Their site has been down for 2 days....

They just sent out an e-mail saying that they were doing away with their swap out fees, so they could be adjusting their site. I got the e-mail less than 24 hours after placing an order with $9 in swap out fees

While they have "eliminated" swapout fees, they have not reduced costs. They have simply added (about) $3.00 to the price of each item, while leaving the swapin credits about the same. So for the typical item which had a $2.00 swapout fee, the total cost is about $1.00 more. Not a big deal, but by no means an elimination of swapout fees.

The site is still down - not a good sign.
I have $150 in credit with them

Site still down - i think they're done.

You would figure they would write an email.

I just sent a bunch of cds in to them. Arghhhhh

I think we all had a pretty good idea that this was going to happen after their message was up for more than a couple days, but if you go to their website, you'll see the following message...

******

Unfortunately, SwapIt is unable to continue operations.

For further information please contact Attorney Mitchell Starr at:
[email protected]

******

RIP, Swapit. You served me well.

always great when your attorney uses a hotmail free email account

I sent an e-mail to the attorney. We'll see what he has to say.....

Thank you for your inquiries concerning Swapit. Most of you expressed great satisfaction with Swapit’s service and regret that Swapit could not continue to exist. Swapit very much appreciates your support and is deeply saddened that it had to close and can no longer be of service to you. The decision to close was very difficult. Swapit did everything it could to try to stay in business. Unfortunately, despite its best efforts, it was not able to obtain the necessary additional funding which would have enabled it to continue.

I have read each of the e-mail messages. Please understand that it is not possible to respond to each of you individually. The following should answer most of your questions. Any further information will be posted at swapit.com as it becomes available.

1) What happened to Swapit?

Swapit was forced to close down because it could not obtain additional funding. As soon as it became apparent that no further funding would take place, Swapit shut down its website.

2) Is Swapit coming back?

Swapit is closed permanently. It is not coming back under another name or as another company.

3) What happens to my credits?

According to the Terms and Conditions of Use to which all Swapit Members agreed to prior to using the Swapit site, once any of the CDs and games was accepted, customers were credited with “Swapit Bucks” which are not redeemable for cash under any circumstances whatsoever. Since Swapit is now closed, credits are not able to be redeemed and are gone.

4) Can I get my CDs and games back?

According to the Terms and Conditions of Use, transfer of title of ownership occurred upon acceptance of the goods by Swapit. At that point, the goods became the property of Swapit. Swapit’s lender, which has a secured interest in all of Swapit’s assets, including the CDs and games, is owed much more than the value of Swapit’s property. Swapit expects the secured lender to foreclose upon Swapit’s property. Swapit does not know what the secured lender intends to do with the property once it completes the foreclosure.

5) Are there arrangements for settlement with customers?

Due to its circumstances, Swapit is not able to offer its customers financial compensation. Swapit is exploring whether it may be possible for its customers to receive credits with other similar sites. At this time, there are no arrangements in place. If it becomes possible for customers to receive credit with another site, you will see a notice posted at Swapit.com

6) I sent a game/CD/money order in recently. What happens?

If you did not receive an e-mail confirmation, your goods/ money orders were not processed and were refused and sent back “Return to Sender.” Unfortunately, “Return to Sender” mail can take from a week or two to several months.

7) What happens to my credit card information?

Swapit did not store any credit card information.

Swapit thanks you for your business, support, and understanding during this difficult time.

Very truly yours,

Mitchell Starr, Esq.

Counsel to Swapit

[email protected]



--------------------------------------

I bet a lot of people got burned...i never like these guys. you could spend hours searching through their site to find something, prices were great sometimes...and then once you go to order you get hit with that lame $2 per item BS mark up fee. that was bullsh*t.

so did they even give a warning that this was going to happen? After reading that page it seems like people were sending in stuff as usual for credit then all of a sudden they were gone and they are keeping all your stuff since theyll be converted into swap-it bucks, which are not redeemable for cash, but swap-it bucks have no vlaue now

actually they were VERY good at first. All their CDs were brand new and you got a bunch of free swap-it bucks so it basically only cost $2 per new cd.

I'm sure glad I threw my swapit boxes away when I was cleaning recently. That would be great to be stuck with useless credits.

oh well, $150 in swapit bucks = zero real bucks.

I ordered from them several times just to get rid of the swapit bucks I had. I sent them CDs that I couldn't sell on half.com so I could take advantage of the free bucks with each trade. It was almost impossible to find anything decent on their site. Luckily I had a bad feeling about having credit there and finally found stuff that I could deal with so I whittled my credit down to about $6.

I was hoping they would get DVDs someday...

Yeah, I used up all my swapit bucks at the beginning. I traded in a bunch of crap CDs and got alot of great stuff including sealed copies of the following:
2 Metallica-Live $hit box set for $51.99 each
Metallica-Ride The Lightning (gold Cd) for $4
2 CCR-Chronicles (gold Cd) for $11.75 each
CCR-Chrnoicles 2 (gold Cd) for $10.25
2 KISS ALIVE 2 (Double Cd) for $4 each
Jimmy Buffett-4 disc set for $29.25
Beatles-Live at the BBC (Double Cd) for $4
4 Beatles-1 for $7 each
2 Lynyrd Skynyrd Essential (Double Cd) for $10.25 each
and a crap load of others. I will miss them for sure but with prices like this it's no wonder they are now gone.