SOME COMMON QUESTIONS:
WHAT IS A PAWN? WHAT IS A LOAN? WHAT IS A HOCK? WHAT IS A BUY? WHAT IS THE DIFFERENCE AND WHICH ONE IS FOR ME?
PAWN: A pawn and a loan and a hock are the same thing in this case. If you come into my store and want to pawn or hock an item, you are asking me to make you a loan on that item. You need the money for a short time to fulfill an obligation or you just simply want some folding money in your pocket. You want to come back in and retrieve the item once your financial situation improves. With a pawn you retain ownership of the item for the duration of the loan contract. If you fail to either renew the contract on or before the due date or redeem the item on or before the due date, you will forfeit the item and It becomes my property.
LOAN: See PAWN.
HOCK: See PAWN.
BUY: You come into my store with an item of value and I buy it and pay you cash for it. In this case you simply want to get rid of the item for cash. With a buy you trade all ownership of the item for the cash we pay you for it and are not entitled to retrieve it.
What items can you get a loan on? Basically anything of value to me. Popular loan items are: GUNS, GOLD & PLATNUM INCLUDING JEWELRY, IPODS, LAPTOPS, GPS UNITS, VIDEO GAME SYSTEMS, FLAT PANEL TV’S, MUSICAL INSTRUMENTS AND RELATED EQUIPMENT, CELL PHONES, VIDEO CAMERAS, TOOLS, STEREO GEAR, DIGITAL CAMERAS, DVD MOVIES, NICE BICYCLES, GENERATORS, PRESSURE WASHERS, and PA EQUIPMENT.
This list is not complete but gives a good representation of what we will loan on.
What items will I not loan on? HANDTOOLS THAT ARE NOT SNAP-ON BRAND, DEPARMENT STORE BICYCLES, VIDEO GAMES SYSTEMS PRIOR TO CURRENT TECHNOLOGY, DIGITAL CAMERAS BELOW 8 MEGA PIXEL AND OR MISSING ACCESSORIES, ITEMS MISSING PIECES OR BROKEN OR NOT IN CORRECT WORKING CONDITION, FILTHY DIRTY ITEMS.
This list is not complete but gives a good representation of what we will NOT loan on.
What will I buy? Basically anything of value. Items that I will loan on and items that I will not loan on can be sold for the most part. As with anything, there are exceptions to every rule. It is my sole discretion whether or not I will loan on an item or buy it. The above information is a guide only. I am unable to give prices over the phone due to the large variances in the conditions of items.
Loans are written for a standard term of 60 days. All loans then also carry a 30 day grace period. When you get your pawn ticket, the fees listed on the front of the ticket are based on a 60 day term. Our minimum loan amount is $20.00.
Here are some common examples of loan costs:
||Total to redeem item in 60 days:
||Renewal fees to extend the contract:
What will you need to bring with you to do a transaction?
You will need a VALID any state issued driver’s license or ID card. If you do not have either of these, there are other IDs that will work. Please call for specific information on your IDs to see if they are acceptable.
Below you will find the legal text found on our pawn tickets.
THIS PAWN CONTRACT CAN BE RENEWED INDEFINITELY. THIS PAWN CONTRACT CARRIES A 30 DAY GRACE PERIOD.
PAYMENT SCHEDULE: This is a single payment contract with the "TOTAL DUE ON DUE DATE" due on the maturity date (DUE DATE).
PREPAYMENT: If you payoff early, you MAY be entitled to a refund of part of the finance charge.
The undersigned Pledgor acknowledges having read the above document, and having received a true copy with all blanks filled in prior to pledgor having signed same. By signing, Pledgor agrees to ALL TERMS AND CONDITIONS on this and all included pages and acknowledges receipt of a copy of said pages.
NOTICE: SEE REVERSE SIDE
THANK YOU FOR USING ACES QUICK CASH WE SINCERELY APPRECIATE YOUR PATRONAGE!
Conventions: Pawnbroker = Ace’s Quick Cash P325.
Pledgor = person listed as Pledgor on the reverse side of this contract.
Pledge/Pledged Property = property given to the Pawnbroker to secure the loan.
Default = when the due date of a loan has passed.
In consideration of and to secure the amount identified as the Total of Payments, Pledgor hereby deposits with the issuer of this pawn ticket the Pledged Property described on the reverse hereof. The Pledgor represents and warrants that the Pledged Property is not stolen, rented, or leased, and that there are no liens or encumbrances against it. Pledgor also attests to have good title to the Pledged Property, and that Pledgor has the right to pledge the property. Pledgor attests that he/she is not in voluntary or involuntary bankruptcy of any type and is at least 18 years of age.
On all pledge loans a Pawnbroker may charge:
- Interest at the rate of three percent (3%) per month. However, on pledge loans redeemed within the first month the Pawnbroker may charge a month’s interest, or the Pawnbroker may charge $3 when the interest accumulated amounts to less.
- A set-up fee of 10 percent (10%) on all loans and on all loan renewals, with a minimum charge of $2 and a maximum charge of $100.
- A storage fee of 3 percent (3%) on all loans and on all loan renewals, with a minimum charge of $2 and a maximum charge of $100.
- A firearms fee of $3 on new loans, not applicable to renewals, plus any other fee imposed by any government entity upon the pawnbroker for holding or transferring a firearm.
- A lost, destroyed, or stolen pawn ticket fee of $3 on all loan renewals and all loan redemptions.
- A per transaction fee equal to the amount of any per transaction fee imposed by any government entity upon the Pawnbroker.
Total payment is due on the Due Date shown on the reverse side. Unless a longer loan period is agreed upon by the Pledgor and the Pawnbroker, all loans shall be for a period of 60 days. Pledgor has the right to pay in advance the unpaid principle balance and be charged less than the total agreed to Finance Charge. However, on pledge loans redeemed within thirty (30) days the Pawnbroker may charge thirty (30) days worth of interest or $3 when the earned interest amounts to less. Set-up fees, storage fees, firearms fees, lost destroyed or stolen pawn ticket fees, and per transaction fees are not subject to refund.
Any Pledge not redeemed within thirty (30) days after the Due Date of the loan, or within the thirty (30) day redemption period (if any) shall be deemed forfeited and the Pawnbroker shall thereby acquire ALL the right, title and interest of the Pledgor therein to hold and to dispose of the Pledge as the Pawnbroker’s own property. If payment is made thereafter during the redemption period, additional interest at the same rate will be charged on the unpaid Principle Balance.
If this loan is more than $500.00 but less than $1500.00 and if Pledgor has not paid any payment on or before the Due Date of this loan, a written notice shall be mailed to the Pledgor, postpaid by regular mail, in a securely closed envelope addressed to Pledgor, at the last known address shown on the Pledgor’s record, notifying Pledgor of the risk of forfeiture of the Pledge. If the loan is $1500 or more and if Pledgor has not paid any payment on or before the Due Date of this loan, a written notice shall be mailed to the Pledgor, postpaid by Certified mail, return receipt requested, and regular mail in a securely
closed envelope addressed to Pledgor, at the last known address shown on the Pledgor’s record, notifying Pledgor of the risk of forfeiture of the Pledge. The postal costs and a reasonable charge for preparing the notice shall be borne by the Pledgor. Pledgor will have thirty (30) days after the mailing of said notice to redeem the Pledge or renew the loan for one additional 60 day period, or less, by paying any renewal fee and all the accrued interest and fees to date. If this loan is for $500.00 or less, no such notice will be sent to Pledgor, but Pledgor may renew this loan on or before thirty (30) days after the Due Date. To renew this loan, this
ticket must be presented, or Pledgor may be required to sign and fulfill an appropriate affidavit. There is no grace period following the expiration of any renewal.
Pawnbroker hereby agrees to deliver to the bearer of the ticket the described property (the Pledge) pledged under Chapter 726 Oregon Revised Statutes upon the condition that the bearer hereof shall within the prescribed limit allowed by law pay Pawnbroker the sum of the Amount Financed plus the accumulated Finance Charges and any other lawful charges.
Any person presenting the Pledgor's copy of this pawn ticket (bearer of the ticket) is presumed to be entitled to redeem the pledged property. DO NOT LOSE THIS TICKET, the Pawnbroker is not liable to the original Pledgor for allowing the redemption of the Pledged Property by another person holding this pawn ticket. If this pawn ticket is lost, destroyed, or stolen, the Pledgor must immediately advise the issuing Pawnbroker in writing by certified or registered mail, return receipt requested, or in person.
All loans must be current (not in default) to be eligible for redemption. For redemption by mail of small shippable items such as jewelry, Ipods, laptops, etc., call Pawnbroker for the correct dollar amount to send. The Pledgor’s copy of the pawn ticket must be sent to the Pawnbroker along with payment. Pledgor will be charged a reasonable extra fee for packing, shipping, and insurance of the Pledged Property. No Pledged Property will be shipped COD. No pledge will be allowed to be examined unless paid in full under any circumstance.
NOTICE: The Pledge is insured only against loss due to fire, theft, burglary, and only up to the Amount Financed.
In the event of litigation or arbitration, the losing party shall be responsible for the attorney’s fees for both parties.
No oral representation, or verbal agreement shall in any way change or modify these written conditions and such oral representations or verbal agreements shall in no way be binding upon the issuer of this pawn ticket.
Notice: See Reverse Side