Question for the group

[FORANE]

Around 5 years ago a co-worker / friend said he needed money and asked me to give him a couple hundred bucks and he would sell me his AK47 underfolder. He said he intended to buy it back at some point. In all honesty I think he said sell but he may have said hold until he paid me back.

We both quit that job. I have not heard from him in a couple of years. he called me today and asked when I would be back in town so he could come pick up the AK. He said he was getting married and moving out of town...yada yada ... We did not bring up the amount he would be paying back. In all honesty I do not remember if I paid him $200 or $300 maybe, I just do not recall.

What do you guys think I should tell him? I do not mind selling the gun back to him. I have however purchased a couple thousand rounds of AK47 ammo and that AK is the only one I have. What should I ask him for in the way of $$$. I would have to sell the ammo or buy another AK.

Thanks for the feedback.

 

[Veer_G]

Re: Question for the group

5 years have gone by? First off, in this state, you can't pawn firearms, which is essentially what he wants to do, and secondly, he wants to have tied up a couple hundred dollars of yours for 5 years.

AKs are worth considerably more than the $385 or so that a bank would have returned to you on $300 invested in a daily compound CD in January of 2008, and, of course, he knows this and wants to turn the money that he pays you back (which of course won't buy the time yours was tied up) into three times the "loan."

You may want to be a nice guy about this, and it might be easier than dealing with a pissed-off individual with an axe to grind, but you probably shouldn't have purchased the rifle and let him think that he was going to get it back at his convenience in the first place.

I'd keep it, but expect some shenanigans, because I'm willing to bet that he won't want to pay even two-thirds of what it's worth.

 

[usmc02xx]

Re: Question for the group

i may be a douche but... i would bet your friend wants it back now at that $300 mark do he can go sell it.

Tell him you will sell it back to him, but he needs to buy the ammo also. Your replacement cost is too high right now.

 

[Ultraman550]

Re: Question for the group

Wait what? 5 years passed and you guys never spoke. Well then you're not that good of friends. I don't understand people who expect this shit of others man, seriously. Tell him it's yours. IF you REALLY care what he thinks then have him buy it for 1/2 or 3/4 of they're going for now. I'd hold onto the ammo though.

 

[High Binder]

Re: Question for the group

Years of not speaking does not make you guys "friends" based on that premise, act accordingly.

If he used the words "sell" and "buy" 5 years ago than it's your rifle and it's going to be worth a lot more in the upcoming years than the ~$1000 it is now.

 

[Unknown]

Re: Question for the group

I would be inclined to tell him that because of his lack of contact, or repayment, you long ago considered that you had purchased the rifle. Possession being nine tenths of the law and all that. He has the money, you have the rifle.

Of course, a middle ground position would be that he could pick from the following options:
1. The money is his, and the rifle is yours.
2. He can pay you back the original amount, and interest, and buy the ammo
if you want to let him have the rifle back.
3. Apparently pawning guns is illegal where you live, so clearly, you would never have entered into an illegal pawn agreement. Obviously you figured that you bought the rifle years ago, and now you would be happy to sell him the rifle and ammo at fair current market prices for both.

I sort of suspect you are hearing from him because he figures he can get the rifle back really cheap, and make some quick coin from it. Clearly, he didn't have much interest in either you or the rifle until he figured out the rifle was worth lots more money than it was several years ago.

Someone who hasn't contacted me for 5 years isn't a friend, they are an acquaintance. Acquaintances don't get the same favors that friends do.

 

[FORANE]

Re: Question for the group

All good info. Yes, I have heard in TN that it is illegal to operate an unlicensed pawn business. I did not discuss interest rate, term, etc that would be discussed in a loan situation. I definitely purchased the gun. So I guess it is a matter of determining what price it may be sold back to him given current market conditions. Suppose I could tell him to get me another AK and I would be happy to trade.
Agree that the lack of contact in some time here is not consistent with a lasting friendship.

 

[kraigWY]

Re: Question for the group

My word would mean more to me then the gun.

 

[Bowman]

Re: Question for the group

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: kraigWY</div><div class="ubbcode-body">My word would mean more to me then the gun.

</div></div>


I couldn't agree more.

 

[a4308]

Re: Question for the group

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Bowman</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: kraigWY</div><div class="ubbcode-body">My word would mean more to me then the gun.

</div></div>


I couldn't agree more. </div></div>
Same here

 

[BALLISTIC]

Re: Question for the group

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: kraigWY</div><div class="ubbcode-body">My word would mean more to me then the gun.</div></div>

Agreed, but it has been 5 years without shown commitment to the firearm, until all of a sudden it's worth 3-5 times what it was. If the recent string of events had not happened, I doubt the OP would have ever heard from this man again. I would offer the rifle back, but not at the original price, but not 10 times it either. The ammunition is worth probably double what you paid already, so that doesn't matter, and I would offer it to him in the same fashion as the rifle, not your price, but less than market price.

This is what I would do for a 'friend', but since I doubt you consider this person a real friend, IE without contact for 5 years, I would probably tell him the deal is final, and do whatever I wished with my rifle.

 

[boltstop101]

Re: Question for the group

If you feel obligated to give him a chance to get it back Go on gun broker get the ten lowest buy it now prices averages and he can have it for thator $100 over what he sold it to you on the condition he pay full retail for the ammo and acessories you purchased for it . You are not obligated to sell it back to him for the same price now that you have invested in ammo and accesories .
Shit I would never go back to some one who bailed me out when I neede it and try and screw them out of something without paying a fair price . One of my good friends was going to sell a gun to a pawn shop and I told him id buy it for more than they would give him later he wanted to buy it back I said no he could borrow it for ever but I knew if he baught it back his wife would have him sell it in two months and solong as it was mine he could use it for ever and he has hunted with it every year

 

[Miles2go]

Re: Question for the group

I don't think you're obligated to sell it back. Did you have the authority to sell it to someone else 6 months ago? If so it's yours and you don't have to sell it.

I agree that if you specifically said he could buy it back some day then it was essentially collateral on a loan. If so you are obligated to "sell" it back, but not for profit.

I do think if you sell it back he is obligated to buy the ammo as well. He'd be a fool not to anyway.

Lame lesson in dealing with people in the grey areas of life isn't it?

 

[captcoop]

Re: Question for the group

IMHO after 5 years it's yours a " collateral loan" should be a short term basis, not 5 stinking years. He's seen what the prices have risen to, and wants to make a score. I've loaned money out in guns and high end watches , but it was fir a couple of months . And typically if a friend if mine needs money, I just give it to em. Hard feelings come out of loans.

 

[hankpac]

Re: Question for the group

I suggest you tread very, very carefully during your negotiations.
If he is an ass, as I suspect he is, all he has to do is say you stole it.
If he has any proof of ownership, and you two didn't exchange any paperwork (bill of sale, note of indebtedness, IOU, ANYTHING) you are dead meat.
You think you have a mess now, consider what happens if it enters his little mind to complain of a theft of a firearm. You have little to no standing, and no proof you just held onto it for a buddy, while he owes you money.
People do some dumb things for others "as a favor"that end up biting them in the ass.
Verbal agreements are the worst.

 

[Cserv]

Re: Question for the group

You bought it for what it was worth, let him buy it back for what it is worth. Its only right, you paid market value so should he.

Eric

 

[Jerrrrstanley]

Re: Question for the group

If he says you stole it how is he going to explain it was stolen 5 years ago? I bought 2 guns off of a friend to hold until he could get money. EIGHT years later I gave him the pistol back in a shadow box as a gift for completing his SF training. It was his dads who passed away when we were younger. I still have the rifle and as far as I'm concerned its his when he wants it.
Offer to give him another $300 for the rifle and if doesn't want it then sell it back to him. That was the agreement even if it was 5 years ago.

 

[--BLACKOUT--]

Re: Question for the group

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: 1bad</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Bowman</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: kraigWY</div><div class="ubbcode-body">My word would mean more to me then the gun.

</div></div>


I couldn't agree more. </div></div>
Same here</div></div>

This right here^^^ dude maybe a prick for all of a sudden wanting it back but YOU agreed to "hold" it for him... or butt fuck him for close to market value, its your conscious.

 

[IdahoMike]

Re: Question for the group

Shoot man, business is business. If you agreed to give him money for somthing and he would buy it back from you then thats the deal. But 5 years? Holy crap, I say hey at this point it's mine. I have treated it as such since yada yada time. I have X invested, and I want a return. He needs to buy the ammo from you AND pay more than the 'loan'. Or just say F you call Judge Judy.
In all seriousness, if you pawn an item its like 90 days to buy it back plus interest. So he is SOL in my book.

 

[RangerWalker71]

Re: Question for the group

Sounds to me like he's trying to make a quick buck. I would sell it and split the $$$ green, Or tell him to piss off. not sure which. 5 yrs and no contact, I would be more likely to tell him its mine and to head on down the road.

Good luck.

 

[FORANE]

Re: Question for the group

I sent him an email stating I had purchased the ammo, and also (I forgot earlier) 4 AK magazines. I said I would not mind selling it back to him but would want to get another AK. Given current market conditions I would take any AK he could provide in trade. If he could not do that, I asked how much he thought it was worth in todays market and what price he thought was fair given todays market considering I would have to purchase another in this market.

 

[Unknown]

Re: Question for the group

One way some of the guys I deal with use to set the value of guns for sale or swap is:

Go on three sites selling similar items. Find 5 similar items, throw out the high and low price, and average the remaining ones. Then we both compare our findings to negotiate the price. So far it has always worked out very well, evidenced by us all still remaining friends willing to sell or trade again.

 

[Switchblade]

Re: Question for the group

I'm all about the money on this, as long as it is LEGAL to transfer back and forth.
He wants the rifle back now?
I would sell hm the rifle at going market rate or 100% over what you paid in the first place, whichever is lower knowing the amount that the value went up. Secondly, I would sell the rounds with the gun as a condition of return purchase at cost of what you paid for them(includes shipping, whatever) along with a 5% profit for storage and handling.
This would be my only offer to him, non negotiable, and as long as current law permitted a one time person to person transfer. The total legality of the initial transfer should be fine by TN law, in that it was perfectly legal five years ago for a man to man one time transfer.
Either way, he wants the AK back after 5 years, he pays what it's worth, and buys the ammo. He doesn't like that, he gets the finger, and a hearty FU to go along with it for being a douche and not even keeping in contact over the last five years