Deposit dilemma

[RX0]

Hi everyone. I put a 50% deposit down last August with my AD for a Patek 5740 and the receipt indicates that it will he delivered by the end of 2019.

Last week, my AD called me and said she may not be able to deliver it by the end of this yr due to the show in Singapore. This is really aggravating because I did my part and the AD can turn around and not do their part. The AD told me I'm almost there. The almost there is vague and there is no clear transparency like a tracking method.

[Fat_ninja]

That kind of sucks bro...but if your order was accepted and they tell u that u are almost there... I would be inclined to believe them. The truth is that they have a rough idea of delivery but it’s not perfect.

If you are working with Kyle. I’d trust him he’s a good guy.

Btw. They tried to help us get our 5980 1AR here this year but it’s going to spill over to next year...it’s okay tho. As long as we are still getting it

[RX0]

The bad part it is not WOS. WOS has been great to me. It is an AD that I had been with since 2012 and my advisor left.

[MadSpaniard]

FWIW, this happened twice to me in the last couple of years. I put my 50% deposit down, target delivery a few months later, with actual delivery much later (spilling into following year in one case). I don't think the AD has much control or even much visibility as to what Patek's production/delivery pipeline is, so I'm not sure I'd blame the AD for your situation.

BTW, in one case, the delay caused the delivery to potentially trip over a price increase. I got pretty pissed by that, I had put my 50% deposit down many months earlier at the previous price. My AD stayed on top of it, and the watch luckily was delivered to the AD literally the day before the price increase took effect. The AD had to scramble to make balance payment to Patek to avoid the price increase at close of business that day. Patek stood firm: the price is the one at delivery, not the one at time of deposit/commitment.

A good AD will stick up for you, but in the end, Patek runs the show.

[Fat_ninja]

Originally Posted by RX0

The bad part it is not WOS. WOS has been great to me. It is an AD that I had been with since 2012 and my advisor left.

Ah tourneu

[RX0]

I'm not concern about the price increase. It already increased 4% but it is getting the piece or not. My family thought the AD probably sold the piece to another client.

[Fat_ninja]

Originally Posted by RX0

I'm not concern about the price increase. It already increased 4% but it is getting the piece or not. My family thought the AD probably sold the piece to another client.

I could see that happen there

[benlee]

There's just so much lack of transparency in the ordering process that it can only be deliberate both from the brand and from the AD and this is not unique to Patek. It should not be rocket science to plan a delivery in advance, upon getting an order, especially one that is prepaid.

[MadSpaniard]

Originally Posted by benlee

There's just so much lack of transparency in the ordering process that it can only be deliberate both from the brand and from the AD and this is not unique to Patek. It should not be rocket science to plan a delivery in advance, upon getting an order, especially one that is prepaid.

Agreed. Patek has everybody bent over double and begging, including their ADs. Such is the power of brand.

But, just because they have that kind of power doesn't mean it's a wise business practice to use it (or exploit it). Production and inventory visibility should be clear and easily tracked. That's what computer systems are for. And paid commitments should be honored, with deference to customers.

Pretty straightforward, you would think. Yet, we all come back for more...and the cycle runs again.

BTW, I have a 5196G on order at AD, they couldn't give me a target month, nor quarter, for delivery...only that it will be 2020 for sure. I don't mind too much, I'm not in a hurry, but still...shouldn't be hard to provide clarity from Patek to the channel.

[Vipes]

I would wait it out for now. I am in a similar situation with a Rolex AD. Placed deposit for a watch and was promised it would come in September (order placed at end of July). AD says “any day now” so I’ll wait a bit before getting refund back.

[Russell996]

I thought it was specifically against Patek policy guidelines for AD’s to take a deposit.

[Fat_ninja]

Originally Posted by Russell996

I thought it was specifically against Patek policy guidelines for AD’s to take a deposit.

Not sure it’s a Patek deposit... it’s technically a deposit with the AD that is multi brands.

[RX0]

I have no choice but to wait. Ever since my family mention about selling away, I can't get it out of my mind.
Rolex is the same. There is a friend of mine who put a deposit for 2 yrs for a skydweller and still have not get it.

[GreenLantern]

It's not against Patek policy to take deposits... But I will say, it's foolish for an AD to promise by a certain date.

I'm all for taking deposits to secure my spot in line, it shows commitment. The last thing I would want, as an AD, is to have a laundry list of people to call asking if they're interested in a piece (and yes, it happens even with these high-demand pieces).

But promising it by the end of 2019? That's a promise I don't think an AD can actually make... Even though Patek does inform the AD in advance of their allocations -- doesn't mean they'll all come at the "expected" time, or even in that calendar year at all.

[Chiboy]

Bummer. I put a 50% deposit on a white Daytona in August 2016. Receipt says delivery spring of 2017. I finally pulled the plug in December 2018. It's too bad, because they are not only a Rolex AD but a Patek AD. I don't imagine your wait is going to become like mine...

So I have no Patek relationship and will wait until the craziness dies down and perhaps try to establish something with the AD in Naples (Yamron). Chicago is out of control, although Naples may be no better.

[AK797]

Set yourself a deadline, say Mar or Jun and tell them that is when you will want the watch or refund. At least you take back some control and see if they are serious about getting the watch to you or that you are just low priority.

[PPcollector]

Originally Posted by AK797

Set yourself a deadline, say Mar or Jun and tell them that is when you will want the watch or refund. At least you take back some control and see if they are serious about getting the watch to you or that you are just low priority.

That usually doesn’t work because most ADs do not know when PP will deliver pieces...especially the sports models.

[RX0]

AD in these days don't care because they are playing the roll of Creator and Judge now.
I doubt setting a deadline will help the situation. I just hope that it won't be like the member above where 2 yrs wait turns into nothing.

[benlee]

Originally Posted by RX0

I have no choice but to wait. Ever since my family mention about selling away, I can't get it out of my mind.
Rolex is the same. There is a friend of mine who put a deposit for 2 yrs for a skydweller and still have not get it.

Wonder if it's just a ploy for the AD to get free financing. Imagine the saving / earning in interest for them to keep 50% of the cost of 5740G for 2 years, only to refund without obligation or consequences if they can't deliver. That's interest-free money for 2 years to roll their business. Or as you suspect, they have sold your allocation to another customer, who is either a VVIP they can't refuse or through a bundle deal. Integrity is in short supply among ADs nowadays, and I speak from personal experience.

Personally, I will never bend backwards like this to get a watch. I rather not have it. YMMV. That said, I hope it works out for you eventually.

[PPcollector]

Originally Posted by benlee

Wonder if it's just a ploy for the AD to get free financing. Imagine the saving / earning in interest for them to keep 50% of the cost of 5740G for 2 years, only to refund without obligation if they can't deliver. That's free money to roll their business.

Haha...imagine if they “promise” 3-4 clients the same watch and each are given 6 months wait. Basically 0% loan on potential $200k

[Calatrava r]

I think all of this is controlled by PP and when they can deliver. AD really has nothing to with it. The reason sounds legit to me. This was a big show and they were well staffed. TS said in an interview he and his team were exhausted but it was well worth it.

[watchucallit]

Sure it is controlled by PP but if the same AD takes 4 or 5 deposits for the same watch and knows he will not get that many in a specified time--- as stated.. AD can get a bunch of interest on the deposits.

Originally Posted by Calatrava r

I think all of this is controlled by PP and when they can deliver. AD really has nothing to with it. The reason sounds legit to me. This was a big show and they were well staffed. TS said in an interview he and his team were exhausted but it was well worth it.

[CamSLC]

A 50% deposit for a watch they can sell overnight if you decide not to complete the purchase it pretty egregious IMO.

It would be another thing if you could order it with a pink dial and a leopard print strap.

[GreenLantern]

Originally Posted by CamSLC

A 50% deposit for a watch they can sell overnight if you decide not to complete the purchase it pretty egregious IMO.

It would be another thing if you could order it with a pink dial and a leopard print strap.

I have to agree here. 50% deposit is a bit absurd for a piece they can turn around and sell instantly.

[RX0]

Actually, the AD who took my deposit had her very nice to me. They always came through. This is really the first time to miss the forecast. Maybe it is not the same advisor and I still need time to adjust. My old advisor always look out for me.

[GreenLantern]

Originally Posted by RX0

Actually, the AD who took my deposit had her very nice to me. They always came through. This is really the first time to miss the forecast. Maybe it is not the same advisor and I still need time to adjust. My old advisor always look out for me.

Sounds like it's not really their fault. I mean, after all, the AD doesn't control the supply, Patek does.

[benlee]

Originally Posted by RX0

Actually, the AD who took my deposit had her very nice to me. They always came through. This is really the first time to miss the forecast. Maybe it is not the same advisor and I still need time to adjust. My old advisor always look out for me.

It all really comes down to whether you trust your AD or not. That you have to make the judgement. Since they have come good for you before, my suggestion is that you wait but give yourself maybe until mid of next year. By then if they still cant deliver, ask for the refund and write them off for good. Meantime, don't sweat it.

[Pateks]

So the AD is taking deposits to earn interest??? Like that 1.5% they will earn will make a dent in their business? Ads hands are tied. Patek controls allocations and they don’t always come through on time.

[Humble michael]

Originally Posted by RX0

I'm not concern about the price increase. It already increased 4% but it is getting the piece or not. My family thought the AD probably sold the piece to another client.

Yep why not , you will wait ( he thinks). Sadly how would you know? An honest dealer would never do that but this guy already lied 🤥. I wouldn’t play any more, just refund my money. You CfAN start over w an honest AD. Not going to be any more than 2-3 wait you already have( supposedly). Just mo.

[Humble michael]

Oops sorry I didn’t read whole thread , I thought you were the poster that said AD didn’t deliver , then changed to 2-3 year wait. I might give your guy another 6mos like someone else said. If not by then, get refund. Still hard to trust this person now. :-)