WOS - 100% deposit

[Timnyc]

WOS in NY asked me to pay 100% deposit for an aquanaut with no specific timeline. Is it even a normal practice? I used to buy other brand from them but never be required to secure a deposit. Maybe WOS has a special policy for Patek sought-after pieces?

[w220]

Sounds beyond sketchy, I would not do it. Call Patek and let them know.

[Wcdhtwn]

The AD’s seem to have all the power these days. Normal? I’d say it is still rare, but becoming more common. Absurd? 100%.

[offrdmania]

I would move on. I would never do that unless they can give a specific timeline in writing otherwise you are giving them a nice interest free loan.

[edslee327]

im surprised they even took a deposit to be honest... they usually just laugh and say its not possible

[jcarm981]

Originally Posted by edslee327

im surprised they even took a deposit to be honest... they usually just laugh and say its not possible

Agree.

[2nastie]

Originally Posted by w220

Sounds beyond sketchy, I would not do it. Call Patek and let them know.

I don’t know WOS, but what’s up with the blanket statement?

How is it “beyond sketchy”? They are a reputable AD that has been around for quite sometime. In the fact, Kelly who use to manage Patek at Tiffany NYC moved over to work there. She carries quite a high regard amongst the community.

Call Patek and let them know what? ... That ADs have their own policies?

...

To actually answer the OPs question, it is not usual to ask for a 100% deposit for any watch. But deposits in general are become a common practice. If WOS is asking for a deposit I assume they will allocate one to you. WOS or any AD in general is free to set the own policies so it’s up to you whether it’s acceptable to you. I wouldn’t mind do this if the allocation is guaranteed although a timeframe is not set... however, I would have that in writing with an ability to ask for a refund anytime if not delivered by a certain date.

[huncho]

Originally Posted by 2nastie

I don’t know WOS, but what’s up with the blanket statement?

How is it “beyond sketchy”? They are a reputable AD that has been around for quite sometime. In the fact that Kelly who use to manage Patek at Tiffany NYC moved over to work there. She carries quite a high regard amongst the community.

Call Patek and let them know what? ... That ADs have their own policies?

...

To actually answer the OPs question, it is not usual to ask for a 100% deposit for any watch. But deposits in general are become a common practice. If WOS is asking for a deposit I assume they will allocate one to you. WOS or any AD in general is free to set the own policies so it’s not up to you whether it’s acceptable to you. I wouldn’t mind do this if the allocation is guaranteed although a timeframe is not set... however, I would have that in writing with an ability to ask for a refund anytime if not delivered by a certain date.

it's not shady if they give you a concrete timeline and an option to refund but if they just want a 100% deposit with no timeline then they're basically just taking your cash for free while jerking you around

i think 100% deposits are terrible if its anything longer than 6 months. the opportunity cost of giving away that much cash isn't worth it

[Vipes]

I wouldn’t have any issues with full deposit if the AD is reputable. As long as they can give you a timeframe and you can get a refund.

[2nastie]

Originally Posted by huncho

it's not shady if they give you a concrete timeline and an option to refund but if they just want a 100% deposit with no timeline then they're basically just taking your cash for free while jerking you around

i think 100% deposits are terrible if its anything longer than 6 months. the opportunity cost of giving away that much cash isn't worth it

I caught a couple typing mistakes in my post haha but yes exactly my point. I doubt WOS will ask for 100% without some sort of guarantee so I suggest the OP ask for clarification and something in writing.

[huncho]

Originally Posted by 2nastie

I caught a couple typing mistakes in my post haha but yes exactly my point. I doubt WOS will ask for 100% without some sort of guarantee so I suggest the OP ask for clarification and something in writing.

yeah same. i don't think an AD like WOS would ask for a 100% deposit without planning to deliver. definitely worth doing for something like an aquanaut or nautilus assuming you can get it back if needed

[SpaceDweller77]

Originally Posted by Vipes

I wouldn’t have any issues with full deposit if the AD is reputable. As long as they can give you a timeframe and you can get a refund.

+1, a 100% deposit with a reputable dealer, agreed upon timeframe, and a refund if necessary would be fine with me.

[jamestucker]

Originally Posted by Timnyc

WOS in NY asked me to pay 100% deposit for an aquanaut with no specific timeline. Is it even a normal practice? I used to buy other brand from them but never be required to secure a deposit. Maybe WOS has a special policy for Patek sought-after pieces?

What would happen if they loose Patek dealership? Will they make a refund or will they ask you to buy other brands?

I don't know about the USA, in the UK, Patek is scaling down teh numebrs of WOS showrooms. They used to have around 6 stores 2-3 year ago and now only have 3

[BillA]

100% deposit, what if the AD goes out of business before you get your watch?
How could you get your money back?

I would think that an AD that wants so much upfront is not escrowing your monies but using the money for day to day operations. If they go belly up, I think you might be in trouble.

[LJubel328]

Originally Posted by jamestucker

What would happen if they loose Patek dealership? Will they make a refund or will they ask you to buy other brands?

I don't know about the USA, in the UK, Patek is scaling down teh numebrs of WOS showrooms. They used to have around 6 stores 2-3 year ago and now only have 3

Makes me wonder if PP will follow AP in the transition towards boutiques only

[Rushne]

I wouldn’t do it with WoS. Such a massive business needing so much money upfront just seems strange.

When I ordered my 5167 in 2018 I put down 20% which seemed fair. They enter you into the system and you get an actual allocation. The timeframe stated was 12 months and I got it in 11. Even though at 10months in my SA was very apologetic and though it might take a while longer but two weeks later emailed me the good news.

This was my local single store AD that sorted me out. Not a massive chain like WoS

[mongrelnomoad]

I'd agree with others: there is counter-party risk.

WoS are huge, but that's never 100% guarantee. Who knows whats going on in their balance-sheet? Without some written obligation of a delivery date, I'd walk.

[Mini2]

They need to get the money in
Make the books healthy, for first quarter of 2021 incase America goes into lockdown

What a business hey, no product but taking full payment with no imminent date (personally they know what's coming) I think 12 months is a fair time frame to delivery a watch.

Only problem is, the price you pay today may differ from the price they pay when they take delivery.

Being a publicly listed company the books need to look healthy and if they can take money in the books are not going to say this money is from pre ordered watches if this makes sense. It just looks like a further sale

[1William]

No delivery time frame equals no deposit from me. I would not give anyone a full payment on an item that is not available in the near future.

[IBDOC]

Lot of people speculating in why WoS as a business would need a 100% deposit.


I’d say that this is rather an issue of the individual seller needing to lock in a sell by taking a 100% ”deposit”. In order to secure a bonus, in order to not lose the Aquanaut allocation to another sales rep, or more likely, both.

[Watchflair]

Interesting - I'd have to know more - get a manager involved and ask more questions.

If an AD the size of WOS is willing to take a deposit on a 5167 in the first place that's a good sign. Try to get more information...

[ap1]

The market is so tight and these unicorn watches so hard to get, I would consider this for such a large brand name outlet

[ts3]

I am not in the business of funding watch dealers. If that is what it takes I'll look elsewhere of walk away altogether.

[PPcollector]

Once WOS takes the deposit does that also mean you are locked in at that MSRP price for the watch? I know Patek raised prices across the board around 5-10% this past Oct...I guess if the same thing were to happen and you are locked in at the lower price then you have effectively “earned” at least 5% return on your investment PLUS any residual secondary values, assuming the price on the grey continue to go up slowly. Win/win in my book!!

[jon_jon]

There are plenty of threads here about Rolex ADs asking for deposit. So I am not sure it is any different with a Patek AD. WOS is not a mom and pop jewelry store that can easily close shop, as WoS is owned by a conglomerate.

Do what you feel comfortable with. If you do not have an existing relationship with an AD, do you have a chance at getting an Aquanaut? Will a deposit tell the AD that you are a serious buyer and not a flipper? Too many flippers out there in the past few years. ADs have no good way to distinguish genuine watch enthusiast from someone who is looking to make a quick buck on a flip.

[Fort Rolex]

So giving them 19k for a watch that has a well defined multi year wait. This is the ADs way of borrowing cash at 0% as opposed to bank financing. Can’t knock em for trying to take advantage of the current environment but I wouldn’t play their game

[Mini2]

Originally Posted by Fort Rolex

So giving them 19k for a watch that has a well defined multi year wait. This is the ADs way of borrowing cash at 0% as opposed to bank financing. Can’t knock em for trying to take advantage of the current environment but I wouldn’t play their game

Keep that balance looking nice and healthy

If pieces were not in such demand would people pay in advance - no way

[bonsai-man]

100% deposit, not in the UK...ha ha I’d pass. I’ve seen far too many “house hold name” big chain brands fail recently in the UK. OK not watch retailers, but if Debenhams est in 1778 and the mighty Arcadia Group can fail I’d pass in these uncertain COVID-19 times.

I’m still annoyed at wasting years waiting for a SS Daytona from Ernest Jones who are still a massive UK jewellery & watch chain like Goldsmiths and WOS but lost their Rolex AD status a few years back. I never lost any £££ but learned your never to big to fail and it’s not yours until it’s in your hands no matter how much you previously spent.

[Mini2]

Originally Posted by bonsai-man

100% deposit, not in the UK...ha ha I’d pass. I’ve seen far too many “house hold name” big chain brands fail recently in the UK. OK not watch retailers, but if Debenhams est in 1778 and the mighty Arcadia Group can fail I’d pass in these uncertain COVID-19 times.

I’m still annoyed at wasting years waiting for a SS Daytona from Ernest Jones who are still a massive UK jewellery & watch chain like Goldsmiths and WOS but lost their Rolex AD status a few years back. I never lost any £££ but learned your never to big to fail and it’s not yours until it’s in your hands no matter how much you previously spent.

And when WOS tells me today I need to buy two introductionary (excuse the made up word)pieces just to get on a list for a 5980 on strap I am quite flabbergasted with no guarantee to getting a watch either

[Murcielagoboy2]

This made me laugh. Normally a deposit < 100%!
Ha!
Never heard of a deposit = full payment.

Tell AD "no problem, please invoice me for the watch" and pay with a credit card.