Buying a jacket from a friend

[so sick bro]

I was in desperate need of a good winter jacket and a good friend of mine was looking to sell his. It was pretty much exactly what I wanted and on top of that it's in great condition and he only had it for a year. He also swears to me that he talked to North Face and made up some BS about not being satisfied with the jacket, and that they said if he takes the jacket to their store in Boston (we both go to BU, we're renting an apt together with another kid this year actually) they would exchange it for a new one of the same model.

First off, the jacket originally cost him ~300 dollars, probably a little bit more. How much do I give him for it? I already took the jacket said we'll figure it out later.

Second, I'm having a really hard time believing that I'm just going to take this jacket to their store and walk out with a brand new one. I called him out on it and he's just swearing up and down that he talked to the company and they said they would exchange it, any shot of this actually happening?