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I've always been Curious... About pawns shops that is.

 
Old 01-23-2010, 11:46 AM
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Default I've always been Curious... About pawns shops that is.

I've always been Curious... When you go to a pawn shop to sell something or get a loan, I have seen that they always ask you, are you looking to sell them item or pawn it(get a loan against it)... does anyone know why?
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Old 01-23-2010, 11:47 AM
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Default Re: I've always been Curious... About pawns shops that is.

If you pawn it, you have a certain amount of time to buy it back before they sell it to someone else. If you just sell it, they can sell it to anyone at any time.
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Old 01-23-2010, 11:48 AM
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Default Re: I've always been Curious... About pawns shops that is.

sell: they'll make some money if they price it right and there will be a buyer.
pawn: they get your item if you don't pay (they'd loan near the sell price)....if you pay back, they get interest. both ways, if done properly, will make them money.
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Old 01-23-2010, 11:49 AM
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Default Re: I've always been Curious... About pawns shops that is.

Do they pay the seller more $ one way or the other?

Are they willing to loan more for a pawn versus a buy out?
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Old 01-23-2010, 11:54 AM
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Default Re: I've always been Curious... About pawns shops that is.

well, depends. but generally i would think not. why? because if you don't pay back the loan, they will only have your item. so the loan would have to be priced near the amount that they'd be able to sell it for. because if they don't, they'd have to hunt you down, incurring more costs.

Say, you have an item that the pawn shop would buy for $2,000...

Item Buy Price: $2,000
Loan: $2,000
Interest: XXX

If you don't pay back the $2,000, then they will still have the item near the price they'd buy it for. They might give the loan for a bit less, though, to hedge against the hassle.
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Old 01-23-2010, 11:57 AM
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Default Re: I've always been Curious... About pawns shops that is.

anyone else watch pawn stars?
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Old 01-23-2010, 11:59 AM
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Default Re: I've always been Curious... About pawns shops that is.

^haha. i think it's the only show on History channel that I've liked in many years. Not necessarily for the characters, but for the items. Turning on THC and seeing everything about the end of the world pissed me off.
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Old 01-23-2010, 12:00 PM
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Default Re: I've always been Curious... About pawns shops that is.

Originally Posted by Setsuna F Seiei View Post
anyone else watch pawn stars?
yep

Show is pretty cool, people bring all kinds of crap in there. I can't believe how much some of that stuff is worth.
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Old 01-23-2010, 02:28 PM
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Default Re: I've always been Curious... About pawns shops that is.

Originally Posted by MSchu View Post
Do they pay the seller more $ one way or the other?

Are they willing to loan more for a pawn versus a buy out?
I doubt they'd give you more for a pawn then a straight out buy out just because they have to take in the possibility that you won't come back to pay them back.
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Old 01-23-2010, 03:01 PM
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Default Re: I've always been Curious... About pawns shops that is.

pawn stars and antiques road show

anyone see the million dollar items on antiques road show? amazing...

http://www.pbs.org/wgbh/roadshow/archive/200902A05.html

the lady was like :O
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Old 01-23-2010, 03:07 PM
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Default Re: I've always been Curious... About pawns shops that is.

yup that was some high $$$ for some small *** carvings
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Old 01-24-2010, 11:32 AM
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Default Re: I've always been Curious... About pawns shops that is.

I worked at a pawn shop/gun range for 2 years. It's much more profitable for a pawn shop to not have to sell the item unless the dues have been paid on it for a long time. There were people who had stuff under for pawn for over 3 years paying the minimum amount every month because they dont want to lose their item but can't come up with the whole amount to get it back. So if the item ever does come up for sale the store has already made it's money plus interest and can sell the item for total profit.
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Old 01-24-2010, 11:35 AM
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Default Re: I've always been Curious... About pawns shops that is.

Originally Posted by MSchu View Post
Do they pay the seller more $ one way or the other?

Are they willing to loan more for a pawn versus a buy out?
Depends on the person/item, you have to judge whether you think they are actually coming back for the item. Plus regular customers get better prices because we could look into the logs and see how they paid and how many items they've paid or not paid on.
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Old 01-24-2010, 12:21 PM
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Default Re: I've always been Curious... About pawns shops that is.

Originally Posted by Kevin View Post
I worked at a pawn shop/gun range for 2 years. It's much more profitable for a pawn shop to not have to sell the item unless the dues have been paid on it for a long time. There were people who had stuff under for pawn for over 3 years paying the minimum amount every month because they dont want to lose their item but can't come up with the whole amount to get it back. So if the item ever does come up for sale the store has already made it's money plus interest and can sell the item for total profit.

So are you saying that the pawn shop can sell your item at any time to make money? Meaning, you agree on a 3 year term to pay off say a $2000 debt/item. Just before you make your last payment of say $80, the pawn shop can legally sell your item and make money from it, profitting from both the payments and the sale of the item, leaving the guy making payment SOL?
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Old 01-24-2010, 12:53 PM
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Default Re: I've always been Curious... About pawns shops that is.

Originally Posted by DRAMA View Post
So are you saying that the pawn shop can sell your item at any time to make money? Meaning, you agree on a 3 year term to pay off say a $2000 debt/item. Just before you make your last payment of say $80, the pawn shop can legally sell your item and make money from it, profitting from both the payments and the sale of the item, leaving the guy making payment SOL?

Nope. He said people would pay their monthly bill (minimum), in order to NOT lose their item.

I'm assuming after being so many weeks late though, the pawn shop has the right to sell it, in which they've made money for holding onto said item, plus whatever the sale price is.
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Old 01-24-2010, 01:35 PM
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Default Re: I've always been Curious... About pawns shops that is.

On a standard scale they would pay you 70% of what they will sell it for, if you're pawning it, 35-50% of what they would sell it for.
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Old 01-24-2010, 01:40 PM
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Default Re: I've always been Curious... About pawns shops that is.

Originally Posted by Kevin View Post
I worked at a pawn shop/gun range for 2 years. It's much more profitable for a pawn shop to not have to sell the item unless the dues have been paid on it for a long time. There were people who had stuff under for pawn for over 3 years paying the minimum amount every month because they dont want to lose their item but can't come up with the whole amount to get it back. So if the item ever does come up for sale the store has already made it's money plus interest and can sell the item for total profit.
I thought you only had like a few months to pay it off or they sell it. What is this 3yr stuff?
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