My Daytona 116500LN Purchase agreement Contract

[Khans14]

Originally Posted by Ku5165

Ive been lurking reading these posts for weeks/months. I've never bought new, I think a grey dealer is the way to buy as long as you don't need the latest greatest.

As much as I believe in free market. If Rolex wants to stop flipping they can do so quite easily. No warranty if your name isn't on the papers.

Absolutely true. Rolex chooses not to try to stop it.

[Ballzzz]

3 years is nuts, I would not just on principal. I have 0 intention to sell but selling my property is my choice. Holding warranty card 1 year no prob. I also prefer my stickers be left on but that I can overlook also, 3 years I can not!

[HogwldFLTR]

I've never seen a watch sale prenup; cool. If it's sold prior to three years there's a divorce between the dealership and the buyer. As some said it depends on how far the dealer reach is. If it's a single store than likely not even an issue. There's no way they'd know if the watch was resold in all likelihood. They have the card and they'd have that regardless of a signed contract if they were allowed to keep it by the buyer. If they did all this verbally it would be just the same. The contract changes nada. First they have to ID that the watch has been resold. What is the likelihood of that happening. Maybe on a service but no card no warranty so it would be a paid for service anyway. Maybe the contract could act as some proof of their due diligence to Ma Rolex if the watch showed up other their radar. That the only value of the paper imho. The idea was definitely thoughtless as far as I can tell.

[dannyp]

Originally Posted by slillestrand

So I buy a Daytona 116500LN......decide I don't like it that well for whatever reason.

I give it away to a close family member or friend after a few months.

I walk into AD and give them notice that i did so and ask for the warranty card for the new owner of the watch. Do they withhold the card?

Then I ask to purchase / order a different model. What are they going to say at that point?

I would hope and assume they would be quite happy to sell me something and make a profit on another transaction.

I think in the watch collecting world three years is a long time. Tastes change as well as interests. Make it for a year and call it good. Three years is a long time and a harder sell to the customer. If this was for a year only I think most of us would say fine as we understand why.

If I purchase an item, I should be able to do whatever I chose with it. However, I understand this particular item has it's own issues. Rolex could increase production, but my logic tells me that over time demand will get filled. Same cycle happened on the previous generation of Daytona. Demand will be a function of time on this item unfortunately.

Better yet, someone, let's say your brother/wife/friend/etc. comes into the dealer with a contract, signed by you, for a loan, with the watch as collateral, saying that you haven't paid, they are repossessing the watch, and are entitled to the warranty card.

[masterdinh]

Never in a million years would I give up my rights to do what ever the heck I want to do with my personal property. Especially resell it. It’s a freaking watch!

Maybe you don’t intend on flipping, maybe a REAL emergency comes up. It’s an asset you purchased now you can’t liquidate.

That contract makes me sick.


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[Investr]

THAT IS RIDICULOUS!!!
P.S. The watch came out two years ago.

[roadster198]

Originally Posted by Duc5150

What a joke...I would have walked...I’ve got the cash here in my pocket, are you saying my money is no good here? No worries I saw another piece at your competition that’s on my bucket list...go blow

In the UK the market seems to be very different than the USA. I couldn’t just walk away. I’d already been waiting almost 3 years for the watch. For me to walk on that day would’ve been mental.

As people have posted before about being an average watch collector.... That’s me. I’m in a good enough position to buy Rolex just not two or three times a year which if I did would negate me having to wait on any list.

I understand what people are saying however it was sign it or you’re not getting it.

[roadster198]

Originally Posted by AK797

Just depends if this AD is part of the group that controls 70% of ADs in UK, or if OP has local access to other ADs as there is a locals only rule firmly in place now. Big chance this could end all Rolex contact for him in future.

It wasn’t that Jeweler... Who as an aside was lucky they weren’t reported to Rolex for there bad manners when I went to enquire about a couple of watches.
This wasn’t the first time either.

[roadster198]

Originally Posted by Investr

THAT IS RIDICULOUS!!!
P.S. The watch came out two years ago.

What does “The watch came out two years ago” mean?

I put my name on the daytona list with this AD in Oct 2014 when I got my BLNR. I wanted a SS Daytona that was it I didn’t know then there was going to be a new model released.

[Canook]

NO! just NO!
If i pay retail for something i own it! Ill do as i dam well please with it!!! unless they are subsidising it in some form of sponsorship then they can shove it waaaaaaay up there!

What if in 6 months i come on hard times?
What if i bought pre Basel and decided i wanted a different Rolex or a totally different watch and i was a 1 watch type of guy? (i wished i was lol)
What if i decide that i just didnt like it as much as i thought after a couple of months and decided it wasnt for me?

And ill be assuming that their "buy-back" is a wholesale thing so you would be sure to lose selling back to them......

Again they aren't subsidising it so they have NO right to keep any part of whats paid for at retail....

As you can guess i disagree with this practice and would love to see how their little document held up in court assuming its not actually endorsed by Rolex themselves

[creators.inc]

Originally Posted by gt0279a

They forgot the part about which wrist you are allowed to wear it on and your yearly allocation of chronograph usage.

Hahaha


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[Andad]

Yes indeed, that contract looks as tight as a drum.

A very leaky drum.

[roadster198]

Originally Posted by directioneng

Yes indeed, that contract looks as tight as a drum.

A very leaky drum.

But it’s my drum

[Steerpike999]

How long do they keep your first born for?

[andyxxx]

This document has little legal merit.
I wish it was mandatory to sign something similar – but written by solicitors to have legal standing.
I wish my AD would do it - I would sign (and abide to it)

I suspect all the naysayers already have the hard to get watches they want or manage to get them at retail or possibly are happy to pay nearly double from a grey?

[tyler1980]

Originally Posted by andyxxx

This document has little legal merit.
I wish it was mandatory to sign something similar – but written by solicitors to have legal standing.
I wish my AD would do it - I would sign (and abide to it)

I suspect all the naysayers already have the hard to get watches they want or manage to get them at retail or possibly are happy to pay nearly double from a grey?

it does everything that matters.

It holds the card for a year and makes it more difficult to flip. And If you sell your watch which obviously they cant do anything about, then they blacklist you for violating the deal. So you can only do it once. Flippers flip again and again so it will help. And Yes people are getting caught reselling watches through a number of methods.

legality is sort of irrelevant as it really doesnt have anything to do with that. Its just giving the AD grounds to refuse service to you in the future which is their right to do. Its also is giving the customer the expectation in writing, and not following it has consequences.... not legal consequences, but AD consequences, like no more watches.

People saying its not enforceable are missing the point entirely. Its your watch to do what you want with and they are not stopping you from selling it, its about the next watch and your future business relationship with the AD or lack of.

[d4v3]

I whole heartedly approve, hopefully it means I can actually buy something I want at retail.

[jimcameron]

In U.S. legal circles , that form of contractual agreement is referred to as a "Stormy Daniels". .

[andyxxx]

Originally Posted by tyler1980

it does everything that matters.

It holds the card for a year and makes it more difficult to flip. And If you sell your watch which obviously they cant do anything about, then they blacklist you for violating the deal. So you can only do it once. Flippers flip again and again so it will help. And Yes people are getting caught reselling watches through a number of methods.

legality is sort of irrelevant as it really doesnt have anything to do with that. Its just giving the AD grounds to refuse service to you in the future which is their right to do. Its also is giving the customer the expectation in writing, and not following it has consequences.... not legal consequences, but AD consequences, like no more watches.

People saying its not enforceable are missing the point entirely. Its your watch to do what you want with and they are not stopping you from selling it, its about the next watch and your future business relationship with the AD or lack of.

Yes I agree and understand.

[tyler1980]

Originally Posted by andyxxx

Yes I agree and understand.

yeah... its turned into 6 pages of armchair lawyers and its not even about that

[SpeedyTuomas]

Silly. Also not very confident that the AD has the right to hold the guarantee card if I buy it and not lease it. The AD does have the right to not do business with someone, that might be the only ok point in that document..

[bayerische]

That "contract" is worth the piece of paper it is written on in Europe. Guaranteed.

Have your lawyer call the AD and you'll have the warranty card posted to you, same day delivery.

[tyler1980]

Originally Posted by SpeedyTuomas

Silly. Also not very confident that the AD has the right to hold the guarantee card if I buy it and not lease it. The AD does have the right to not do business with someone, that might be the only ok point in that document..

they don't have the right to probably... they do have the right to when you give them permission to hold it for you for a year.

I can sell you my house and its your house, but if i say im keeping the dishwasher for a year as a condition of sale and ill return it next year. You agreed.

[Roger Lococco]

Originally Posted by AK797

Today I was comparing a D500 with a 2nd gen VC Overseas that was actually priced a grand lower, and the VC blows the D500 away in finish, feel and intricacy. The hype over this watch is insane and it does not deserve such adulation, it is no where near a Haute piece and never will be. It's just a good, solid, all round sports watch. Stay away from the circus if you can.

So I am holding my Vacheron Overseas Chrono Gen 2 (white) in my left and my Rolex 116500 (white) in my right hand. I bought the Daytona yesterday and I've had the VC for 2 years. They are both absolutely amazing watches - but I find them very different.

The Vacheron is far heavier and definitely more subtle - I would argue more elegant at the same time. It is of a higher finishing than the Daytona. All the details. Even the box is amazing. Probably 5x as heavy and far larger than the Rolex box.

The Daytona I would argue is flashier. Maybe it's the dial itself and the black sub-dials. Without a doubt, it has more charisma than the Vacheron. In my view, the Daytona movement is the better of the two, but both watches have great, time-tested movements.

[brandrea]

What ever happened to “pinky swear” or “ on my scouts honor”

[MonBK]

What a professional looking contract.

[BillA]

It’s kind of you to let your watch be jointly owned

[Devildog]

There's nothing remotely "ridiculous" or "unacceptable" or "disgraceful" about this.

Its a pre sale "contract". At that point it is not "your" property.

Don't like it, don't sign, buy the watch elsewhere.

Its just a deterrent. The penalty for not adhering to it is that the AD won't sell you any more watches. Wow. That's a killer.*

Get a grip people

It doesn't stop you selling it on. Its still you property to do with as you wish. You just won't have the card for 12 months (again, no big deal - unless you want to flip)

If you have to sell it within the year, you speak to the AD first. Assuming their offer isn't what you expect, you then have a conversation explaining why you have to sell it, and if that reason is because you need the money for reasons of financial distress, under UK contract law, withholding the card would not be deemed "reasonable" and you'd be able to get it back pretty easily. If, however, you just want to flip for profit, or move it on, then you'd be doing so without the card - which is the point of the excercise.

And in any event, as Mon has pointed out, the "contract" is badly written and probably quite easy to get out of. The law is very different in the uk. As is the culture of litigation.






*Sarcasm

[Chiefs]

In the UK - Check!
Ready to sign - Check!
Like the idea - Check!
Funds available - Check!

[yessir69]

Nope. Restrictions on ownership for something I’ve paid for is dumb. I’m not leasing the watch. And I would never do business with that store ever again. Not even for a repair.