Eighteen Congressional Democrats sent a letter to a Montana finance company that allows gun buyers to walk out the door of a gun shop with a new weapon while paying it off in installments, asking the company to provide data on a number of gun safety issues, the New York Times reports.
The Democrats want to make sure the financing arrangement made between the buyer, the gun store and Credova Financial do not make it easier for straw purchasers, ineligible buyers and other malefactors to get their hands on a weapon when they should be banned from buying one.
The letter also notes that so-called “buy now, pay later” (BNPL) financing encourages people to purchase more than they can afford. They’ve also asked for data from the company on the number of loans that are defaulted on, how many of their customers’ guns are reported stolen, and how many of the guns get resold by the borrower.
The letter also notes that many younger buyers also use BNPL plans to finance purchases, but frequently fall behind in payments, voiding the initial favorable borrowing terms and falling deeply into debt.