Give your TimeShare story

[coconut]

Got an invitation to attend a TimeShare pitch and the inducement was paying me a little cash to sit through it and four free nights stay. My wife said fine since we were going to the area anyway and the forecast was gorgeous so we made a small trip of it. I've always heard (as I'm sure everyone has) that timeshares are a ripoff so we weren't going in without heightened skepticism. The salesman was slick. Super polished. I wish I could create a business just so he could sell for me. He was very impressive. So after the initial meet and greet and priming the pump the exciting fun and properties presentation really wasn't for us. Unfortunately for them my wife and I are about the numbers and we're quite in sync with how we like to spend time away. None of what we were presented with was of interest. In fact we found it repulsive. So no surprise we wouldn't buy.

But buy what? What were we being sold? A deed. A deed guaranteeing a set amount of points per year. Thats it. But later we learned that the points could only accrue for two years. Any additional points had to be switched to another program at a loss of 20% before a set date each year or those points would be forfeited. Then came the first inkling of the dirty financial truth- there is a yearly membership fee. Then well into the sales pitch designed to elicit visions of wonderful exciting life changing I am the shit dreams of future fantastic vacations with family for decades to come, the second inkling of the dirty financial truth emerged- yearly assessment fee (cost subject to change). The salient financial facts were doled out singly and sandwiched between 30-45 minutes of setting the dream before your eyes crap. I guess it must work on enough people.

So to set the final stage the deed buys you a set amount of points every year. The points can be used to stay at this company's many resorts around the lower 48, their other properties, and lastly in over 12,000 affiliated properties in the US and Canada. All subject to availability and at the amount of points specified for each property per time of year. Now for the third inkling of the dirty financial truth-you still have to pay money to use your points. Thats right it isn't a typo. You pay money to use your points. Always.

Oh, BTW if you need financing they are there for you at 17% interest.

Now for the numbers. Wait lets bring in the tag team. The numbers guy- huge well dressed with firm handshake looking you straight in the eyes throughout. While doing so a well rehearsed banter between the salesman and the numbers guy ensues designed to heighten the expectation of being able to leave making everyone happy. Questions designed to get you to agree, to say yes, at the risk of turning their smiles upside down. So the numbers-

For 100,000 points per year- $50K.
My wife and I had to turn the smiles upside down.
OK, $40K.
Smiles turned upside down.
$30K.
You guessed it. Well wait for it the fourth dirty financial truth-
Now because we really want you to become one of our family, $7K.
Still no lasting smiles.

So we were asked what is your rationale for turning down such a fantastic opportunity? Well time for those pesky numbers to come to the fore.

For $7K you get 100,000 points to use per year although they will gladly sell you more points as needed.

Yearly membership fee of $130. Assessment fee of $1600. A booking fee for each reservation from $60-$260 per week.

So for $7K upfront you still have to pay around $2K every year. No thanks. But you are buying ownership they said. You have a deed. That deed will be good for your kids or anyone else you wish to leave it. You can even sell the deed if you want, of course subject to renegotiation of dirty financial truths 1-3.

Sorry, no.
So now their positive vibe has long gone, no smile to be seen, and an older guy, quite pleasant, emerged from a room behind a long wall of one way mirrors in the negotiation area. He asks if they can arrange another meeting with us a year or two in the future to revisit this opportunity. We can stay at one of their properties to get first hand experience with their company. Of course at our not their expense. Thanks but still no.

 

[Selassie I]

My twins are close friends with David Seigel's boys. He's the owner of Westgate Resorts (a huge timeshare company... HUGE). The family has been building the largest residential home in the country (they call it some kind of castle) here in the O-Town area. One twin even has a room that their mom decided would be his since he's really close to her son. He gets to go on ridiculous trips with their kids flying in their jet and staying at all the different timeshare resorts for free. These people are loaded beyond belief.

That's my only experience with anything "timeshare". It's obviously a cash cow.

 

[coconut]

That's my only experience with anything "timeshare". It's obviously a cash cow.

You're right it must be a cash cow. They claim 3 out of 10 end up buying. My wife and I took note of the other couples sitting with salespeople getting the same pitch, tour etc. They didn't look like they had the $7K to spend and I say that not being a snob either since the guaranteed acceptance for seller financing was a big selling point. Also the minimum requirements for them to make the sales pitch to you were 23 years of age, minimum $50K annual income, major credit card and a love of travel.

 

[LesBaker]

It's shady enough that there are entire websites and law firms devoted to getting you out of a time-share contract. Plus they generally do not go up in value and you sell at a loss. In most cases you could have a better vacation for what you end up spending.

I had one of them, BlueGreen that used to do my expos. Shady operators.

I'm sure there are some legit companies out there but most of this shit is a scam.

 

[Ken]

My mom passed about a year ago. She remarried after my dad passed. So she bought several timeshares for her and her 2nd husband to use. I know one of them in Myrtle Beach they never once used. Basically they got too old to travel much. She hired a company to get out of the timeshares. When she passed we discovered there was still one left sending assessment fees. My brother took care of forcing that company to get us out of the last one. I'm glad she took action to get out of those, otherwise us kids would have been stuck with a big money pit. Timeshares are a huge scam.

 

[Akrasian]

In most cases you could have a better vacation for what you end up spending.

That's the main reason I've never considered them. Did go to a presentation many years ago, right after college. They sent me a flyer offering several prizes - none of them very good. I needed a checkbook to show I was financially viable. Of course, I'd been laid off a week before. My roommate was between construction gigs. So we drove down to the Oregon coast on the appointed day. Picked up a hitchhiking couple who decided to tag along. Showed up in the office, all of us with old, torn clothes - everybody else was dressed nice, including the customers - I showed them the flyer and my checkbook. They basically threw the cheap ass gifts at me, and the gist was not to waste their time. So my roommate and I drove back to the Willamette Valley. Don't know what happened to the hitchhikers. I like to think the company was a little more careful going forward who they sent their flyers to.