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so, store gives her a $90 ring, that she has to then buy back for $90?
it isn't like pawn stores go and value the items.... if she knew the ring was worth that much, she could have used a real jewelry store/consignment store
there's nothing that actually said the ring was "real", real as in not a fake ring, not questioning that she didn't sell "a" ring, we just don't know what kind of ring. She said it was worth $2000, the pawn shop said it was worth $90, she took the deal so she accepted the $90 valuation
I have been in desperate moments enough to do this ( NO vacation involved for sure ) and it is the stores responsibility to replace that ring . OR I would press theft charges . First telling me they lost it THEN lost the receipt I would call the police and watch how fast that ring showed up .
It might have been a $2000 value to her, but dump price (or whatever they call it) would be $500. Jewelry is a terrible investment. There's no receipt, but the pawn shop found a photo? Sounds like an employee stole it. It sucks for her, but at least the owner/management is trying to find her a decent replacement.
I have very little jewelry, the most expensive piece I have being my engagement ring. I have the receipt for it and an appraisal for insurance purposes. In the situation in the OP, I would hope the party suffering the loss can document the value of the item.
It's not a $2000 ring. It's an $1100 ring, at the most. The ring isn't worth what she paid for it new. It is worth the depreciated value of the used item at the time of the loss/theft. I agree it's unlikely she was going to use the money on vacation, but I'm not so cynical as to think it was going for drugs. She was probably running short so she was using it to pay the rest of an oil bill of something. It sounds like the pawn shop is trying to make it right by getting her a similar/identical ring.
She paid about $1600 for it.. $1100 for the ring itself, and another $500 for an inlay. The value of the ring is likely far less than that. To a pawn shop, the value is melt value. So, if it's 2 oz of gold, figure the cost of gold.. Add in some for the diamond.. That's what it's worth.
Unless it's fairly generic, that's all they look at is what they'll get for melting it down. A ring can be priceless to you, but they put a price on it.
Quote:
Originally Posted by oregonwoodsmoke
If she doesn't have the receipt, then she is simply out of luck.
Read. She has her copy of the receipt, the store lost their copy.
Quote:
Originally Posted by eyeb
so, store gives her a $90 ring, that she has to then buy back for $90?
it isn't like pawn stores go and value the items.... if she knew the ring was worth that much, she could have used a real jewelry store/consignment store
there's nothing that actually said the ring was "real", real as in not a fake ring, not questioning that she didn't sell "a" ring, we just don't know what kind of ring. She said it was worth $2000, the pawn shop said it was worth $90, she took the deal so she accepted the $90 valuation
Absolutely they value the item. How else do you think they know how much to lend on it?
We know that the ring is real, because pawn shops, at least most of them, can tell real gold from fake by looking at it. Certainly by holding it, and if all else fails, test kits are about $20, which you can be sure they have.
The pawn shop said they'd loan $90 on it. Which likely means the melt (aka scrap) value of it was around $250. if she didn't pick it up, the ring is theirs.They send it off to be melted down and pocket about $140 for their time and trouble.
She 'makes payments' on the loan, and they probably get about $110 back on that $90. Decent $20 profit for holding the ring for a month, basically. I am guessing on the rate.. Might be more than that.
No doubt the pawn shop is required to carry insurance for situations like this, or if the store burned down. once the item was pawned and in their possession.. They are responsible for it. However, they're responsible for the value of the item. You pawn grandma's irreplaceable wedding ring. They're just responsible for an emotionless replacement cost. Sentimental value has no monetary value.
we were in the military and 2 days usually a FRI night, we pawned my microwave-- yes many years ago-- because i was prego and JUST dying to have Chinese food-- that micro lasted 12 yrs I would think the pawn shop is bonded and has ins-- but you know you take a risk-- they could be robbed- catch fire- or the owner take off to Brazil?
She said it was worth $2000, the pawn shop said it was worth $90, she took the deal so she accepted the $90 valuation
Not a $90 valuation- pawn shops generally loan about 10 cents on the dollar on the value of the item. So, she said $2000, they said $900...I pawned something once, but it was because I was in dire straits and needed to buy groceries, I was hungry and metal isn't particularly nutritious. That's what I got, 10 cents on the dollar.
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awn shops, pay day lenders, title loan places etc.
I would think the pawn shop is bonded and has ins-- but you know you take a risk-- they could be robbed- catch fire- or the owner take off to Brazil?
