Don't Sell You High Grade Coins Anymore

[MarkFeld]

The collateral is just a safety net for me.Go to the payday loan and get a loan for 200.00, then let me know what the results were.

Or go somewhere else and pay a lot less.

[EZ_E]

Would the original poster have the expertise to discern fake Chinese slabs. Seems like Mr. Kiraly could be took as well.

[jgrinz]

Would the original poster have the expertise to discern fake Chinese slabs. Seems like Mr. Kiraly could be took as well.

 

I agree - ON HIS BEHALF - I think he is taking a big risk not knowing all "makes and models' as they say of the numismatic industry. Still why would you ...

 

I got a lot of chinese junk he can have for collateral for $7k ... after 6 months you can keep the coins - actually after One month you can keep the coins

[jgrinz]

Can some one who did send PAUL KIRALY any coin books PM me his mailing information. I have the ability to have my committe chair call BSA corporate to see if he is even part of the BSA ..

 

 

[Paul Kiraly 3]

I will give you the e-mail address myself

Southeast Louisiana Council

Linda Babb

Council Commissioner

 

Dell Thibadoux Scoutmaster

 

Paul Kiraly Asst Scoutmaster

 

www.bsa-selacouncil.org

[jgrinz]

There is a Email to Dell Already

Why didnt you link to your Troops site

Troop 2000 in Westego and linked to councsel which shows us nothing ?

[L1ncolnF4n]

The collateral is just a safety net for me.Go to the payday loan and get a loan for 200.00, then let me know what the results were.

Or go somewhere else and pay a lot less.

 

But PayDay loans charges no interest on your first loan! (thumbs u

[Paul Kiraly 3]

I still believe a man's word is important in life. If I tell someone,I will be there in 1 hour,I am there in 1 hour or less.If I tell you I am in the boy scouts,and I am teaching the coin collecting merrit badge,and the boys need help,I am telling you the truth. On the BSA card,it has just the council e-mail adddress.It is people like you, that makes other people not trust them

[jgrinz]

I ran a very suscessful BSA TROOP fund raising campaign PAUL so we do need to go there.

 

Are you the Large man on the end next to the Priest and what looks like the

SPL and the Troop Master ??

 

Looks like a ATM badge on the arm ??

 

[ant]

The P.O.Box is for security reasons. I dont want theives know where the customers coins are stored. You are not very bright gmarguli . As soon as the state tells "check in cash " and "payday loans" stops charging 25% monthy then my 10% doesnt look that bad...I am not taking advantage of people,you are not required to do buisness with me.I am just a loan service,for certified coins.

 

i am a jeweler. i do biz from home. insurance is easier when listed as a home cause you have more rights in your home to protect it. i have a safe in my home and cameras. they are safer in my home than at a store.

 

some states dont allow loaded guns in a store location. being its in my home i can sit my piece on my desk next to me. o and a nice big gaurd dog helps.

 

also i own many many sites. and the cost isnt much at all per site basis. i have 24gig of server space with tons of bandwidth for 400 a yr. so a basic site that is small like yours would be like tiny ammount per year to run. how many people do you have working for you? also is this a regestered biz within your state? do you have a cert of occupancey?

[EZ_E]

Paul, I do commend you for remaining level headed despite the heat and I don't question your word but I do question your ethics. No matter how you justify it, charging someone, anyone 10% interest per month on a loan is flat out wrong. That is why you're getting all of this flack. Can't you see that?

[MarkFeld]

Paul, I do commend you for remaining level headed despite the heat and I don't question your word but I do question your ethics. No matter how you justify it, charging someone, anyone 10% interest per month on a loan is flat out wrong. That is why you're getting all of this flack. Can't you see that?

And in my opinion, at least, the level of flack is (justifiably) even greater, because he characterizes it as being for the benefit of collectors. If he had simply admitted he was in it to try to make a killing for HIMSELF, the reaction might have been less intense.

[Paul Kiraly 3]

Ez E,I understand where you are comming from.10% may seem high.When the roosevelt dime sale came up on superior auction, I was 1500.00 away from buying a second pop 1 roosevelt.Selling any of my other coins was not an option.I borrowed as much as I could and If this oppertunity came up before the auction started,I would have owned that coin, Now someone else has it and there not selling it for a long time.I would paid over 400.00 extra just to own it..So it is up to the person to make his own financial desicion.

[PCcoins]

Ez E,I understand where you are comming from.10% may seem high.When the roosevelt dime sale came up on superior auction, I was 1500.00 away from buying a second pop 1 roosevelt.Selling any of my other coins was not an option.I borrowed as much as I could and If this oppertunity came up before the auction started,I would have owned that coin, Now someone else has it and there not selling it for a long time.I would paid over 400.00 extra just to own it..So it is up to the person to make his own financial desicion.

 

Should have bid higher

[Schatzy]

10% may seem high.

Ya think!!

[L1ncolnF4n]

10% may seem high.

Ya think!!

 

nope, I know

[Paul Kiraly 3]

I couldnt bid higher,all money sources were tapped out...I would have made the loan

[PCcoins]

I couldnt bid higher,all money sources were tapped out...I would have made the loan

 

If you have to take out a loan, you shouldn't be buying top pop coins IMO. The registry game is for people that have money

[Coindude]

Personally, and I don't feel like reading through this whole thread to try and find out, so please forgive me if I restate something that's already been said, but... it seem that our friend here is trying to purchase rarer coins for 40% of their value. And, worst case scenario here, what if someone missed the payment deadline by one day? Then I would suspect that the last payment would be refunded and the coin would remain with Mr. Kiraly.

 

So, let's say you borrowed $1000 on a coin, first month you owe $1100, and you make a payment of $175.

 

You now owe $925, plus ~$90? $1015.

 

-$200, $815, plus ~$80 = ~$900

 

-$200, $700, plus ~$70 = ~$770

 

-$200, $570, plus ~$60 = $630

 

-$200, $430, plus ~$40 = $470

 

-$200, $270, plus ~$30 = $300

 

So, you owe $300 after five months, you miss the last payment by one day. So, essentially you sold a $1500 coin (since you only took a loan out for 40 - 70% value) for $300?

 

I truly hope that's not the game being played here, but I know that's what all these furniture companies do when they offer no interest for 24 months or longer, but if you miss the last payment then all the back interest charges appear and now they make a much better deal then they already have.

[RareSov]

In the end, that is what will happen

[Paul Kiraly 3]

If any collector is serious.He will make better payments than 200.00...If they are paying ,and thaey only owe 300.00 I will help them out

[ant]

then shouldnt that be on your site somewhere so the "non serious" collectors know that they will most likely not fit the bill?

 

also you didnt disagree with sam (coindude). does this mean it is how it works?

 

im not a "serious" collector, but i have some coins that will save my life some day. i also have coins in jail that have saved my rear in tough times.

 

 

[Paul Kiraly 3]

Yes, I did in my last text

[bartlesvilleok]

Personally, and I don't feel like reading through this whole thread to try and find out, so please forgive me if I restate something that's already been said, but... it seem that our friend here is trying to purchase rarer coins for 40% of their value. And, worst case scenario here, what if someone missed the payment deadline by one day? Then I would suspect that the last payment would be refunded and the coin would remain with Mr. Kiraly.

 

So, let's say you borrowed $1000 on a coin, first month you owe $1100, and you make a payment of $175.

 

You now owe $925, plus ~$90? $1015.

 

-$200, $815, plus ~$80 = ~$900

 

-$200, $700, plus ~$70 = ~$770

 

-$200, $570, plus ~$60 = $630

 

-$200, $430, plus ~$40 = $470

 

-$200, $270, plus ~$30 = $300

 

So, you owe $300 after five months, you miss the last payment by one day. So, essentially you sold a $1500 coin (since you only took a loan out for 40 - 70% value) for $300?

 

I truly hope that's not the game being played here, but I know that's what all these furniture companies do when they offer no interest for 24 months or longer, but if you miss the last payment then all the back interest charges appear and now they make a much better deal then they already have.

 

This shows payments of $175, $200, $200, $200, $200, $200 = Payments of $1175 so wouldn't it be more like you paid someone $175 for them to take a $1500 coin away from you?

[ant]

[RareSov]

I wonder why we aren't jumping at the chance to borrow against our coins

 

Try 2% a month. More than you'd need to charge.. but given the current situation, 2% is better than 10.

[World Colonial]

Your logic is ridiculous no matter how you try to spin it because it does not matter what anyone does or does not know about you in evaluating your terms.

 

The fact of the matter is that there is NO ECONOMICALLY LOGICAL argument you can make that is persuasive to convince someone who knows anything about money to use your service.

 

At 10% per month, anyone with good credit would be better getting a loan from a bank or using their credit card than using your service. Neither you nor anyone else can argue against that.

 

Even in the remote scenario where someone has no access to any other credit other than from you, they would be better off to simply sell their coins and buy them back later. The example you made about buying that one conditional rarity that is otherwise as common as the sand on the beach in a lower or slightly lower grade is not persuasive either. They should either not buy the coin at all or simply sell coins they own and buy them back later. Most coins are so common that its not exactly like most collectors would have trouble finding them again. And any loss they would incur by doing so would still be less than the cost of borrowing from you.

[RareSov]

Extremely well said

 

Put simply, it's a DEAD ship

 

PS what is a.. 50.00 Saint Gaudines lol

[World Colonial]

I never look in this section or else I would have commented on this topic earlier because every one of these responses were well deserved.

 

In my other post, I summarized why this "service" makes no sense to the customer. But in actuality, its even worse than that because this "business model" seems to make no sense to this guy offerring it either.

 

I have never run a business and in the interest of full disclosure, I must admit that. But I certainly know that if you are starting a new venture that the way to grow it and turn a profit is not by charging or attempting to charge monopoly pricing when you do not have a monopoly. That's exactly what I see here.

 

I would like to know what market research there was that would support this type of business plan. Because to my knowledge, the typical coin collector simply does not fit the profile of a customer of this "service".

 

Coin collecting is not cheap by the standards of the typical American and this applies to even build a modest collection. It takes above average discretionary income to even be a modestly "serious" collector. I consider this self-evident and though there are exceptions, the fact that most collectors are more affluent than the examples he profiled in his responses indicates that he is not aware of that or if he is, that he voluntarily chose to ignore it.

 

Those with collections even as valuable as mine would never have a need for this "service". Even if I had no access to any other credit source, I would use one of the firms Mark Feld mentioned in his posts.

 

But even for those who do not qualify for these other options, these terms are still not competitive and making a reference to PayDay Loans as a basis of comparison is simply a display of ignorance. I mean, how many collectors are there who will find themselves in such a situation where this is their ONLY alternative?

 

As stated in other posts, most likely the potential user of this "service" would also have the option of using a credit card or pawn shop.

 

Now credit cards are unsecured loans but because they have (relatively) sophisticated underwriting standards and can spread their risks over a larger pool of borrowers and have access to low cost funding, they are able to charge lower rates than can be offered by most others.

 

So that probably leaves the pawn shop as the primary direct competition for this "service". That would imply to me that the rate charged should be somewhat higher than a credit card but lower than the pawn shop.

 

It might not be possible to make money at those rates but then, sometimes you have to lose money initially while you build name recognition and volume.

 

 

[Paul Kiraly 3]

I am doing good with my buisness. You may have your opinion,but it really means nothing. I loan out more than payday loans and 80% more than most credit card limits.My service is for serious collecors who pay back the loan quickly,so they can avoid the intrest.My loans for over 2000.00 was always paid off within 2-3 months.My service is not for broke people who live in lala land.