Q: Will I lose my merchandise? A: 90% of our customers repay their loans and pick up their merchandise. If a customer chooses not to repay the loan, their collateral is forfeited and resold to the public. The customer also has the option to extend the loan by paying only the interest fee. Pawn shops buy items of value for resale too.
Q: How are we different from other pawnshops? A: At Old Town Pawnshop our goal is to be the best in customer service. We are a friendly, fair, and operate a clean and organized shop stocked with quality merchandise.
Q: Can you give a quote on an item over the phone? A: On most items, we can estimate a loan or buy value with a bit of info about the item. Jewelry is difficult, but we can try.
Q: Is my collateral safe while in pawn? A: While your item is in pawn, you still own it. It is our responsibility to keep it safe and in good condition while it is in our care. When you bring us an item for a pawn, we keep all accessories (remote controls, cables, etc.) with your item and place it in a secure area. Your item is safe until you return to pay your loan in full. We have state of the art security and surveillance, so we are safer than your home.
Q: Are pawnshops regulated? A: Yes, we are regulated much like your local bank. The state sets up our interest rates and we follow all state and federal regulations. Pawnbrokers are licensed and regulated by local authorities too. We are subject to such laws as the Truth in Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Patriot Act, and Federal Trade Commission Rules on Data Privacy and Security Transfer.
Q: Can I pawn a gun? A: No. We no longer make loans on guns.
Q: Are pawn shops stocked with stolen merchandise? A: No, pawnshops are actually the worst place to get rid of stolen merchandise. They work closely with local and federal law enforcement officials and are on the lookout for stolen property. Thieves stay away from pawnshops because a proper ID and thumbprint are required for all loans and buys.
Q: What if I lose my ticket? A: If you have a valid government issued picture ID, then you’ll be able to redeem your item.