ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX
13 April 2020, 12:55 AM | #91 |
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There are NO guarantees in bankruptcy. You can do some quick research and see for yourself. Once the well runs dry, the unsecured creditors (credit card users) at the back of the line are often left holding the bag.
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13 April 2020, 01:31 AM | #92 | |
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13 April 2020, 01:41 AM | #93 | |
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13 April 2020, 02:23 AM | #94 | |
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13 April 2020, 03:09 AM | #95 |
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The trust thing works both ways. Without securing the loan in some way (IE with collateral) I would think about it like loaning money to a friend. Only loan what you are prepared to lose.
Leaving a large deposit for a hot piece? See if the AD wants to secure the loan. A contract is basically worthless in a bankruptcy even if the judgement goes your way. YOU still have to recover the money and small businesses will be at the bottom of the heap when this thing is over. Now one way to secure the loan is arrange for you to hold an unpopular but valuable PM piece. Put it writing and everything so it's all upfront. Find an AD that is willing to agree to a deal like that and you are safe. I can already hear the wailing and gnashing of teeth of AD's who want you to trust them but aren't willing to trust you. |
13 April 2020, 03:52 AM | #96 |
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The AD will never agree to that. Their only hope is to find a sucker who will play ball.
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13 April 2020, 04:09 AM | #97 |
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I would not give an AD money up front for anything right now.
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13 April 2020, 04:17 AM | #98 |
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Admittedly, I don't know about the UK, but my guess is that CCs, even taken as a whole, are at the back of the line.
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13 April 2020, 04:21 AM | #99 | |
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13 April 2020, 04:25 AM | #100 |
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Why put a deposit on a watch?
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13 April 2020, 04:33 AM | #101 |
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The CC company pays you back when you make the claim to them. End of story. How much they get back and when they get it back is immaterial to me as a consumer. I get my money back. That is the UK regulation.
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13 April 2020, 04:39 AM | #102 | |
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Sorry, bro, maybe you're right, but I'm skeptical. |
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13 April 2020, 04:41 AM | #103 |
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13 April 2020, 04:43 AM | #104 |
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This is the advice from a well known consumer website in the UK about claiming the funds.
If the retailer/supplier has gone bust – go to your credit card provider Here it's clear-cut – you can't go to anyone else so the only option is to claim from the credit company. Simply call your credit provider and tell it what you're doing. Actually say: "I am making a claim under Section 75 of the Consumer Credit Act". Sometimes it will tell you it will try to reclaim the cash from the company in administration. You can simply answer: "Great news, I wish you the best of luck. However you are completely liable for my goods yourself, and I would like the full amount I'm entitled to please, regardless of that claim." |
13 April 2020, 05:42 AM | #105 |
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Bit like how British airways should
Refund me for a flight they cancelled But when it all goes to sh17 which it has I can’t call them and they won’t return emails Guarantees and laws are good but in times of Crisis they are often worth v little |
13 April 2020, 05:49 AM | #106 |
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It is whether you have any recourse to the credit card company. The card agreements vary on time. This is outside any bankruptcy. If the credit card company were to refund your money, they would subrogate to your claim. This does not negate you claim against debtor, (the company that filed bankruptcy), it would transfer it.
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13 April 2020, 06:06 AM | #107 |
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That doesn’t mean you won’t get it back at some point, as you are legally entitled to.
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13 April 2020, 06:14 AM | #108 |
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I paid 100% down, up front, and waited 3 months. its fine. Did this twice. Relax.
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13 April 2020, 06:22 AM | #109 |
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Can’t believe people on here have to have watches so bad that they even consider this during this unprecedented crisis. So many lessons are going to be learned from all of this, don’t become one of them.
If you do put down a deposit and your AD does go under, and many business are going to go under, you will be kicking yourself and everyone who hears the story will ask you “what the heck were you thinking?” They’re just watches people...Rolex makes millions of the darn things |
13 April 2020, 06:36 AM | #110 | |
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13 April 2020, 06:37 AM | #111 |
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To me i will be very comfortable depositing with my AD, it depends on your relationship with your AD that brings about confidents also if it's a time piece needed, then you can go miles to get it.
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13 April 2020, 06:40 AM | #112 |
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13 April 2020, 06:55 AM | #113 |
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This thread has taken an interesting turn. I understand that the OP is concerned about loss of the deposit in the case of Chapter 11. Which is bankruptcy for companies/organizations. What I find interesting is that no one is mentioning Rolex here. As an AD, they are essentially agents of Rolex, even though they are a third party, separate company/entity within the exchange relationship of you (the consumer) and Rolex (the manufacturer). When I say “agent” I mean they are acting on Rolex’s behalf. This means the AD not only has a duty to you, but also to Rolex. Their duty to you is to fulfill their contractual agreement, whether it be expressed or implied, and to Rolex, to represent them as Rolex deems suitable. Hence the word “authorized” dealer. Having an AD that that doubles as a strip club at night would not be suitable. Likewise, having an AD that takes deposits in pieces they don’t intend to supply before filing bankruptcy would also not be suitable.
But let’s just say that’s what happens. As an agent of Rolex, the AD is acting on their behalf when they take your deposit. This means Rolex can be held accountable. Yes, it’s true. The same way when a Dominos pizza delivery guy is at fault in a car accident. That Dominos might be a corporate store or a franchise. But one of the risks as a franchise corporation is that any actions of any agent out of that franchise can hold the Dominos Corporation liable. You heard of the McDonald coffee incident right? It’s the same thing here. The AD folds, you can then go after Rolex. Now, let’s go deeper. That might seem frightening to most people. How would anyone be able to go up against Rolex? Keep in mind that bankruptcy is filed in Federal court not your local small claims. There is only one Federal circuit that is solely dedicated to Copyrights, Trademarks, and Bankruptcy. As I suggested in my previous post, if you have your agreement in writing, therefore it is no longer open ended and it is expressed, you will have a right to become whole again that will be based on a Federal judgment. That’s pretty powerful. Additionally, the AD would be considered to have acted with mal intent as an agent of Rolex, and Rolex themselves could be held liable to give you restitution. This might take a while but you would get your money back. And honestly, Rolex would probably not even wait for a judgment. They would probably go ahead and make things right as they wouldn’t want the headache. Lastly, many ADs have been in business for a very long time. Adler’s in New Orleans, for example has multiple locations and has been around for over 100 years, since 1898 to be exact. How many recessions, bubbles, and collapses have occurred since then? A lot. And they are still alive and ticking. Pun intended. All I’m saying is that it would take a lot for some of these ADs to go under. Maybe that should be a big part of your decision. How long have they been an AD? What other forms of business do they depend on? Most ADs don’t just sell Rolexes. Most don’t just sell timepieces. I hope this brings some ease to anyone who might be concerned. Best of luck to you all! I’m still waiting on my Hulk after 2 years, and no I didn’t put down a deposit. But if my AD called me and asked me if I was interested, I just might go ahead and do it. I would most certainly take the necessary measures of getting something in writing in order to protect myself and that denotes when that piece would be on my wrist.
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13 April 2020, 06:57 AM | #114 |
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There are certain establishments where one has to pay upfront, an AD is not one of those
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13 April 2020, 07:02 AM | #115 |
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I think the Rolex, Dominoes, McDonald's correlation is a bad example because with Dominoes and McDonald's, you're buying directly from the company. With Rolex, you're buying from an AD that had already purchased the product from Rolex, so Rolex already made the sale.
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13 April 2020, 07:05 AM | #116 |
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Hey, nothing lasts forever either, buddy. Nothing is guaranteed. Here in Michigan, we've seen many long-time Rolex ADs shuttered over the years.
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13 April 2020, 07:06 AM | #117 | |
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13 April 2020, 07:08 AM | #118 |
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CC law or not. Laws can be changed and especially if a number of claims are made at once. How are they going to refund everyone?
Your buying from an AD not Rolex directly. Ive not been contacted myself but a friend has and he declined. I would do the same too. |
13 April 2020, 07:09 AM | #119 |
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13 April 2020, 07:14 AM | #120 | |
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For recovering money spent by bankrupt companies on their corporate credit cards, they are right up there with the front runners. In the UK. |
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