PWCC expands its lending activities

raulus · #1 09-09-2022, 09:32 AM

Quote:

Originally Posted by mrreality68

Sadly not liquid enough and miss out alot and I know i can pay things back most times fast but I cannot buy the item do to lack of funds.

Unless I’m misunderstanding the offer, you would still need to put 40% down up front. Obviously 40% is less than 100%, but for nice pieces that don’t come cheap, it might be similarly challenging to come up with 40% as to come up with 100%.

If you’re not buying from PWCC directly, it’s also unclear to me whether PWCC would front you the cash to buy it from someone else. If you’re buying an item from another auction house, then I suspect you would need to pay 100%, have it shipped to the vault, and then you could borrow the 60% against it.

Bottom line is that I’m not sure that it solves the problem of coming up with the cash to pay for the item in the first place.

Now, if you had a bunch of items in the vault, and you wanted to go out and buy some more, then borrowing against the items in the vault definitely could solve the problem of coming up with cash to make the original purchase for your new item(s).

Snapolit1 · #2 09-09-2022, 10:10 AM

https://www.sportscollectorsdaily.co...03ffa-83282852

Leon · #3 09-09-2022, 10:17 AM

Quote:

Originally Posted by Snapolit1

https://www.sportscollectorsdaily.co...03ffa-83282852

Net54baseball Vault available soon.
.

raulus · #4 09-09-2022, 10:26 AM

Quote:

Originally Posted by Leon

Net54baseball Vault available soon.
.

I'm sure you'll get lots of takers here!

At a minimum, we will all trust you more than we trust Jeter.

Snapolit1 · #5 09-09-2022, 10:34 AM

Quote:

Originally Posted by Leon

Net54baseball Vault available soon.
.

Heavily armed facility over the border into Mexico could possibly offer additional tax benefits.

Peter_Spaeth · #6 09-09-2022, 11:35 AM

Quote:

Originally Posted by Snapolit1

Heavily armed facility over the border into Mexico could possibly offer additional tax benefits.

More likely a shed in Leon's backyard guarded by his dogs.

gonefishin · #7 09-09-2022, 11:43 AM

I've never used a "vault", but I did sell an expensive card to a person in Japan. I was concerned about shipping, insurance, etc. to ship the card to Japan. As it turned out, I shipped the card to his PWCC vault account. That took a big load off. Another concern was I wanted to ship it USPS. The max USPS insurance coverage available through ebay was $5000. Not totally insured, but enough that I felt comfortable. It made it to PWCC with no problems.

So, if someone outside of CONUS purchases a card - from a seller's perspective - shipping the card to a "vault" within CONUS is fantastic.

With all the comments so far in this thread regarding taxes, an even deeper river is selling something outside of CONUS - and shipping to a "vault" in the United States. Complicated stuff.

Casey2296 · #8 09-09-2022, 10:40 AM

Quote:

Originally Posted by Leon

Net54baseball Vault available soon.
.

I�m not sure having my cards stored in a flip top on a shelf in your garage qualifies as a vault.

Leon · #9 09-09-2022, 10:42 AM

Quote:

Originally Posted by Casey2296

I�m not sure having my cards stored in a flip top on a shelf in your garage qualifies as a vault.

Whatever. It's way better than that.

raulus · #10 09-09-2022, 11:30 AM

Quote:

Originally Posted by Snapolit1

https://www.sportscollectorsdaily.co...03ffa-83282852

This is my favorite part:

The company’s grading scale will include “Perfect 10”, “Gem Mint 10” and “Mint Plus 9.5” in addition to the traditional 1-9.

I guess it's just a matter of time before people start giving out 11 grades (i.e. PSA 11).

I don't remember who said it, but I've got to agree with the sentiment that "There's no such thing as a perfect baseball card..." I suppose the modern crowd might disagree, but for anything over 10 years old, I think the concept still applies.

Republicaninmass · #11 09-09-2022, 02:08 PM

Quote:

Originally Posted by raulus

This is my favorite part:

The company�s grading scale will include �Perfect 10�, �Gem Mint 10� and �Mint Plus 9.5� in addition to the traditional 1-9.

I guess it's just a matter of time before people start giving out 11 grades (i.e. PSA 11).

I don't remember who said it, but I've got to agree with the sentiment that "There's no such thing as a perfect baseball card..." I suppose the modern crowd might disagree, but for anything over 10 years old, I think the concept still applies.

Sgc already does. 98 is mint 10...but they have 100 "pristine"

Snapolit1 · #12 09-09-2022, 02:23 PM

Now goes to 11.

mrreality68 · #13 09-09-2022, 10:32 AM

Quote:

Originally Posted by raulus

Unless I�m misunderstanding the offer, you would still need to put 40% down up front. Obviously 40% is less than 100%, but for nice pieces that don�t come cheap, it might be similarly challenging to come up with 40% as to come up with 100%.

If you�re not buying from PWCC directly, it�s also unclear to me whether PWCC would front you the cash to buy it from someone else. If you�re buying an item from another auction house, then I suspect you would need to pay 100%, have it shipped to the vault, and then you could borrow the 60% against it.

Bottom line is that I�m not sure that it solves the problem of coming up with the cash to pay for the item in the first place.

Now, if you had a bunch of items in the vault, and you wanted to go out and buy some more, then borrowing against the items in the vault definitely could solve the problem of coming up with cash to make the original purchase for your new item(s).

Hi

I am sure you do not have to put money down to borrow money. Basically they will loan you up to 60% of the value of your cards that you have in their fault. This way if you default on the loan they have your cards already but can take possession of it and then sell it. And the 40% covers them and their expenses and the loan plus interest you have paid if you did not default

raulus · #14 09-09-2022, 10:42 AM

Quote:

Originally Posted by mrreality68

Hi

I am sure you do not have to put money down to borrow money. Basically they will loan you up to 60% of the value of your cards that you have in their fault. This way if you default on the loan they have your cards already but can take possession of it and then sell it. And the 40% covers them and their expenses and the loan plus interest you have paid if you did not default

But if you're buying new cards, then you don't have them in the vault yet. So it's unclear to me how PWCC would lend you cash to buy new cards that you haven't yet put into their vault. I suppose if the seller already had them in the vault, and PWCC was just moving them over to your account, then maybe PWCC would lend you the money to buy that card, and you could just put 40% down and borrow the rest.

Kidnapped18 · #15 09-09-2022, 11:06 AM

Quote:

Originally Posted by raulus

But if you're buying new cards, then you don't have them in the vault yet. So it's unclear to me how PWCC would lend you cash to buy new cards that you haven't yet put into their vault. I suppose if the seller already had them in the vault, and PWCC was just moving them over to your account, then maybe PWCC would lend you the money to buy that card, and you could just put 40% down and borrow the rest.

PWCC wants to keep everything IN HOUSE. The cards have to be in the Vault in order to get a loan/cash advance on the cards. If you buy $10,000 worth of cards from REA, PWCC wants you to ship the cards to the Vault and then you can get the loan/cash advance on the $10,000 once the cards are there. PWCC wants you to use the funds to spend in their weekly/monthly auctions. They want to sell the same card/s over and over again to generate revenue. They get the 20% every time a card sells on their platform and they don't have to ship it since its kept in the Vault. Win-win for PWCC.

raulus · #16 09-09-2022, 11:13 AM

Quote:

Originally Posted by Kidnapped18

PWCC wants to keep everything IN HOUSE. The cards have to be in the Vault in order to get a loan/cash advance on the cards. If you buy $10,000 worth of cards from REA, PWCC wants you to ship the cards to the Vault and then you can get the loan/cash advance on the $10,000 once the cards are there. PWCC wants you to use the funds to spend in their weekly/monthly auctions. They want to sell the same card/s over and over again to generate revenue. They get the 20% every time a card sells on their platform and they don't have to ship it since its kept in the Vault. Win-win for PWCC.

Absolutely! Just like realtors want us to all trade houses every 6 months.

55koufax · #17 09-09-2022, 05:14 PM

What makes anyone think that Brent and Betsy can manage $175XL well in their lending biz?

They easily have the single worst website of any AH in the world! And what is it? 12 to 18 months old??? Pathetic

jimjim · #18 09-10-2022, 05:25 AM

Stupid question�. How do these companies set up these vaults? Has anyone seen one? Is it a real bank style vault in a secure location? Or is the use of the word vault just a descriptive term?

Jay Wolt · #19 09-10-2022, 06:20 AM

Quote:

Originally Posted by jimjim

Stupid question�. How do these companies set up these vaults? Has anyone seen one? Is it a real bank style vault in a secure location? Or is the use of the word vault just a descriptive term?

This got me curious too!
Went on PWCC's site & here is their "Vault" Link

https://www.pwccmarketplace.com/vault

carlsonjok · #20 09-10-2022, 07:37 AM

Quote:

Originally Posted by Jay Wolt

This got me curious too!
Went on PWCC's site & here is their "Vault" Link

https://www.pwccmarketplace.com/vault

Assuming for a moment that this isn't a stock photo, I find it interesting that their vault has a floor to ceiling window.

EDIT:Never mind, that appears to be a reflection.

rjackson44 · #21 04-17-2023, 05:00 PM

I have a vault at home with this bodyguard

parkplace33 · #22 04-17-2023, 07:05 PM

Could you imagine a �bank run� on pwcc vault cards? Yikes.

Peter_Spaeth · #23 04-17-2023, 07:25 PM

Quote:

Originally Posted by parkplace33

Could you imagine a �bank run� on pwcc vault cards? Yikes.

If enough people get concerned about their viability that will almost certainly happen.

BobbyStrawberry · #24 04-17-2023, 08:01 PM

Quote:

Originally Posted by rjackson44

I have a vault at home with this bodyguard

I'd trust her a lot more than PWCC

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