Has anyone lost a deposit from an AD that folded?

[jlovda]

There is another thread asking whether potential buyers were required to leave a deposit to be put on a list. Just wondering if anyone has been burned.

[robjohna]

Originally Posted by jlovda

There is another thread asking whether potential buyers were required to leave a deposit to be put on a list. Just wondering if anyone has been burned.

I too am curious about this.


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[Jamie1111]

Just went to Kennedy (Australia) filled out a wait list form, no false promises, excellent service, got a lovely compliment on my current Rolex and NO DEPOSIT. I would never leave a deposit as that is not my style, however I would also not even pay 1% kickback to receive a watch ever. However I’m not a reseller or an obsessed supply and demand guy, I’ll wait for my new one until they call me (maybe 2 years down the track if ever)

[AK DeepSea]

Credit Card

[SS Oyster]

Originally Posted by Jamie1111

Just went to Kennedy (Australia) filled out a wait list form, no false promises, excellent service, got a lovely compliment on my current Rolex and NO DEPOSIT. I would never leave a deposit as that is not my style, however I would also not even pay 1% kickback to receive a watch ever. However I’m not a reseller or an obsessed supply and demand guy, I’ll wait for my new one until they call me (maybe 2 years down the track if ever)

And if you want a SS ceramic Daytona, you will never get one.


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[MinMay]

subscribed....now this is thread I'm interested in learning.

[MinMay]

Originally Posted by AK DeepSea

Credit Card

doesn't matter....I believe you have 60 or 90 days to dispute, depending on credit card company. If you have to wait for a year, then you're SOL.

I believe Rolex AD must issue a refund.

[JacksonStone]

Originally Posted by robjohna

I too am curious about this.

I'll bet you are.

[Vvillie]

Originally Posted by Jamie1111

Just went to Kennedy (Australia) filled out a wait list form, no false promises, excellent service, got a lovely compliment on my current Rolex and NO DEPOSIT. I would never leave a deposit as that is not my style, however I would also not even pay 1% kickback to receive a watch ever. However I’m not a reseller or an obsessed supply and demand guy, I’ll wait for my new one until they call me (maybe 2 years down the track if ever)

I went to Kennedy’s three weeks ago to put my name on a list. Was called the following day and was asked for a 25% deposit to secure a watch from another store. Unfortunately the watch was sold before I could place my deposit.

[zengineer]

A deposit is what you pay when you order a car with an unusual group of options, a Tshirt with your cat's picture on it, or a diamond Datejust. A deposit is money paid to protect the dealer from getting stuck with something that will sit in his showroom for 3 years and eventually sold at a discount.

It's not a deposit if it's for a hot SS model that will sell in 30 seconds to someone else if you flake out and don't want it. It's an interest free loan you are forced to provide your dealer. It's just another revenue stream for the business. And I'd do it too if I owned an AD. I'd charge for the Diet Cokes too... and people would line up to pay it.

[AK797]

Don't think I've ever read of a case in my time here, and this fear comes up a lot.

[Brew]

Merchants go bankrupt with customer deposits on hand all of the time. The deposits are essentially unsecured loans. If your AD goes belly up, you get on line and wait to see if there's anything left after the secured vultures get theirs.

[Langnam]

Originally Posted by Brew

Merchants go bankrupt with customer deposits on hand all of the time. The deposits are essentially unsecured loans. If your AD goes belly up, you get on line and wait to see if there's anything left after the secured vultures get theirs.

This. Years ago I put down a $9500 cash deposit on a Lange for my wife. A couple months go by, no watch but plenty of excuses. Finally called Lange NY and they had no record of a deposit for an order to be shipped from Germany.

Went back to the AD and forced them to give me a $9500 credit towards another watch in their case, which they did.

Within a couple of months, Chapter 7 liquidation. I was lucky, Rolex was not as they were stiffed by the AD, too.

Alpha Omega in Cambridge, MA for those wondering.


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[Brew]

I'll bet dollars to your donuts that these deposits go right into the ADs' operating budgets (it's spent). Certainly not into any sort of escrow, etc.

[Chewbacca]

Originally Posted by Brew

I'll bet dollars to your donuts that these deposits go right into the ADs' operating budgets (it's spent). Certainly not into any sort of escrow, etc.

This

[robjohna]

Originally Posted by JacksonStone

I'll bet you are.

Stupid me, I paid for my entire watch up front with the hopes of getting it faster. Been 3 months. My local AD has been in business for over 20 years, but still interesting to know what would happen should they fold.


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[wiswrist]

An AD local to me that I've done a lot of business with recently lost their Rolex account. I got a phone call when it happened and they promptly refunded my Daytona deposit. I was just disappointed to loose my spot for a 116500.

[JacksonStone]

Originally Posted by robjohna

Stupid me, I paid for my entire watch up front with the hopes of getting it faster. Been 3 months. My local AD has been in business for over 20 years, but still interesting to know what would happen should they fold.


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I know. I commented in your thread about it. What are you intending to do?

[Burlington]

I guess less likely to go bankrupt than to lose their AD status for Rolex. In that case I would expect a full refund to be quickly forthcoming