Watches of Switzerland - 100% Deposit

[Njw]

These videos have been mentioned in a few threads, but thought it was worth bringing to people's attention in the UK who are receiving these calls from WOS group offering watches when they reopen for 100% deposit. This is just for your information and is one person's opinion, make your own decision if you want to take them up on the offer.

https://www.youtube.com/watch?v=VF_BN5gdK8w

[webble1]

From what I've read in the forum AD's post watches once they have your money. Why don't WOS do that? Is it because they do not have the pieces in stock?

[Nairn1980]

Originally Posted by webble1

From what I've read in the forum AD's post watches once they have your money. Why don't WOS do that? Is it because they do not have the pieces in stock?

Officially an AD isn’t allowed to post Rolex watches....but it’s ok for other brands.
The pieces aren’t in stock locally, but are at a central location and will be dispatched to the local AD once they reopen.

[Njw]

Originally Posted by Nairn1980

Officially an AD isn’t allowed to post Rolex watches....but it’s ok for other brands.
The pieces aren’t in stock locally, but are at a central location and will be dispatched to the local AD once they reopen.

Has anybody asked WOS to give them the serial number of the watch they have reserved for them? At a minimum I'd want photos of the watch.

[Sandpit]

My cynical view would be that they have very little income at the moment and they’re trying to use the sale of imaginary Rolex pieces to get cash through the door.

They won’t get cash for any other brands so they’re using the “hype” or waitlists to generate revenue.

I could be wrong, it’s just my opinion.

[sp006]

Originally Posted by Sandpit

My cynical view would be that they have very little income at the moment and they’re trying to use the sale of imaginary Rolex pieces to get cash through the door.

They won’t get cash for any other brands so they’re using the “hype” or waitlists to generate revenue.

I could be wrong, it’s just my opinion.

Unfortunately, I think you are right. This puts tremendous risk on the buyer in the event of a bankruptcy proceeding since these deposits would be treated as unsecured debt.


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[Roddypeepa]

Originally Posted by Sandpit

My cynical view would be that they have very little income at the moment and they’re trying to use the sale of imaginary Rolex pieces to get cash through the door.

They won’t get cash for any other brands so they’re using the “hype” or waitlists to generate revenue.

I could be wrong, it’s just my opinion.

I tend to agree. I wouldn’t do it. No way.


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[johnjm]

Originally Posted by Njw

Has anybody asked WOS to give them the serial number of the watch they have reserved for them? At a minimum I'd want photos of the watch.

Asking for a serial is a little a bit over the top. Written confirmation of stock would suffice

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[Njw]

Originally Posted by johnjm

Asking for a serial is a little a bit over the top. Written confirmation of stock would suffice

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Lol. You’re paying thousands of pounds and taking all the risk and asking for a serial number is too much? People act like the ADs are paying you to take their watches.

[JayB]

Originally Posted by Nairn1980

Officially an AD isn’t allowed to post Rolex watches....but it’s ok for other brands.
The pieces aren’t in stock locally, but are at a central location and will be dispatched to the local AD once they reopen.

I know it's not Rolex but don't Tudor operate the same, in store purchase only?

I managed to purchase and receive my Tudor GMT this week from an Authorized Dealer.

[johnjm]

Originally Posted by Njw

Lol. You’re paying thousands of pounds and asking for a serial number is too much? People act like the ADs are paying you to take their watches.

What are you going to do with the serial number that you can't do with written confirmation that they have it in stock?

It's laughable that a serial number will be sent to someone when it hasn't been registered with Rolex as a sale yet.

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[sp006]

Originally Posted by Njw

Lol. You’re paying thousands of pounds and taking all the risk and asking for a serial number is too much? People act like the ADs are paying you to take their watches.

Haha exactly. Gotta keep the perspective


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[Njw]

Originally Posted by johnjm

What are you going to do with the serial number that you can't do with written confirmation that they have it in stock?

It's laughable that a serial number will be sent to someone when it hasn't been registered with Rolex as a sale yet.

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If they give you the serial number and confirm that its yours you own it should they go under. If I’m paying 100% of the price I want to technically own 100% of the watch. If they can’t give me that I’m very suspicious they actually have the watch. What’s laughable is they want me to trust them with thousands of pounds of my money and they can’t trust me with the serial number? Holy sh*t. Would you bend over for them as well?

[BisonHead]

Using peoples money to ease their own cash flow problems during the lock down.

[johnjm]

Originally Posted by Njw

If they give you the serial number and confirm that its yours you own it should they go under. If I’m paying 100% of the price I want to technically own 100% of the watch. If they can’t give me that I’m very suspicious they actually have the watch. What’s laughable is they want me to trust them with thousands of pounds of my money and they can’t trust me with the serial number? Holy sh*t. Would you bend over for them as well?

I've only paid 50% in the past for watches and if my AD approached me for a watch during these times I'd like it confirmed in writing that they have stock. If so I'd pay via CC to protect myself if they do go under, as low the odds as they are.

The honest truth is that they are probably managing their cash flow by doing this, assuming they don't confirm that they have the actual watch in stock.

If my AD was open (our lockdown has closed them all) I'd definitely be following up and nagging for my wait-list pieces and pay deposits if it puts me higher on the list to get the next watch in stock.



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[Njw]

Originally Posted by johnjm

I've only paid 50% in the past for watches and if my AD approached me for a watch during these times I'd like it confirmed in writing that they have stock. If so I'd pay via CC to protect myself if they do go under, as low the odds as they are.

The honest truth is that they are probably managing their cash flow by doing this, assuming they don't confirm that they have the actual watch in stock.

If my AD was open (our lockdown has closed them all) I'd definitely be following up and nagging for my wait-list pieces and pay deposits if it puts me higher on the list to get the next watch in stock.



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Except Watches Of Switzerland are using a third party payment credit card processing company, which is a grey area in the UK regulations and you aren’t guaranteed to be covered, which it states in the video linked to, which is the point of this thread.

[DayTona78]

Seems like this is happening only in Europe? Has anyone in the US gotten such call/email from WOS?

[johnjm]

Originally Posted by Njw

Except Watches Of Switzerland are using a third party payment credit card processing company, which is a grey area in the UK regulations and you aren’t guaranteed to be covered, which it states in the video linked to, which is the point of this thread.

Could be outright fraud then. Haven't watched the video, is there a summary?

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[Sunstreaker]

Originally Posted by johnjm

Asking for a serial is a little a bit over the top. Written confirmation of stock would suffice

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You're joking right? As others have said, we are paying thousands and you think asking for a serial number is over the top? .....

[Njw]

Originally Posted by johnjm

Could be outright fraud then. Haven't watched the video, is there a summary?

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The video is from an ex watch dealer with a You Tube channel who has been asked by a number of people regarding calls from WOS asking for a 100% deposit for a watch when they reopen. I received a call 2 weeks ago which actually asked for a bank transfer. As did someone else who contacted the You Tuber. Many others have received calls/texts from WOS asking to make a credit card payment. Even if these are legit, payment is made through a third party processing company. Section 75 of the Consumer Credit Act (a UK regulation) which would cover you if the company went bankrupt or the transaction was fraudulent may not over you because of this. Someone on here has contacted their credit card company (AmEx) who said they would be covered as WOS is named on the payment. But buyer beware.

[johnjm]

Originally Posted by K997

You're joking right? As others have said, we are paying thousands and you think asking for a serial number is over the top? .....

It's unreasonable to get a serial number without it being sold.

So if I gave you the serial number MN08362 you would be happy with that? In what format must it be?

Even invoices from my ADs don't have the serial number listed. I'm struggling to understand why a serial number would let you bypass a CC payment. It's a deal breaker.

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[subtona]

This model of business could very easily lead to selling and reselling and reselling the same watches again...

I could see the case where the customer could be waiting a year or more for a watch they have paid for in full.

In the worst case, the financial concerns that WOS might be dealing with could be bigger than they anticipate and might result in shutting their doors. As mentioned in the video, would the customer be able to recoup their money? I expect not.

[johnjm]

Originally Posted by Njw

The video is from an ex watch dealer with a You Tube channel who has been asked by a number of people regarding calls from WOS asking for a 100% deposit for a watch when they reopen. I received a call 2 weeks ago which actually asked for a bank transfer. As did someone else who contacted the You Tuber. Many others have received calls/texts from WOS asking to make a credit card payment. Even if these are legit, payment is made through a third party processing company. Section 75 of the Consumer Credit Act (a UK regulation) which would cover you if the company went bankrupt or the transaction was fraudulent may not over you because of this. Someone on here has contacted their credit card company (AmEx) who said they would be covered as WOS is named on the payment. But buyer beware.

Where there is smoke there is fire I suppose. The 3rd party gateway could be a means to do business online during a lockdown who knows. They are accepted here regardless because a consumer protection act does not overrule basic visa etc protection as long as you use the card as intended.

Direct transfer though... That's just looking for trouble...

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[Njw]

Originally Posted by johnjm

It's unreasonable to get a serial number without it being sold.

So if I gave you the serial number MN08362 you would be happy with that? In what format must it be?

Even invoices from my ADs don't have the serial number listed. I'm struggling to understand why a serial number would let you bypass a CC payment. It's a deal breaker.

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Because if they give you the serial number and a letter confirming you bought it, you own the watch in the event they go under and will receive it. Without that, you don't own the asset and should they go bankrupt, you have to recover the funds, hopefully from the credit card company. Different situations. And if I pay 100% of the price, how the hell is it not sold?

Also, why have they suddenly got all these watches that were impossible to buy 3 weeks ago? People are getting calls for Hulks, GMTs, Submariners after being on the waiting list for months. I was only offered an Explorer, which I'm easily prepared to wait for. I would want absolute proof the watch exists, a specific watch has been allocated to me, and that I own it and am just waiting to collect it.

[GenevaFan]

Originally Posted by Sandpit

My cynical view would be that they have very little income at the moment and they’re trying to use the sale of imaginary Rolex pieces to get cash through the door.

They won’t get cash for any other brands so they’re using the “hype” or waitlists to generate revenue.

I could be wrong, it’s just my opinion.

I feel you are spot on. Why else would such actions be taking place. Looks like WOS may not have the deep pockets many think.

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[Arcticsub]

So many red flags here.

Key takeaway is that a lot ADs are hurting like crazy, maybe serious financial problems.

They are trying to pass the risk on to you as the consumer.

[johnjm]

Originally Posted by Njw

Because if they give you the serial number and a letter confirming you bought it, you own the watch in the event they go under and will receive it. Without that, you don't own the asset and should they go bankrupt, you have to recover the funds, hopefully from the credit card company. Different situations. And if I pay 100% of the price, how the hell is it not sold?



Also, why have they suddenly got all these watches that were impossible to buy 3 weeks ago? People are getting calls for Hulks, GMTs, Submariners after being on the waiting list for months. I was only offered an Explorer, which I'm easily prepared to wait for. I would want absolute proof the watch exists, a specific watch has been allocated to me, and that I own it and am just waiting to collect it.

A serial number is not required for CC protection.

Again, if the transaction is fraudulent a serial.number ain't doing you any favours. Even if they close down.

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[Njw]

Originally Posted by johnjm

A serial number is not required for CC protection.

Again, if the transaction is fraudulent a serial.number ain't doing you any favours. Even if they close down.

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Dude, please read what I'm writing. If they confirm you own that specific watch, if they go bankrupt, you get the watch, you don't have to recover any funds through the credit card or administrators.

[johnjm]

Originally Posted by Njw

Dude, please read what I'm writing. If they confirm you own that specific watch, if they go bankrupt, you get the watch, you don't have to recover any funds through the credit card or administrators.

Sure. I'd insist on an actual invoice through. A serial number means jack to what that might or might not exist.

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[Njw]

Originally Posted by johnjm

Sure. I'd insist on an actual invoice through. A serial number means jack to what that might or might not exist.

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Err..it identifies the watch.