I had purchased my original Timefactor from Sweetwater. They are an online music retailer. I copied my forum post and the response I got from nickrose and sent them to my sales person's email. Sweetwater is cool like that. I have my own sales guy that I buy from. Anyway, I give them credit – he had their shipping department email me a pre-paid FedEx label and I dropped it off a local parcel depot. Two days later I received confirmation from Sweetwater they had my defective Timefactor and they were sending me a new one. I received it two days later.
I've never had a trade-in for a warranty issue go so smoothly. I highly recommend Sweetwater for all gear related purchased that don't fall into boutique categories.
Good luck with your return!