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6 March 2018, 01:47 AM | #1 |
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Rolex as collateral
I can't see doing this, but it looks like it's gaining popularity:
http://www.msn.com/en-us/money/compa...wsG?li=BBnbfcN |
6 March 2018, 02:03 AM | #2 |
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As the interest rate on said loan is ????
Bet you it is well over 10% (even this 'high wealth factor' of collateral), which is insane for anyone to enter into said contract (unless your life depends on it). As for gaining popularity, imho don't believe everything you read as no sane businessperson who knows math/finances would enter into a 'pawn shop type' agreement UNLESS they truly knew without any doubt the profit on the other side would be 'worth it'. Sounds like creative financing of known value material items, so yes a bit interesting.
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__________________ ----> Was Great Seeing Everyone At The TRF December 9 Tampa Meetup <---- https://www.rolexforums.com/showthread.php?t=968133 Love timepieces and want to become a Watchmaker? Rolex has a sensational school. www.RolexWatchmakingTrainingCenter.com/ Sent from my Etch A Sketch using String Theory. |
6 March 2018, 02:08 AM | #3 | |
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Quote:
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6 March 2018, 02:12 AM | #4 |
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So what's the ave %? Is it below 8% given Fed Fund Rates being 1.5%.
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__________________ ----> Was Great Seeing Everyone At The TRF December 9 Tampa Meetup <---- https://www.rolexforums.com/showthread.php?t=968133 Love timepieces and want to become a Watchmaker? Rolex has a sensational school. www.RolexWatchmakingTrainingCenter.com/ Sent from my Etch A Sketch using String Theory. |
6 March 2018, 02:15 AM | #5 |
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It was good enough for Charlie Babbit in Rain Man.
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6 March 2018, 02:21 AM | #6 | |
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Quote:
I would actually welcome someone like Bob's into this arena, as the guys I worked with put me off to the whole industry. |
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6 March 2018, 02:37 AM | #7 |
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Thanks for your reply and comments, very interesting indeed. Creative financing takes on many forms. Was very curious about actual interest rates, because when i hear the word 'pawn'..... yet if lower than unsecured as you said... interesting. Thanks again or posting.
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__________________ ----> Was Great Seeing Everyone At The TRF December 9 Tampa Meetup <---- https://www.rolexforums.com/showthread.php?t=968133 Love timepieces and want to become a Watchmaker? Rolex has a sensational school. www.RolexWatchmakingTrainingCenter.com/ Sent from my Etch A Sketch using String Theory. |
6 March 2018, 04:47 AM | #8 |
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Nothing new here, people have been pawning their jewellery for money for years. That's why there's so many pawnshops in Vegas.
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6 March 2018, 04:56 AM | #9 |
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at its core business model you are right except the guys I worked with would like loan against million dollar paintings. I don’t know what would happen if you brought a multi million dollar painting to a pawn shop but I imagine nothing good
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6 March 2018, 05:07 AM | #10 |
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On that note, would anyone here buy a Rolex from a Vegas pawn shop!? Do they guarantee authenticity and a clean watch - meaning it’s not stolen? How would one go about verifying these things?
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6 March 2018, 05:17 AM | #11 |
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Makes for a good TV show, but not a good business decision. People pawn things out of desperation; they need money right now and have no credit. There's always a better way.
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