Buying Rolex with outstanding finance

[New Rolex Fan]

Hi all,

A colleague has offered to sell me their 2018 Rolex 2T submariner bought brand new on finance earlier this year.

Is their risk in buying this watch if they default on the outstanding finance payments? I do not know how much is outstanding on the watch, all I have seen is proof they paid a 20% deposit as part of the finance deal.

Appreciate your advice please?

Rolex Air King 2016
Rolex Oyster Perpetual 2018
Rolex submariner date 2T 2016

[Nairn1980]

Originally Posted by New Rolex Fan

Hi all,

A colleague has offered to sell me their 2018 Rolex 2T submariner bought brand new on finance earlier this year.

Is their risk in buying this watch if they default on the outstanding finance payments? I do not know how much is outstanding on the watch, all I have seen is proof they paid a 20% deposit as part of the finance deal.

Appreciate your advice please?

Rolex Air King 2016
Rolex Oyster Perpetual 2018
Rolex submariner date 2T 2016

A Rolex in the UK can not have outstanding finance.

The finance will be an interest free or similar via an AD and will be as a personal loan not linked to the watch. He can sell the watch at any point and pay his finance off at any point if that makes sense.

As a result there is zero risk.

[scurfa]

good question, with all the new Tudor and Rolex watches for sale on ebay how many have outstanding finance?
what is the legal status?

[Nairn1980]

Originally Posted by scurfa

good question, with all the new Tudor and Rolex watches for sale on ebay how many have outstanding finance?
what is the legal status?

My reply above should tell you all you need to know. Finance is NOT secured on the watch, it’s secured on the individual as a personal loan.

[CamSLC]

Those are personal loans. The collateral is your creditworthiness, not a tangible asset. Just like a credit card.

[tyler1980]

as to actual risk, i dont know, but do you want to fight it if someone tries to come after the watch? I would guess its a hassle.

Debt collectors are not always the most principled bunch and they will try anything to get paid.

[Stevec14]

Originally Posted by Nairn1980

My reply above should tell you all you need to know. Finance is NOT secured on the watch, it’s secured on the individual as a personal loan.

This - it’s an unsecured loan, not secured to the watch.


Sent from my iPhone using Tapatalk

[Nairn1980]

Originally Posted by tyler1980

as to actual risk, i dont know, but do you want to fight it if someone tries to come after the watch? I would guess its a hassle.

No one will come after the watch, finance is not secured on the watch.....

[tyler1980]

Originally Posted by Nairn1980

No one will come after the watch, finance is not secured on the watch.....

a debt collector called me about my old college roommate (years ago) and said since we shared a residence i am responsible. Total BS, but im sure some people fall for it. My college also put a hold on my registration for class once too because my cousin had parking tickets on campus and we had the same last name to try to collect his debt. That kind of stuff is a pain to deal with.

[Nairn1980]

Originally Posted by tyler1980

a debt collector called me about my old college roommate (years ago) and said since we shared a residence i am responsible. Total BS, but im sure some people fall for it. My college also put a hold on my registration for class once too because my cousin had parking tickets on campus and we had the same last name to try to collect his debt. That kind of stuff is a pain to deal with.

This is totally different but I do get your point.

However I’ve had several agreements of this kind and they’re not linked in any way to the watch, only to the individual.
There is definitely nothing to worry about here.

[tyler1980]

Originally Posted by Nairn1980

This is totally different but I do get your point.

However I’ve had several agreements of this kind and they’re not linked in any way to the watch, only to the individual.
There is definitely nothing to worry about here.

yeah, even if its "safe" i would just not want to deal with any possible hassle if i was worried about it going in.

Its the worst to call up an old friend and say "pay your bills, so people stop calling me to pay them for you"

[|404|]

Tyler, you're speaking about US laws... here in the UK its a non issue. The debt cannot be transferred to you or even hassled about it.

No debt collector will ever contact you even if your friend does default. It's far more likely that the debt collectors would reclaim his assets and if no assets to the value were found then they would issue a county court judgement against him, after pursuing a high court "writ".

If you don't know the CCJ system basically when you apply for a loan/ mortgage it will flag on the system saying a CCJ is unpaid. They will then deny your application until the CCJ is resolved (whilst taking a hefty credit score hit too. I might add). The CCJ is amazing because somewhere down the line that person will require credit and they will be forced to pay the original debt off PLUS interest. It is fantastic.

Buy the watch, get a receipt from your friend for the sale. So he can't ever claim he didn't sell it you / just lent it you.

[New Rolex Fan]

Originally Posted by Nairn1980

A Rolex in the UK can not have outstanding finance.

The finance will be an interest free or similar via an AD and will be as a personal loan not linked to the watch. He can sell the watch at any point and pay his finance off at any point if that makes sense.

As a result there is zero risk.

Thanks very much for the advice- this really eases my worries. I Thought it was the same with car finance but now I understand. I will get them to sign a formal bill of sale and add a clause that they are responsible for any unpaid loans on the watch.

[New Rolex Fan]

Originally Posted by |404|

Tyler, you're speaking about US laws... here in the UK its a non issue. The debt cannot be transferred to you or even hassled about it.

No debt collector will ever contact you even if your friend does default. It's far more likely that the debt collectors would reclaim his assets and if no assets to the value were found then they would issue a county court judgement against him, after pursuing a high court "writ".

If you don't know the CCJ system basically when you apply for a loan/ mortgage it will flag on the system saying a CCJ is unpaid. They will then deny your application until the CCJ is resolved (whilst taking a hefty credit score hit too. I might add). The CCJ is amazing because somewhere down the line that person will require credit and they will be forced to pay the original debt off PLUS interest. It is fantastic.

Buy the watch, get a receipt from your friend for the sale. So he can't ever claim he didn't sell it you / just lent it you.

Thanks very much this is sound advice and backs up what Nairn said earlier.

[Tools]

Originally Posted by New Rolex Fan

Thanks very much for the advice- this really eases my worries. I Thought it was the same with car finance but now I understand. I will get them to sign a formal bill of sale and add a clause that they are responsible for any unpaid loans on the watch.

Perfect. This way you cannot be accused of obtaining the watch fraudulently.

[77T]

Originally Posted by |404|

Tyler, you're speaking about US laws... here in the UK its a non issue. The debt cannot be transferred to you or even hassled about it.

No debt collector will ever contact you even if your friend does default. It's far more likely that the debt collectors would reclaim his assets and if no assets to the value were found then they would issue a county court judgement against him, after pursuing a high court "writ".

If you don't know the CCJ system basically when you apply for a loan/ mortgage it will flag on the system saying a CCJ is unpaid. They will then deny your application until the CCJ is resolved (whilst taking a hefty credit score hit too. I might add). The CCJ is amazing because somewhere down the line that person will require credit and they will be forced to pay the original debt off PLUS interest. It is fantastic.

Buy the watch, get a receipt from your friend for the sale. So he can't ever claim he didn't sell it you / just lent it you.

James
Does the UK have a personal bankruptcy provision where a borrowers unsecured debts are discharged by assignment of assets to the debt owner(s)?

[R!$]

why buy 2 two tone subs?

[New Rolex Fan]

Originally Posted by R!$

why buy 2 two tone subs?

One to wear regularly, one to keep as a long term investment.