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Posted: 11/24/2008 12:34:50 PM EDT
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A friend of mine called me and informed me of a good deal (almost to good) on a full auto M16. He tells me the guy selling it owned a gun store that went out of business 10 years ago. I would love to own a full auto but I want to make sure I'm doing a legal transaction before even talking to the seller. I know I have to have a class 3 federal firearms stamp before I can take ownership but that's all I know. Here are my questions.
Since this is going to be a FTF, is it legal to do a FTF on class 3 weapons? What paperwork should the seller have, that proves he owns it legally (I'm guessing the class 3 stamp, but anything else)? Or in general - How would you handle this transaction that protects the buyer (me) from a illegal transaction. Thanks for the help. |
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Quoted:
Since this is going to be a FTF, is it legal to do a FTF on class 3 weapons? Not just no but HELL NO! What paperwork should the seller have, that proves he owns it legally (I'm guessing the class 3 stamp, but anything else)? Yes he should have the tax stamp.
Or in general - How would you handle this transaction that protects the buyer (me) from a illegal transaction.
Go through a FFL. I'll warn you if it sounds too good it's like a Dealer sample. Meaning you have to be a dealer to own it. Oh and I'll be moving this to the proper forum. |
| Before you can purchase it you have to fill out an ATF form 4, application for tax paid registration of a firearm. You will have to have it signed by a chief law enfocerment official of the jurisdiction where you live. e.g., Chief of Police, County Sheriff, Felony Court judge, District Attorney. The seller will send it, along with a set of your fingerprints and a check for $200 made out to the Department of the Treasury, to BATF's National Firearms Act branch. If approved, which takes about three months, BATF will return the approved form back to the seller with a Firearms Act stamp affixed. You can then take possession of the weapon. Seller doesn't have to be an FFL, Individuals can transfer to one another as long as the proper procedure is foilowed (I know, I've done it). Legit M16s are going for 13-16,000 dollars. |
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I have 6 MG's and have done one FTF with a local guy. It was not my first and I knew what to look for. If the friend who told you about the deal has a few MG's ask him to go with you to look at it.
Ask the seller to look at his form. If he was a dealer it may be on a form 3 and could be a dealer sample. You may be able to call the BATF and ask them if it is transferable. If it is on a form 4 it should be transferable. Your friend or the person you are getting the weapon from should be able to help you fill out the paperwork and know if any LEO's will sign off on it or you need to go with a LCC/Trust. If you have any qestions once you look at it, post them here. |
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There is a lot of good info here. Something to consider is this. If the guy used to run a gun store, clearly he is savvy as to the going rate for NFA weapons. So, unless he LIKES giving money away it won't be underpriced.
If the price is too good - there has to be a catch. Like the receiver has egged holes or a crack or it is a DEALER SAMPLE. Or this is some kind of illegal transaction and then RUN Forest RUN. NFA us to easy t sell for anyone to discount much off the going rate. So, how much is the deal? |
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As I understand it the pre-86 dealer samples are not transferable and the prices tend to range between post-86 dealer samples and pre-86 transferable prices. So for example M16's for $4k-$5k and MP5's for $7k-$8k.
Still need to be a dealer though... 
I think our picture happy friend in Florida has a few of these up on this website, like a MP5A3 that looks pretty nice. 
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| Yes, there are pre-'86 dealer-sample Colt factory M16s. They are M16s which were exported, and then re-imported between 1968 and 1986 (GCA '68 banned the reimportation of U.S.-made NFA for civilian ownership). There are not that many out there, and if you can find one, the market value is only about $1k, $2k at most, less than a transferable ... so about the only reason to get one would be to fill a hole in an M16 collection. |
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