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pawn/loan shops

Discussion in 'Questions, Problems, & Feedback' started by AR_NICK, May 11, 2010.

  1. AR_NICK

    AR_NICK kent wa New Member

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    Hey everyone! I was wondering if anyone had any idea on how it works if you are trying to get a loan on a gun that was bought in a private sale? i know how it works with guns registered and bought by you personally but what about those gun deals that you get from other members using bill of sale,or other transactions? someone please help me with this question.
  2. elsullo

    elsullo Portland Oregon New Member

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    First, my sympathies to anyone who needs to pawn their guns! A couple of years ago I was stone broke and had to sell the guns that I said I would never sell. The ones that did not sell immediately I had to pawn---BUT, I pawned them for relatively small amounts so that I would be able to buy them back easier if my finances recovered. It's a terrible gamble, to pawn it for less than it is worth and hope to get it back, or sell it and get more but with no hope of return!

    I can only speak to Oregon pawnshops rules, but I would presume it is very similar to Washington. A pawn shop is a licensed gun dealer, and follows all State and Federal laws. Before they accept it, they check the serial number against lists of stolen guns. If it IS a hot gun they are required to keep it and report it and your ID info to the Sheriff, who comes and gets it, and you leave with nothing. So, before you go to the pawnshop make sure that it is a legal gun---there is a State Police number to call and verify a gun's serial number---I can't find the number in my notes, does anyone have that handy?

    If they accept it, you will get cash, but much less than the actual value of the gun. If you don't redeem the loan, they need to mark it up and sell the gun, usually at a pawnshop-bargain price, and still cover their expenses and make a profit. It seems like price gouging, but it is not. The flip side is that you can more easily buy back the gun if you get less cash.

    If you DO redeem the loan to get the legal gun back, you pay the pawnshop loan origination fee plus the interest on the loan. All pawnshops charge the SAME fee and interest rate---they are regulated and inspected by the State. Most pawnshops furnish brochures that clearly explain the terms, fees, and process so that you can inform your decision.

    When you get your gun back it is as if you are purchasing it for the first time at a gun shop---you pay the fee for the full State legal background check. In Oregon that is ten dollars. That makes it a de-facto registered gun forever tied to you, even if you originally bought it as a private sale without State paperwork. If you ever sell it again DO get a receipt to protect yourself, and the same for the buyer. The State says it purges such records after five years, uh-huh.

    Good luck in your financial adventures!....................elsullo
  3. jaminj

    jaminj Federal Way, WA Member

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    I have done this in Washington and it is called redemptionsince you already owned the gun. So all they do is a background check to make sure you are not felon currently when you go to pick up gun. They do not call in serial number as you orginal owner when you brought gun in to the pawn shop. Hope that helps Good Luck