To get on a list - 50% deposit

[Flyoverguy]

My local AD tells me that to get on the list for a blue dial Sky-dweller I put half down then "wait and see".

Needless to say I did not do that. But WTH? Is this normal now?

[tottallyoff]

that's not a model that they would be stuck with if you back out. So why are they asking for such a deposit?

[tyler1980]

i would never pay a deposit w/o a delivery date, period.

[beshannon]

Originally Posted by Flyoverguy

My local AD tells me that to get on the list for a blue dial Sky-dweller I put half down then "wait and see".

Needless to say I did not do that. But WTH? Is this normal now?

IMHO nothing is normal now about buying a piece of jewelry

[4vCoupe]

I was told the same for the Daytona. Paying 50% would put me at the end of their list which was still 8 ppl. I’m assuming those 8 ppl paid the 50%.


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[Deep18]

Yeah no chance I’d pay that large of a deposit especially without a delivery date.

[Yodel]

ludicrous!

[Flyoverguy]

It just makes me never want to do business with them again. But they are a major player in this region.

This just drives me towards greys

[tyler1980]

Originally Posted by Flyoverguy

It just makes me never want to do business with them again. But they are a major player in this region.

This just drives me towards greys

just playing devils advocate here but maybe the deposit is to deter flippers/multiple WL-ers.

I would never pay a deposit because i buy everything from my AD and they know me... however if they dont know you and dont know that you are not on 50 different WL, this might be a way to make sure you aren't. Its a lot of money to tie up yes, but its even more money to tie up if you are on 50 other waitlists.

[SirPolarBear]

My ad no longer does wait lists but deposit lists due to demand.. With that said, I placed $4k down for my 116610LV while being told/shown the current list, being placed 3rd.

I could have put more or less down but they first asked for 50%. They got rid of the wait list model as they could maintain a steady deposit list with committed buyers.

Every AD is different.

[yxc145]

Originally Posted by Flyoverguy

My local AD tells me that to get on the list for a blue dial Sky-dweller I put half down then "wait and see".

Needless to say I did not do that. But WTH? Is this normal now?

why not? if you intend to buy and it is refundable. The worse is that they don't even want to put you on the list.

[SSGMT]

I was asked to pay 100% for my James Cameron Deep Sea a couple of months ago, I paid it and the watch came in fairly quickly. Now the AD has said that they have changed their policy to be roughly 20%, which will assure that you get the next one that they receive. They made the change to their policy due to push-back from their clientele, they said too many folks were questioning paying 100% for a watch that had no set date to come in.

[Eric-London]

Originally Posted by tyler1980

i would never pay a deposit w/o a delivery date, period.

Agreed.

Unless its for a Porsche
And even then its approx 5% (in the UK)

[cbiggs]

Look, as was stated earlier, nothing makes sense right now...

My story...
I had someone (potentially the same person you're referring to) ask me to pay in full. They guaranteed the piece in my hands within 90 days. I went through with it because they were completely happy to refund if they were not able to deliver on their promise. Needless to say, they did not deliver... Funny enough, while waiting on the first AD, another AD reached out to me with what I was looking for and I happily purchased from AD #2 who is now my #1!

I think the hope is that people will put the deposit down and then forget about it. When the watch comes in, the AD will deliver. I just have a hard time tying up a deposit of 50% or more without some light at the end of the tunnel...

[DoctorA]

This came up in other threads before!
Let’s do the math.......... $7700 X 100 customers willing to fall for that scam = $770,000
A model where people are willing to wait a year or so to get it means they turn that money in their business and end up keeping people on a leash, delivering 4-5 watches a year and maybe a few would get tired and take their money back, to be replaced by the next person..... and so on!!!!!

And sure, they need to do that because s Blue SD is a very hard watch to sell!!!!

[beshannon]

Originally Posted by yxc145

why not? if you intend to buy and it is refundable. The worse is that they don't even want to put you on the list.

Because

There is no definite time for delivery
There is no penalty for failure to deliver

And most important I have far better things to do with liquid cash rather than try to hold a place in a fictional line for a piece of jewelry.

[TonyD]

I don't see this as a problem. It shows that you are serious and will cut down on looky loos.

[Flyoverguy]

It is a cheap way for ADs to inflate their cash flow without having any stock to sell.

Without a timeline you give them an interest-free loan for an unspecified period of time which could be years. If they are keeping them in reserve for serious and/or established buyers then shame on them. A bad practice.

[Zoomerang]

Well if they take the deposit without delivering the watch.. they also need to record a liability in their books. Although they can earn interest on your money though.

My AD wanted 100% deposit but nonrefundable and only as "store credit". Needless to say that's a worse deal because they could lose their AD status. One of their two stores in the area lost their status as Rolex AD.

[beshannon]

Originally Posted by Zoomerang

Well if they take the deposit without delivering the watch.. they also need to record a liability in their books.

[123Blueface]

Never.

[shaunylw]

Originally Posted by beshannon

IMHO nothing is normal now about buying a piece of jewelry

Exactly!

[Burlington]

Without a time frame on delivery doesn’t sound good - refundable and with a realistic time frame on it you’re happy with, then it’s not the end of the world if it gets you what you want.

[AK797]

I like an AD that wants a deposit, means there is more chance of the watch getting to you, unless you think they have a dozen others on deposit as well. As the guys say have a time limit like 6 months where you get your money back if no watch.

[yxc145]

Originally Posted by beshannon

Because

There is no definite time for delivery
There is no penalty for failure to deliver

And most important I have far better things to do with liquid cash rather than try to hold a place in a fictional line for a piece of jewelry.

I understand. Unfortunately, that's the way current Rolex market is. My dealer who got my BLNR, Sub-LV, Sky-D, BLRO told me the same thing. He didn't ask for 50% deposit because he knows me, but he put it up front that he cannot guarantee when he can deliver and if I want the watch, I just have to be patient and wait.
So, 10% or 100%, it really depends on if you need the money and if you can wait.

[Seafox0814]

I put down 50% on a GMT Master II 2018 root beer at an AD this week. I was given a clear picture of where in the line I would be as well as a window of 4-6 months.

The AD was great to deal with, didn't make any promises until he could talk to his procurement specialist, and confirmed with me that 1) they could deliver and 2) the time was indeed 4-6 months.

Of course, the AD said he would be sure to let me know if the situation would be shorter or longer, but I didn't pick up on any kind of deception from him.

He did tell me that his location was being very thorough in order to protect inventory from flippers. After I told him about the two models I was interested in, he quietly told me that one was in stock and the other (the root beer) had to be special ordered but that he felt 4-6 months was very possible.

I couldn't have been happier with the service, which was like night and day compared to dedicated Rolex boutiques. The attitude of the sales people there was like, "Just go away, I have nothing to sell you and I don't even want to be bothered because you're the 100th guy who has come in today."

I'm ok to wait, because at this point, I finally was ready to acquire my first piece and I walked into this s-t show of insane demand.

Keeping my fingers crossed.

[rogerlu]

My local ORJ doesn't take deposits to get on the wait list. He said, "When the watch comes and you don't like it, we will just call the next person in line. Big deal."

[GradyPhilpott]

I'll put up 50%, but it needs to be refundable and there must be a guarantee that the next one has my name on it.

The most important part is not the 50%, it's the guarantee of delivery.

[Zoomerang]

Originally Posted by GradyPhilpott

I'll put up 50%, but it needs to be refundable and there must be a guarantee that the next one has my name on it.

The most important part is not the 50%, it's the guarantee of delivery.

Agree

[EDL7]

Selling hope..