Wednesday, January 23, 2008

Pawning the Mercedes




From CBS 13 (video):

Our depressed economy is turning out to be a business boom for area pawn shops. They're dealing with business owners, real estate agents, and other people who are parting with valuables to make ends meet...A lot of construction workers have to stay home, and now some are giving up the tools of their trade just to get by.
...
He's also dealing with new customers who probably never imagined they'd walk into a pawn shop. He recently had a real estate agent turn in a $40,000 Mercedes-Benz to get a loan until he closes the deal.

10 comments:

Jacob said...

So should I get in early on the pending pawn shop bubble? Should be an easy transition for realtors, just change your slogan to "Now is a great time to SELL".

And they can also continue to contradict themselves. The can advertize that now is a great time to buy or sell crap. And pawn shops get more than 6%.

I would feel bad for people if at least one of them gave a damb about me on the ride up.

Patient Renter said...

If you're in that much trouble, why not sell the thing?

Patient Renter said...

God spare us all...

The gubbamint is negotiating a bailout of the monoline lenders (AMBAC, MBIA, etc) at this moment. The banks are being asked to fund the bailout but no doubt the money will be secured by the government (us).

Damn them all to hell.

rocklin renter said...

If you're in that much trouble, why not sell the thing?

No doubt. Go to Carmax and hand over the keys.

If this "deal" goes through, go back and buy yourself a nice used Hyundai Accent.

Diggin Deeper said...

PR...The panic button has been hit and the financial system is melting down little by little...This insurance bailout, govt stimulus package, and Ben's penchant for producing money out of thin air will do nothing to stop the market from dumping it's trash.

Keep an eye on the treasuries. They will signal first (with rising rates) that the stimulus package is not working as planned.

Looks like the Little Dutch Boy has his work cut out for him. This dike's springing leaks every day it seems.

Jacob said...

More like the dike is 50ft underwater and people are still trying to patch the small cracks oblivious to how late and irrelevant that fix would be.

STOP ROSEVILLE CRIME said...

Typical realtor, can't admit he can't afford the car and can't admit the bubble popped and ain't coming back! It's probably Sippin's car. LOL

sacramentia said...

Anyone out there have a nice big boat they'd like to pawn for the summer? sacramentia@gmail.com

SacramentoCrash said...

How can you pawn a car that you don't own or have equity in?

Most realtors lease their cars.

Patient Renter said...
This comment has been removed by the author.