Stopped by a pawn shop today to pawn some cb shooters

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elhombreconnonombre

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San Leanna, Tx. along Slaughter Creek. a day's rid
I stopped by to see what I could get as a loan for a couple of my cb revolver repros to meet some medical expenses I got $400 Cash for a Pietta Le Mat (about 40% of its new price) and $300 for an ASM Colt Walker. I think I did alright on the loan value, but the redemption fee of 15% for a month seems high, but I needed the money quick. Is a loan value of 40% and 15% redemption fee norm for the course in the pawn industry?

They had several old first gen cb and cartridge revolvers including a Remington NMA cb that peaked my interest at $795. It looked well used and needed some repairs to the internals but had potential.
 
I saw an 1851 Uberti in the local pawn shop. Timing was so far off it would be dangerous to shoot. Butt looked like it had been used to build fence. Dirty/rusty!
They were asking $235.
I thought I would let lie there a while until the price was down below $100 and try to buy it for a project gun. It didn't last a week and someone bought it.
 
I got $400 Cash for a Pietta Le Mat (about 40% of its new price) and $300 for an ASM Colt Walker. I think I did alright on the loan value, but the redemption fee of 15% for a month seems high, but I needed the money quick. Is a loan value of 40% and 15% redemption fee norm for the course in the pawn industry?
Click to expand...

I am also surprised they loaned you that much on them as well. As for the interest rates, the 15% per month is actually 180% annual interest, but if you redeem anytime within the first month you pay for the entire month and then the amount is pro-rated daily for the next 60 days. If you fail to redeem or renew the loan in that time period, you lose your goodies.

The loan amounts are essentially set by the state. The pawn shop could charge you less, but doing so would be silly on their part. This is not usury rates because such loans are considered to be high risk loans. They are high risk in the sense that the pawnbroker must assume that you have legal ownership of the property being pawned and if said property is lost or stolen from somebody else, the pawnbroker stands to lose the merchandise and hence the loaned money through no fault of his/her own.

Here is a link to the current Texas interest rates...
http://www.occc.state.tx.us/pages/int_rates/pRate15.pdf

Note that these are set by the Office of Consumer Credit Commissioner.
 
Quote:
Originally Posted by shiftyer1 View Post
I'm happy I could help

???


They put the guns are on hold while Elhombre is in the hospital. Now that is a class act there but what would you expect from Texas!!!! :)
 
Yep..class act. I was about to suggest we all chip in on the whole nut and send a MO to the Pawn shop for the total and ask the dealer to hold them. Good folks on this forum!
 
BP revolvers always carry high price tags and 90% of the owners give you "are you crazy?" look when you offer a correct price. Why is that?
Do they think you're stupid enough to think these are originals or something?
It's a real game !
Such a shame cause most of these revolvers go to waste for greed's sake!
ZVP
 
Buenas Días Todos Mis Compadres

I am now recuperating at home after nearly 2 weeks in the hospital. The docs said I had perhaps suffered 3 or 4 heart attacks, which I had thought was heartburn, before going into the er on the evening of 11/24. I was scheduled for angioplasty on 11/26, during that procedure they learned I had 5 blocked arteries. They rescheduled me for heart surgery on 12/1 and released me on 12/4. They said they were quite impressed with my post op recovery. With the help of my kids and a cane, I am able to get out to walk and exercise.
 
Congrats on the rapid recovery. Glad you're doing well. I had 5 bypasses and a valve replacement in '07 and it took a while to get back to normal. Don't sit around and let everything get stiff..move around and walk all you can, just don't over do.
 
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