automatico Posted November 5, 2015 Report Share Posted November 5, 2015 I have a couple friends who scout watches and one called this morning from a pawn shop where a guy had a tutone black dial acrylic crystal submariner in good condition that he wanted to know if it was genuine. My friend does 'look overs' for the pawn shop and he said it was genuine. The guy asked what the shop would give for it and the pawn shop boss said "$1500 right now". The guy said no.The watch owner and my friend went outside to talk it over (with permission from the shop boss). He called and asked how much I would pay for it and I said go to $1700 or would loan $1000 on it for 90 days and take $1100 at pick up. The guy did not say a word, turned around, went inside and pawned it for $500.Why?Because he wanted to "deal with someone he knows". No one working in the pawn shop had ever seen the guy before and all have worked there 5 years or more and they all doubt he will ever come back and pick it up. He has to make a payment within 30 days plus a 'fee' and interest, then pay on it again (plus another 'fee' and interest) before the end of 60 days, or pay all 'fees' and interest due and refinance it. Fees and interest at the end of 60 days will be over $100. It's a license to steal. Always has been.I will still have a shot at it for $1500 if the guy chokes.I see crazy things like this all the time. Quote Link to comment Share on other sites More sharing options...
Mike on a bike Posted November 5, 2015 Report Share Posted November 5, 2015 I guess I am in the wrong business. Quote Link to comment Share on other sites More sharing options...
508-Fanatic Posted November 5, 2015 Report Share Posted November 5, 2015 Our local pawn shop is chock full of fake and stolen Rolex's etc. I met the owner at a function about a year ago. I offered to authenticate any watch he thought was questionable for $25 a pop. Easy beer money. He refused and said his guys were good.So I took in my Omega 300m rep when I knew he wouldn't be in. I'm in sales and a good actor. I said I got it as a gift, didn't really know much about it or what it was worth - played dumb. One of his "top guys" offered to buy it off me for $1250 figuring he was going to make a steal. They're morons with a license to loan-shark. I didn't bother calling the guy to let him know. They look at eBay and flip a coin. Quote Link to comment Share on other sites More sharing options...
dieselpower Posted November 5, 2015 Report Share Posted November 5, 2015 @ automatico "You can lead a horse to water but a pencil must be lead" 1 Quote Link to comment Share on other sites More sharing options...
Mendota Explorer Posted November 5, 2015 Report Share Posted November 5, 2015 I'm confused though. Didn't the pawn shop literally just offer him $1,500 for it just minutes before? How did the deal drop down to $500? Is that because he declined the first offer and then the owner was ticked off and low balled him on the second offer? Quote Link to comment Share on other sites More sharing options...
Drewgar Posted November 5, 2015 Report Share Posted November 5, 2015 Same here, doesn't make any sense. Please explain OP. I'm confused though. Didn't the pawn shop literally just offer him $1,500 for it just minutes before? How did the deal drop down to $500? Is that because he declined the first offer and then the owner was ticked off and low balled him on the second offer? Quote Link to comment Share on other sites More sharing options...
automatico Posted November 6, 2015 Author Report Share Posted November 6, 2015 They offered to buy it for $1500, I offered to buy it for $1700 or loan $1000 on it for 90 days. He hocked it for $500 and will probably never be back to pay the loan off and pick it up. The shop owner and the 'scout' said the guy will not be back and they are about as good a judge of characters like this as the average professional head shrinker. 1 Quote Link to comment Share on other sites More sharing options...
alligoat Posted November 6, 2015 Report Share Posted November 6, 2015 " a tutone black dial acrylic crystal submariner "This would be a 1680, but Rolex didn't make a TT 1680! Only SS and Gold! Of course a lot of people have gone back and made them- it's not hard to do. Gold bezel, correct insert, gold hands and a gold crown. TT bracelets aren't that hard to come by either and if you were really industrious you could put the gold nipple dial in there, but I like the MK1 or MK2 white dials myself! Quote Link to comment Share on other sites More sharing options...
Mendota Explorer Posted November 6, 2015 Report Share Posted November 6, 2015 They offered to buy it for $1500, I offered to buy it for $1700 or loan $1000 on it for 90 days. He hocked it for $500 and will probably never be back to pay the loan off and pick it up. The shop owner and the 'scout' said the guy will not be back and they are about as good a judge of characters like this as the average professional head shrinker.Oh, I see now. They lent him $500. Got it. The whole pawn shop thing is completely foreign to me. So there's a flat out sales price or a loan price. How long does the guy have before he forfeits it? Very interesting business model. Quote Link to comment Share on other sites More sharing options...
automatico Posted November 6, 2015 Author Report Share Posted November 6, 2015 "How long does the guy have before he forfeits it?" He has to make a payment within 30 days plus a 'fee' and interest, then pay on it again (plus another 'fee' and interest) before the end of 60 days, or pay all 'fees' and interest due and refinance it. Fees and interest at the end of 60 days will be over $100. Some shops allow the customer to pay only the fees and interest every 30 days without making a payment on the loan and at the end of 60 days they have to pay everything they owe and take the item back or pay all fees and interest and refinance it all over again. No payment in the first or second 30 day period and he loses it. Shops usually hold the item for 30 more days before putting it out for sale. Quote Link to comment Share on other sites More sharing options...
panerai153 Posted November 7, 2015 Report Share Posted November 7, 2015 "How long does the guy have before he forfeits it?" He has to make a payment within 30 days plus a 'fee' and interest, then pay on it again (plus another 'fee' and interest) before the end of 60 days, or pay all 'fees' and interest due and refinance it. Fees and interest at the end of 60 days will be over $100. Some shops allow the customer to pay only the fees and interest every 30 days without making a payment on the loan and at the end of 60 days they have to pay everything they owe and take the item back or pay all fees and interest and refinance it all over again. No payment in the first or second 30 day period and he loses it. Shops usually hold the item for 30 more days before putting it out for sale.That's the way it works here in my state in the South, after 60 days, it basically belongs to the pawn shop, they hold it another 30 days and then it goes in the display case, and it can legally be sold. If the Pawner shows up before the 90 days he can redeem it, but the fees and interest by then are pretty high. After 90 days, he has to pay the full price that they are asking. Like was said, the guys who run or own the shop have a pretty good idea as to who will come back and redeem their stuff and those that will never come back. Unless the guy who pawned it has intentions of returning and redeeming his watch, he was and idiot to not sell it outright! Of course if it's hot, he will take the 500 and run. Amazingly, the vast majority of folks like this guy don't have the foggiest idea as to the true value of watches. To them a watch is a watch. They probably know that a Rolex is more valuable than a Timex or Casio, but they don't know how much more. Sent from my iPad using Tapatalk Quote Link to comment Share on other sites More sharing options...
rolojack Posted November 7, 2015 Report Share Posted November 7, 2015 I lived a long while in the Philippines, and when I discovered Pawnshops I spent my week ends wanderings in the streets of old Manila Quiapo to hunt for good deals. I basically got most of my gens in thoses... Prices were amazing! That was 15 years ago, but I sometimes paid 2000 usd for a solid gold rollie !!! Quote Link to comment Share on other sites More sharing options...
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