Legal Question in Real Estate Law in Washington
I got a loan for my $2k car Amp/Sub system at a licensed Pawn Shop, and the payment was due on February 28th 2010. (as my reciept says, and the 3 month loan started November 28th 2009) I went into the shop on February 20th to get the system out and they said it was sold on January 28th and I had lost it.
I was baffled so I walked out of the store and studied the receipt to find out they sold MY property a month before it was even due. What can I do about this?
1 Answer from Attorneys
Let's assume your interpretation of the contract is correct, that they pawn shop was supposed to hold onto the equipment until Feb 28 before even considering to sell it, since you had 90 days to come up with the repayment so they would release your equipment. If you were to sue them, the most you would get is the $2,000 you already have, which you accepted as a pawn for the goods they held.
Now, maybe you can prove that the goods were worth much more, such as by showing10-20 copies of eBay auctions for the same goods that sold for way more than $2,000, but that will be tough to get past a judge, since I bet the pawn broker is going to say that in his situation, the goods were only worth $2,000, which he factors in when considering all the other hidden costs he has, such as rent, labor, taxes, etc.
You have to consider whether this is worth going after, and ask yourself what your upside is here. You are not going to get the goods back, so money is all you can get, and so far, it looks like you have $2,000. Maybe in your mind, your system, used, was worth $10,000. If so, I would say get proof, and eBay purchases are a great way to demonstrate the fair market value. Not to mention if you sue the pawn broker, you can subpoena his records to see what he ultimately sold your stuff for to help establish market price. That said, if he is a cash and carry business, don't be surprised if his records show a significantly lower price than you can find, and if he does not maintain records on who bought it.