Pawning a firearm

[Blaster229]

The firearm in question is a SIG Sauer Pro SP 2340 chambered for .40 S&W and .357 SIG. At the moment I have no pictures. I have only fired 50 rounds from it.

Do you mean you have both a .40 barrel and a Sig .357 barrel for it?

 

[wilcam47]

If you are willing to sell, put it up on the marketplace to sell. going to a pawn shop or gunshop will only yield you 20-30% of what it really may be worth.

Best of luck on getting secure work.

Typically Ive seen 50-70% less than what its worth...Selling is the best bet

 

[Blaster229]

Typically Ive seen 50-70% less than what its worth...Selling is the best bet

This. If you paid $900 for a new pistol today and pawn it tomorrow expect to get maybe $400.

 

[daNattyFatty]

Do you mean you have both a .40 barrel and a Sig .357 barrel for it?

That's what I'm wondering too. The magazines for the gun list both calibers, but it certainly doesn't shoot both through one barrel!

 

[sgt23preston]

Sgt Preston here...

Your best bet is to sell via consignment thru a local gun dealer...

You want to sell it at a shop that get's a lot of traffic & buyers...

I have sold several thru Horst & McCann a Gun Range & Dealer (near Bel Air) in Harford County...

They will let you set the price (they will tell you if you are too high)...

Once the price is agreed on and a good faith discount is agreed on ( I limit mine to $20.xx) they will sell it for you & notify you as soon as it sells...

Mine have all sold quickly at the price agreed on...

They have charged me 20 - 25%...

Talk to Mike Horst

 

[noahhh]

Sorry to hear of your plight. Been there myself.

Having pawned guns in the distant past I will admit that it is a fast means to get a few bucks when you are desperate. But, it is a slippery slope you're stepping onto. If for some reason your economic status doesn't improve quickly and you find yourself covering the interest on the loan for month after month with the dim hope of someday getting it back, you can find yourself having spent a whole lot of money. Remember, a pawn shop's interest rate is crazy high and it doesn't take many months of "covering the vig" before what you spend on interest plus the the repaying of the principle amount equals as much or more than what the gun is worth.

Also, if you're a day or two late with an interest payment you will likely lose the gun to pawn, and then you're out entirely. Those guys are (generally) a hard hearted steely-eyed lot, not given to wanting to hear a sob story of financial woe if the due date is up and you can't pay.

I got in and out of the pawn shop trap ok, but I have friends who could tell you stories that would curdle your blood.

If it were me, I would sell it outright (lots of good suggestions already mentioned), or better yet, get a quick part-time job as a gas station attendant or convenience store clerk for a few weeks or so to get yourself out of a jamb. Anything but go the pawn shop route- it can easily lead to a lot of grief and anguish.

 

[jmiller320]

Pawning is the worst thing you can do. The pawn shop will low ball you and you'll be luck to walk away with 20% of the value. Sell it out right and when you get back on your feet go purchase another.

 

[Name Taken]

It is at best a used retail 300 dollar gun.

So even if they offer you 150..which I doubt they will. Will that even help?

Then you have to figure how much interest you are willing to pay to get a 300 dollar gun back.

Seems like a poor idea maybe try to sell locally.

 

[VAFarmboy]

I have decided to sell instead of pawning. Thank you all for the Pros & Cons on what to do, now I have to come up with a fair selling price.

 

[VAFarmboy]

Sgt Preston here...

Your best bet is to sell via consignment thru a local gun dealer...

You want to sell it at a shop that get's a lot of traffic & buyers...

I have sold several thru Horst & McCann a Gun Range & Dealer (near Bel Air) in Harford County...

They will let you set the price (they will tell you if you are too high)...

Once the price is agreed on and a good faith discount is agreed on ( I limit mine to $20.xx) they will sell it for you & notify you as soon as it sells...

Mine have all sold quickly at the price agreed on...

They have charged me 20 - 25%...

Talk to Mike Horst

I will give them a call or email.
Thanks

 

[wilcam47]

I have decided to sell instead of pawning. Thank you all for the Pros & Cons on what to do, now I have to come up with a fair selling price.

try selling on classifieds here...Its better than consigning it somewhere.

 

[jmiller320]

I saw someone pawn a 870 Wingmaster a couple years ago. Pawn shop gave him $20.00.

 

[campns]

I saw someone pawn a 870 Wingmaster a couple years ago. Pawn shop gave him $20.00.

you may be right on with that, most pawn shops in maryland do not have FFL's so they cant resale so they really ding you hardcore.

 

[rico903]

You can also list on Gun Broker with a reserve. Their fees come to about 5-10% depending on price.

 

[VAFarmboy]

Last week I went to sell my SP2340 and was offered $150 and for gp I ask how much if I was to pawn it....$150.00. I was told I could have gotten at least a $1000 if I sold it last year. The SP was apprised @ $500 due to the excellent condition it in, for I had since Dec 2001.

 

[Boats]

$1000 for an SP2340? Not even last year.
$600? At the height of the hi-cap scare? MAYBE

Now? $300-$500 depending on how much the buyer wants it.

Just to be clear, I am NOT saying that isnt what you were told. I'm saying that whoever told you that was mistaken. Especially since Sig flooded the market with them a couple years back and they were selling for $389 (In California too, where guns are even more expensive)

 

[Yellowhand]

Sell other toys, not your guns, or furniture if need be.

 

[bankgunandpawn]

I am not happy with how you guys represent a pawn shop on here. I am a pawn shop and gun dealer both. I have my FFL. If you pawn a handgun you DO NOT have to have an HQL to get it back. The gun belongs to you already - you only have to do the 4473 instant check. Maybe you all have had bad dealings with pawn shops but don't take it out on all of us. I feel I run a first class business and try to treat everyone as fair as possible. I am not in the business to "rip" people off. I believe that I try to give everyone a fair price on any gun that they want to pawn. Yes they do they have to pay interest but that is part of doing business - after all I am a business. I also will work with anyone that needs a few days grace period. I take nothing out the next day and sell it. I don't believe in ripping people off. So if anyone is in my area and finds them in the situation that they need to pawn a gun give The Bank Gun and Pawn a chance. I promise we will treat as fair as we possibly can. Thanks.

 

[trickg]

It's an interesting deal, selling things. I've sold a few things in the past, usually to fund some other project. I sold a S&W Model 27 to help fund the purchase of an H&K USP, and I kind of wish I still had it. But, it was the quickest way I could come up with the cash, so it is what it is.

Is this pistol still for sale or has it already been sold?

 

[VAFarmboy]

Sell other toys, not your guns, or furniture if need be.

I am selling other items on Ebay.