Gold prices are up, don't trust your valuable Gold to just anyone.

We Want Your Gold!

We Will Pay More!
We Want To BUY Your GOLD!!!

It's Easy...Call Now: 865-882-7188

Even if its Broken or old. We also loan on your gold if you would want to keep it!

Thank you for visiting Mid South Pawn. We want to be your one stop pawn shop. We are here to assist you with quick, private & confidential service. We offer cash loans on your valuables. We also purchase your valuable merchandise outright if you would rather just sell it.

Our loans are based on your collateral, the value of your stuff, not your credit. There is no application or approval process, we have instant answers to your cash needs. Need more money, bring more, better stuff! You have no credit limit here!

In addition to loans and buying your stuff, We offer great deals on quality pre owned merchandise. Our inventory is always changing and includes a wide variety of Jewelry, diamonds, guns, tools, electronics and a lot more all at prices that are way better than buying new. From guns to guitar strings, we have it!

Call Now: 865-882-7188

Holidays at the Pawn Shop

December 6th, 2011. Filed Under: Uncategorized. Tags: , , ,

Holidays at the Pawn Shop

From WSJ Dot Com

Holidays at the Pawn Shop
By Anne Kadet

New Yorkers have amazing options for holiday shopping. We’ve got charmingly overpriced neighborhood boutiques, designer shops on Madison, endless tchotchke bazaars crowding the parks and big, dumb chain stores lining Fifth Avenue. But those are the obvious options. What about the pawn shops?

They’re everywhere. This city now boasts 390 pawnbrokers—double the pre-recession count. And if you want amazing deals on gifts for the whole family, nothing says “I care” more than wrapping up some stranger’s broken dream and sticking it under the tree.

Aside from the bulletproof pawn windows, Gem Pawnbrokers on Eighth Avenue looks like any mainstream jewelry store—one that also happens to sell used saxophones and $3 DVDs. On a recent afternoon, the bustling shop was decorated with oversize nutcrackers, Santa figurines and plastic wreaths. Kenneth Conn, an executive with the 30-branch Gem chain who had stopped in for a visit, pricked up his ears: “There’s supposed to be holiday music. Ligia!”

Ligia Kourany, the good-humored jewelry manager, cranked up the Bruce Springsteen. “Somebody kicked the plug,” she explained.

Inside Gem Pawnbrokers, sales associate Anthony Lopez, below right, helps Spencer L. Farrow as he browses after trading in an item. The atmosphere was merry. Shoppers crowded the cases gawking at cocktail rings (arranged by price), gold watches and used cameras. Tony Williams, a warehouse manager who had stopped in to do some holiday shopping, showed off the diamond-crusted ring he bought at the shop more than a decade ago. Like many regular customers, he was also a loan client: “You know how many times I’ve paid my rent with this ring?”

Roughly 90% of valuables pawned are redeemed by the owner. The rest hit the display case. Like a bank with a mess of foreclosure properties, the pawnbroker wants to sell the goods ASAP so he can loan the money out again. And that’s not the only reason for low prices at the pawnshop. Pawnbrokers don’t “pay” much for the merchandise to begin with: They’ll typically lend less than $400 on an item worth $1,000.

At Gem, the prices seem high, but the tag price is just the starting point—you’re supposed to haggle. Mr. Conn pulled a $6,149 gold chain from the counter display and asked Ms. Kourany for the rock-bottom figure. She whipped out a calculator and did a little math based on the day’s spot price for gold. “About $3,000, I give it to you!” she said.

And $3,000 was, indeed, a good deal—$43 a gram, compared to $47 a gram for similar chains selling at fly-by-night Internet shops, $66 on Amazon and $80 at Sears. Steve Krupnik, a pawn shop consultant (yes, this is an actual profession), says pawnbroker prices are typically 40 to 60% below retail. Diamond District pawnshops tend to have the most “accurate” prices on jewelry; shops in other boroughs are more likely to offer crazy bargains alongside outrageously overpriced merchandise.

In December, pawn shops are especially eager to deal. They’ve been stockpiling jewelry all year for the holiday rush; come January, they’ll melt the leftovers for scrap. At S&G Gross, the 110-year-old shop just down the street from Gem, owner Gary Gross lifted a $400 gold chain and shook his head. “This bracelet is horrendous. I don’t even know why it’s here. It’s going to get melted for $300.” He’s less willing negotiate on a $150 silver pendant bracelet from Tiffany—the brand name adds value. But his final offer, $140, is still a steep discount from the $350 price on Tiffany.com.

Of course, when buying gifts from a pawn shop, one runs into the problem of presentation. At least one pawnbroker in the city has customers taking home merchandise in black trash bags; this will not impress your wife. But there are work-arounds. At Gem, for instance, folks buying a used Rolex can spend an extra $100 and get a green presentation box that looks a lot like a real Rolex watch box.

Pawn shop aficionados also praise the wide selection. It’s not as good as you’d find in, say, Texas, where pawn brokers sell used washing machines and guns. High rents limit local pawn shops to dealing in small, high-value items like jewelry and electronics. But you’ll find one-of-a-kind items, and a selection that ranges from Walmart charms (for good old Aunt Ruth) to Cartier diamonds (for your own fine self—Mr. Conn says some of his best customers are ladies who come in to buy themselves big, fancy rings).

And pawnbrokers who own their own property can offer a broader selection. At the Bronx branch of NY Pawnbrokers, owner Blaine Messinger deals in wares ranging from bicycles to a $3,500 fur coat of indeterminate species. (“It’s a great coat,” he advised. “It’s got the hood and everything.”)

At first glance, his shop looks empty. Then one realizes that the linoleum-tiled public area is ringed on three sides with floor-to-ceiling security glass shielding a riot of used merchandise: radios, earrings, videos, circular saws, keyboards, televisions, trumpets, DJ equipment, cellphones, iPads and the world’s largest selection of crucifix pendants. Mr. Messinger, a fast-talking gentleman who greeted a reporter with “Hey! Wall Street!” summed up the display with a simple phrase: “It’s eBay, in person.”

Unlike eBay, the pawn shop lets you test the wares, but few were buying. Aside from the man experimenting with the power drill selection, most customers were lined up at the windows to pawn their valuables; one mom was hoping to get a few bucks for her son’s video games. But there were plenty of deals for bargain hunters. Posted prices on used iPhones, cameras and power tools were comparable to those on eBay, and deals, of course, are negotiable. A vintage Schwinn that would run at least $400 in hipster Brooklyn, meanwhile, was selling for $179.

The clincher: If you have trouble paying your bills come January, most pawn brokers shops will happily accept your item back at the pawn window—and lend you precisely half of what you paid. Just try that at Saks.

—Ms. Kadet, who writes the “Tough Customer” column for SmartMoney magazine, can be reached at anne.kadet@dowjones.com

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Gold prices are up, don't trust your valuable Gold to just anyone.

We Want Your Gold!

We Will Pay More!
We Want To BUY Your GOLD!!!

It's Easy...Call Now: 865-882-7188

Even if its Broken or old. We also loan on your gold if you would want to keep it!

Thank you for visiting Mid South Pawn. We want to be your one stop pawn shop. We are here to assist you with quick, private & confidential service. We offer cash loans on your valuables. We also purchase your valuable merchandise outright if you would rather just sell it.

Our loans are based on your collateral, the value of your stuff, not your credit. There is no application or approval process, we have instant answers to your cash needs. Need more money, bring more, better stuff! You have no credit limit here!

In addition to loans and buying your stuff, We offer great deals on quality pre owned merchandise. Our inventory is always changing and includes a wide variety of Jewelry, diamonds, guns, tools, electronics and a lot more all at prices that are way better than buying new. From guns to guitar strings, we have it!

Call Now: 865-882-7188

How to Find Deals at a Pawn Shop

October 21st, 2011. Filed Under: Uncategorized. Tags: , , ,

From Mainstreet Dot Com

How to Find Deals at a Pawn Shop

By Jeanine Skowronski

NEW YORK (MainStreet) — Forget scouring thrift stores or garage sales. The real place to score some seriously awesome secondhand goods is your local pawn shop.

“There are a variety of items you can find good deals on at pawn shops,” says Reyne Haines, an antiques/vintage expert who has been featured on PBS’ Antiques Road Show. She explains that many pawn shops sell deeply discounted electronics, fine jewelry, musical instruments and an array of collectibles or antiques that can net high prices in their respective niche markets.

This diverse inventory has to do with a pawn shop’s business model.

“Most pawn brokers are retailers by default,” says Stephen Krupnik, a former pawnbroker and current industry consultant who wrote the book Pawnonomics. Instead, shop owners make a majority of their profits off of the loans they hand on items used as collateral. These pawns are held for a short period of time — typically between 30 to 90 days, depending on state laws — with interest, which also varies by establishment.

Krupnik says the hope is that the pawn’s owner will either make good on or extend their loan and, while pawnbrokers also purchase items outright, a majority of what winds up on their store’s floor is merchandise that was ultimately defaulted on.

These products are typically priced at a steal.

“We discount it at a low price because we want to move the merchandise,” says Seth Gold, co-owner of Detroit’s American Jewelry and Loan pawn shop.

Les Gold, the other owner of the American Jewelry and Loan pawn shop who co-stars with son Seth on truTV series Hardcore Pawn, says they hand out around 500 loans for every five items they buy outright. As a point of reference, their loans initially carry a 90-day redemption window with a 3% per month interest rate. There is also a $1 charge for storage.

“If we can make 10%, we’re happy,” adds Les, as the aim is to quickly bring in revenue to make more loans.
But it’s not just the need to liquidate that guarantees there will be some quality goods on sale.

“If you go into a pawn shop, there is always a lot of great stuff on sale, because owners wouldn’t have loaned money on it if they didn’t think they could make the sale,“ Krupnik points out.

How can you find the best items at the lowest prices? MainStreet asked the experts for a few tips.

Look for lesser-named brands or small-ticket items.

Pawn shop owners all have a certain amount of product knowledge so they can adequately price their loans or broker sales, but Krupnik points out “not all brokers are created equal.”

While most owners will be well-versed in big names like Apple, Tiffany, Cartier or Rolex, they are less apt to recognize or devote a lot of attention to smaller manufacturers, especially if they make lower-ticket items (essentially everything other than fine jewelry or electronics).

For instance, Haines says owners may not be overly familiar with Elgin watches (a brand popular amongst collectors), foreign manufacturers, sterling silver or costume jewelry. They’re also not always going to recognize an antique or vintage item every time they see one.

“A pawn dealer isn’t going to research every vinyl record that comes through the door,” she says.

As such, conscientious consumers can find great buys if they research a niche market they are visiting their local pawn shop.

“Knowledge is power,” Haines says. She suggests joining a collector’s club, visiting auction sites or buying an inexpensive book at the bookstore as way to better familiarize yourself with a particular item if you’re interested in some http://www.mainstreet.com/article/smart-spending/bargains/deals/trash-tr… trash-to-treasure steals.

Negotiate the price.

This is not to say that you can’t get a good deal on the big-ticket items as well. Krupnik says most pawnbrokers price merchandise at around one-third or half of the item’s retail value.

Additionally, unlike a luxury retailer or even a farmer’s market, it is perfectly acceptable to ask for a lower price on an item you are interested in. In fact, it’s almost expected.

“We have price tags on all the jewelry, but these are negotiable,” Seth says. He advises first-time customers to “always throw out a price” on the items they are seriously looking to buy.

Customers can also barter.

“You don’t necessarily have to pay cash,” Krupnik says.

Those who aren’t accustomed to price negotiations can find other tips for how to do so in MainStreet’s ultimate guide to haggling.

Pay attention to the product’s condition.

If it is antiques and collectibles you’re seeking, it is important to check the item completely to make sure it is in good condition.

“Buy something as pristine as can be,” Haines says. This is because scratches, rust, missing paint or missing parts can all “take away a majority of the item’s value.”

Find out the shop’s return policy.

Reputable pawn shops will have a return policy, Krupnik says, so inquiring about its terms and conditions is one of the easiest ways to verify the establishment is on the up and up.

“If [a shop] has no return policy, you should probably refrain from doing business with them,” he advises, unless the item is being sold on clearance or there is a defect the shop owner is telling you upfront about.

For more on how pawn shops have changed recently, check out MainStreet’s Q&A with Rick Harrison, star of The History Channel’s popular show Pawn Stars.

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