The Gold Standard - Loans w/cards as collateral

conor912 · #1 10-08-2015, 09:42 PM

Quote:

Originally Posted by pokerplyr80

I would assume they just keep the card but I find it very concerning to say the least that they don't even list a rate on the site.

It's an adjustable rate, depending on how many fingers you let them brake.

I'm seriously not sure what's sadder....the existence of such a service, the people who would use it, or the fact that they're being let to advertise on this board. This service being hobby-related is tangential, at best.

pokerplyr80 · #2 10-08-2015, 09:47 PM

Quote:

Originally Posted by conor912

It's an adjustable rate, depending on how many fingers you let them brake.

I'm seriously not sure what's sadder....the existence of such a service, the people who would use it, or the fact that they're being let to advertise on this board. This service being hobby-related is tangential, at best.

I can see how it could be beneficial to people in certain situations. Pawn shop loans have been around for a while and help those without the credit to obtain traditional financing.

However, I would think that if things are so tight you need to borrow against your collection it may be time to simply let go of part of your collection.

conor912 · #3 10-08-2015, 09:49 PM

Quote:

Originally Posted by pokerplyr80

I would think that if things are so tight you need to borrow against your collection it may be time to simply let go of part of your collection.

Ding ding ding.

1952boyntoncollector · #4 10-08-2015, 09:54 PM

You would think the loss you would take on ebay if have to sell quickly wouldnt be worse then the interest you have to pay..who knows.

Peter_Spaeth · #5 10-08-2015, 09:58 PM

I would guess the loan to value ratio isn't going to be terribly favorable to the borrower in this kind of situation.

pokerplyr80 · #6 10-08-2015, 10:00 PM

Quote:

Originally Posted by Peter_Spaeth

I would guess the loan to value ratio isn't going to be terribly favorable to the borrower in this kind of situation.

If I had to guess I would say 70-80% of VCP. Maybe less.

Brian Van Horn · #7 10-08-2015, 11:01 PM

This guy would have been the perfect pitchman. May he RIP:

t206fix · #8 10-08-2015, 11:28 PM

Sweet! I've got a ton of 80s cards I want to pawn off, I'll come back for them. ..I promise.

bnorth · #9 10-09-2015, 08:46 AM

Quote:

Originally Posted by pokerplyr80

If I had to guess I would say 70-80% of VCP. Maybe less.

Unless they want to go out of business very quickly it will be less than half your guess.

I know nothing about the new advertisers. I do have 3 friends that each own(ed) a pawn shop with close to 50 yrs combined experience. They loan about 20-30% value and charge 1% interest per day. I am told if they loan a higher % of value the payments aren't made and they just bought store inventory. They say they want some stuff to sell but make most of their $ from interest. If they get stuck with something they can only sell it once but if they keep the pawn value % low enough they can resell(loan interest) it to the original owner many times. The 1% per day interest is pretty standard now days, it is what the large chain store pawn shops are offering on tv commercials.

Leon · #10 10-09-2015, 07:09 PM

Quote:

Originally Posted by conor912

It's an adjustable rate, depending on how many fingers you let them brake.

I'm seriously not sure what's sadder....the existence of such a service, the people who would use it, or the fact that they're being let to advertise on this board. This service being hobby-related is tangential, at best.

You are entitled to your opinion just like everyone else. I am not sure how different this is than when I have paid an auction house a percent a month to pay out a large lot I won at auction. I got a good deal and it worked out great, interest and all. I don't think this collateralized sportscard loan is for most of us, but for a dealer, or even a collector, it could be a way to do a deal they couldn't otherwise do.

conor912 · #11 10-09-2015, 10:23 PM

Quote:

Originally Posted by Leon

You are entitled to your opinion just like everyone else. I am not sure how different this is than when I have paid an auction house a percent a month to pay out a large lot I won at auction. I got a good deal and it worked out great, interest and all. I don't think this collateralized sportscard loan is for most of us, but for a dealer, or even a collector, it could be a way to do a deal they couldn't otherwise do.

You do you. The market will dictate...just not my style.

Leon · #12 10-10-2015, 01:43 AM

Quote:

Originally Posted by conor912

You do you. The market will dictate...just not my style.

There is a lot of give and take on the board. I didn't say anything when you posted your unauthorized ad on the front page. I don't say much about a lot of stuff that goes on. You are a good member and I wouldn't say anything about it but since we are talking about ads I figured I would throw it out there. Maybe some day I can make the show you are VP of Publicity for.

conor912 · #13 10-10-2015, 11:29 AM

Quote:

Originally Posted by Leon

There is a lot of give and take on the board. I didn't say anything when you posted your unauthorized ad on the front page. I don't say much about a lot of stuff that goes on. You are a good member and I wouldn't say anything about it but since we are talking about ads I figured I would throw it out there. Maybe some day I can make the show you are VP of Publicity for.

If everyone else who has previously posted a notice about a show has privately asked for your permission, which I admittedly did not, then I apologize.

Leon · #14 10-10-2015, 12:59 PM

Quote:

Originally Posted by conor912

If everyone else who has previously posted a notice about a show has privately asked for your permission, which I admittedly did not, then I apologize.

"Posting of auctions, events or shows, on the front page, must be approved by the moderator first."

No apology necessary. The rules are the rules and every single ad on the front page is approved by me, either before or after it goes up. Just about the only time I have deleted anything (except in a few extraordinary cases) is when there is an unauthorized ad on the front page. Thanks.

ps... to reiterate, I don't mind your ad if it helps collectors, it doesn't seem to be a real "for profit" venture as much as a good collectors show, AND you are a good participant here. That is why I hadn't said anything (no reason to) but the rule is to ask first. I don't think The Gold Standard Card-Collateral banner will hurt anyone or cause harm to the board. But we do all have our opinions and everyone is welcome to voice theirs in a (mostly) professional manner

.

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