GE Capital has stopped financing gun purchases.
GE Capital is the second large company to get out of the firearms business, The Wall Street Journal reports. Cerberus Capital Management announced days after the Sandy Hook Elementary School shootings, that killed 26, that it was trying to sell Freedom Group Inc., maker of Remington, Bushmaster, Marlin and H&R guns.
GE Capital spokesman Russell Wilkerson told the Journal the company’s decision was based on "industry changes, new legislation and tragic events."
Sandy Hook is not far from GE’s Fairfield, Conn. headquarters, and several employees have children who attend, the Journal notes. The father of the shooter, Adam Lanza, is a GE executive.
Despite the size of GE Capital, its departure from the gun financing business will have little impact on the market, the Journal notes. Few gun buyers finance their purchases, anyway. Shop owners said the financing option did get some customers to buy more accessories.