AD asking 1/2 down for BLNR

[Doch]

I would assume that the AD has the watch incomming. If not, it would be a crime to ask you for the deposit, so something is on the way in.

That does not mean anything in regard of the risk of BC though.

Why not suggest to deposit the money in the ADs bank, but on an account in your name. You will sign a contract with the AD that the deposit can be released to the AD, when you have received the watch and paid the other half.

This secures you, and shows the AD that you have the funds. If the AD rejects, it is because he needs the money now to pay the bills, and that is exactly what you do not want to deal with.

[novae500]

thanks everyone for the sound advice and personal experiences with your AD. I really wanted to establish a relationship with this AD for my first Rolex purchase with them, but not the way the AD is requesting to do so.

I did offer to purchase outright with cc and wait for it to come in. Response was 1/2 down non refundable deposit via bank wire. This led me to come on here and see any others run into this situation. With this plandemic, who knows what could happen and i lose my $4500.

I'll pass on this chance of getting BLNR if they dont accept $1,000 deposit via bank wire or $4500 via credit card (i'll pay the fees) and pay remaining when it comes in via cashiers check/bank wire.

[Miker86]

Originally Posted by novae500

thanks everyone for the sound advice and personal experiences with your AD. I really wanted to establish a relationship with this AD for my first Rolex purchase with them, but not the way the AD is requesting to do so.

I did offer to purchase outright with cc and wait for it to come in. Response was 1/2 down non refundable deposit via bank wire. This led me to come on here and see any others run into this situation. With this plandemic, who knows what could happen and i lose my $4500.

I'll pass on this chance of getting BLNR if they dont accept $1,000 deposit via bank wire or $4500 via credit card (i'll pay the fees) and pay remaining when it comes in via cashiers check/bank wire.

So no negotiation at all to your initial CC offer. Wow.

[Kestrel]

Now seeing this is non refundable. That is a bit odd. When I did it the deposit was refundable at anytime, even if I came in for the watch and ended up not wanting it. Basically up until they swiped the warranty card.

[zjd168]

very odd the AD doesn't accept CC as deposit.

[socalwatchcollector]

Originally Posted by novae500

thanks everyone for the sound advice and personal experiences with your AD. I really wanted to establish a relationship with this AD for my first Rolex purchase with them, but not the way the AD is requesting to do so.

I did offer to purchase outright with cc and wait for it to come in. Response was 1/2 down non refundable deposit via bank wire. This led me to come on here and see any others run into this situation. With this plandemic, who knows what could happen and i lose my $4500.

I'll pass on this chance of getting BLNR if they dont accept $1,000 deposit via bank wire or $4500 via credit card (i'll pay the fees) and pay remaining when it comes in via cashiers check/bank wire.

You need to OUT this AD. You offered to pay the whole thing up front on CC and they want half the cash instead? In all my transactions with AD's and having a close friend who owns an AD, I have never heard of anything like this before and I have been collecting and buying for many years. The whole thing stinks and is risky, I can tell you that much. Be patient as it's a mass produced watch and tell them to pound sand.

[Max7857]

Originally Posted by bshah1976

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


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I know Razny requires 1/2 down but thought you could use a credit card. Thought they were the only Chicago area AD that required the deposit.

[novae500]

Originally Posted by socalwatchcollector

You need to OUT this AD. You offered to pay the whole thing up front on CC and they want half the cash instead? In all my transactions with AD's and having a close friend who owns an AD, I have never heard of anything like this before and I have been collecting and buying for many years. The whole thing stinks and is risky, I can tell you that much. Be patient as it's a mass produced watch and tell them to pound sand.

delete

[novae500]

Originally Posted by socalwatchcollector

You need to OUT this AD. You offered to pay the whole thing up front on CC and they want half the cash instead? In all my transactions with AD's and having a close friend who owns an AD, I have never heard of anything like this before and I have been collecting and buying for many years. The whole thing stinks and is risky, I can tell you that much. Be patient as it's a mass produced watch and tell them to pound sand.

The AD is currently not open due to the temporary closure of non essential stores in VA. So in defense of AD, I would like to believe that my cc cant be run from them working from home??? But i do see the Square reader and other vendors run a cc via tablet/phone.

[Greenp]

Originally Posted by novae500

The AD is currently not open due to the temporary closure of non essential stores in VA. So in defense of AD, I would like to believe that my cc cant be run from them working from home??? But i do see the Square reader and other vendors run a cc via tablet/phone.

If it's the owner, he can just open the doors to run the CC.

[toolr]

Originally Posted by G.Montag

If your AD goes bankrupt before you get the watch, which is entirely feasible given the state of the retail industry, your deposit will be treated as unsecured debt (in other words, you will lose it).

There is no reason for the dealer to demand a 50% deposit for a high demand watch that he could sell in 5 minutes to another customer if you backed out of the deal.

Agree

[AF_Rob]

I live in Virginia too. Try calling them up, they might be open. I was at an AD last weekend.


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[socalwatchcollector]

Originally Posted by novae500

The AD is currently not open due to the temporary closure of non essential stores in VA. So in defense of AD, I would like to believe that my cc cant be run from them working from home??? But i do see the Square reader and other vendors run a cc via tablet/phone.

Most can take card over phone and I have done it many times. If you are a new customer they will want copy of license and credit card which can easily be scanned and emailed. As others mentioned, It seems as if some AD's are doing this half deposit now. I personally have never heard of it and would never even entertain the idea. Why take a risk on a luxury item that is mass produced?

[Stripiest]

Originally Posted by Yess

This - this is 100% accurate. From the month in advance list, to the belly-up comment.

Is this a high-end dealer? Is it well established? I am assuming so since they have a Rolex AD. Do you think that a high-end jeweler is going to go out of business from a lack of couple of months worth of income? That's if they haven't been selling over the phone during the shutdown! I think some of you think jewelers are in business out of the kindness of their hearts. A well established AD isn't living month to month!

They are if they want a non refundable deposit for thousands of dollars.

[Stripiest]

Originally Posted by Doch

I would assume that the AD has the watch incomming. If not, it would be a crime to ask you for the deposit, so something is on the way in.

That does not mean anything in regard of the risk of BC though.

Why not suggest to deposit the money in the ADs bank, but on an account in your name. You will sign a contract with the AD that the deposit can be released to the AD, when you have received the watch and paid the other half.

This secures you, and shows the AD that you have the funds. If the AD rejects, it is because he needs the money now to pay the bills, and that is exactly what you do not want to deal with.

Agree with every word of this.

[SlideRacker]

This sounds like a “My Way or the Highway” AD. I think you have zero chance of negotiating any terms with them. Just do yourself a favor and walk. No, make that RUN. For the hills.

[214270Explorer]

"Non-refundable?"

Is this a joke?

[mquarter]

This is a blatant attempt to leverage your desire for a watch against you

[AlexFrank]

Sounds sketchy, I wouldn't do it non refundable at that.

[pedersenkl]

As I search for my CHNR (or BLNR), a very well established AD who I've done business with for nearly 20 yrs also recently told me they could 'order' the CHNR from Rolex, but they asked me to fully fund the purchase in advance. Non-refundable and no guarantee on when the watch would come! They likely know their allocation as they indicated high likelihood hood of 2020 delivery, just not month of delivery.

In any event, I was totally surprised of this ask by a well established AD who is certainly not going under. I said NO. No way I'm committing $15k+ non-refundable without a confirmed delivery date. While I will continue to work with this AD if they can find what I'm after, but it definitely turned me off on the ask. I think jewelry stores (even larger ADs) still are trying hard to show revenue internally and for their financial institutions during this challenging time.

[AJMarcus]

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?

See no reason why you need to put any money down if he is going to get it in three weeks. Be careful of the bait and switch. I would tell him, call me when you have the watch and I’ll buy it. A lot can happen in three weeks.

[fsprow]

The only way I would do this is if I paid the entire amount and received an invoice with the serial number stating that the watch was my property, awaiting delivery.

This gives him cash and protects your ownership of the watch if the dealer goes belly up.

[novae500]

May be the route I’ll go.


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[Ihatecheese]

Doesn't accept a cc? Won't provide refundable deposits? Where is the warning bell emoji. Who accepts these kind of conditions for anything over about £50?! Craziness.

[jon420]

Yolo

[Wahlberg]

What if he does this with multiple clients? 10 x 4500 or 50 x 4500 = a lot of money. All I can think of he needs to get some money to get things done/going/or is going down.

And in the end ''yeah, sorry, with the pandemic, Rolex told me I was getting this piece but now it's delayed. I'll call you in a while, is that ok?''. And most people will say ''yeah sure, keep the money'' because they desperately want the watch.

[RX0]

Originally Posted by Max7857

I know Razny requires 1/2 down but thought you could use a credit card. Thought they were the only Chicago area AD that required the deposit.

Deposit is a tricky thing and all depends on the relationship and trust with the AD. Razny is ok. I had been buying from them for over 8 yrs. I do wire transfer or cc with them before. Razny deposit is refundable.

[Tavli3]

All I know is my AD would never do such a thing. I assume you are getting this in writing with a clause stating that if said watch is not delivered by X date your nonrefundable deposit becomes refundable at your option.

I have given my AD a deposit when we were in the store and saw a watch that my wife liked but wasn't sure about. After negotiating a price over the phone we were asked for a nominal deposit to take it out of the case and hold till we got back to the store to pick it up. Had no problem with that at all. But to have to wire a deposit and 50% and nonrefundable verbage is a bit much for me. A credit card deposit of say 3K and the above mentioned clause in writing sounds more reasonable to me for both sides. Personally I wouldn't go near a deal with nonrefundable and wire transfer on the same page even if the AD is rock solid.

[Goonthree]

I would pay in full if asked but ad knows my words is good for it. To me, a 10k watch, interest is only $150 a year so it is not much. My ad is not going to go under so not worry about that

[RWH]

non refundable on a supposedly hot watch that can sell in less than 5 phone calls? doesn't sound right