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Tigersargyle · 9 October 2010, 09:42 PM

Hi Guys

New to the forum, but much thanks for the guidance on my forthcoming Sub-C which I am hopefully picking up in the next two weeks.

One question though - upon receipt of a phonecall to say a Sub-C had arrived in stock I immediately paid my AD a £1000 deposit 3 weeks ago (pre-price increase) and received a receipt saying balance to pay £3610 ie. £4610 in total. I could not afford to pay the full sum immediately. The price has now gone up, but am I right in saying the deal has been done at the old price - would be somewhat unhappy if the AD now tries to make me pay the new price - surely he bought it in at the lower price from Rolex.

Any views?

Nairn1980 · 9 October 2010, 09:48 PM

Quote:

Originally Posted by Tigersargyle

Hi Guys

New to the forum, but much thanks for the guidance on my forthcoming Sub-C which I am hopefully picking up in the next two weeks.

One question though - upon receipt of a phonecall to say a Sub-C had arrived in stock I immediately paid my AD a £1000 deposit 3 weeks ago (pre-price increase) and received a receipt saying balance to pay £3610 ie. £4610 in total. I could not afford to pay the full sum immediately. The price has now gone up, but am I right in saying the deal has been done at the old price - would be somewhat unhappy if the AD now tries to make me pay the new price - surely he bought it in at the lower price from Rolex.

Any views?

You paid your deposit 3 weeks ago....that should say it all......
I would like to hope they wouldnt make it subject to a price increase..

Let us know :)

esm · 9 October 2010, 09:50 PM

First - congrats. You wil love it.
Second - IMO, the deal has been done and it writting. I can see the AD has a reason to get you to pay the new price... That's my understanding anyway.

padi56 · 9 October 2010, 09:51 PM

Quote:

Originally Posted by Tigersargyle

Hi Guys

New to the forum, but much thanks for the guidance on my forthcoming Sub-C which I am hopefully picking up in the next two weeks.

One question though - upon receipt of a phonecall to say a Sub-C had arrived in stock I immediately paid my AD a £1000 deposit 3 weeks ago (pre-price increase) and received a receipt saying balance to pay £3610 ie. £4610 in total. I could not afford to pay the full sum immediately. The price has now gone up, but am I right in saying the deal has been done at the old price - would be somewhat unhappy if the AD now tries to make me pay the new price - surely he bought it in at the lower price from Rolex.

Any views?

Well if you have a receipt stating balance to pay £3610 thats what I would pay.If AD wants you to pay more get your deposit back first, and walk away after telling quite politely where to put the Sub C.

Richard. · 9 October 2010, 09:53 PM

They might try it on but just stand your ground.

Lol-x · 9 October 2010, 09:58 PM

To me as a lawyer and someone who knows

it depends on the terms of the contract.

The contract crystalised when you agreed to buy at X price and paid the deposit. If the seller refunded your deposit it might be different, but if they have retained your deposit, and you failed to pay the balance by the due date you must complete the transaction within a reasonable time for the agreed contract sum.

Good luck I usually charge for legal advice so you got a freebie

so you're ahead already.

beacytan · 9 October 2010, 10:22 PM

i spoke to a dealer in uk who said the price was £4600(ish) but was going up 10% very very soon. i asked if i paid for the watch in full now, could i get it at that price, he said no, because it will take him a few weeks to get one and the price will definitely be higher. if i had paid a deposit and they had taken it in good faith and agreed the price, i would be expecting to only pay that amount, if they don't agree with you, there's plenty of other places to buy one from!!!

Balboa · 9 October 2010, 11:49 PM

You should only owe the balance as shown on your deposit receipt. That is a fairly sizable deposit, and remember the dealer has had the use of your £1000 for at least 3 weeks. However, be prepared to complete the purchase in a timely manner when they tell you your watch has arrived.

Mark

MikeJaye · 9 October 2010, 11:58 PM

As mentioned above it all depends on the terms of the contract when the deposit was made, but speaking from personal experience the AD can charge you the increased amount. I was in the situation as you where I had paid a deposit for a paneria and got a receipt of the amount paid and then the amount left to pay. This meant nothing when my watch arrived after a price increase though as a deposit didn't mean that the price was secured! Shocked i called trading standards and consumer direct for advice but they agreed with the store that a deposit doesn't fix the price unless you specifically have that in writing. If you don't have it in writing You have to ask the store for their written terms and conditions to see what a deposit actually means for the consumer. Trading standards advised that the best way to secure the price is to pay in full and have it confirmed in writing.

I got my money back from the AD and bought the paneria somewhere else.

dddrees · 10 October 2010, 12:28 AM

Quote:

Originally Posted by padi56

Well if you have a receipt stating balance to pay £3610 thats what I would pay.If AD wants you to pay more get your deposit back first, and walk away after telling quite politely where to put the Sub C.

I'm pretty sure in the states you would have no worries.

Maybe London is different, I would call your AD and check it out just to make sure.

By the way, Welcome to the Forum, and Congrats.

Please remember to post your pics when you have watch in hand.

marke · 10 October 2010, 12:34 AM

NAme the dealer.....

Shade · 10 October 2010, 12:46 AM

You should be alright buddy. But I'm sure your AD will try to take the price increase on you..

HL65 · 10 October 2010, 12:52 AM

Agree--with Norm....It will work out!! Welcome to TRF also!

sakuraba · 10 October 2010, 12:58 AM

I've always assumed that's what the deposit is for - freezing the price at the point of your deposit payment. I'd imagine the AD will try to get out of it if you skipped the deadline for payment of the remainder.

Welcome to TRF, and good luck waiting!

Casey VP-26 · 10 October 2010, 02:01 AM

You should be fine, However one of my most prized sayings is..A DEAL ISN'T A DEAL UNTIL ITS A DONE DEAL.

EchoBlueUK · 10 October 2010, 02:10 AM

If you paid a deposit on the watch at the old price then the dealer should honour it.

MikeJaye · 10 October 2010, 02:36 AM

Quote:

Originally Posted by EchoBlueUK

If you paid a deposit on the watch at the old price then the dealer should honour it.

Should but legally they don't have to...all boils down to how good a customer you are.

9 October 2010, 09:42 PM	#1
Tigersargyle "TRF" Member Join Date: Sep 2010 Location: UK Posts: 3	Deposit paid Hi Guys New to the forum, but much thanks for the guidance on my forthcoming Sub-C which I am hopefully picking up in the next two weeks. One question though - upon receipt of a phonecall to say a Sub-C had arrived in stock I immediately paid my AD a £1000 deposit 3 weeks ago (pre-price increase) and received a receipt saying balance to pay £3610 ie. £4610 in total. I could not afford to pay the full sum immediately. The price has now gone up, but am I right in saying the deal has been done at the old price - would be somewhat unhappy if the AD now tries to make me pay the new price - surely he bought it in at the lower price from Rolex. Any views?

9 October 2010, 09:53 PM	#5
Richard. "TRF" Member Join Date: Aug 2010 Location: UK Posts: 969	They might try it on but just stand your ground. __________________ A father is someone who carries photographs in his wallet - where his money used to be.

10 October 2010, 12:46 AM	#12
Shade "TRF" Member Join Date: Jan 2010 Real Name: Norman Location: Jakarta Watch: All of 'em.. Posts: 2,926	You should be alright buddy. But I'm sure your AD will try to take the price increase on you.. __________________ My collections.. Plus PAM 233, 232, 249 & PAM 417.

10 October 2010, 12:52 AM	#13
HL65 TRF Moderator & 2024 SubLV41 Patron Join Date: Dec 2007 Real Name: Ken Location: SW Florida Watch: One on my wrist. Posts: 64,006	Agree--with Norm....It will work out!! Welcome to TRF also! __________________ *SPEM SUCCESSUS ALIT*

10 October 2010, 12:58 AM	#14
sakuraba "TRF" Member Join Date: May 2009 Real Name: Jib Location: SJ, California Watch: sun dial Posts: 8,189	I've always assumed that's what the deposit is for - freezing the price at the point of your deposit payment. I'd imagine the AD will try to get out of it if you skipped the deadline for payment of the remainder. Welcome to TRF, and good luck waiting! __________________ F 14000 AirKing black F 16710 GMT Pepsi F 16570 Explorer II white T 16600 SD D 16610 LV "fine quality is remembered long after the pain of spending money" -Steve Mulholland

9 October 2010, 09:50 PM	#3
esm "TRF" Member Join Date: Jul 2008 Real Name: Eric Location: Location,Location Watch: this, bro... Posts: 15,340	First - congrats. You wil love it. Second - IMO, the deal has been done and it writting. I can see the AD has a reason to get you to pay the new price... That's my understanding anyway.

9 October 2010, 09:58 PM	#6
Lol-x Facilitator Join Date: Nov 2005 Real Name: Steve Location: Omnipresent Posts: 33,588	To me as a lawyer and someone who knows it depends on the terms of the contract. The contract crystalised when you agreed to buy at X price and paid the deposit. If the seller refunded your deposit it might be different, but if they have retained your deposit, and you failed to pay the balance by the due date you must complete the transaction within a reasonable time for the agreed contract sum. Good luck I usually charge for legal advice so you got a freebie so you're ahead already.

9 October 2010, 10:22 PM	#7
beacytan "TRF" Member Join Date: Oct 2010 Location: UK Watch: Sub-C 116610LN Posts: 26	i spoke to a dealer in uk who said the price was £4600(ish) but was going up 10% very very soon. i asked if i paid for the watch in full now, could i get it at that price, he said no, because it will take him a few weeks to get one and the price will definitely be higher. if i had paid a deposit and they had taken it in good faith and agreed the price, i would be expecting to only pay that amount, if they don't agree with you, there's plenty of other places to buy one from!!!

9 October 2010, 11:49 PM	#8
Balboa Member Join Date: Apr 2009 Location: SoCal OC U.S.A. Posts: 342	You should only owe the balance as shown on your deposit receipt. That is a fairly sizable deposit, and remember the dealer has had the use of your £1000 for at least 3 weeks. However, be prepared to complete the purchase in a timely manner when they tell you your watch has arrived. Mark

9 October 2010, 11:58 PM	#9
MikeJaye Member Join Date: Jun 2008 Location: London Posts: 675	As mentioned above it all depends on the terms of the contract when the deposit was made, but speaking from personal experience the AD can charge you the increased amount. I was in the situation as you where I had paid a deposit for a paneria and got a receipt of the amount paid and then the amount left to pay. This meant nothing when my watch arrived after a price increase though as a deposit didn't mean that the price was secured! Shocked i called trading standards and consumer direct for advice but they agreed with the store that a deposit doesn't fix the price unless you specifically have that in writing. If you don't have it in writing You have to ask the store for their written terms and conditions to see what a deposit actually means for the consumer. Trading standards advised that the best way to secure the price is to pay in full and have it confirmed in writing. I got my money back from the AD and bought the paneria somewhere else.

10 October 2010, 12:34 AM	#11
marke Banned Join Date: Mar 2008 Real Name: Mark Location: UK Nationwide... Watch: Daytona Posts: 1,842	NAme the dealer.....

10 October 2010, 02:01 AM	#15
Casey VP-26 "TRF" Member Join Date: Jun 2009 Location: America Posts: 2,721	You should be fine, However one of my most prized sayings is..A DEAL ISN'T A DEAL UNTIL ITS A DONE DEAL.

10 October 2010, 02:10 AM	#16
EchoBlueUK "TRF" Member Join Date: May 2009 Location: UK Posts: 1,543	If you paid a deposit on the watch at the old price then the dealer should honour it.

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