It can be, somewhat, common for jewelry sales, at least at the level that some custom rifles cost.

Is there a reason not to do this? I realize everyone wants to be "buddies" in the gun business, but I always thought a well-organized contract, and no questions about funding, makes for a friendlier relationship...

Better check the custom rifle forum, and perhaps post this on there.
Peter.

Escrow accounts set aside funds, but they're not accessible to either party. A gun maker would need funds to purchase components during the course of a build, or else he'd be "fronting" his own money.

Escrow is impractical due to the reason Biebs just mentioned.

I think it is just best to avoid custom rifle builds completely unless you can afford to wait indefinitely (or longer).

George

Perhaps some do not, but I consider Griffin and Howe as a premier custom builder and their terms are 1/3 down, 1/3 "in the white," and balance upon completion. Delivery stated at some 2-2 1/2 years. You supply the action. Base price line is 7,000.00 From some of the prices I see going for other "custom" builds I would say this is well in line. Griffin and Howe considered a very reputable house and if I were a lot younger would go that route I believe. Those fellows have been around a very long time and if they had lots of complaints would not have made it this long. JMO

I just checked D'Arcy Echols website http://www.echolsrifles.com/ He requires a $3,500 deposit for his legend rifle with the balance payable upon completion. The current lead time is 12 months.

Good terms regarding downpayment, but that balance due in a year or so is the only thing stopping me from placing an order right now!
No question as to quality, I am sure about that.

Many of the best and reliable builders do similar fee arrangements. Jerry Fisher requires no deposit even for materials as he has them on hand and if he has none of your money he has less pressure. when your rifle is done you pay in full and if you don't there are numerous others waiting for one of his rifles.
That is something to think about for all those folks who consider paying in full in advance for wonderful promises.

quote:

Originally posted by Biebs:
... A gun maker would need funds to purchase components during the course of a build, or else he'd be "fronting" his own money.

A gunmaker should front his own money. It's called being proprerly capitalised.

Now I can see requireing a 5-10% percentage deposit for a customer to reserve his spot in line. But the gunmaker should be more than able to refund this if something changes/goes awry.

Funding a business solely with thier customers money has been the un-doing of many a custom rifle maker...


.

I experienced everything i.e. (wish) for full payment upfront and zero at all. It might not come a surprise that the first group disappointed heavily with business behaviour as well as gun performance. In Europe it seems to me that a 33/33/33 routine becomes the standard meaning one third to start the process, another one As the rifle goes to proof and the remainder at delivery. Which I can Support.

quote:

Originally posted by TwoZero:

Funding a business solely with thier customers money has been the un-doing of many a custom rifle maker...

That should be engraved on a sign above the door to every gunsmithing school and the motto of the custom gun guild.

Skill, talent and ambition need to be tempered with the reality of running a business.

I could see an escrow service being very helpful when buying an existing gun - particularly when buying a high dollar gun via the internet.
All too often, guns are not adequately described and there is simply too much left to interpretation regarding finish and bore condition.
Even in the event that the gun is returned, which I have done a few times and the sellers have been understanding, there are still shipping costs incurred and inherent risks of shipping valuable guns through the gun unfriendly environment we are in.

Who in their right mind would want to be the escrow agent for a custom gun transaction?

Here's one way to be your own escrow agent...

• Pay a deposit of no more than 25% of the cost of the project.
  
  
• Have an agreed-upon schedule for progress payments.
  
  
• Make progress payments only upon clear photographic evidence of progress on your specific project.
  
  
• Have a holdback of 15-20% of the project cost that will be paid upon final acceptance.

If you follow these rules, you'll only get completely ripped-off half the time.

What Forrest said makes sense. I prefer to do a custom job in stages. That is pretty much the way I operate my business as well.

Its usually half down and half on completion. I have never used an escrow account.

quote:

Originally posted by Bryan W:
I just checked D'Arcy Echols website http://www.echolsrifles.com/ He requires a $3,500 deposit for his legend rifle with the balance payable upon completion. The current lead time is 12 months.

How long has that site been up??!!

The custom maker I use requires me to place nothing down. My word is my bond. I have 10 of his rifles in my possession. I have three on order for the future. No worries for me here. Other makers have sitffed me.I have tried many different payment options from Paying full price ahead to piecemeal. In my opinion, and only my opinion, If the maker is honorable he will provide the agreed product in the prescribed time period and price. If not the make is a sham.

quote:

Originally posted by lb404:
The custom maker I use requires me to place nothing down. My word is my bond. I have 10 of his rifles in my possession. I have three on order for the future. No worries for me here. Other makers have sitffed me.I have tried many different payment options from Paying full price ahead to piecemeal. In my opinion, and only my opinion, If the maker is honorable he will provide the agreed product in the prescribed time period and price. If not the make is a sham.

And that can go double for the buyer as well.

Touche' !!!!

Jabalihunter,

D'Arcy's website went live in January.

Bryan

Interesting thought.

I would suggest that having a gun builder pay himself for materials would greatly shorten delivery times for most. As to the notion that most cannot afford to do that, anybody living hand to mouth would raise red flags here. I am lucky, my gunsmith lives about half an hour away, and I bring him materials and we keep a running payment schedule as he shows me the work in progress.
What an old fashioned way of doing business.

Rich
Sua Sponte

quote:

Originally posted by Jim Kobe:

quote:

Originally posted by lb404:
The custom maker I use requires me to place nothing down. My word is my bond. I have 10 of his rifles in my possession. I have three on order for the future. No worries for me here. Other makers have sitffed me.I have tried many different payment options from Paying full price ahead to piecemeal. In my opinion, and only my opinion, If the maker is honorable he will provide the agreed product in the prescribed time period and price. If not the make is a sham.

And that can go double for the buyer as well.

LB, Knowing you and knowing your favorite maker I think that it would have to be said that both of you are unfortunately the exception rather than the rule.
Most makers can't be trusted to deliver on time like he can be, and most buyers are not as forthright about payments etc. as you are.

It's wonderful when you have great relationships but I guess you can't do all your planning on best case senario.................DJ

Sorry but 34,000 dollars for a bolt action rifle is over the top! I have several from name makers that cost considerably less that are perfect and completely functional in all respects. Why not buy a double for 34,000 and have a gun that will maintain or increase in value? My opinion.