Rolex delivery and AD deposit security

[sr2002]

Hello this is my very first post here. Just a quick intro, I'm new to Rolex but not to wrist watches thanks to my dad who has been in the hobby for a long time. I recently had some money saved up for a no date Sub and after multiple trips to different ADs in the area, none were even ready to put me on a list. They asked that I buy something they had on hand (as expected).

However, one AD said they liked that I was so interested and offered to put me on the list with a 50% deposit and said that the next one to come in would be mine. I went ahead and put down the money (and I understand if this was a wrong move and keeping aside, I'd like to understand what now rather than what it could have been :) ). Given the current situation, I've been getting anxious and worried about my decision to put down money and wanted to turn to some of you seasoned buyers about this Rolex journey :).

As I'm new to this, I'd like to get some clarification:

1) I put down money in early March 2020, they gave no ETA, but said they expect something before end of the year. Any ideas on No date Sub timelines (south central US region)?

2) The receipt that I received says no refunds, but can use the deposit amount towards another watch if I decide to bail. Is this normal and can I claim for a full refund in anyway in spite of the no-refund statement on the receipt?

3) Given the situation with the lockdown and factories shut, what are the chances of the watch even being shipped anytime soon? Any insights on the current logistics or timelines from the insiders perhaps?

4) Should I keep calling and bugging them to keep them on the edge about this? And at what point do I ask for a refund, if this drags on for too long?

5) And this honestly what worries me the most, what happens if the AD goes out of business, does Rolex offer any protection for buyers on the list? Is there anything I can do at all to get my money back if such a situation was to arise?

This turned out to be quite long, I appreciate you all's time and hope to hear some words of wisdom :)

[Rohan1806]

You'll see alot of "incoming" posts on the forum, so either the ADs are pulling existing stock out of their safes, or they do pieces coming in from Rolex. Paul Thorpe and David Khalil (one former, and one current watch dealer in the UK) have discussed this during one of their videos (https://www.youtube.com/watch?v=ojsWk7I-bhs).

Its difficult to say what is the current status. That being said, it is still early days. I would not panic and stay in touch with the ADs by giving them a call once a week to see if there were any updates.

[AshCashEmAll]

If you want a refund you should just ask for it back. Your deposit was for a submariner so they should give you one or give you a timeline. I don’t play that game with ADs. No one really knows how this will all play out for Rolex supply or for ADs. Gonna be tough to get your money back if they go out of business. Ask your dad maybe he will help.


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[Andad]

Originally Posted by sr2002

Hello this is my very first post here. Just a quick intro, I'm new to Rolex but not to wrist watches thanks to my dad who has been in the hobby for a long time. I recently had some money saved up for a no date Sub and after multiple trips to different ADs in the area, none were even ready to put me on a list. They asked that I buy something they had on hand (as expected).

However, one AD said they liked that I was so interested and offered to put me on the list with a 50% deposit and said that the next one to come in would be mine. I went ahead and put down the money (and I understand if this was a wrong move and keeping aside, I'd like to understand what now rather than what it could have been :) ). Given the current situation, I've been getting anxious and worried about my decision to put down money and wanted to turn to some of you seasoned buyers about this Rolex journey :).

As I'm new to this, I'd like to get some clarification:

Happy to give you my thoughts on this:

1) I put down money in early March 2020, they gave no ETA, but said they expect something before end of the year. Any ideas on No date Sub timelines (south central US region)?
I think that is a long time for a 114060.

2) The receipt that I received says no refunds, but can use the deposit amount towards another watch if I decide to bail. Is this normal and can I claim for a full refund in anyway in spite of the no-refund statement on the receipt?
If you accepted this condition when you paid the deposit then you may have an issue. Legal rights vary from county to country.

3) Given the situation with the lockdown and factories shut, what are the chances of the watch even being shipped anytime soon? Any insights on the current logistics or timelines from the insiders perhaps?
I don't see why an AD can't ship a watch during these times.

4) Should I keep calling and bugging them to keep them on the edge about this? And at what point do I ask for a refund, if this drags on for too long?
I would follow this up fairly regularly. As for the refund see item 2.

5) And this honestly what worries me the most, what happens if the AD goes out of business, does Rolex offer any protection for buyers on the list? Is there anything I can do at all to get my money back if such a situation was to arise?
This transaction has nothing to do with Rolex but they would expect their AD's to represent them as expected.

This turned out to be quite long, I appreciate you all's time and hope to hear some words of wisdom :)

I hope it all works out for you.

[maveric]

You’re probably OK if you paid with a credit card.

Regardless, with businesses shuttering left and right, I wouldn’t have an outstanding deposit on anything.

[mjr24]

To answer your question about the downpayment, Rolex has nothing to do with that or with any wait list. They supply pieces to dealers and the dealers sell them to who they determine they want to sell to.

If the dealer goes out of business, your deposit is gone. Rolex won't help you, either.

THAT being said, I've heard of some dealers here asking for full deposits....which is a joke. However, I'd like to think the fact you put down 50% in this climate means the dealer is indeed going to get you that piece ASAP given that you invested some faith in them by putting the money down at a time when most people wouldn't do that. Sure, they could have put you on the list for $0 down.....but let's be honest, they would have no motivation to get that piece for you anytime soon.

Dealers aren't going out of business. You don't close a shop for a month and suddenly be out of money....especially when AD's are likely still making sales via online/email/phone calls and are still getting deliveries. I'd bet most employees at AD's work on commission so I doubt AD's have a lot of overhead still when they are closed.

[Arcticsub]

Putting down a 50% deposit in these uncertain times, wow.

Plenty of horror stories to go around.

[Robr9457]

I have just had a call for a sea dweller same thing 50% upfront from goldsmiths U.K.

[aaronch]

Pretty risky, I wouldn't have done it personally.

Good luck


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