Bargains and Brickbats (Cash Converters)

Member Name: peterkin101

Product:	Cash Converters
Date:	26/04/09 (443 review reads)
Rating:

Advantages: Massive range of goods available, some very convenient facilities, potential for spectacular bargain

Disadvantages: Franchise operation which means considerable variation from store to store, low prices offered .

A little saying of mine:

ALL IS FAIR IN LOVE,WAR AND RETAIL.

I've been a regular customer of a couple of Cash Converters stores in Wolverhampton and Dudley, West Midlands and hopefully this review will provide some information and counter some of the slanderous and unfair statements made about them.

Cash Converters started in 1984 as a small pawn shop in Perth, Australia and has now grown into the World's largest chain of second hand dealers with a presence in most main cities in the Western world. The UK has about 90 stores and is expanding all the time.

They deal in Second Hand stock mostly although they sometimes offer New and B Graded stock. This however depends on the individual store are 90% of Cash Converters is operated on a Franchise basis-good in the sense that they were able to expand at a phenomenal rate but not so good insomuch that every store can have their own rules regarding buying and selling etc. This makes Cash Converters a bit of a Lottery, you may win or lose depending on location/ownership.

Cash Converters offer a massive range of stock for sale, more than just about any other High St Retailer. This includes TV's, VCR's DVD Players, HiFi's,Gardening Tools, Jewellery, Game Consoles, Games, DVD's, CD's, Bikes,Sports Equipment etc As they are dealing mostly with Second Hand goods, their stock range can vary massively both from store level and on a daily basis.

There are several facillities that are on offer for customers wishing to make purchases from Cash Converters, some which are unique in their origin. They are:

1) PAY UPFRONT-Self Explanatory. Goods can be paid for with Cash, Cheque (subject to Store Policy which can vary), Credit and Debit Card. They will also accept in-store issued Credit Notes* and Cash Converters Gift Vouchers.

* As Cash Converters operate on a Franchise basis, Credit notes are only valid from the store they are issued, so don't expect to use a Credit note issued in Kings Heath in Birmingham to be valid in Wolverhampton for example.

2)LAYBY. You can ask for a Layby for a particular purchase which involves you placing a 20% deposit and then paying for the purchase over 12 weeks. You
collect the item only when the purchase is complete, this is also the time your guarantee starts. It represents a particularly convenient way of making purchases if you don't have the means to pay for an item there and then but you have to sign a legally binding contract. However, if you change your mind, your are NOT entitled to a refund NOR if you fail to keep up the payments. This is one of the instances where you may be offered a Credit note. Bear this in mind before you commit yourself.

3) INSTANT CREDIT. Some Cash Converters store offer a form of Instant Credit run by alternative Finance companies like Provident or Greenwood. You have to offer sevveral forms of good ID such as a Full Driving Licence and/or Debit Card, recent Utility bill etc. However APR wise this is a very expensive way of purchasing and the stores I've mentioned have stopped offering this particular facillity.

I have walked out of Cash Converters stores with some cracking bargains such as an as-new Panasonic Fax machine which was several years old for £19.95 and originally retailed for £199.95, a Rowenta Expert Steam Iron-again as-new for £59.95 which was for sale at £199.95, a Casio G-Shock watch for £18.95 which originally retailed for £99.95. The scope for a real bargain is considerable BUT this doesn't apply in every case and you have to be prepared and know the sort of product you want. Cash Converters usually offer a 56 day guarantee in the event of faulty goods where a repair/replacement or refund is offered at your discretion within 28 days and 56 days at theirs. B Graded and New Stock usually come with a 12 month Guarantee-the same as most High St shops.

In my experience however, Cash Converters stick to the letter of the law regarding returns . So You will NOT be entitled to a refund because you've changed your mind, your Auntie Mary bought you the same one for your birthday, your cat died, you've damaged the goods (accidentally or otherwise!), you want them to price match Ebay-It isn't going to happen!

Regarding purchasing, Cash Converters offer several facillities again some of which were unique to them. These are:

1) OUTRIGHT PURCHASE-Cash Converters will offer to purchase your unwanted goods outright and will pay in cash on the spot. Goods required are vast so pretty much anything of value will be accepted.

2) BUYBACK OPTION. This facillity has the option of allowing your goods to be sold and then you having the option of repurchasing for the purchase price plus a redemption fee. This is subject to a Legally binding agreement which has to be signed, and they are NOT responsible for any loss or damage. A well run Franchise shouldn't ever have to enforce this condition and in my years of selling/buyback I've never encountered a problem. This is subject to a 28 day clause and if you don't return and either repurchase or renew the option (subject to a renewal fee) then you lose the option and the goods are then offered for sale. Also bear in mind, legally speaking THIS IS NOT A LOAN OR A PAWN, so APR rates, reminder letters etc are NOT APPLICABLE.

To facilitate either of these options it is imprtant to present at least TWO FORMS OF CURRENT GOOD ID such as a Bank Statement, Driving Licence, Passport, Utility Bill etc. The criteria varies but NO ID=NO SALE/BUYBACK-no matter how many times you've been there.Most stores will also photograph you-and all of this is to assist in the prevention of buying STOLEN GOODS. It maybe an idea to phone your local store before setting out on a long journey.

3)PAWN BROKING. The facillity that the whole idea was founded on. You are applying for a Loan, which is secured on items of value such a Jewellery, expensive Watches such as Rolex and Omega. This has the big advantage of being available to those with poor credit ratings,is offered usually for six months (if the loan amount exceeds £75) and works out considerably cheaper than a Buy Back. In this case the security offered is still yours so
they cannot just sell it after six months if you don't return. They have to send a letter warning you by Special Delivery-however that can incur a charge.

Again, Pawn Broking requires ID as mentioned above.

Other facillites offed include Cheque Cashing (where three forms of ID are required), Payday Advance where you can write a Cheque up to the limit of your Guarantee card and your Cheque (s) are kept for 28 days (bit like the Buyback scheme),Log Book Loans where a loan can be raised with your car as security etc. Criteria can vary widely as can redemption fees, APR's etc so always contact your local store before setting out.

In general the Wolverhampton store is well stocked and I'm served quickly and efficiently.

So the advantages are being able to sell conveniently, purchase a massive range of goods and borrow money provided you meet the criteria as described above.

However there are some disadvantages.

1) PRICES OFFERED ARE LOW-at least in comparison to what you may make via your local paper, Ebay etc. Cash Converters will usually at least double what they have offered you. In order to obtain your best deal you have to know what your goods are worth and NEVER TAKE THE FIRST OFFER. They start low and are prepared to go a bit higher so you have to be cheeky and beat them at their own game. This is of course a business decision as they have to clean, charge VAT and warranty the goods-they can't complain to you if the X-Box you sold them goes wrong for example. If you don't like the offer ask for more, if it still dosn't sound good then WALK! If they are trying to rip you off then they will have lost out.

2) BUYBACK FACILLITY IS EXPENSIVE-this should only ever be used on occasions when you can afford to lose the goods after the 28 day period. For example £100 on a TV will cost £130 to repurchase or £30 to renew and then still cost £130 to repurchase eventually. Do this several times ad you are throwing money away. Longer term loans should be sought in another direction such as Pawns or elsewhere.

3) WHEN IT'S PAID FOR IT'S YOURS. As stated earlier Cash Converters in my experience stick to the letter of the law. I personally don't have a problem provided goods aren't misrepresented.

4) NEVER ASSUME THEY ARE THE CHEAPEST FOR EVERYTHING. Despite the bargains I've highlighted, it is possible to pay over the odds especially for Mobile phones and PC's where downward pressure on prices is relentless.

5) DODGY CHARACTERS. Hinted at in several other reviews and with a grain of truth in it. Bear in mind Cash Converters are there as a business mostly for people who are on hard times, so this is inescapable. Again in my experience rudeness and aggression can be part of the package though in one extreme example the offender was retrained and arrested. This can also be said for some Public Transport and Public houses though.

So used within the parameters stated Cash Converters can be a good experience. You can walk out with some spectacular bargains, use their Pawn broking and Buyback facillities and leave smiling.

But bear in mind that...

ALL IS FAIR IN LOVE, WAR AND RETAIL.

Summary: Rough Diamonds which can shine