Watches of Switzerland - 100% Deposit

[brucethemanlee]

100% is a purchase isn't it?

no longer a deposit

why would i pay 100% for something and not have it. Who knows how long you have to wait....1 month? 2? 3? 4?

you're giving them free money

[johnjm]

Originally Posted by Njw

Err..it identifies the watch.

So you would be happy with a serial number without a receipt?

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[Max 66]

What it sounds strange about this story is that Rolex is now closed since mid March, so where these watches comes from?
The fact that they ask 100% down payment let me think that WOS has to make the same 100% down payment to their supplier/s, and this reinforce the doubt that these watches will not come through Rolex.
Everybody knows that WOS is a reputable Rolex dealer but who are their sub-suppliers? And if these sub-suppliers will not deliver the watches to WOS what will happen? With payment through a third party clients cannot take any protection from their credit card provider.
Looks risky to me.

[cj3209]

Now I know why the ADs and Gray Market Sellers have so much clout...because there are people willing to do things like give 100% deposit, sight unseen.

PT Barnum was so accurate...

[Exceptional]

If it was me, I would just do it.

Yes it is a risk, but I can't imagine WoS going under anytime soon.

[Njw]

Originally Posted by johnjm

So you would be happy with a serial number without a receipt?

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Did I say I just wanted the serial number? No. I said I wanted a statement I had bought it which confirmed the serial number of the specific watch.

And that's if I would do it. Which I chose not to.

[johnjm]

Originally Posted by Njw

Did I say I just wanted the serial number? No. I said I wanted a statement I had bought it which confirmed the serial number of the specific watch.

And that's if I would do it. Which I chose not to.

Well then we are aligned dude.

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[77T]

Originally Posted by Njw

Dude, please read what I'm writing. If they confirm you own that specific watch, if they go bankrupt, you get the watch, you don't have to recover any funds through the credit card or administrators.

There are contingency issues if WoS actually did file bankruptcy as you were mentioning. There could be debtors with superior standing ahead of other claims. For example, WoS may have not paid for inventory yet.

Consumers who are owed deposits (remember that in Accountancy you’re purchase price is a 100% deposit until booked and fulfilled) are only paid after all the secured creditors and administrative expenses of the bankruptcy, such as bankruptcy lawyers’ fees, are paid.

As another creditor, holders of deposits would be paid (sometimes pennies on each £) before any of the retailer’s general unsecured obligations are satisfied.

You may get your watch instead of a pro rata refund, but in the case of bankruptcy it may take up to a year. The court strives to satisfy all claims including unfulfilled sales.
(Edit: I see you chose not to buy under WoS’ current scheme - I agree whole-heartedly)

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[Raffles]

Is there a time limit for when you receive your watch or is it at their discretion, i.e. if one turns up? If everyone who was after a hard to get model all payed up at once, how could they supply everyone? Why would they keep all these watches in stock when there are customers queuing up to buy them? Doesn't sound right to me.

Also, why can't you pay the AD direct with your credit card?

[Sunstreaker]

Originally Posted by Njw

Did I say I just wanted the serial number? No. I said I wanted a statement I had bought it which confirmed the serial number of the specific watch.

And that's if I would do it. Which I chose not to.

Every receipt for every Rolex I've ever owned had the serial number on it.

[Njw]

Originally Posted by Raffles

Is there a time limit for when you receive your watch or is it at their discretion, i.e. if one turns up? If everyone who was after a hard to get model all payed up at once, how could they supply everyone? Why would they keep all these watches in stock when there are customers queuing up to buy them? Doesn't sound right to me.

Also, why can't you pay the AD direct with your credit card?

WOS are saying they have the watch now and you can pick it up when their stores are allowed to reopen.

[sallyhats]

Originally Posted by johnjm

Sure. I'd insist on an actual invoice through. A serial number means jack to what that might or might not exist.

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If someone sells something and provides you a serial/invoice confirming the purchase and they dont give you the watch because they never had it would be fraud. I doubt Rolex would want their name associated with such negative media coverage.

[csaltphoto]

Originally Posted by subtona

This model of business could very easily lead to selling and reselling and reselling the same watches again...

I could see the case where the customer could be waiting a year or more for a watch they have paid for in full.

In the worst case, the financial concerns that WOS might be dealing with could be bigger than they anticipate and might result in shutting their doors. As mentioned in the video, would the customer be able to recoup their money? I expect not.

It could. Similar to bundling and reselling mortgages. That worked out great though right?

[mykii]

Wouldn't do it.

[Harry-57]

Originally Posted by Sandpit

My cynical view would be that they have very little income at the moment and they’re trying to use the sale of imaginary Rolex pieces to get cash through the door.

I wouldn't be too quick to libel or slander WOS. But I would be very quick indeed to point out that for a real watch, stored at a location from which it cannot be posted during the lock down, if WOS goes into administration you will see neither your money nor your watch.

[LigerBelair]

Originally Posted by Sandpit

My cynical view would be that they have very little income at the moment and they’re trying to use the sale of imaginary Rolex pieces to get cash through the door.

They won’t get cash for any other brands so they’re using the “hype” or waitlists to generate revenue.

I could be wrong, it’s just my opinion.

I share your cynicism. Understand UK may be different, but in the US I wouldn't touch something like this with a 10 foot pole.

[chillex]

Besides WoS, I’m not sure if anyone has similar experience, but one of SA at Wempe NYC told me that I need to pay deposit in order to be on the waitlist. (If it matters, waitlist for sub) Is it something normal they usually do?

[Sandpit]

Originally Posted by Harry-57

I wouldn't be too quick to libel or slander WOS. But I would be very quick indeed to point out that for a real watch, stored at a location from which it cannot be posted during the lock down, if WOS goes into administration you will see neither your money nor your watch.

I don’t see it as libelous but I take your point. To be honest, the way they’ve treated me previously as a (potential) customer has been pretty shocking so I’m not bothered anyway.

Another really good point Paul Thorpe makes is about supply. If the watches are genuine (they may well be), then where are they coming from? Are Rolex still supplying new pieces? Or, has WOS been hoarding pieces and are now allocating them? Who knows.

I’m not sure how many people are getting contacted. That may well be overblown in any case. It’s just a really good point for discussion.

[Xtralarg]

Originally Posted by Nairn1980

Officially an AD isn’t allowed to post Rolex watches....but it’s ok for other brands.
The pieces aren’t in stock locally, but are at a central location and will be dispatched to the local AD once they reopen.

What a load of tripe! Rolex post watches all over the world, and you're telling us that an AD cant post one that's been paid for.
How do you know the watches are in stock? Please supply some evidence to prove this.

[gold&black]

Originally Posted by Exceptional

If it was me, I would just do it.

Yes it is a risk, but I can't imagine WoS going under anytime soon.

[gold&black]

Originally Posted by Harry-57

I wouldn't be too quick to libel or slander WOS. But I would be very quick indeed to point out that for a real watch, stored at a location from which it cannot be posted during the lock down, if WOS goes into administration you will see neither your money nor your watch.

So true

[jaychief]

WOS clearly have a lot watchs some were to be putting this out to customers, they will want the cash coming in....

[Aberdein]

I would be very nervous handing over several thousand pounds for a watch in the current crisis to any AD. I may get a sales receipt, it may have the full details of the watch but if the AD goes belly up I don't have the actual watch and I suspect I would have a long wait whilst the appointed administrators sorted the mess out before I ever saw the watch.
No disrespect to WOS but I would pass on this one.

[AJMarcus]

Originally Posted by Sandpit

My cynical view would be that they have very little income at the moment and they’re trying to use the sale of imaginary Rolex pieces to get cash through the door.

They won’t get cash for any other brands so they’re using the “hype” or waitlists to generate revenue.

I could be wrong, it’s just my opinion.

Makes sense

[Marcjvr]

Reading this thread makes me want to move to the UK and start a business selling phantom Rolexes

Pay me up front and I promise I will get you all Daytonas somewhere between now and infinity

[sp006]

Originally Posted by Marcjvr

Reading this thread makes me want to move to the UK and start a business selling phantom Rolexes

Pay me up front and I promise I will get you all Daytonas somewhere between now and infinity

I think it's a topic of discussion because people are actually considering it due to the reputation of the outfit. This wouldn't be much of a debate on the forum otherwise haha


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[faimag]

Originally Posted by Njw

Has anybody asked WOS to give them the serial number of the watch they have reserved for them? At a minimum I'd want photos of the watch.

You'd want photos of the watch at a minimum??? From a major seller like WOS?!

[Njw]

Originally Posted by faimag

You'd want photos of the watch at a minimum??? From a major seller like WOS?!

No, because I turned down their kind offer. If I was going to go for it, I'd 100% want proof it actually exists.

[chrisbrown2243]

Has Horology House taken over WoS??
Sounds like the same kind of Ponzi scheme!

[Exceptional]

So what watches have WoS offered to those who have received the call so far?