HR4289, A Bill Banning "Buy Now, Pay Later" for "Assault Weapons" & "High Capacity Magazines" Introduced Into US House

[JAL]

John Larson, Democrat, 1st District of Connecticut, introduced HR4289 with a pile of fellow Democrat co-sponsors. The bill bans "Buy Now, Pay Later" plans for "Assault Weapons" and "High Capacity Magazines" with extreme penalties for anyone buying, selling or financing said weapons or magazines. It equally punishes anyone and any company connected with the transaction. The definitions of what constitutes an "Assault Weapon" or a "High Capacity Magazine" is baked into the bill. I won't outline what those definitions are as they're quite lengthy to encompass as much as humanly possible. As you might imagine, it's difficult to find ANY semi-automatic rifle, pistol, or shotgun that isn't considered an "Assault Weapon", or much of any magazine that isn't "High Capacity". Time to contact your Congressperson and tell them you expect this House Bill to NEVER see the light of day for any consideration, including in committee.

Companies like Credova, which is possibly the best known among a half-dozen, offer the kind of financing this bill would ban. Next thing they'll want to ban is the use of credit cards or credit card processors (which process debit cards) to buy anything firearm related.

Text of the bill is here (trigger warning: it's a PDF):
https://www.congress.gov/118/bills/hr4289/BILLS-118hr4289ih.pdf

 

[cbhausen]

Hey Rep. John Larson (NSFW):

 

[bwframe]

 

[manifest destiny]

Banning lay-a-way plans in the name of.... safety? I want to laugh at the sheer absurdity but It's hard given how infuriating it makes me. These ****ers politicians can't be bargained with, can't be reasoned with. They don't feel pity, or remorse, or fear. And they will absolutely not stop, ever, until we are disarmed.

 

[Expat]

How is this any of their ****ing business?

 

[MCgrease08]

Buy now, pay later is dumb. People who do that kind of thing are generally broke their whole lives. That said, it shouldn't be illegal.

**Thinks about it**

You know what, I've changed my mind. Buy now, pay later SHOULD be illegal. Let's start with Congress. No more deficit spending.

 

[KLB]

Banning lay-a-way plans in the name of.... safety? I want to laugh at the sheer absurdity but It's hard given how infuriating it makes me. These ****ers politicians can't be bargained with, can't be reasoned with. They don't feel pity, or remorse, or fear. And they will absolutely not stop, ever, until we are disarmed.

This isn't layaways. This is actually a loan.

 

[MrSmitty]

Buy now, pay later is dumb. People who do that kind of thing are generally broke their whole lives. That said, it shouldn't be illegal.

**Thinks about it**

You know what, I've changed my mind. Buy now, pay later SHOULD be illegal. Let's start with Congress. No more deficit spending.

I'm sorry, but judge much? There are plenty of times a good deal comes along, but disposable cash is hard to come up with.. I've bought cars that way, why not a gun ? I've always worked, and if that is how I, or anyone else chooses to buy something..my choice, will I pay more? probably, but again...my choice....I have never bought a gun this way, but I like the option....

 

[COOPADUP]

This bill will die before it can gain any traction. Typical liberal crap. Like monkeys flinging poo.

 

[MCgrease08]

I'm sorry, but judge much? There are plenty of times a good deal comes along, but disposable cash is hard to come up with.. I've bought cars that way, why not a gun ? I've always worked, and if that is how I, or anyone else chooses to buy something..my choice, will I pay more? probably, but again...my choice....I have never bought a gun this way, but I like the option....

Not judging, just stating facts. Good deals always come along. If you don't have cash to pay for the item in that moment then you probably can't actually afford it.

Save up cash then look for deals. But then again, I don't do debt. (Mortgage on a primary residence being the only potential exception.) But that's just me. I get that that mindset isn't for everyone. But then again, most people are broke.

 

[Cameramonkey]

The only thing banning non-cash sales of guns is fixing is the rarer than rare mass shooter that buys his weapons on credit without concern for repayment because "I'm not going to be around by the time the bill gets here, anyway."

So, what, we are going to ban all "financed" gun transactions because of 0.0000000000001% of sales? Puhleeeeze.

 

[DoggyDaddy]

Not judging, just staying facts. Good deals always come along. If you don't have cash to pay for the item in that moment then you probably can't actually afford it.

Save up cash then look for deals. But then again, I don't do debt. (Mortgage on a primary residence being the only potential exception.) But that's just me. I get that that mindset isn't for everyone. But then again, most people are broke.

I recently had to replace my furnace. Since I didn't have the $6300 disposable cash at the time, I financed it for 24 months at 0% interest (same as cash). It will be paid off early. So why not?

 

[MCgrease08]

I recently had to replace my furnace. Since I didn't have the $6300 disposable cash at the time, I financed it for 24 months at 0% interest (same as cash). It will be paid off early. So why not?

Not to turn this into a Dave Ramsey advocacy thread, but since you asked.

It's tough to build wealth for the future when your biggest wealth building tool (your income) is going out the door to pay for things from the past.

And the "same as cash" thing only works if people pay everything off in time. If not, all that interest is added on the back end. Of course everyone always plans to pay it off during that time frame. Until another emergency hits and they can't because they don't have an emergency fund.

Just like everyone always plans to pay off their credit card balance every month. Yet we just cumulatively surpassed $1 Trillion in credit card debt as a nation. So obviously people aren't paying the balances off.

 

[DoggyDaddy]

And the "same as cash" thing only works if people pay everything off in time.

Agreed, and I do.

Until another emergency hits and they can't because they don't have an emergency fund.

I felt this expense would unnecessarily reduce my emergency fund.

Just like everyone always plans to pay off their credit card balance every month.

Do that too.

I get what you're saying, and my financial situation wasn't always as secure as it is now. I'm glad I can do the aforementioned things.

 

[res04]

I seriously doubt that politicians care about any gun owners financial debt. This is about selling less guns to legitimate gun owners.

 

[res04]

I seriously doubt that politicians care about any gun owners financial debt. This is about selling less guns to legitimate gun owners.

Also this comes from the people that support going in debt for an education and writing it off.

 

[bobzilla]

The only reason we put everything on or credit card is because of the cash back each month. Everything goes on, pay it at the end of the month. Pay cash for vehicles, paid off the mortgage way early and make sure we have enough in the emergency fund to cover anything that doesn’t involve an entire new house. Also want always like this but I can tell you it brings a lot of freedom and less stress.

 

[Route 45]

Not to turn this into a Dave Ramsey advocacy thread, but since you asked.

It's tough to build wealth for the future when your biggest wealth building tool (your income) is going out the door to pay for things from the past.

And the "same as cash" thing only works if people pay everything off in time. If not, all that interest is added on the back end. Of course everyone always plans to pay it off during that time frame. Until another emergency hits and they can't because they don't have an emergency fund.

Just like everyone always plans to pay off their credit card balance every month. Yet we just cumulatively surpassed $1 Trillion in credit card debt as a nation. So obviously people aren't paying the balances off.

 

[MCgrease08]

View attachment 293550

This topic comes up on The Ramsey show every once in a while. They don't take credit cards on the website or at live events. Debit cards only. Dave tells people not to buy his book with debt. He says there are usually copies at the local library.

I often find copies of The Total Money Makeover at Goodwill which you can buy for around $2. I buy them up when I see them, throw them in the trunk and then I put them in those little neighborhood library stands when I see one at a local park or something.

 

[bobzilla]

This topic comes up on The Ramsey show every once in a while. They don't take credit cards on the website or at live events. Debit cards only. Dave tells people not to buy his book with debt. He says there are usually copies at the local library.

I often find copies of The Total Money Makeover at Goodwill which you can buy for around $2. I buy them up when I see them, throw them in the trunk and then I put them in those little neighborhood library stands when I see one at a local park or something.

But NOT using a credit card with cash back seems stupid. It's free money to use on other purchases. 2% on what we spend a year is about $700 in cash back. Not a lot but not trivial either.