Pawnshop perceptions: Dispelling the myths -


Pawnshop perceptions: Dispelling the myths

Television shows such as Pawn Stars and Hardcore Pawn might be popular with the public yet pawnshops still struggle to overcome a shady stigma. We caught up with one pawnbroker who debunks this notion and explains what people need to know to look past -this negative perception.

Rudy Gintel and his brother Ernest own Brother's Collateral Loans – one of the largest pawnshops in Los Angeles, California. Rudy says the number one misconception people have about pawnshops? They believe pawnshops are a front for stolen goods. But that is simply not true.

"Less than one tenth or 1% of the items in pawnshops have been shown to be stolen," says Rudy, "We report every transaction that we make including a complete description of the item, a complete description of the person to the police. So, that we can say that this item that we took in is not been reported stolen anywhere else. When I sell that item, I write on the receipt what the item is, what the serial number is. I guarantee clear title to that item."

"A person, a thief for instance, doesn't want to come into a shop and give you an item that he's stolen, giving you also his thumbprint, his fingerprint, his ID and knowing that it's going to be reported to the police," adds Rudy.

Another misconception? Some people think pawnshops are out to take advantage of them. Rudy says there's one surefire way to raise your comfort level: See how they do business with others before you do business with them.

"There's so many social media things to check people out now," says Rudy, "And then, call them on the phone. I have this need. I want to pawn something. Or, I want to buy something. Just get a feel over the phone for how they sound."

Rudy says one more way to guarantee you have a positive pawnshop experience? Make sure the store you choose to patronize is a member of both their local and the national pawnbrokers association.

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