Layaway Terms:
Sales price without sales tax must be $350.00. Layaway is good for firearms, accessories, build parts, etc. As long as the total is $350.00 or higher the purchase is elegible. Consignments, trades, used items are all eligible for layaway.
Initial deposit is 20% of the total purchase price, plus sales tax, plus a one-time $75.00 financing fee due on [Initial Contract Date].
The purchaser then pays the remaining balance in full within 60 days. Payments MUST be made on or before the 30th day of the Contract Date and the remaining balance is due on the 60th day from the Contract Date.
Minimum payments on the 30th day must be at least 20% of the balance with the 60th day being the remaining balance.
There is a 3-day grace period on the 30-day, 60-day payments.
Sales Tax: Is calculated and is collected at the initial contract date and is not refundable.
Financing Fee: Is collected in first payment and is 100% non-refundable.
Example Payment Plan:
$1,000 Sales Price
$97.50 Sales Tax
$75.00 Finance Fee
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Down Payment would be: $372.50 ($1,000 (20% of sales price)) + $97.50 (sales tax) + $75.00 (finance fee)
30th Day Payment Minimum would be: $200.00 ($1,000 x 20%)
60th Day FINAL Payment would be: $427.50 ($1,000 (Total Sale Amount) - $372.50 (Down Payment) - $200.00 (30-day payment) - $427.50 (60 day and final payment)
Forfeiture Policy:
Payments must be received within 3 days (34th day / 64th day) of the due date by close of business. Failure to do so results in forfeiture of the layaway plan, with all payments retained as liquidated damages. There are no exceptions either verbal or written.
The federally required Form 4473 (AKA Background Check) will be completed AFTER the final 60-day payment (balance will be ZERO).
Should you be denied, the process will be that you MUST file the TN APPEAL FORM and must wait for a response back from TICS.
After which time the TICS APPEAL has been either upheld (sustained denial) or overturned / conditional approved, the following will be the next step: SUSTAINED DENIAL: All monies collected minus sales tax, 40% restocking fee, and a $100 processing fee will be refunded via company check only and mailed to you in approximately 2 weeks. OVERTURNED & CONDITONALLY APPROVED: You will be allowed to take possession of the firearm (and accessories) the day we get the email or letter from TICS telling us it is in the correct status.
Firearm Storage:
Items remain on our premises until full payment and approved federal Form 4473 (AKA Background Check) is made. No access to or possession of the item(s) are allowed during the layaway period.
Refunds and Transfers:
Payments are non-refundable and non-transferable. No exceptions written or verbal.
Legal Compliance:
You agree to the contents of this agreement and agree that you are bound by the terms listed. Governing law is the State of Tennessee.
Entire Agreement:
This Agreement supersedes all prior agreements. Amendments will be communicated in writing only.
Contact Information:
Background Check:
Upon final payment, a federally required Form 4473 (AKA Background Check) is required. Failure to pass will result in the process listed above.
