Question about "Paying Cash" for Rolex?

[aleron]

I have a quick question to those who "pay cash" for their purchases, in the bid to attract a better discount.

I am keen to make my first Rolex purchase soon, and I've read many many times that 'paying cash' is the best method to try and woo the AD into a good discount. It might sound like a silly question, but what is meant by the term 'paying cash'?

a. walking into the Ad with bundles of $50 bills (purhaps not the safest method walking through town)...

or

b. cash equivalent (i.e. bank cheques, electronic bank deposit etc) that will not incur a processing charge for the AD, like a credit card would...

Thanks for your help...

[Defiancekofb]

Well if they are a family owned AD then they will most likely give you a discount on the item on a cash transaction. If it is a franchise AD, they will not care you have the cash since they will not benefit since the shop isn't owned by them, but most likely a corporation.

What they mean by cash is, cold hard dollar, euro, pound bills. Again as I said if the AD is personally owned not a corporation, they can give you a big discount because they can bend the rules alittle. For instance if you buy a SS daytona, they will most likely write on the reciept that you purchased a cheaper rolex, so on the reciept it says you paid $5,000. While in reality you gave probably $8-9K in cash (The price of the SS Daytona), so the AD will pocket the $3-4k in cash w/o any tax. If you give a certified check I think it would only work if the check was addressed to cash as well, so there is nothing that will link the AD to tax evasion charges.

[frostie]

Walking into the AD with bundles of 500 euro bills is not the safest method but it is the one that i am going to follow if i want to get a good discount here.

[worktolivelife]

the only difference i have found is when paying cash is an AD is willing to drop that couple extra % that the credit card company would levy, dependant on the purchase price can be significant :-) and would sooner it in my pocket!

steve

[SPACE-DWELLER]

I literally pay CASH at my AD. Works wonders.

[worktolivelife]

interest free credit works along the same lines. money isn't free so the AD will be subsidizing it cash will hit the spot!

[frostie]

The boring stuff is when they check the aythenticity of each one of your 500 euro bills. It takes a lifetime

[SPACE-DWELLER]

Originally Posted by frostie

The boring stuff is when they check the aythenticity of each one of your 500 euro bills. It takes a lifetime

Well, that is why I pay cash! And I always make sure to place the bills on a low desk, giving me a better view and lots of time to look at that cleavage!

[Robb]

I always pay cash. It really helps with getting discounts

[Welshwatchman]

Cash is no good in the UK.

Money laundering laws require your details be passed to the authorities should you pay by a large wad of cash.

[frostie]

Originally Posted by SPACE-DWELLER

Well, that is why I pay cash! And I always make sure to place the bills on a low desk, giving me a better view and lots of time to look at that cleavage!

[frostie]

Originally Posted by Welshwatchman

Cash is no good in the UK.

Money laundering laws require your details be passed to the authorities should you pay by a large wad of cash.

Yeah i have heard about the money laundering laws. I was interested to buy from a london AD and they told me that if i pay cash i must have some kind of documents that show where i found to money.

[arttay10]

Originally Posted by Welshwatchman

Cash is no good in the UK.

Money laundering laws require your details be passed to the authorities should you pay by a large wad of cash.

Very True.

[llamaofdoom]

Originally Posted by Welshwatchman

Cash is no good in the UK.

Money laundering laws require your details be passed to the authorities should you pay by a large wad of cash.

Same in America with cash transactions over $10K..."homeland security" regulations, I believe.

I pay with CC...the ADs I work with don't care.

[arttay10]

Originally Posted by worktolivelife

interest free credit works along the same lines. money isn't free so the AD will be subsidizing it cash will hit the spot!

We used to sell items using 'Interest Free Credit' - It actually cost us 10% of the purchase price to the Credit Company.
Speaking to colleagues - similar rates are still in force....

[Arturo]

Debit card....AD knows it comes right out of checking and they can verify. No cost to them and straight cash transaction.

[steel4me]

Here you go buddy ... FTC (Flash That Cash). I took these pics for memory sake. After yrs, it is fun to lok at them and see the whole process you went through to get your rollie ....

[arttay10]

Originally Posted by Arturo

Debit card....AD knows it comes right out of checking and they can verify. No cost to them and straight cash transaction.

Actually Arturo,

I do rent a rent terminal form the bank and I accept card payments - business naturally...

Debit cards cost £0.49p per transaction - irrespective of amount.
Visa/Mastercard cost 2% of the transaction amount.
American Express costs a whopping 4% of the transaction amount.

[steel4me]

Also the car I went in, barely costs a $1000 bucks .... I was dressed in beach clothes, shorts and a shirt and my AD knew I was coming. Eventhough I am not a business man, my philosophy is that if I was in business, I would treat every person the same. It is the guys in suits and fancy clothes and cars who mostly can not afford things .... gotta treat guys in ordinary tshirt and shorts extra nicely cause they are usually the one that make big purchases ... it is the guy on the honda accord who is the millionaire, not the guy driving the ferrari ......but many people in sales seem to forget that and get carried away with fanciness .....

[Arturo]

I think it is a bank thing. I have one bank where there is no transaction fee. I went through this shopping this Christmas where I was buying some stuff from a small dealer and I was just going to give him my visa for my miles, but asked him which was better and he said that no charge for debit. Maybe he is wrong, but that is what he told me. Wells Fargo debit???

[JJ Irani]

Originally Posted by aleron

I have a quick question to those who "pay cash" for their purchases, in the bid to attract a better discount.

I am keen to make my first Rolex purchase soon, and I've read many many times that 'paying cash' is the best method to try and woo the AD into a good discount. It might sound like a silly question, but what is meant by the term 'paying cash'?

a. walking into the Ad with bundles of $50 bills (purhaps not the safest method walking through town)...

or

b. cash equivalent (i.e. bank cheques, electronic bank deposit etc) that will not incur a processing charge for the AD, like a credit card would...

Thanks for your help...

The electronic card swipe method is the best. I use my normal ATM bank card which allows me to withdraw up to NZ$10,000 a day or even in one single swipe transaction.

Easy peesy!! And very safe too!!

[PeterT]

I tried to get a discount in the UK by offering to pay cash for my LV. They were not interested and so I went down the interest free route so at least my money in the bank will earn some interest. The dealer said that Rolex will not allow tham to discount the watches. Interestingly, the dealer in Jersey will give discounts in addition to the fact that the watches do not have VAT at 17.5%.

PeterT

[f16570]

Originally Posted by Welshwatchman

Cash is no good in the UK.

Money laundering laws require your details be passed to the authorities should you pay by a large wad of cash.

Only if you are handing over more than £10K cash, this is when the money laundering issue raises its head.

f

[Welshwatchman]

Originally Posted by f16570

Only if you are handing over more than £10K cash, this is when the money laundering issue raises its head.

f

It's £8,500 for watches / jewelry and less again for motor vehicles.

In a bank it's actually at the bank's discretion to "report" any suspect cash deposits over £500.

Can you just feel the camera looking at the back of your head sometimes?

[Baptistman]

I paid by Debit Card, my AD was able to give me a better price incentive as apposed to paying by Credit Card. Debit card is as god as cash

[jlmack55]

Cash is King baby!!!

[Welshwatchman]

Fancy turning up with a wheelbarrow full of cash for this baby.

[watchlady]

Paul, On the watch above you actually saw that? I saw it in a magazine, yuck!

I almost always use my Amex and get points. You buy a couple watches and you get hotel nights that would cost $250 - over $400 USD a night. That's a good discount. We've had about 40 free nights in good Westin, Sheraton & W Hotels in Hawaii, Europe, the Caribbean and all over the US in the past few years.

[Welshwatchman]

Originally Posted by watchlady

Paul, On the watch above you actually saw that? I saw it in a magazine, yuck!

Thankfully, no Lisa.

It is one of Jocke's pics.

[shoppy]

I buy in cash quite often, the only pain I find in the UK is ordering the money in advance so that I can pick it up and then having to count it all. Then taking it to an AD and counting it again, but is fun to have so much cash in £50 notes.