!
Give me all your weapons and a big bag of money and it is yours.
WOW MAN, that is a awesome deal, let me find a pillow case big enough to hold all the 100 dollar bills needed and I will give you a call that I am on the way....[:)]