I was recently reviewing my Google Analytics report when I noticed a couple of the Google searches my visitors found this blog through. One was "can a pawn shop sell my stuff" and the other was "items you can pawn". This has led me to the decision of creating a new section, called Q & A. I want anyone that has any questions to ask them in a comment to this post, and I will answer them as soon as possible. If you would rather email me, I would be more than happy to receive questions at pawnlife@live.com.
To start this off, I'll answer the questions that led me to this. A pawn shop in the state of Nebraska (and I would assume most other states, but that's something I'll have to research) cannot sell your items as long as they are an active loan. What I mean by that is at our shop a loan is four months (this will differ by state, more to come on that). During the first four months, we are bound by law to keep it in our back room without telling possible interested customers we have it, let alone selling it. Only when the loan expires can we set the item out for sell. Also, if you're getting close to that due date and need some extra time, we can accept a monthly interest charge as a payment that will extend the loan out for another month from it's current due date. Here in Nebraska, you can do that as many times as necessary without the risk of your item(s) being sold. I would suggest calling the shop you have the loan through to ask what their policy is.
As far as items you can pawn, it really depends on the shop. Generally, pawn shops will accept jewelry (gold and/or diamond jewelry only in most cases), car audio, home audio, tools, televisions, game systems, dvds, video games, and firearms. Again, this is just a generalization and may not apply to all pawn shops in your area. A lot of stores will have an age limit on the electronics they accept as well as certain types/brands of items they will not take in. You would be best off figuring out what you have that you could part with for a little while then calling the pawn shops in your area to ask if they would accept them on loan. This would also be an opportune time to ask what interest rate they charge and the length of their loans.
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17 comments:
What are the regulations on how an item is to be stored, if there are any?
For example, if the item is a firearm, is it advantageous to pawn it in a case so that it will not receive damage in storage?
what types of insurance must a pawn shop carry in case it shgould burn down, be looted, etc?
I'm sure the regulations will vary from pawn shop to pawn shop depending on company policy and procedure. The best way to explain it for us would be that we put like items together and when something is pawned, it goes in our back room and sits on a shelf untouched until it is picked up or forfeited to us. In the case of firearms, it is always a good idea to keep it in a case because just like storing it at home, the moisture in the air can cause rust. As far as things being damages while they're on loan, we very rarely see that (in the 3 plus years I've worked here I've only seen one incident where something was damaged while in pawn).
I'm not sure exactly what type of coverage my company has, but I know that we are insured against "Acts of God" as well as damage/loss caused by theft.
Can I get good deals on used firearms from pawn shops? What if the gun I bought from a pawn shop is broken? Will they take it back?
I'm looking for a cheap used shotgun preferably a Mossberg 500, 590 or Remington 870 with 18"-20" barrel.
Anonymous,
Depending on where you go, you can get great deals on firearms at pawn shops. Each shop will most likely have a differing return policy, so you would have to ask them. The guns you listed are pretty common to find in a pawn shop.
Hey just curious if Jeremy is still the manager of the pawn shop that you are speaking of?
No, the manager of the pawn shop I'm speaking of is not named Jeremy.
No, the manager of the pawn shop I'm speaking of is not named Jeremy.
I know there are only 28 states that set a maximum interest rate for pawnshops, but I can not find if Nebraska is one of them. I find the Nebraska state statutes for pawnshops under 69-201 to 69-120 and I find interest rates under state states 45- series (which covers conventioanal lenading institutions such as banks), but I find nothing about interest rate caps for pawnshops in Nebraska, so am I correct in assuming Nebraska is one of the states that does not regulate interest rate caps for pawnshops?
I'm fairly well-traveled, have spent a bit of time shopping junk and antique stores, and I really don't get pawn shops - apart from the loan thing.
Everything in them is priced at retail or above, for used, most-times well-worn items, many of which are off-brand.
The musical "equipment" they have is all vastly overpriced, most of it priced higher than you could buy new at a local store or purchase on the net.
I'm used to haggling some on antiques, mostly glassware, but I just don't get the pawn shop pricing structure. Do they expect you to haggle for more than a 50% discount? 'cause that is all most of it is worth. Is it a scam? Do they figure nobody who shops there does any research?
Enlighten me?
Just wondering.
jackscrow,
I'm not sure which pawn shops you are visiting, but it sounds to me like the shops you've visited don't have a very legitimate pricing structure. It can really vary depending on the company, location, and market.
One thing that can be a common misconception is that pawn shops have products priced at yard sale prices, and this just isn't true, nor would it be good business practice. This misconception can lead people to believe that the prices they're seeing is equal to retail or higher when they're in the store, when in reality it's their expectations that are off-base and not the prices.
From the shops that I've been to, it seems pretty consistent that pawn shops loan around 20-25% of retail prices and sell the items for 50-60%. Of course there are instances where both of these numbers will be either lower or higher, and there are times that something is marked mistakenly high, but this seems to be the norm.
How do pawn shops differentiate between "souvenirs" and "stolen items?" For example, I have a sign I "collected" from the Berlin Wall in 1974. I'm not looking to pawn it, but it started a debate one night and I've wondered since.
thanks.
Typical pawnshop usually offers jewelries and other valuable items. In order for our stuff to be safe just check their rules and regulation in pawning to ensure the safety of our stuff.
Joan @ Pawn Shop Websites
Thank you for this great information concerning pawn shops. I need to find a good pawn shop in Broadview.
Have you never heard of GOOGLE!?
The pawn my stuff is at burnt down today how do I get my stuff
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