Frequently Asked Questions (FAQs)
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Why is Best Pawn different from other pawn shops?
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Why can we sell jewelry at such low
prices?
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How can I be sure that I am not buying stolen merchandise?
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Who are members of Best Pawn Management?
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What do we take
as collateral for a loan?
- Do you buy as well as
loan money?
- What are the
charges for a collateral loan and how long does it stay an active loan?
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Can I pay part of what I owe for my loan
and pay the rest later?
- What do I need to get
a loan?
- Will my pawned item(s)
be safe?
- What if I take a small loan out, but then decide I want more money for it
later? Can I get more?
- Do I have to fill
out paperwork on a gun that I pawn?
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Do you mail reminder notices or call to
remind when a payment is due?
- What if I forget
about my loan and it is forfeited - Can I still get my merchandise back?
- Do you offer
guarantee on merchandise you sell?
- Do you offer
lay-a-way?
We have been in
business since 1972, proudly serving the needs of our customers for 31 years and
we are now proud to serve customers from all
over the United States. Best Pawn & Exchange is a single-owned and
operated store, and is affiliated with both the National and
Alabama Pawnbroker's Associations. As responsible members of these
organizations, we work hard to make sure that our
family of customers is informed about any items that are purchased from our
store. We strive to make the consumer's job easier
by employing a highly informed and personable work staff who work "for our
family," not just a sale!
We can sell both new and previously
owned jewelry. Retail jewelers mark new inventory up by 300-500%. We
do not have the same high mark up on new jewelry as retailers. We
are regular buyers at wholesale jewelry shows, and have an impressive number of
vendors with whom we do business. We shop these vendors to give you,
the customer, the best deal possible.
How can I be sure that I am
not buying stolen merchandise?
As
responsible members of the pawnbroker industry and the community, we strive to
make sure that stolen merchandise does not enter our store. We require a valid
state or government identification to pawn any merchandise. Additionally, we
submit a weekly report of any pawned (or sold) items to local law enforcement
and to a national database. We are required by law to hold any pawned
merchandise for 60 days and any merchandise that is bought from an individual is
held for 15 days. These waiting periods help insure that law enforcement
officers have enough time to cross reference any police reports of stolen
merchandise to our weekly reports.
Arnold
H. Finkelstein is the owner and manager of Best Pawn and Exchange. Mr.
Finkelstein has been involved in the pawn industry for over 30 years. In
addition to his involvement in the National Pawnbroker’s Association, he is a
present board member and past president of the Alabama Pawnbroker's
Association. He is an innovative leader in the pawn industry and is committed
to excellent customer service.
Manera Saloom is the acting assistant manager of Best Pawn
and Exchange. She has been a member of the Best Pawn team for over 7 years and
shares in Mr. Finkelstein’s commitment to excellence.
Other members of the Best
Pawn and exchange team include: Jim and Finola.
Almost
anything of value. We take jewelry, handguns, long guns, tools, electronics,
some coins, musical instruments, musical equipment, computers, CD's, VHS Movies,
DVD Movies and more! For electronics, the item must be less than three (3)
years old and must have its original remote control. For computers, the item
must be the complete system (no Windows 95, 98 or generic operating systems) including monitor, CPU and all connecting cables.
We do not take computers that are over one (1) year old. All electronics and
tools must be in good working condition and should be clean. Everything will be
checked prior to loaning any money on it.
Do you buy as well as loan
money?
Yes, we buy merchandise as well as loan money on
it. Merchandise that we buy from an individual is subject to the same
policies as merchandise that we loan money on. We do not give merchandise
that we buy a higher amount of money. In other words, you would get the
same amount of money for selling or pawning something. If you sell us
something you do not have the right to come back and get it if you change your
mind.
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What are the charges for
a collateral loan and how long does it stay as an active loan?
A loan is written on a thirty (30) day note. You have
thirty (30) days to come in and either redeem (get out) your item or to renew
the loan (pay the finance charges). Our charges are 24.66% interest for
every thirty (30) days. After the first thirty (30) days, you receive a
thirty (30) day grace period. During your grace period your charges are
accrued daily. At any time during the sixty (60) days (first thirty days
plus thirty days for the grace period) you may either redeem your merchandise or
pay the finance charges to extend the loan. If you do not pay anything in
the sixty days, then on the sixty-first (61st) day the merchandise becomes
property of Best Pawn & Exchange and you forfiet all rights to the merchandise.
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Can I pay part of what I
owe for my loan and pay the rest later?
No. The banking department states that we
cannot take partial payments on finance charges. If you do not pay the
entire amount of the finance charge, then we cannot renew the loan.
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What do I need to get a loan?
We are subject to state and national laws.
The laws are very clear on this ... you MUST have a VALID
state or government issued identification in order to receive a loan. This
includes non-driver identification cards, driver's licenses, passports, and
military identification ONLY. There is NO EXCEPTION to this rule.
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Will my pawned item(s) be safe?
Yes! We have a secure facility and we treat
all merchandise very carefully. We have walk-in vaults, constant
monitoring via security cameras and several security systems. In fact, we
have several customers who get small loans on their items so they can store them
safely with us. They then redeem their items when they want to wear them
or use them.
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What if I want to take out a
small loan but then decide I want more money for it later. Can
I get more then?
No. Once a loan is written, we cannot
change the amount of the loan. Period!
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Do I have to fill out paperwork
on a gun that I pawn?
Yes. As a Federal Firearms License (FFL)
holder, we are required to have a federal form filled out for any gun that is
transferred from us to an individual including pawned firearms. The Brady
laws prohibit the transfer of a firearm without the proper paperwork.
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Do you mail reminder notices or call to remind
when payment is due?
No. We do not mail reminder notices or call
you to remind when payment is due because the Alabama Banking Department says
this is harassment. We are subject to their laws and therefore we must
follow them.
What if I forget about my loan and it is
forfeited - Can I still get my merchandise back?
Maybe. It depends on if it is still in the
store. After your grace period, we pull the merchandise from pawn.
That merchandise is then cleaned and placed for sale in our showroom. If
the item has not been sold, put on the Internet for auction or has not been
scrapped for gold weight then you may certainly purchase your item back. We
cannot put the item back into pawn by letting you pay the interest.
However, you may put it on layaway.
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Do you offer guarantees on the merchandise you
sell?
Only on firearms. We offer a one-year
limited mechanical warranty on used firearms. The warranty does not
include abuse of the firearm nor does it include misfiring due to the firing of
reloaded ammunition. We do not offer warranties on electronics or tools.
We will be glad to show you the item works before it leaves the store. If
you do have a problem with something we sold you, then we will be happy to help
you find the appropriate repair technician. We will not take
responsibility for the cost of repair. NOTE:
These policies are not good for items sold "AS IS".
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Do you offer lay-a-away?
Yes! We require a 20% deposit and at least
one payment every thirty (30) days. If a payment is made every thirty (30)
days, then we consider the lay-a-way account in good standing and it will be
held until the item is paid for. If you do not make a payment every thirty
(30) days then you forfeit your lay-a-way. You forfeit any money paid
toward your lay-a-way, as well as any trade-in that you may have given us for a
down payment. We will not give you a store credit to be used on your
merchandise. We have had people abuse our easy lay-a-way plan and have had
to enforce stricter rules on them.
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I am sure that we
left out something that you would like to know. I will be more
than happy to answer any other questions you may have. Simply
e-mail me at
manera@best-pawn.com
or give us a call at (334) 244-1919 during normal business hours.
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