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Is everything in a pawn shop stolen?
No, they take your driver’s license and enter the serial number into the system. So, you are associated with the item you pawned and pawn shops do receive reports of stolen items and serial numbers. Most expensive items such as electronics and tools have serial numbers.
What percentage of pawned items are redeemed?
The NPA estimates that pawn loans average $150 for 30 days and that about 85 percent of loans are redeemed. That can vary, depending on the item — people are likelier to retrieve a family heirloom than they are a buzzsaw. Pawnshops generally serve people without credit or with bad credit, though there are exceptions.
What happens if a pawn shop lost my stuff?
If a pledge contract exists, a pawnshop is clearly liable for stolen or lost property without regard to the general principles of bailment, if the former owner desires the property back and it is within the time period allowed for the borrower to repay their loan.
How do pawn shops determine value of items?
Pawn shops base the value of the item on current appraised value, its current condition and the ability to sell the item. Pawnbrokers use research tools that they have at their disposal to determine an item’s value and get you the most money for the item.
What happens if someone steals something from a pawn shop?
If an item matches something in the store, they will usually contact the pawn shop both by e-mail and by phone. Even if an item is stolen from outside of the local area, the police have access to LEADS online to reference anything in pawn shops nationwide. How do you get your item back?
Do pawn shops ask for ID when buying items?
Pawn shops also ask for a government-issued photo ID during every pawn loan and when they buy items outright. This additional protocol helps them keep a record in their database of who pawned or sold what to their store. What happens if a stolen item is found in a pawn shop?
Why choose Xtreme pawn shop?
Xtreme Pawn shop is the perfect place to go if you are interested in getting a loan or selling a valuable item. If you need any help or would like a quote over the phone you can call us at (801) 876-1727 or contact us online.
How to report stolen items to the police?
Give the officer the serial number of the item and any specific details. Thousands and thousands of items get stolen each year, so it is tough for police to know how to find your particular item if you don’t list as many details as possible.