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15 April 2020, 09:21 PM | #1 |
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Watches of Switzerland - 100% Deposit
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 |
15 April 2020, 10:02 PM | #2 |
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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?
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15 April 2020, 10:17 PM | #3 | |
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The pieces aren’t in stock locally, but are at a central location and will be dispatched to the local AD once they reopen. |
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15 April 2020, 10:19 PM | #4 |
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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.
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15 April 2020, 10:30 PM | #5 |
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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. |
15 April 2020, 10:33 PM | #6 | |
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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. Sent from my iPhone using Tapatalk |
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15 April 2020, 11:38 PM | #7 | |
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I tend to agree. I wouldn’t do it. No way. Sent from my iPhone using Tapatalk |
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15 April 2020, 11:51 PM | #8 | |
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Sent from my Pixel 3 XL using Tapatalk
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15 April 2020, 11:59 PM | #9 |
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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.
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15 April 2020, 11:59 PM | #10 | |
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I managed to purchase and receive my Tudor GMT this week from an Authorized Dealer.
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16 April 2020, 12:01 AM | #11 | |
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It's laughable that a serial number will be sent to someone when it hasn't been registered with Rolex as a sale yet. Sent from my Pixel 3 XL using Tapatalk
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16 April 2020, 12:02 AM | #12 |
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16 April 2020, 12:05 AM | #13 | |
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16 April 2020, 12:08 AM | #14 |
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Using peoples money to ease their own cash flow problems during the lock down.
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16 April 2020, 12:12 AM | #15 | |
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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. Sent from my Pixel 3 XL using Tapatalk
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16 April 2020, 12:16 AM | #16 | |
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16 April 2020, 12:18 AM | #17 |
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Seems like this is happening only in Europe? Has anyone in the US gotten such call/email from WOS?
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16 April 2020, 12:19 AM | #18 | |
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16 April 2020, 12:22 AM | #19 |
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16 April 2020, 12:24 AM | #20 |
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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.
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16 April 2020, 12:25 AM | #21 | |
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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. Sent from my Pixel 3 XL using Tapatalk
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16 April 2020, 12:29 AM | #22 |
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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.
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16 April 2020, 12:30 AM | #23 | |
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Direct transfer though... That's just looking for trouble... Sent from my Pixel 3 XL using Tapatalk
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16 April 2020, 12:31 AM | #24 | |
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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. |
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16 April 2020, 12:32 AM | #25 | |
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16 April 2020, 12:33 AM | #26 |
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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. |
16 April 2020, 12:35 AM | #27 | |
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Again, if the transaction is fraudulent a serial.number ain't doing you any favours. Even if they close down. Sent from my Pixel 3 XL using Tapatalk
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16 April 2020, 12:37 AM | #28 | |
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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. |
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16 April 2020, 12:40 AM | #29 | |
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Sent from my Pixel 3 XL using Tapatalk
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16 April 2020, 12:41 AM | #30 |
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