Credit Company Ends Financing For Small Gun Shops, Cites Mass Shootings

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One of the Nation’s largest consumer finance companies will no longer provide consumer credit service to gun shops, citing “tragic events” and a changing financial services industry.

GE Capital, which contracts with American retailers to extend point-of-sale credit to customers, announced Wednesday it would tighten up on a policy it had originally approved in 2008 to “cease providing consumer financing programs to merchants whose primary business is to sell firearms.”

The company is headquartered in Norwalk, Conn., and employs many people who live in nearby Newtown, the site of last December’s school murders. Peter Lanza, the father of alleged shooter Adam Lanza, holds a vice president’s position within the company.

“As a responsible lender, we regularly review our lending policies and products to meet changing conditions and requirements,” said the company’s statement. “In 2008, we adopted a policy to cease providing consumer financing programs to merchants whose primary business is to sell firearms. Recently, we implemented a more rigorous audit process in our sporting goods segment in light of industry changes, new legislation and tragic events that have caused widespread reexamination of policies on firearms. This process has affected less [sic] than 75 retailers…”

Of course, the pullout doesn’t apply to general retailers or sporting goods stores that offer guns as part of their larger consumer inventory. Stores like Wal-Mart and Dick’s Sporting Goods, which sell guns, won’t be affected, but local mom-and-pop stores will be.

The company sent letters earlier this month to stores who had agreements, telling owners “GE Capital Retail Bank has made the difficult decision to discontinue offering the GE Capital Sport Finance program to your store(s).” GE also pulled the plug on merchant services accounts for Visa and Mastercard point-of-sale terminals in gun stores that had agreed to go with the company for its credit and debit card-swiping service.

GE Capital isn’t the first finance company to shun those who make their living from gun-related sales and services. In fact, the company’s exit marks the removal of gun stores’ only remaining option for offering consumer financing for their products, according to Bloomberg.

Ben Bullard

Reconciling the concept of individual sovereignty with conscientious participation in the modern American political process is a continuing preoccupation for staff writer Ben Bullard. A former community newspaper writer, Bullard has closely observed the manner in which well-meaning small-town politicians and policy makers often accept, unthinkingly, their increasingly marginal role in shaping the quality of their own lives, as well as those of the people whom they serve. He argues that American public policy is plagued by inscrutable and corrupt motives on a national scale, a fundamental problem which individuals, families and communities must strive to solve. This, he argues, can be achieved only as Americans rediscover the principal role each citizen plays in enriching the welfare of our Republic.

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  • FreedomFighter

    The banks are in fear — the fear of armed victims.

  • bruceb64

    Time to start playing their game. Boycott them!

  • CatGman

    They are certainly free to run their business as they see fit. Perhaps it is time for consumers to “pull the plug” on GE Capital as well as any other companies that are doing the same thing.

    • NObama_Holder_Reid_Pelosi_2012

      CatGman
      says -“They are certainly free to run their business as they see fit.”

      In this day and age in this Country is simply not true. A few examples of many: Look at Boy Scouts of America being attacked by homosexuals as well as many other business’s that are trying to run their business, organization or group “the way they see fit”. With the coming of “Affirmative action”, many business’s have had to lower their standards so as to be able to find qualifying candidates to maintain and be in compliance with governments mandates or be heavily penalized until they become compliant with any regardless to if they are qualified and abled bodied for the task. Thgen you have athiest or muslims who work at business’s that are owned and operated by people who choose or would like to operate their business on Christian principles but are told they cannot because it might offend or mentally disturb an athiest or muslim by having a portrait of Jesus Christ hanging in the lobby or they are Catholic in which they do not believe in supporting abortion or birth control, but they have activist and the Obama Administration attacking them telling them “they didn’t built their business” and there by they cannot run it as they see fit. It must be run the way government mandates they run their business or not be in business at all or move your business out of the Country where another Country will allow them to run their business the way they see fit on the standards in which they choose to be fit for their business.

      So to say a business has a right to run their business the way they see fit is absolute BS.

      Furthermore, for GE Capitol to penalize certain business based on political affiliation or political agenda’s is a form of discrimination towards lawful business. If it was a business such as dealing with human trafficking or ilegal drugs that was operating, then yes they should have the right to choose to stop dealing with them. But gun business’s are perfectly legal in this Country and in no way are they breaking laws but this Company is picking and choosing who they do business with based on passion and opinion not based on legal and illegal business practice.

  • Guest

    Boycott take their power away. Who are they to dictate they are to serve.

  • “Patrick Henry”

    What else would we expect from one of the largest campaign contributors to the Obama re election. They are just doing him a favor in his push against freedom.

  • zrick01

    Pay cash for everything you possibly can…no interest or cc handling charges for them. Then they can take their companies to the miserable Muslim countries and be with their own kind. Who knows maybe their best buddy Obama, will go with them.

    • jim_wright

      There are companies out there who are not in bed with Mr. Obama and his left wing democrats. Get informed and use them.

  • Timothy Marvin

    commie bastids

  • Michigan_REB

    Did they pull out of Car dealers or bars because of drunk drivers? or did they pull out of cutlery stores because there are more deaths from kinives than rifles? this is a political nonsense pull their license to operate for discrriminating against law abiding gun owners and gun sellers.

    • Vigilant

      Next on the GE Capital hit list: stores that sell pressure cookers.

  • JCfromDC

    Looks like the manufacturers and shop owners will have to create one of their own. Not a bad idea actually. probably SHOPULD have done so by now anyway.

  • jim_wright

    I’ll raise the BS flag on this. GE is in bed with Mr. Obama and has been since the first day he began his run for office. As far as I am concerned we should use this information to be an informed consumer when using financing. I will not knowingly use GE for the same reason I will not use Bank of America, or as they are know in the business, Bank De Mexico. They are not pro American.

  • WTS/JAY

    No problem, there’s always option #2, “black market”…no registration required!

    • JeffH

      Good idea…it’s more obvious that the feds would rather regulate and control the law abiding than punish any illegal “black market or underground” entity anyway. RE: the whole gun control issue.

      Never mind that the government crony GE makes jet engines for all kinds of bombers and fighter jets that engage in all kinds of mischief around the world that they decided to take a MORAL stand all of sudden on guns.

      They are going to cut off retail financing of gun shops. I understand they are pretty big in this—not big for GE but big in the retail gun shop financing business.

      GE’s close crony capitalist relationship with the federal government has paid off lucratively, most famously with the $139 billion GE Capital received during the “bailout” looting spree. The money was reportedly used in part to pay off regulators.

      Why would they exit the business??

      Could it be the benefits they have derived from Obama have some influence on their decision? They have made BILLIONS off of Obamacare requirements for electronic medical records. BILLIONS from the stupid, STUPID, green energy tax credits. They have made BILLION by getting the Obama administration to put HUGE tariffs on solar panels. Do you think Obama might need a favor or two???

  • Over21

    If this company can get away with discriminating, then so can anyone else. Don’t forget how the homosexuals want to get married and try to force people who do not believe in it to marry them, sell them flowers, bake them a cake, etc. Discrimination is discrimination. By the way, I believe GE Capitol is the bank you deal with when you use a Wal-Mart credit card, for one.

  • Over21

    Remember the Trayvon Martin case when the kid was wearing a hooded sweatshirt? I believe they call them a “hoodie”. Well, instead of outlawing the “hoodie” more of the kids wore them in defiance.

    Because of the bombings at the Boston Marathon, now any black backpack will be under suspicion, if they even allow them in public places anymore.