Anyone here ever taken stuff in to sell at the Easy Pawn Shop franchises? If so tell me about it cause I want to take some stuff in - never done it so don’t know anything about it - I have looked at their website though. I would like some details on how much money you get and how it is all done when you go in there.
Well, you could just go down there and ask someone “Hi, I’m new to pawn shops, how does it all work?”
Haven’t used one myself, but I was acquainted with a pawn broker at one point. He was a reasonable guy, and from what I gather was much happier trying to explain the process to new customers than having to deal with some of the regular riff-raff.
Before you go in, consider if you just want a loan (in which case the pawned item is collateral - but if you don’t come back to reclaim it by a certain time it can be sold) or if you want to outright sell the item.
I looked at the EZ Pawn website - I’d avoid the “signature loans” if you have an item of value you’re willing to pawn or sell outright.
Also - while you’re there be sure to ask about job opportunities. I know it’s a long shot, but what have you got to lose?
Remember - people have been using pawn shops for centuries. It’s a well established business with rules and regulations. It doesn’t suit everyone, and there are some bad apples just like in any other business, but they’ve been helping folks through tight spots for a long, long time. It’s not a solution for everyone but it’s certainly worth investigating. Good luck.
(In fact, I noted they have two locations near me - I may be going to one to check it out myself, so thanks for the idea)
Whatever you do, don’t let them take you downstairs.
If you have The History Channel, you can watch any episode of Pawn Stars and get a basic rundown of how the business works. Boils down to they will offer you 30-40% of the item’s value, hoping to re-sell it for a quick profit. You can also pawn items…basically a secured loan where they hold the item as collateral. You can redeem the item by repaying the loan plus interest within the time allowed–however, there are usually cheaper ways to obtain short term financing unless you’re desperate. If you do not redeem the item, they now own it and sell it to recoup their loan plus whatever profit they can get.
I was in Key West and wanted a divers watch. I picked one up in a Pawn Shop for 50 bucks. It was a Seiko. I was at Disney a week later and a waiter had the same watch. he said he paid 500 bucks for it.
A friend of mine used to prowl Pawn shops and buy golf club sets. He was able to sell them for 3 or 4 times what he paid. It was a side business.
Once I spotted a brand new Nintendo 64 that my son wanted. I got it for half price.
Thanks for the responses - I am definitely going to combine the trip with a job hunt broomstick - got to use gas wisely.
Actually I have tools to sell - various stuff I have purchased over the years to put together furniture and such - and most of it I don’t even know what it is.
Since I don’t need it - and I plan in all probability to move overseas - I would sell it outright.
I also have some costume jewelry and fancy ink pens - have no idea if they buy stuff like this or not.
Any one else who knows anything about selling stuff there chime in and give us some info.
Having worked in one of the “family type” pawnshops a few years ago, I can say they will probably give you a little more if you simply sell it to them. Saves them the trouble of storing it for 60 days or however long the local ordinance says.
The way I used to figure out how much to offer on a loan went like this: You bring in a tool. I look in a catalog and see that the tool is selling new for $150.00. Your tool has been used. I can probably sell it for $60 - $75. I would offer you initially $20, and maybe bring it up to $25 if I felt you were a decent person and would come back for it, or 33% of what I could sell it for.
And if you see something you like, don’t be afraid to make an offer. The other day I saw a two-way radio I wanted in a local shop. It had a price of $89.99 on the tag. I offered $60.00 out the door, cash, and the guy took it.
Oh, one more thing. Usually, on the price tags, you’ll see a code. On my radio the code was “CO”. Ask them what their code is, because that’s what they paid for the item. They may not tell you, but in this case, it was easy, knowing how the pricing structure worked. Simple letter substitution, A=1, B=2, and the letter O is a zero. So they paid $30 for the radio and doubled their money from me. Eminently fair, seeing that the same unit brand new would have set me back almost $250.00.