Cue pawn - opinions wanted

You might want to partner with an existing pawn shop and be their online pool cue expert in exchange for a cut of the profits. That way the licensing and bonding are covered, and you have an expert to help you set pricing. Your role would be limited to sourcing cues, selling cues, and accurate appraisals.

Still a hard venture for the reasons already stated, but this gets you off the ground faster with less risk.
 
Type79 said:
Good points but I can't imagine getting involved with pawning cues from players without any money in the first place. I will paraphrase Hunter S. Thompson.

"“The world of trading in pool cues is a cruel and shallow money trench, a long plastic hallway where thieves and pimps run free, and good men die like dogs. There's also a negative side.”
Click to expand...

My one single pawn experience: A guy named Cherokee borrowed $200 from me and gave me a Gina Cue as collateral in 1974. He never came back for the cue. That was my cue for 10 years. It was in a Corvette that was stolen from me in 1985 - car was recovered but the cue was not. What a bummer that was!
 
Cowabunga.........

Scott.....that's not interest.....that's "Vig"........I'd expect that rate from "Nunzio or Tony" from one of the local bars in Bklyn....Jeez, what a rate of return.......Usury Anyone?


Matt B.
 
But if you will check that will be fairly close to a pawn shop rate. That's why a pawn shop will loan a small percentage of the value of the collateral as they are in the loan business and don't want your merchandise
 
Bavafongoul said:
Scott.....that's not interest.....that's "Vig"........I'd expect that rate from "Nunzio or Tony" from one of the local bars in Bklyn....Jeez, what a rate of return.......Usury Anyone?

Actually I hear the limit is around 30% to be legal. It is not uncommon at all to put cars put on the street for people with horrible credit - the down payment covers what you have in the car maybe a little more and any payments you receive is just gravy. Then when they don't pay you just take it back and sell it to the next person - not a bad business plan. I know a lot of people that have made small fortunes this way. Also a lot of second chance credit cards are high 20% range. Not uncommon at all. It is what it is.



TSW said:
You might want to partner with an existing pawn shop and be their online pool cue expert in exchange for a cut of the profits. That way the licensing and bonding are covered, and you have an expert to help you set pricing. Your role would be limited to sourcing cues, selling cues, and accurate appraisals.

Still a hard venture for the reasons already stated, but this gets you off the ground faster with less risk.
Click to expand...

This would never happen, unless you were best friend with the broker and maybe not even then
Click to expand...
 
Last edited:
That's standard practice in the pawn bizness! I pawned a $4000 cue myself, not long ago. They gave me $300. I had to pay back $375 thirty days later. This was at a normal pawn shop in my neighborhood.

Scott Lee
http://poolknowledge.com

Bavafongoul said:
Scott.....that's not interest.....that's "Vig"........I'd expect that rate from "Nunzio or Tony" from one of the local bars in Bklyn....Jeez, what a rate of return.......Usury Anyone?


Matt B.
Click to expand...
 
Sign me up.. these are better than the current buy rates!!!!!!!

JV

POOLPLYR1111 said:
I just wanted to get some opinions/feedback for a friend of mine who is considering this "venture".

Alot of us here on az including myself have had things happen in our lives where we were forced to sell our precious cues to raise some fast cash.

After its all said and done and your in a better spot financially your saying to yourself i wish i never sold that cue or maybe i can buy it back from the guy i sold it to?

So here my buddy has the cue pawn idea.

Every transaction would be by a contract that will eventually be drawn up and would go something like this.

Obviously top $ would not be given to those interested because people would just dump cues they have been trying to sell with no intention of getting them back.

Lets use southwest cues as an example.
On the average low end $2200-$4000+ depending on the cue for a southwest cue in todays market.

So you have a southwest cue that you can sell for $3200 but need cash asap. Would a $2500 loan quick be out of the question with a few stipulations?

1) ship cue for inspection

if everything checks out (cue condition)

2) both parties sign contract and cash is wired/sent.

3) person pawning the cue has 9 months to pay back the loan + 5%. No required monthly payments but the flexibility to pay what you can when you can. (im told receipts will be given)

so with this scenario of a $2500 loan the person who pawned the cue has to pay back $2625 + return shipping . Obviously if 9 months pass and the loan isnt paid in full the cue would be kept and eventually be sold.

So lets hear some opinions. Pros - cons?
Not even sure if this has been tried before but its quite possible this could be an option for people in the future.

***note*** i have nothing to do with this idea. I am posting for an older gentleman in my area who has been around the game for 30+ years and just wanted some feedback whether its good or bad.
Click to expand...
 
I'd check the legalities of you what you want to do. Most states have different laws concerning pawning items, and you'd fall under some of them.
 
cubswin said:
I'd check the legalities of you what you want to do. Most states have different laws concerning pawning items, and you'd fall under some of them.
Click to expand...

Amen, that is what I was saying!

Scott Lee said:
That's standard practice in the pawn bizness! I pawned a $4000 cue myself, not long ago. They gave me $300. I had to pay back $375 thirty days later. This was at a normal pawn shop in my neighborhood.

Scott Lee
http://poolknowledge.com
Click to expand...

Close but u may have done a little better round here, but as I said depends where u are. But no one should be surprised at the loan rate. They are in business to always make money , and never lose it. Don't like it, we'll don't go there - that's what they, or anyone else will tell ya. It's tough no doubt, but once again - it is what it is.
 
The truth is - as what someone said earlier, if you want to borrow money on something that they can easily get their money out of - ie; gold, silver, Rolex etc a loan is no big deal and you can get a better rate. These guys are VERY savy and if looking to pawn something that they know they may ( will ) sit on for awhile then you will get much less than you think you should. Many will say they are being dickheads or sheisters or predatory but look at it from their point of view - if they have to sit on an item ( pool stick ) for an extended amount of time ( look at pool cue sales ) then you must take that into account - how long their money is tied up. The consumer doesn't see or think of it in those terms but rest assured the one putting the money out does. I'm not saying it's right or wrong, only it is what it is and everyone should look at all angles.
 
It's a collateral loan. They're are hundreds if not thousands of places you can get one in this country. Your friend would be broke in no time with the given scenario you presented.
 
I knew some people on SoCal who ran a pawn shop. They would do like 10% on items like instruments and pool cues, and they would charge 25% interest. They wanted no part of having to try and sell pool cues. They made the loans small enough so no one would stick them with goods that are hard to sell. If you made good ok loans with them in the past your terms would get better, bigger loan less interest, but even so nowhere close to your scenario.
 
I agree with most.

I would do less $1000 on a legit $4000 cue.

I have bought tons of cues from players, because I had cash and they were broke. Trust me I didn't give them top value, and they knew it, they didnt like it but I didnt get them in a jam, they got themselves in it. IF they didnt want what I offered I didnt hold a gun to their head.

You would go broke otherwise.

Ken
 
You must log in or register to reply here.
Back
Top