AD asking 1/2 down for BLNR

[watchyoutalkingbout]

Can we talk about this?

For a first time buyer (like myself) I want an Oyster P. I'll be ready to buy the middle of June (I want the $$ in hand). When I walk in I'll ask about the piece and if it's not available I was under the assumption to pay for it up front - and wait. For an OP I don't want to wait too long. This AD has been around for decades.

That how it's done??

[STLrolexfan]

If you pay with a credit card this seems extremely low risk to me.


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[Yess]

Originally Posted by watchyoutalkingbout

Can we talk about this?

For a first time buyer (like myself) I want an Oyster P. I'll be ready to buy the middle of June (I want the $$ in hand). When I walk in I'll ask about the piece and if it's not available I was under the assumption to pay for it up front - and wait. For an OP I don't want to wait too long. This AD has been around for decades.

That how it's done??

Not for an OP. Depending on where you are, and which OP, you will likely get it quickly and I doubt they will want you to put anything down.

I would go to chat with your ADs now - and tell them you are ready to buy... see what they say.

[jltait]

Originally Posted by Yess

I would go to chat with your ADs now - and tell them you are ready to buy... see what they say.

“Would you like to become an unsecured creditor? Please place your deposit with us.”

[Yess]

Originally Posted by jltait

“Would you like to become an unsecured creditor? Please place your deposit with us.”

So you've never put a deposit down on anything before in your life?

Wow - talk about being lucky!

[inadeje]

Use a credit card, reject the wire option. You cannot lose the money using a CC if goods aren’t delivered.

[Rrpdc]

Originally Posted by novae500

That’s my concern that it’s a high non refundable deposit and if they don’t reopen in June or later I’m sol w my $$$.


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Never heard of anything like that from any dc/va/md area ad’s. Sounds sketchy.

[bshah1976]

Same here in Chicago. 1/2 down and no credit card on popular watches.


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[Beauregard]

Walk away from this one.

[AF_Rob]

Half down is totally unreasonable, given the MSRP and not an AD I would want to start a relationship with. I can see how fronting a financial commitment separates the serious buyers from the tire kickers but $5k+? … No thanks. The BS buyers are willing to tolerate from these ADs today amaze me.

[Tricolore66]

I would have no problem with half down, but definitely NOT paying them by wire transfer and not having any way to get the money back if they can't deliver the watch, or worse close up shop. I'd offer to put it on a credit card and agree to either pay the fee or bring them a cashier's check when the watch comes in for the full amount and give it to them when they credit your card the 50% deposit. If they won't budge I'd walk.

[SlideRacker]

Don’t take the bait. Otherwise all you’ll do is give the AD free working capital.

[watchyoutalkingbout]

Originally Posted by Yess

Not for an OP. Depending on where you are, and which OP, you will likely get it quickly and I doubt they will want you to put anything down.

I would go to chat with your ADs now - and tell them you are ready to buy... see what they say.

Ahhhh... I will do that. There are 3 within 45 minutes of me.

[horseShu]

If this is an established store that has been in business for a number of years, has a lot of branches, doesn't look like in financial trouble (depends on where you live, also read the news)...

... go for it.

AD is testing if you're a sure buyer. Are you? Then show them the money.

[LawyerFlyfisher]

Originally Posted by inadeje

Use a credit card, reject the wire option. You cannot lose the money using a CC if goods aren’t delivered.

Are you sure the credit card company will issue a refund if the AD goes Bankrupt?

Rolex’s AD system is like a fossil from the early 20th Century. Storefront retail is dead, except for Walmart like discount stores.

I wouldn’t risk it.

[worldofoyster]

i wouldn't do it. too fishy

[ZOOK]

Originally Posted by novae500

Received a call from AD saying can get me the BLNR in 3 weeks. Just need to put 1/2 down non refundable deposit bank wire. This would be my first purchase at this AD. Def want to establish a relationship but what if it falls through and dont get the BLNR. To put $1,000 i dont mind and pay the rest when i pick up. Has anyone done this before?

Originally Posted by davidrcpo

I also live in northern Virginia and had a similar experience with an ad here. I was initially uncomfortable but ultimately agreed with the ad’s request. That was several watches ago from the same ad. I am now a loyal customer and rely on this ad to acquire hard to obtain watches. This ad also offered to ship out of state to Maryland or DC to save on taxes. The ad also provides a free appraisal with every purchase. This ad has been around a long time and well respected in the community.

Novae500, send a PM to davidrcpo. If you are deal with the same AD, do the deposit. Sounds like this may be how the AD determines serious buyers.


Good luck.

[XXHULKXX]

maybe you could offer a post dated cashier check?

[Spence4]

What does “nonrefundable” mean? I put down a 25% deposit on a BLRO with an AD in another country. It was nonrefundable in the sense that if they called me for the watch and I turned it down, I did not get my money back and could apply the balance to something else in their store. However, if the they were unable to deliver the watch within the quoted time (1 year) then I could get my deposit back. I received the watch in 11 months and they were an absolute pleasure to deal with.

I agree with what many have mentioned- do you trust the AD? Given that they are a real brick and mortar business it is probably less of a risk than buying from even an established grey dealer- but same advice applies: buy the seller.

I got a little worried during the beginning of the pandemic with all the threads about unsecured debt and ADs probably going under, but these are not fly by night operations that are barely getting by month to month.

[Showcall]

my AD absolutely refuses to accept any form of deposit.

[Sgooter]

I say go for it. If the AD is on the brink of bankruptcy and unscrupulous, then why demand only 50% down payment vs asking for 100%?

[Psmith]

I wouldn't do it... especially a wire and 'non-refundable'. Imo the AD madness will start to moderate when people stop dancing to their tune. Up to you though of course... perhaps counter with a more reasonable deposit without strings attached. After all, surely such a 'hot' model would race out the door regardless...

[Giangos]

This tells me that the AD is looking for working capital. They can’t get it any other until they open but to sell with big deposits and deliver when they eventually open.

I don’t know the financial situation in the US that well, but if an AD here in Australia offered me a desirable piece with a deposit, I would definitely do it.


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[Spartacus]

Non refundable? Seems fishy. Maybe store credit?

I’ve known my AD for a while, so I would not hesitate paying 50% upfront. Especially for an LVC.

[1William]

The best relationships are built on give and take and trust. I know you have to start somewhere with an AD but this is not it. I would never do a non-refundable bank transfer to an AD. I would go in and talk to them and see if they would take the deposit on a CC and offer to bring cash or other form of payment when the watch arrives. I would also insist that if the watch did not arrive in the promised time a refund would be issued, no store credit. In the end, I get the feeling that the AD is doing what they want because buyers will put up with it. Ok, maybe we will, but there must be a reasonableness standard and this does not pass that for me.

[Collector2019]

On a cc I would do it


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[robertengel]

Originally Posted by Parapraxis

I heard ADs get random shipments not knowing when or what's coming. I've never heard of them knowing the menu a month in advance.

If they are a larger retailer with multiple locations its possible that the central office gets the watches and they distribute according to who wants what.

[RKTINC1]

I put 50% down on a Daytona with a credit card. Thought that would protect me against a BK or closure. It worked as I got my watch from the AD in months. If they have been in business for decades and are an AD, I would use a card NOT cash.

[Dancingpriest]

I will pass, it's a NO!

[jankymutt]

Originally Posted by novae500

Received a call from AD saying can get me the BLNR in 3 weeks. Just need to put 1/2 down non refundable deposit bank wire. This would be my first purchase at this AD. Def want to establish a relationship but what if it falls through and dont get the BLNR. To put $1,000 i dont mind and pay the rest when i pick up. Has anyone done this before?

Just calling it ‘non refundable’ seems off. I think your instincts are spot on!


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