Two defective pieces in a row - unreasonable to demand refund?

Ordered a McIntosh MA8900 from my dealer in December. First one had cosmetic damage out of the box so they swapped it out for a new one. The new one won't power on (just get the standby light). McIntosh said they would replace it again but I'm frankly done, just want my money back at this point. The dealer has a no refunds policy. Should I accept a 3rd new unit or insist on a refund?