Comments:
Retailers holding back papers
Many of you might know already but I just found it out:
One prominent UK Rolex AD has been holding back the papers of Rolex sports models for one year to avoid speculative flipping. I was also affected when I bought my Rolex a few months ago.
Anyway: good news is that they have backed down from that policy now and all held papers are being released. I would not be surprised if there was significant customer pushback on this including legal challenges. In my view - either you trust your customers or don’t sell to them in the first place.
Mod photo update.
One prominent UK Rolex AD has been holding back the papers of Rolex sports models for one year to avoid speculative flipping. I was also affected when I bought my Rolex a few months ago.
Anyway: good news is that they have backed down from that policy now and all held papers are being released. I would not be surprised if there was significant customer pushback on this including legal challenges. In my view - either you trust your customers or don’t sell to them in the first place.
Mod photo update.
Its not very nice. But imo much nicer than waiting 10 yrs
For a ss Rolex or having to pay a big premium!
Thanks for the Information that things seem to have changed there!
Thanks for the Information that things seem to have changed there!
How about: AD sells the watch to someone who wants it, and then the AD minds their own business?!
If I buy something, and then decide to sell it, that’s surely my business? What makes Rolex so special?! If there were lots of Rolex watches on the second hand market, the prices wouldn’t be ridiculous.
I had previously heard that asking the retailer to hold the papers was a sign of a customer intent not to flip.
There is also another side of the coin. Retailers can get onto hot water if there watches flood the market. Brands like Patek have recourse and may not supply that dealer.
Setting aside the gouging of retailers it dos not seem terribly bad to keep the papers at the retailers and if you have a life changing issue a simple request and papers returned. The real buyer have no fear or issues.
Bill
Spoke with major store in France
They are aware of Rolex policy - from their point of view it's illegal as per French law, thus they are not doing it.
Interestingly....
...when I asked the dealer under which legal or corporate guidance they are holding my paper - after all it is a fully paid product, not a lease, and my property - he blamed it on Rolex policy.
I then called Rolex UK to confirm this and they denied instructing or allowing dealers to pursue this practice. It is also telling that all other Rolex ADs I know of in the UK did not hold back papers.
Again, if you are Rolex and don’t trust your AD then take away their concession. If as an AD, you don’t trust your buyer, then do a better job vetting them or don’t sell to them at all. It does not sit well with me to pay for something in full, in cash and not get everything I am entitled to.
I then called Rolex UK to confirm this and they denied instructing or allowing dealers to pursue this practice. It is also telling that all other Rolex ADs I know of in the UK did not hold back papers.
Again, if you are Rolex and don’t trust your AD then take away their concession. If as an AD, you don’t trust your buyer, then do a better job vetting them or don’t sell to them at all. It does not sit well with me to pay for something in full, in cash and not get everything I am entitled to.
That indeed sounds like an admission that holding back papers wasn't legitimate. Rolex can set policies but not "laws", since you are buying in a Rolex "boutique", not in a Rolex "consulate" ;-) [nt]
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So if I would buy an in-demand car does the dealer keep one of the keys, the title and owners manuals? Nuts! [nt]
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Completely agree, even with laws that may vary significantly from country to country, it's hardly to envision a scenario where it's legal for an AD to keep somebody's papers...
...unless a customer "voluntarily" surrenders those documents, that is ;-) Glad Rolex has taken this back, I'm sure they can easily can find alternative measures (for instance, increasing production of some basic SS models ;-) Cheers.
I am NOT. They have lost sense and those too who succumb to their dictates. [nt]
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I'd possibly succumb. Well, I'd rather them sell the watch to me and hold back papers for a set amount of time (say twelve months) than the alternative of not selling the watch to me.
Although it certainly does imply that the retailer does not trust me. It's definitely strange and annoying for the retailer to do this strange thing, but I can't say that I would expressly not buy the watch.
It never bothered me at all. I got the watch they got what they
Wanted and I long ago got over being on a high horse over principal. There is no Buyer Power. In fact when iut cane to Patek on my 5131P I told them to keep my papers for 5 years....they handed them over...it is an EU privacy issue...something the UK wont have to worry about shortly
I personally think it is outrageous for a AD to hold back papers and would not agree to it in any way. [nt]
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Same here. I would never agree to let AD hold papers or card. Wos USA and. UK along with mayors in Florida were only ones I know with that internal AD policy. [nt]
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