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13-11-2013, 10:30 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
6. Pawn Shops Give You the Surplus from Auctions
Let’s say you hock your fancy watch for $9,000. You make no repayments, and it gets auctioned off.
At said auction, a large crowd of people fancy the watch. Bidding gets fierce. In the end, the watch ends up selling for $11,000. What happens to the excess $2,000?
It goes back into your pocket, that’s what (minus any other fees like interest).
This also means that pawnbrokers aren’t inclined to rip you off with unfairly low valuations. If something is auctioned for more than they gave you, they still won’t pocket all of the profits.
- http://www.moneysmart.sg/personal-lo...ut-pawn-shops/ (http://www.moneysmart.sg/personal-loans/7-things-singaporeans-should-know-about-pawn-shops/)
Click here to view the whole thread at www.sammyboy.com (http://www.singsupplies.com/showthread.php?168198-7-Things-Singaporeans-Should-Know-About-Pawn-Shops&goto=newpost).
6. Pawn Shops Give You the Surplus from Auctions
Let’s say you hock your fancy watch for $9,000. You make no repayments, and it gets auctioned off.
At said auction, a large crowd of people fancy the watch. Bidding gets fierce. In the end, the watch ends up selling for $11,000. What happens to the excess $2,000?
It goes back into your pocket, that’s what (minus any other fees like interest).
This also means that pawnbrokers aren’t inclined to rip you off with unfairly low valuations. If something is auctioned for more than they gave you, they still won’t pocket all of the profits.
- http://www.moneysmart.sg/personal-lo...ut-pawn-shops/ (http://www.moneysmart.sg/personal-loans/7-things-singaporeans-should-know-about-pawn-shops/)
Click here to view the whole thread at www.sammyboy.com (http://www.singsupplies.com/showthread.php?168198-7-Things-Singaporeans-Should-Know-About-Pawn-Shops&goto=newpost).