Pistol consignment sales

[can14]

How many dealer's are putting the money in
high interest savings accounts?
Consignment monies have to be separate from
The business accounts

 

[dogzilla]

So?

 

[Snider shooter]

Anytime I bought on consignment they in the shop waiting for their money or it was picked up within an hour of me leaving. How much interest do you think is being made on that amount of time. If a shop tells me they have sold something of mine, I am heading there to get my money. Interest that’s laughable.

 

[can14]

How many people have been paid when their pistol
has been sold on consignment?
Money received isn't part of the dealer's cash flow

 

[rambones]

i recently did a consignment sale, and the dealer is not paying until the transfer is approved and the buyer has recieved the gun for 3 days inspection period (brand new gun).

I asked how long that could be and obviously can take few months. I feel shafted and also concerned that after few months I might have this gun come back to me, but I guess its a learning experience. It is worth it to call in and the transfer yourself, unless you dont care when you get paid!

 

[DaveF]

Double post.

 

[DaveF]

Just what constitutes a 'high interest savings account' right now ??
At the banks I deal with it's a meaningless term which nowhere near matches our current rates of inflation.
I hope you're not losing any sleep over this.

 

[can14]

The point I am making is the gun sale is consignment
That means that the dealer gets a commission and
the gun transfer is done on paper between you and
the buyer on the dealer book
The money isn't part of the general revenue other
than the sales commission
So, the money should be in a savings account separate
from the business day to day account
You don't want to be a creditor because of
a consignment transaction if something were to happen for
The full amount of the transaction