You have to buyback your stolen items from pawn shops

[bigchuck83]

it sucks to have to buy back YOUR property that has been stolen, been there myself once. went into pawn shop and noticed some things of mine in there, called police and a detective said i could either buy it back from pawn shop or wait until person had been caught and tried for the theft. i Knew who stole my stuff and that he had left town so i bought it all back.

 

[pinkhamr]

You also buy it back at the amount 'loaned' on the item. There is no additional charge .....

 

[Super_soph198]

"Moore is the only city we've dealt with that tells the victim to pay the pawnbroker to get their stuff back. If your stuff is ever stolen, you don't have to pay the pawnbroker. Let the City press charges, you will get your merchandise back, and the pawnbroker will get restitution years down the road. Oklahoma City will normally have your merchandise back within a month."

That's where I live, Luckily they caught the guy, he happened to have shot at a neighbor of mine from inside the neighbors house the day before breaking into my car. The neighbor was fine but could you imagine opening your front door and being shot at from inside your own home at 3 in the afternoon. WTF

So I have to wait for all of his Breaking and entering charges as well as attempted murder before they deal with the auto burglary stuff. Classy guy.

 

[Nighthawk]

I hope this is not off subject too much. I have never pawned anything, and have wondered this a lot while watching Pawn Stars, and that other Pawn show with the guy with the greased back hair.
I have never seen answers to these questions.

When a customer pawns an item to borrow money that he is badly in need of:

What percent of the value does the pawn store loan him?

How long is the loan for?

Is there a grace period if the person is late getting to the store pay the money owed to un-pawn their item?

What percent does the pawn store charge for interest?

Does the pawn store charge any other fees on top of the interest?

Are most customers that pawn items ones that are just down on their luck or ones that find this is a better way than any other to get cash fast.

I noticed on Pawn Stars, that it looked like not very many people would pawn items, they are just looking for someone to buy it. Is this true, or do most people that go into a pawn shop, pawn things and they are just not showing that on Pawn Stars?

Maybe some one that has pawned something with a pawn shop can answer these questions. They go through my mind every time I watch Pawn Stars.

 

[SoonerStatePawn]

What percent of the value does the pawn store loan him?
This is going to vary store by store. On gold and silver, we give 70-90% of current spot price. If we buy it, we'll give more. If we loan on it, it will be less, who knows where gold or silver will be in 60 days. As a rule of thumb on most general merchandise, we will sell a used item in good condition for approx 2/3 of new retail, we will loan 1/3-1/2 of new retail depending on how quick we think it will sell. On guns I run a pretty low profit margin, I loan 50-90% of the value of the item, depending on how quick I think I can move it.

How long is the loan for?
Loans are for 30 days in Oklahoma, we give an addtional 30 day grace period before item is pulled to sale.

Is there a grace period if the person is late getting to the store pay the money owed to un-pawn their item?
We give a 30 day grace after the initial due date, there is an option to pay the finance charge to extend your loan.

What percent does the pawn store charge for interest?
The monthly interest is 20%, $50 loan will cost $60 to pick up within 30 days. After $150 the interest rate drops. A $1000 loan has a $90 finance charge.

Does the pawn store charge any other fees on top of the interest?
There are no additional fees charged other than interest.

Are most customers that pawn items ones that are just down on their luck or ones that find this is a better way than any other to get cash fast.
Most people that live paycheck to paycheck just need a small loan to get by until payday. Banks won't loan somebody $50 for groceries, and alot of people out there don't have credit cards. We also have alot of self-employed individuals that need to make payroll until they get paid on a job. Most people would be surprised, but at our shop 80% of items pawned are paid on or picked up. Very little of the merchandise we take in on loan will default and end up for sale. There just isn't too many options for people who need quick cash. Pawn loans have much lower interest rates than payday or signature loans. If you can't make the payment you have the option of not picking up your merchandise.

I noticed on Pawn Stars, that it looked like not very many people would pawn items, they are just looking for someone to buy it. Is this true, or do most people that go into a pawn shop, pawn things and they are just not showing that on Pawn Stars?
You would be surprised by the people that come in pawnshops. We get people from all walks of life.

 

[Nighthawk]

Thank you, now when I watch those shows, I will know what is really taking place. I know they are just shows, and I take what happens on them with a grain of salt. Just like Son of Gun's and that other one, which in my opinion are real jokes.

Thank you again,

MF

 

[Doesn'tPlayWellw/Others]

That's something they should really insure themselves for...

They do 240% APR.

 

[pinkhamr]

That Loan Fee is established by the OK Department Of Consumer Credit - Not the Pawn Shop.

 

[Johnny]

I talked to a guy the other day that flew to vegas to pick up his grandkids and bring them back for the summer. He said the pawnstars shop isn't much more than a t-shirt shop. He said that looks like everything they have every bought on the show is still in the shop. He also said the cheapest thing in there was an inkpen and it was $5.

Sorry for all the other posters breakins. Been there it sucks. When we lived at 50th and north miller(near 50th and may) some reatard knocked the passenger side lock out and destroyed the sheet metal on the door. Tried to steal the CD player and broke the face plate and the plastic trim piece that covered half the dash. Never did get it out because of the metal strap on the back. he also took my work bag. It had a 0"-1" Mitutoyo mic my parents gave me when I graduated high school. The only thing I really cared to get back. I didn't have the serial number so there wasn't a lot they could do.

 

[71buickfreak]

I can tell you that in stillwater, you have to buy it back. I was working at an audio/video shop and we had a guy come in and write a hot check for some gear. He took it from my store straight to the pawn shop. He came back in the next day and tried to do it again, but we locked him in the entrance doors and brought in the cops. He went to jail for a year over it. I started calling the pawn shops, found the one he took it all to. They refused to release it back to me unless I paid for it. Cops said it was their perogative. I still don't understand how, but that is how it is set up in stillwater. Slightly different as it was a hot check theft, but it was intentional theft. we still got screwed in the end.