Why Timeshares Aren’t Worth It
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- Опубликовано: 18 май 2024
- Nearly 10 million U.S. households take part in the $10 billion-a-year timeshare industry dominated by companies like Hilton Grand Vacations, Marriott Vacations Worldwide, Wyndham Destinations, Westgate Resorts and Capital Vacations. But while Americans are eager to buy a timeshare, 85% regret their purchase, according to a study. In the past three years, more than 3,000 Americans have filed complaints against the three largest public companies through the Better Business Bureau. Watch the video above to learn more about why it is so hard to get out of timeshares.
Chapters:
0:00 -1:19 Introduction
1:20 - 5:24 The business of timeshares
5:25 - 8:54 The exit industry
8:55 -12:08 Getting out
Produced and Edited by: Ryan Baker
Animation: Christina Locopo
Senior Managing Producer: Tala Hadavi
Additional Footage: Getty, Sheila Wagner, Tom and Kelly Shriver
Additional Sources: Reuters
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Why Timeshares Aren’t Worth It
The fact that there is now an industry of lawyers that exclusively deal with getting people out of timeshare contracts is all you need to know.
And also be aware of timeshare scammers. There are people that say they can get you out of a timeshare and will take your money and you will never hear from them again. My mother unfortunately lost $2000 due to a timeshare scammer.
Yea Dave Ramsay was involved in firm that scammed his viewers promising timeshare exit
The "lawyers" are "liars" and don't do anything to get people out of the timeshare.
I grew up watching cable tv ads about getting out of timeshares. That has imprinted a bad connotation when i hear that word, so i am not falling for that crap
Open your ears what lawyers? It’s shell companies other words wise guys.
I recently found out my future in laws got suckered into buying a timeshare/vacation club. My stomach dropped when they told me. Already explaining to my fiancé that under no circumstance will be ever have anything to do with these. I truly can't fathom why anyone would want to go in massive amounts of debt with interest just to be limited on where they can vacation and be stuck with nonstop fees. Just save up for the vacations you actually want to take. If you cant afford to pay for it in full, then you can't afford to go on vacation. It's that simple.
Aye, you single too huh?
smart.
So true. We got suckered in back in 2014 by Diamond Resorts. First the fees were less than $700/year for the fixed week in February. Then we wanted to do the points system so we bought another week in Tahoe. After three years, we bought another one in total of 3weeks. We went to Alaska, Powhatan Resorts in Virginia but mostly used our points in Tahoe and Coronado. The year before the pandemic, we went to the supposedly update meeting, which we knew we would be coerced into buying more points but stuck with our guns on not buying anymore. The salesperson was so mad and humiliated us because we told him we enjoyed the Alaskan cruise but he said that was cheap and we needed more points to go to other countries to use the points so when he said that our timeshare fees will be perpetuity and will be handed down to our estate, that scared us as our fees were already in the $2600/year. We didn’t want our kids to be stucked with that so when DRI offered an exit back in late 2021, we did the paperworks right away before the due date for fees. Although we didn’t get a penny for the 3weeks, we were glad to be out. People should educate themselves before saying yes to the timeshare.
@@Kriyavas1😂 You started having a panic attack just because someone was trying to sell you something? If there was ever a story illustrating how pampered we Americans are, this is it. It's honestly sad when you consider how many people all over the world have lived through wars, rebellions, genocides, etc. Women having to deal with mass-r@pe as soldiers plow through their villages, young boys kidnapped and forced to be child soldiers. And we Americans have panic attacks when someone tries to sell us a time share, despite having every right to say "no."
Yeah: just save up and buy the vacation you actually want
She took a 30k loan with 15% APR to buy a timeshare? If Capital Vacations wasn’t going to scam her, someone was.
And the lady at the end talking about living paycheck to paycheck after being able to purchase not one but two timeshares was hilarious.
Yea 0 simpathy for that lady
Just remember, she votes - and judging by her accent, her vote counts more than yours.
😂@@Justsomeguyyuyu
@@Justsomeguyyuyuvotes red for sure
My wife and I attend timeshare presentations once a year, usually in Florida. We do it for the sole purpose of getting a free week stay at the resort, no less. It gives us great pleasure wasting 1 or 2 hours of their time, to then walk out with our free week, and sometimes more. I would never recommend this to impulsive buyers or those that don't know how to say no. You have to go into these things with a mission in mind.
Same here . The look on Their faces is priceless to Me. 😊
Dumb idea. Wasted your time as well.
@@cbell5017 Been doing it for almost two decades. We've gotten to stay a total of 16 weeks for free, about a week a year. Basically as if we owned a timeshare but it cost us next to nothing other than an hour or two a year and have been able to tour and stay at some nice resorts on their dime. Even got a free week stay in Hawaii for 1.5 hours of wasting their time. That place costs $300 a night to stay but we paid zero.
@@cbell5017depends, 2 hours? For a week stay? That's 200ish bucks for 2 hours. The average American makes 25 an hour. I think they made out like a bandit.
You also wasted your time! Feel good about that?
One of my friends invited my husband and myself to their timeshare in Mexico. All we had to pay for was the all inclusive fee for food and drinks. My friends who owned the timeshare were required to pay this fee as well to use their timeshare. I called the hotel and was able to book the room for less than my friends. They had already spent a good amount of money for this timeshare, plus annual maintenance fees. I was able to vacation for less than them for a week. Don’t ever buy a Mexico timeshare.
Don’t ever buy a timeshare PERIOD!
its amazing right?
This is the way.
Your friends don't own anything. They have a overpriced subscription for a crap product.
Second that emotion. The "all inclusive" piece of Mexican timeshare makes it worthless relative both in point value for exchange and vacation value overall. Nobody wants to exchange to pay $500 pp/week.
This is a time when we need to either heavily regulate or outright ban this "timeshare" system.
Honestly, I don't understand how or why we let salespeople lie and still have a court uphold the sale. But with used cars, timeshares, and ever more, we no longer seem to enforce laws against fraud or false advertising.
@@jamespulver3890 Because people don't read their contract or demand to see the sales pitch claim written into the contract.
BAND THEM TO 🤬👺👹💩
I still don't full understand what ppl are being lied about? How do we know the difference between a lie or misunderstanding?
@@bauttiet.h.u.g.5900 rather, they were misled. The way they were marketed were dishonest and untruthful (not receiving straight answers when asked simple questions, instead they are given a convoluted response that makes the offer sound better than it actually is, or, to be more correct: less of a nightmare).
My friends and I have literally crawled out of a hotel window to get out of sitting through a timeshare presentation 😂
We need the backstory on this!!
@@jondoe406 definitely 🤣
I think its legal to yell fire in s crowded time share presentation. If not, it should be.
Got suckered into two timeshares while visiting Orlando in 2023. Wyndham has a booth at Seaworld. They picked me out of the crowd and said that I look like a guy who wants to save money. Ended up going to a Disney resort for a timeshare with the promise of a free week of vacation. They used high pressure sales tactics to get me to sign up for a $20,000 vacation club. I guess you could say my guard was down. What’s worse is that Westgate also offered me a vacation club which I accepted that same trip. Realizing I had made two gigantic mistakes, I had only 3 days to cancel my Westgate contract and 10 days to cancel Wyndham. Once you sign the contracts, they could care less about you. Good luck talking to anyone to even book trips. It’s the most legal scam ever. After several cancellation letters and next-day mailing totaling $250, I got out of my two contracts by the skin of my teeth. Don’t ever get suckered in. If you do, make sure you following the cancellation terms to a T.
They picked you out of a crowd for looking like a sucker? Omg!!!!!
Lol your fault for falling for the scam
This is not a scam. It’s your fault for falling for this. This is pretty much common sense. Why would you think pre-paying for a vacation that you could probably use once a year? Is something good?
@@itr0863 Yes, it is his fault he let himself get suckered. But you're wrong.......these timeshares ARE scams.
@@jeffro221 ppl need more self accountability instead of blaming other things as scams. Those timeshare sellers are def POS but thats their job. car salesmen are sleazy but thats their job. There is this thing called the internet where you can review things. So ppl not doing their research need to blame themselves
Many years ago my husband and I were vacationing in Mexico, and were told we'd get a free breakfast buffet if we went to a "short" presentation. Well, we were hungry so went went and brought our appetites. They held us captive fir over an hour while we could smell the delicious food in the other room but weren't allowed to touch it. Finally we got to eat, and the food was delicious! After breakfast they still wouldn't let us out. We had to sit through another pitch. Then they came around with the contracts. I couldn't believe that some people actually signed up! Be we kept saying no. They went through salesperson after salesperson trying to work on us. When it was clear we wouldn't sign, they brought over this big tough guy to try to threaten and intimidate us to sign! Then the group leader said it was time ti tour the property, and that it would be mandatory for us to go with them. As soon as we got outside we bolted. NEVER CAVE IN!! IT'S A SCAM!!
Same for me. Just said no to everything, The final boss we had to fight like in mortal kombat was just hurling anything on us he could to get us to say yes. Then he got offensive and said we were stupid for not trying to save money on vacations. Just say no until they give up. Next time im just going to wear earbuds and rock out until they shut up.
Sounds like you were threatened. Why didn't you report it to the police?
@@fargone2000 It was Mexico.
Suckers are born everyday. When time shares were a big deal we ended up with 3 flat screen TVs. I'm brutal on those fools.
that happened to me in Florida when I wanted free tickets for Disney and had to sit thru the same thing. Boy, did I sweat the pressure, lol!
I had to sit through one of their pitches with my wife after the in-laws invited us on a vacation. These people are blatant, ruthless liars. They tried to justify numbers that didn't make any sense and had a stupid rebuttals anytime they were confronted with basic math or logic. At one point they brought over their "two best salespeople" and tried dividing my wife and I because she seemed more interested in their BS. After standing firm, one of them got condescending but when you go low, I take it to the floor. They no longer wanted to speak to me shortly after. Never waste your money on a timeshare.
Somehow women seem to fall quicker because they get caught more in the emotion of getting ahead of others with no real effort, yet men stick to maths.
I had their best sales dude call me an a-hole because I wouldn’t sign their dumb worthless ts paperwork. I knew then and there this was a scam yet I would come across people that bought these. I never been interested since.
Beware that Everyone is on vacation at a Timeshare. You compete for Pool chairs, any amenities (Tennis, Golf, Ziplines,Pool, onsite Restaurants), deal with more noise, behavior of people drinking. You can experience a fun enjoyable vacation experience. You should compare the cost of similar hotels, Airbnbs, total night stay cost. Night rate, cleaning, maintenance, administrative, and/or service fees/costs.
My ex used to love to torture the timeshare salesmen by acting really interested and leading them on then when he was bored he’d say something like you’d have to be crazy or stupid to buy a timeshare then leave. Sometimes the salesmen would follow us all the way to our car trying to both chew us out and get us to change our minds. It was pretty funny for a while then we decided we had better things to do on a Saturday afternoon.
But did you still get the free gift card?
I remember being lured to time share presentation back in 2004. I was 23 years old. But even then,the whole experience was extremely strange and suspicious to me. Years went past,and I was almost certain that people learned that time sharing was a scam of the past. After watching this, im in state of shock. i couldn't be more wrong. It's amazing that now,in 2024, more people are falling for this despite having instantaneous access to an enormous amount of information. People will never stop being stupid and naive
People are falling for it because some timeshares are legit and work like an Airbnb. Most aren’t, but enough are to keep suckers coming.
I wasted an hour listening to their sales pitch. They did come thru with the boat trip though. Just repeatedly said NO !!
I’m about 6 years younger but yeah I don’t understand how timeshares are still around. I feel like they’ve been known to be a scam since I was a young man, I guess each new generation just has to learn for themselves.
People should not be victimized like this. Some people aren't too bright or they are just naive. But they are still victims. These timeshare companies should be shut down.
Amen
As a tourist in Florida, they made me sit through a timeshare presentation just to get free/discounted tickets to Disney world. It was worth it, but they do employ decent sales tactics. I can understand how Americans would be tempted as a foreigner who went through
they paid my family $200, same story, in mexico
They tried to do that crap to me back in the 1990s to 2000s and thankfully when I read the fine print, and this was one for like a place near the Cape one of them kinds of places, I declined it and walked away. Thankfully by 2008, they ran out of money and went out of business. The person running the outfit selling these were investigated, found guilty for scamming people and put into prison for fraud. When I hear time share, I run to the hills and walk away. Want absolutely nothing to do with em.
I love timeshare presentations. I would go to the ones where they give you free 3 day vacations just for attending the presentations. They spend hours like car salesmen to sell it to me, I keep saying no and take my free vacations. I have done it like 6 times. Went to Mexico, Hawaii, Jamaica and Dominican Republic for pennies on dollar. Without ever signing up for anything.
Can you give me pointers on how to make these timeshare folks approach me with offers?
I never approach them, in fact they call me to set up timeshare presentations. Some how they got my number..lol@@kevintyson1947
Same here. Besides Las Vegas, Florida, Tennessee and California, we’ve been to fabulous resorts in Mexico four times!
@@kevintyson1947Look up Monster vacations….
I love them too. Don't be afraid of the word timeshare. Just be very clear that you are going to lose 100% of your money at the moment you sign the paper. All your money goes to company profits, salesman's commission, and fellow attendee's free trips
I sat thru their presentation cos i was told i had a pair of free tickets to Japan worth $3000, but when we showed no interest to invest in their other offerings, they were not only rude, they said their policy was to book the trip with a mandatory booking of their selected hotels which will cost us $6000! Very sad that these are still legalised scams today.
They tried to obligate you into spending money? Lol, I would have laughed in their faces!
Interesting, I've done many of these presentations just for the free stuff, I've always gotten the freebie, and never had to pay. The presentations can be painful, but I find that I can usually get enough free stuff to be worth it to me.
My wife and I have an Alaska and Hyatt credit card. We charge most of our bills and pay it off at the end of the month. We get 5 days at 4 star Hyatt properties and free airline tickets at the end of the year. We take 2 big vacations a year. You could not make me get a time share…
One of the elements in the sales pitch is “you’re going to take a vacation anyway so this way you can lock in your cost”. Just ask yourself if you would be taking a vacation if you lost your job.
Exactly! And maybe next year I don't even want to go on vacation or decide to stay local. Or I want to go somewhere that this company isn't located at.
Its not locking in anything since the costs still go up every year.
A pushy, snobby salesperson kept throwing that logic at me 3 years ago....and actually got upset when we turned her down.
Or if you had a medical issue
As someone who worked in the TIMESHARE industry management for 17 years (not in sales!)
My advice is simple:
NO. Hell NO !
Never buy one!
TimeShare is an industry created from the hotel industry that has on average 30% vacancy rate throughout the year. The floating weeks is pretty much what they offer to fill up what would be empty reservations. TimeShare is a forever contract and you are stuck for life.
Blimey that stinks!!
We’ve been to a couple of TS presentations with no intention to buy. The trick to get out of the sales pitches is bringing a toddler. They will get fuzzy after two hours and starts screaming, crying or throwing a tantrum. The sales people always let us go as fast as they could.
Best advice - get a friend that already has a timeshare. Good Buddy of mine sent me to Vegas for a week at the Wyndham Desert Blue this past October. I had a 2 bedroom suite all to myself - It cost me $0. The place was very nice and quiet. When I initially checked in, they tried to give me my "Free Gift" which could have been a gift card or another trip "on them", but this required attending their 2-3 hour "presentation". I told them I didn't have time for that and then I was left alone. I should also note - I was there alone. Single Guys aren't their target demographic. They're looking for couples and married folks.
Me & my wife signed up for a timeshare because we had gone on a few trips we liked from a vacation package she bought before we met. We asked specific questions & read the paperwork. They ran her credit without our permission & once I figured that out I was over it. She wanted to sign up I was mainly against it but we went with it. We knew we had 7 days to sign forms & read paperwork. That’s exactly what we did. Cancelled as soon as we got back ;)
Put a credit freeze then no one is able to run your credit without permission again
thats what i do. I have a credit freeze. The guy at the meeting who was tryna pressure me couldn't do nothing until i unlocked it. Well I did additional research and never got back to them.@@themarinect
A friend of mines had his wife show them her old EBT card (they hadn’t been on EBT for years when this happened) and said “look, I can’t barely afford food, what makes you think we even have a credit score”, they basically got rushed out of the room and given their “free stay”.
😂😂
Typically won’t work these days. You need a credit card and they assume you have a certain credit score floor to have gotten a credit card. They also finance in house.
So you're saying he could afford food just fine?
Just went to a Wyndham timeshare on Jan 9th in Hawaii. They now have a minimum of 60k/yr salary. Required that you attend the presention with an ID & CC. So I don't think they'll offer it to you if you are low income.
@@DecrepitBidenthis was ages ago. I’m sure the timeshares have smartened up.
When I attend a timeshare presentation, it’s only for the well researched free gift. I also check the minimum time I must attend (usually 90 mins) and announce my intentions at the very beginning. I then set my timer and at the end of 90 minutes, get up and collect my gift. That’s the only thing these presentations are worth attending for.
My “gifts” have included lift tickets, amusement park tickets, free weekend stays and kindle tablets.
They are always a bad deal. Period. Full stop.
My parents got talked into buying into one some years ago. We happened to be with them. They then wanted my wife and I to come into the office and fill out some paperwork, including my wife'sand my social security number. I asked them why they needed *my* social security number to sell something to my *parents*. They spent several hours trying to explain why they needed it, but none of the answers made any sense. Fortunately, there was a 72 hour right to revoke and my parents revoked the agreement with no penalty.
My parents aren't naive and are very successful business owners. But these salespeople know exactly what buttons to push and how to push them in such a way that a rational person can't process it efficiently.
I am generally very free market and don't like government regulations. But given that I can't see any legitimate reason for these programs, I'm not sure they should even be legal.
All of you are anti gov regulations until you yourself get hit with a massive corporation scam, cancer from corporate pollution etc..... do your history homework. Gov regulations save us from workplace death, injury, sit and water pollution...... You should not have to experience it yourself to appreciate what the past 100 years of gov regs protect you from.
I didn’t realize timeshares were still a thing.
Unfortunately, the pipeline of suckers is evergreen.
It's new for youth 😂
It is now hidden behind other names like "vacation clubs".
@@blaster-zy7xx I would have thought with the advent of Air B&B and VRBO or similar where vacationers can short term rent a condo or house anywhere at any time that timeshares would no longer find customers.
I was shocked when a coworker told me she got one . I was like where have you been living under a rock? Lol
Thanks CNBC for bringing awareness to the public
John Oliver did a while back, and his videos are free on RUclips. If only people would try to inform themselves better, scammers wouldn’t have those chances of taking advantage of them.
@@CyrilJapand his was more indepth
Awareness? I'm not even American and I've known these are a clear scam since I was a kid just via American culture/movies/news etc. How are people so stupid??
I've never gone deep into knowing about timeshares business; but I already heard that timeshares turned bad long time ago.
CNBC is kind of too late to talk about this. 😅
South Park did a hilarious episode called "Asspen" back in 2002 that brought "awareness" - ruclips.net/video/lKxex_ZPXWU/видео.html 😄
TOP TIP for dealing with High Pressure Timeshare Sales Presentation:
I brought along a full sized bag of extra crunch potato chips. Every time the presenter got to a dramatic sales pitch part, I started rolling my bag of chips. It was loud.
Then I would stand up and say "My bad." and sit down, because I am English and that's the polite thing to do.
That lasted about 10 minutes then they asked me to step outside.
As I went outside, I passed by the table with the giveaways and I took my two champagne bottles and two envelopes filled with COCO BONGO tickets with me.
That's called WIN - WIN!
Years ago a co-worker mentioned to me that he and his wife had THREE timeshares. My reaction was "good Lord!". He was actually bragging about it. I was dirt poor then but even I knew he was a sucker. About 2 years later he called me trying to pawn one of them off on me. NOPE!
Why hold the exit companies more accountable than the actual time share company? Christ this country is backwards.
hard to defend one scam over another! how do you pick a winner there?
One word: lobbyists.
Can’t talk without blaspheming. Brain surgeon.
I went to a retail store, shockingly, there's ppl wearing their uniform talking about vacation, they are smart, avoiding the word "timeshare" but everything she mentioned sounds like "timeshare", i didn't realized it at first, it sounds wonderful, not expensive at all for the whole trip. But she said meetings, and that's when I want to ask my parents about it since it's vacation for 4. And that's when she said, "why do you need to ask your parents? You're an adults!" That's when I walked. Thank goodness, my parents saved us. We don't even realize that they are timeshare, we walked because they disrespect my decisions and my relationship with my parents. Later, we sat down and pieced everything together, and we realized that they were timeshare.
At any point whatsoever if someone ever tries to stop you from discussing a decision with your family, you know right away it's a scam.
What was the context in which "meetings" was said?
time shares are great if you go to the meeting and then act broke. the free vacation packages they give are legit. just dont buy anything
I have some young friends who recently got married who both work very modest hourly jobs. They are just starting out and don't even have enough money to do much. After they came back from a short trip for their honeymoon, they told us they bought a timeshare so they plan go to Hawaii together. My heart just sunk. I knew right away that they can't afford to loose this money. Money they can't afford to lose will be siphoned out AND they are never going to see Hawaii with this purchase. But it was too late to tell them that now. Very sad how much money will go out the door before they realize it.
This is exactly who they target for timeshares, it's just usually done towards middle/old age for working/middle class people. If anything learning from the sting at a younger age, saving your money & not falling victim again is far better than ploughing your life savings into something & then not having the years/ability to work to recover.
Lose
@@GT1004 fixed.
Easy targets. Broke people who think they can travel to these destinations. So obvious.
I told the sales rep that we have a policy of never making a major commitment until we have slept on it. He stressed that the “special deal” was only available today. My response: “So after I’ve slept on it, if I decide I want to take that deal, I shouldn’t bother calling you?” Of course, he back-pedaled in a hurry.
I’ve been telling people to avoid timeshares since I first heard of them around 1990.
How are people still buying time shares in 2024
For real... I have gone to a few of the presentations for the gift money. I am ashamed to admit that, but I needed the $100 at the time.
A friend of a mine, literally two weeks ago, told me he bought a time share. I didn't know what to say 😬
@@mattr2626 I remember going to Disney in Florida and we went to a presentation just to get free tickets we had no intention on buying or signing up for ANYTHING. The salesman was similar to a used car salesman and was telling us everything to get us on board with their scams LOL we didn't budge and got our free Disney tickets which were worth about $200.00 we had so much fun at Disney for free because of time share scammers, the joke was on them but for real don't sign up for anything those loans are completely bogus.
@@mattr2626I dated a girl few months ago who's parents had timeshares and she argued with me that it's not a scam or a waste of money. She is 25.....and a lawyer
There's a sucker born every minute..
The worst part is if say your elderly dad dies, it gets passed down to your adult kids and you actually have to file a motion in court saying you don't want it. Then it passed to the next of kin. Luckily my elderly grandfather was luckily to sell it off. Practically gave it away for free, but at least it's gone.
I traveled to Barbados with a family friend and this handsome young man approached us offering a free bottle of rum to watch a presentation. I immediately said nope but she wanted to go. Since we promised to stay together while traveling I accompanied her. It was a time share pitch. I got my rum and said no thanks but she was sucked in. I tried to convince her not to do it but she was sucked in. Three years later she was still complaining about how expensive it is and she was struggling to get rid of it. I just don’t get it. As soon as I heard the cost vs reward I knew it was a ripoff. Why can’t others see it?!?!
There are a few simple rules that can help you avoid getting scammed:
1) If something seems too good to be true, it probably is.
2) If something requires you paying random fees up front before getting the service, don’t do it.
3) If someone randomly calls you asking for personal information, any sort of financial commitment, or a favor (especially if promising you’ll be rewarded/it’s to your benefit), don’t do it.
Also, if the price/deal is limited to RIGHT NOW and RIGHT NOW ONLY. They are trying to get you to make a decision without thinking it over fully.
@@Tman2022It is a kind of virtual shortage. Either in time (only today) or in amount (only 100 left). It triggers the same emotions as a catastrophe triggers the urge to buy toilet paper (or guns, if you live in U.S.A). It is based on fear and jealousy. Someone else might get the big deal.
In 1998 I was only a year in this country and not knowing of the bad rep of these places went to a timeshare presentation. I could notice the people that had their balloons popped and celebrated were people in on the business, they were part of the scam. But what it was really scary is that when we tried to leave the place they wouldn't let us leave. It was very scary and people got very confrontational. Never again!
Whoa, they actually tried to prevent you from leaving?
@@deborahblackvideoediting8697 No, they didnt let us leave, we had to fight to be able to leave after being there for a few hours already.Total nightmare
@@laraleon8033 - That's insane! It sounds like they should all be in jail for a multitude of reasons!
Why didn't you call the police?
Funny what people will do to make a dollar right? Can you imagine how bad those sakes people needed the money???
Used to work for a TS exit company and helped dozens of TS owners out of their contract. The yearly maintenance fees go up and average of 4% a year in perpetuity. Almost impossible to get out on your own, but is possible sometimes. If you own one best of luck, but if your thinking of buying one just don't. It's not ownership it's a hotel room you rent for a couple few weeks a year. Beware
My girlfriend just got an early inheritance from her parents. They gave her one of their timeshares. I said, "Your parents really dont like you do they?"
Your girlfriend doesn't have to take ownership of the timeshare, if she doesn't want to. My dad and stepmother had a timeshare that they loved and used every year. They divorced and agreed my dad would keep the timeshare. When he died 4 years later, I called up the timeshare company and they confirmed that because my now ex-stepmother's name was still on the contract, she was the legal owner, not my father's heirs. So I put all of my dad's paperwork regarding the timeshare in the mail and sent it to my ex-stepmother for it to be her problem. If your future in-laws are still the legal owners, your girlfriend can just decline this "gift."
She could decline the acceptance of the timeshare. There is a legal term for this. No one is obligated to accept the inheritance fully.
I bought one in Malta and after 5yrs when I saw an annual increase in the maintenance rates I signed it back over to them. I am so glad I did!
My parents were suckered into a time share. Luckily it only costed 2k to get out of their contract. Could have been much worse. However, the vacation was awesome
They got really lucky, good for them. Money worth paying.
No they didnt get lucky. They were scammed out of thousands of dollars.
@@Whooshta Read my comment again.
@@Whooshtabetter than being sucked into many more thousands for sure!
@@NoIDAvailable Anything can be much worse. It's like being happy someone robbed you and took your wallet at gun point because at least they didn't molest you too.
I feel bad for people who get caught up in timeshares but how did that couple buy a timeshare then a year later buy another one just to find out it’s a scam? Like at that point it’s really on you
Wife and I went to a presentation in the mid 80's. Maintenance $500 per yearxthe 52 weeks is $26,000 for that one unit. 4 unit buildings. I presented the math and asked "How is a new building or ANY building of 4 units going to require $108,000worth of work a year?" They got nasty and kicked us out! Other couples near us got up and left too!
Your math makes no sense. Maintenance is $500 a year so why were you multiplying it by 52 weeks? 😅
Because they are selling the timeshare to 52 suckers. One for each week. With each person owning one week, they all pay $500 a year.@@kimberlyb6522
@@kimberlyb6522only think I can think of is that the place is booked for the 52 weeks already. Isn’t that how it works, everyone that’s bought in has a week of the year to use it?
@@kimberlyb6522because 500 was his share. His share was one week out of 52. He assumed that all the weeks would be signed with similar fees which end up being 26K per unit. Given that the building had four units (probably rooms), you'd have 4 x 26K = 104K.
@@kimberlyb6522It's called alliteration, it makes language more COLORFUL!!
The evil of time share agents is that they ask for “the names of friends” who might be interested. Two jackasses kept putting my name down. I kept getting calls from all these time share companies! But they would say that they would keep calling until I phoned them back. I had my friends call the time shares to tell them to stop calling me but by that time I was getting calls and emails from other firms ! I guess they sold my name as “an interested party.” Now whenever I am on vacation I put these two jackasses names on the list and say keep calling I am away a lot but super interested!
I’m banned from going to timeshares. They gave good prizes/food/sometimes cash..and was fun touring. I actually found them fun to attend, knowing I was going to say no. Been to at least 10.
We have done about 4 or 5 of them, knowing it is a full rip off and we are just taking the free stuff to attend. But the tricky part is how to get out at the end. What I learned is that once the 90 minutes is over, you just repeat this over and over, "Even if this was free, I'm not interested."
It sounds like a lot of people who can barely afford to live where they are now are out there buying a portion of a hotel/condo/apt elsewhere. The industry has its problem, but so does the customers.
This. Yup
That's corporate America for you... they talk about capitalism... what about consumer rights n protection... this would never fly in Europe
I agree. It’s not even a private space. It’s a hotel, basically. Thousands of others have occupied that room.
The people who fall for scams like timeshares are the same ones criticizing the way you spend your money. That’s why I don’t listen to anybody’s “financial advice”.
Timeshares are the biggest scam out there. The government needs to do more to go after this companies. This is the only business where once you sign a contract you are trapped forever.
Whenever I traveled to a beach resort in Mexico, I’ve had Salespeople to have breakfast and get free souvenirs and recreational discounts. I’ve always declined. However, a few years ago, my partner and I decided to attend one. It was just the two of us, the Salesman and his manager. They tried everything on us that you could think of, but I never gave in. I told them that I don’t let others manage my money, and they could not find a way to counter that with an answer that would make me doubt for just a second. We up got, left their office and enjoyed our vacay with no regrets. Don’t forget, you’re in control, not them!
I was 12, in 1981 and my parents went to one of these time share meetings oh my when my parents, said "No" oh boy they pulled out the big guns, and we're going to give them so many freebies, it was ridiculous they still said no and wanted the free jackets, they offered to come to this meeting, that day opened my eye's to these types of deals and how shady these companies are.
That was a great education. 👍🏼
In the 80s I told my aunt not to bother with a time share but she didn't listen and within 2-4 years she was complaining about it. I never found out if she did get out.
My parents bought one of these and oddly love it. Theirs is west gate at a place in Florida, they go every year for probably 20 years now. They seem to think it’s great still, their maintenance is $1200 a year but they get a villa for a week which i guess they think would cost more on its own. All i know is, i am prepared to file the proper paperwork when this eventually get passed down to me to make sure it doesn’t get attached to me. I dont have the heart to tell them, they think they are passing down something valuable to me.
Timeshares are not inherited. So the timeshare company can't dump their fees on you when your parents die. The timeshare just disappears.
Increased maintenance fees, limited time and places to go and hard to get out of is all I need to know.
Everything about timeshares is scummy.
Also, don't forget that you could also get pulled into "update" meetings where they'll try to get you to upgrade your timeshare (i.e. take on a new loan).
I once signed up to win a free car at a shopping mall. I got a response email telling me to attend an hour long presentation and I could get $250 worth of free gifts. Well, they tried for over 2 hours to sell me a timeshare that would have put me $24,000 in debt. They were relentless, but I did not budge. I only wanted my free gifts!! On the way out, I got some of the nastiest looks, because I didn't cave. Got home and looked up the gifts I could choose and they were utter trash. The thing that bothered me the most was that other people in the room were being scammed. If I had the boldness then that I have today, I would have warned them.
The people who "buy" are usually paid employees
My mom when she was older had string of timeshares with consecutive slots at a single resort in Mexico, from November to March. Every two weeks she would pack up her stuff and move up or down a few floors or down the hall. She could afford it and loved the weather the location and the staff. She said it was like assisted living but with great weather and better service lol! But obviously for the average person using them the way it usually ends up, it’s a scam.
P.S. She got some of them pretty cheap because it was an older resort and she bought “used” when they didn’t have as many years left.
Love this. We're doing this now why wait for retirement? My family of four has been living in timeshares full time since June of last year. Everyday I can't believe that we're spending less than "traditional" living and have no obligations for maintenance no lawn care, no repairs, minimal cleaning. I know the system so I often times stay at places for a few hundred per week whereas if I owned that week usually points my cost would be double or about 1k
At presentations some companies have used 'plants' . These are well dressed people who casually get close to you to let you know how overjoyed they have been with their timeshare in the past, so much so that they are now buying another one for their children , or some such nonsense like that. These planted actors are on the payroll like the rest of the staff.
No different than watching a three card monte game and watching people win. There's only one smart response to ANY timeshare pitch: ***RUN*** !!!
@@dontbanmebrodontbanme5403 right same idea
Used to call them "shills" in the day of snake oil sold out of the back of a covered wagon
Gotta admire them though, they are the best salesmen on the planet.
@@angiepatterson6338 I don't think so. The very concept of planning vacations and begging for more points for special dates is for the lowlife ignorant trash people. They just do what they are told to do, high pressure, guilt trip, wear you down. I am ashamed I used to go just to get the freebies.
The fact that the government acted against the 'exit' companies but not actual time share companies says it all
I sometimes attend timeshare presentations to receive discounts on tickets and hotels. I immediately tell the sales reps why I'm there, that there is less than 0% chance that I will purchase a timeshare, and that it's gonna be a very frustrating x hour(s) for them, which can either be spent getting to know each other or them hearing me say "no" in a variety of ways. Their choice.
I don’t understand. Why would you pay 30K plus maintenance fees instead of just saving a few thousand bucks and going on vacation? Can someone explain why anyone would do this?
The concept is that you would like own your own beach condo or vacation ski condo or whatever, but you can't afford it. It is also selling the difference between the concept of real estate ownership vs rentals. That is part of the presentation. You don't live at your vacation condo that you purchase full time, so you are buying a lifetimes worth of vacation by purchasing a small share of a vacation real estate but pay only a small fraction of the ownership costs because you will only be using it for only one or two weeks a year. The idea was that it is like purchasing 1/52 of a vacation condo. That is why it is "timeshare". BUT the people selling these have turned it into a huge scam based on people's wants, dreams and desires.
Too trusting, lack of critical thought, emotionally tied to the idea of owning something despite it being more like renting
@@harryharry970 Yes, but it is also scummy sales people/ time share companies that straight out lie to their customers knowing that once the money crosses the table, there is no accountability.
Yes, it's the perceived idea of ownership of an asset vs renting (hotel stay). Irony is when you see people who only rent where they live because they can't afford to buy a home, so it gives them some emotional fulfillment that they have ownership of some kind elsewhere. Although in reality of course it's nothing of the kind.
@@harryharry970 It's actually even worse than renting. In renting, you don't pay maintenance fees and you walk away from it after the rental agreement is over.
I never knew anything specific about timeshares but I always knew immediately that it was shady. Anything where a sales person has to convince a normal person to buy something very expensive is typically a scam.
100%. Always been amaazed at how others don't come to the same conclusion as soon as they hear 'timeshare'....I'm not even American & I've known that since my teens. Then again you guys generally love complicated sales/prymid structures.
@d.b.cooper1 tbh it’s always the older people who fall for scams easily. They are extremely preyed upon and most scams target older folks. Young folks are not as susceptible to scams
@@TheGreatWasian_ Typically they're older yes but ngl going through comments & many people in this video, they aren't that old. Especially when you consider how widely known it's been that timeshares are risky/bad for many years, even someone who is now 60 in 2023 ought to have been young/mnetally astute enough over the past 1/2 decades to at least do basic research. Young folk seem to be as stupid as ever
@@d.b.cooper1 You don't know anything about Americans, only what you see on tv and movies.
@@WillieFungo I know who your current & last president was. That says it all mate. P.s. I have been to the USA twice & done the route 66. Heck I'm probably more well travelled than most American on their own turf
When someone pushes you to sign that day, you should know that means this is a bad deal.
I have the opposite story. I bought a timeshare for $1 on ebay. Beachfront in a beautiful location that I loved going to yearly. But because of other owners not paying dues the timeshare was dissolved. So instead of being stuck in a timeshare that I didnt want I had it taken away from me when I did want it.
Ocean Isle Beach, NC.
What did the annual maint. fees cost?
I'm not a huge fan of governmental intervention in private business, but yes, laws and regulations are badly needed in this industry because corporate greed is unbelievably high in these companies. The only people that like or love timeshares are those who are able to use it on someone else's dime.
This is an example of exactly how effective and important laws and regulations are. Nearly all large companies will do things like this if they're allowed to. Standard housing used to have rent-to-own schemes that were under-regulated and had very similar results. It was regulations that largely stopped that
corporate greed ?
surely it’s the people attending the sales events ?
the family in the film who purchased two time
shares ?
there is the greed.
greedy for holidays ?
Say no to government regulations and yes to freedom 😐
@@TaldanZero And that's only the tip of the iceberg. Before laws and regulations, banks could prevent you from paying off a loan earlier to avoid interest. Companies could pay in in scrip instead of real currency, fire you if you got sick, and force you to sign anti-compete contracts. Landlords could enter your home at any time, increase rent without notice and refuse to disclose unsafe hazards like mold or lead paint. Be very wary of people who want to roll back government regulations. They are likely not acting in your interest at all.
@@TaldanZeroi argue we need less laws and regulations. We need to be able to wait outside their work and for them to come to the car
I thought everyone knew that time shares are not an investment, and will cost a lot more than just paying for a vacation every year.
These are one of the oldest scams out there. It boggles me how people still get suckered into them. 🤦🏻♂️
There was a time when almost everyone I knew jumped into a timeshare, my husband and I said no thanks, dont want to share a home. We saw this as a bad investment in the 90’s. So glad we stayed away, instead we bought a lovely condo in a ski area and use it as much as our permanent home. Don’t know which is the permanent home any longer since we use both constantly, only 3 hrs driving between.
during the presentation of timeshare they show all the new luxury properties, the reality is when it comes to actually book a property, all of them are fully booked for the next 2 years or cant be booked. Only properties in the less desirable location are available. On top of that, the annual fees keep getting more expensive.
If they are all fully booked, it means some timeshare owners are getting reservations. Usually the ones finding no availability are the ones that aren't booking when the reservation windows first open up. With timeshare, you have to be a planner and plan early. Otherwise you are out of luck.
More likley booked by the fools who keep buying more and more points. That's another shady time share tactic... just buy more points to get your desired resort! Easy peasy, it's only money right?! Unfortunately, I can't book a vacation 2 years out.
The first time i heard about time shares, i realized i had common sense. My sister who got sucked into one told me about these places she can “ freely vacation”. When i asked if it was truly free, how come ahe still needs to pay for it now and then. Take note, even when she has not used it for say a year. 😑. I told her if i want to vacation somewhere, i can look for nearby hotels and book the days i will be needing a place to stay. That simple. I pay only for the days i actually use. Common sense. That point system whatever has all the hallmarks of a scam.
It used to be the annual maintenance fee was 600 or more. You van get a nice hotel. Oh, that was on top of 8000.
Oh, right now, you cannot find 8000 timeshare or 600 annual maintenance fees. It cost more. I heard the money is a lot that you can book global cruise for 6 months with balconies, so why buy timeshare?
Precisely because it lets them obscure what you are getting.
Just went to a Wyndham timeshare on Jan 9th in Hawaii. It's basically like buying a car, but with points. For $41,000 I would get like 240,000 points. I kinda fidgeted abit, so they half it, only $20,000 & half the points. Still was not comfortable, so it went down to $10,000 with even less points. Plus monthly maintenance fees, which was like $300-400/month, not per year. Glad I didn't buy it.
In Southeast BC Canada, I was at a time-share promo event decades ago (at c.30; I'm 67 now.) It seemed so positive - but still rather moth-&-flame dangerous. I steered clear, thank goodness.
I once went to the presentation of this business and my first thought was "this is insane." My friend invited me to sign up but I told her "this totally doesn't make sense to pay huge lumpsum for entrance fee + annual fee for a discount travel package which is uncertain if we can travel during a year."
I thought it was scam only applicable in my country, but seem like it is also in other countries.
I think there needs to be more laws on timeshares. There should be laws banning making false claims at sales presentations, that steps to cancel ownership and membership be specified in the contract and be doable more easily, be required to disclose that there is zero resale value, disclose how many points are needed for bookings more accurately both during peak and off-peak dates, and that the total buy-in costs, loan costs, and maintenance fees be disclosed to the person in big print. Heirs should also be able to not inherit or immediately terminate a timeshare contract when its owner dies.
Let the buyer beware.
No laws need to be made. If people are dumb enough to sign up for this, they deserve it.
My family was offered a free tour bus ride around Vegas in 2014 only to find out that it was a ride to a timeshare office. The $40 deposit would not be returned unless you stayed for the entire 3h session. Fortunately, my parents saw the scam for what it was and refused to sign any paperwork! That experience has completely turned me away from timeshares.
This is embarrassing, but I was suckered into a timeshare about 20 years ago. I knew to stay away from timeshares, but their presentation never, ever mentioned that they were selling a timeshare.
This was during the most stressful time of my life when I went to the presentation after signing up for a car raffle at the local mall. They said they'd give me a free trip to I can't remember where and all I had to go was see the presentation here in town.
The way everything was presented, it was nothing like a timeshare at all. My mom had just passed away, I had moved my father with me due to his dementia and Parkinson's disease. My youngest brother had severe developmental and neurological disorder, and I was his temporary guardian after my mother died.
I was still working full-time and had stopped my MBA program due to these family issues. I was halfway through getting my MBA at the time. I also had my third child at home as the other children had grown and moved on. Also, at that time, I had been divorced for about 14 years, at that time, and had a major car accident on the freeway a year before I had the newest responsibilities, so it was just me handling all these things, plus fighting some legal battles against a family member who was trying to steal the family home after my mother died.
As you can imagine, I was exhausted and needed to figure out a way to get some rest by using my work vacation time, PTO, to sleep in a hotel room in a town that was 40 minutes away from my house. I was doing this every once in a while (I'd do this while my father was in senior daycare and I'd hire someone to pick him up and watch him until I returned from work.
When I saw the presentation, I didn't want to go to any fancy destinations or anywhere far from home. I wanted to go to two destinations close to home. The other location I wanted to go to was a one-hour drive to that town. I didn't know how long I'd be caring for my father and being guardian for my younger brother (my brother had a state-sponsored caregiver at the caregiver's home, but I had to monitor the finances, his care, go to meetings about him regarding all the care he was receiving---speech professionals, my brother's daycare facility personnel, medical personnel, etc.).
I, clearly, asked the people talking to me after the presentation if they had the two locations available that I only wanted to go to the two locations. I wanted to only go when I had time off work every once in a while for a full day (one day a week or so) in order to get the rest that I needed.
They also didn't explain that the maintenance fee was monthly and made it seem like you only paid that fee during the day you actually used the rooms (I figured it would be a $20 fee for the day or week you stay). I said it over and over again which locations I needed to go to since I needed to be home on the same day, at the same time as I would normally be home after work. I gave the names of the locations and they kept saying that they did have places in those areas.
It wasn't until I signed and paid everything off that I realized it was a timeshare since they gave me two extra booklets about other destinations I could go to if I wanted to pay for more points. I knew that timeshares were not something I wanted to sign up for, but I figured I'd go home (I was tired and hungry) and go over the original booklet where they had the locations that I, specifically, said that this was the only reason I would sign up for this program.
When I finally had the time the next day to go over the first booklet, it didn't list the two locations I begged and pleaded that they truly had claimed they had, I couldn't find the locations. So, I called the company that day (one day after purchasing the timeshare).
The company representative told me that they didn't have those locations at all and never did. I was flabbergasted (yes, they are free to lie about their company under any circumstances). I told them that the only reason I signed up was for these two locations because I was taking care of my father at my home, working full-time, taking care of my daughter, and being a guardian for my disabled brother. They didn't care and told me that they had locations in nearby states (they had nothing in my state, except for one town that is a ski town a ridiculous amount of hours away) and that I could go there.
I was at a loss. I then found out that the maintenance fee was $600 a month. At the time, my home was $900 a month and even though I did have the money to pay the timeshare in cash at that time (I won the case against the relative to get the family home and used my percentage of the share to get the timeshare in cash), I only did this because I'm a good saver and don't like to get in any debt or pay any interest on loans. I had nowhere to turn, and at least one friend of mine, at the time, went to one of the resorts for one week and paid the $600 maintenance fee since he was heading to that location anyway. But I was desperate to get rid of my timeshare and found a company that took it off my hands for 10% of what I paid for it. Like I said, I was living on few hours of sleep, a lot of stress, and no help from anyone with my difficulties, so I was the perfect target for this major scam.
Good lord
@@jacknasty6940and I did knot read that PRESENTATION
My head hurts. Excuse are like as$holes, this comment is full of them.
I’m going to a timeshare group meeting
I’ll read this when i get back
“Attend this presentation for a free vacation” feels like the Amway guys who want to “tell me about their business.”
The phrase, “there’s a sucker born every minute” comes to mind watching this.
Who the hell doesn’t already know timeshares are a scam in 2023!?! Did these people never see Glen Gary Glen Ross?
Yes specially of the couple, that bought 2 timeshare. One in 2022 and another in 2023.
Be kind. Not everyone can be like you. And it’s Glengarry Glen Ross, by David Mamet which, even in movie form, not a lot of people have seen. Sheesh.
I knew time shares were a scam back in the 90's while living in Orlando, Florida. Back then if you sat through an all day 8 hour presentation you were fed delicious food, had gourmet snacks and drinks and was given a free hotel stay and day pass to any theme park. Several years ago a had 2 female co-workers who had vacationed in Florida come back and boldly proclaim they had time shares and begin trying to sell us on the idea. I sorta chuckled and said God bless y'all.
I owned a timeshare. It was basically free and came with three extra banked weeks. However, because it was on the Florida coast every year the fees went up do to storm damage repairs. When I looked at the cost of the fees, plane fare, rental car, etc. It cost a couple of thousand just to get to the front door. I was cheaper to go on an all-inclusive vacation to a different location every year than to keep going to the same place in Florida every year. There was no loan on it so I stopped paying the annual fee.
It's 2024 and the timeshare industry is booming. P.T. Barnum nailed it, "there is a sucker born every minute".
Go figure
"I love my $200/night vacation so much, let me pay $50,000 for it!"
Are we NOW just getting to realize this?! this has been the way of these since what, the late 70's!
I sold mine 8 years ago. Never thought I'd get out if it.. Never again. Far too many secret costs and they bug you at the time you are using the time share to buy more time.. No privacy.
Bro we’ve owned DVC for 6 years now . Worth every penny. It has saved me thousands
I bought a timeshare. The next day I send a letter to cancel the contract. Best decision of my life to cancel it.
And then everyone clapped.
Bought a time share in Vegas when I was a teen in 2007. They reported to the credit bureau that I didn't pay the maintenance fee of $120.00. When I was getting ready to buy a house in 2015, my loan officer asked, "what did you do in Vegas? Rip off a mini bar and not pay?". Scary part about this is, it's 2024 and the time share is still sending me bills for yearly maintenance fees with threats to report again.
The maintenance fees are never ending so you’re still responsible for paying them
You're on the hook for those maintenance fees for LIFE. Perhaps you should read and understand what you are signing ....
Back in the 1990s and 2000s I am almost got into one of these in the Northeast. Thankfully, I never went into it and the company pushing these timeshares to people by 2008 when the financial crisis was going in full mode, went out of business and bankrupt. I am glad a lot is coming out about this. Like the medical industry and insurance industry, real estate industry I heard has a very powerful lobbying group in DC to throw money around and influence regulations which I feel are laxed right now which is why were seeing high prices in everything from homes, to rents, to this and HOAs. I am not blaming just one party, but both parties with a R and D either turning the other way and taking the money, or taking the money and sitting on some of the boards. At least now people are being aware of this and being a bit more informed on the issue and downsides.
The entire industry needs to be heavily regulated, if not abolished. The fact this scam has been left to go on for so long is mind boggling to me.
I purchased a fixed week in the Poconos in 1988 for $9,900. Maintenance has increased from
So sad to see the people affected by these ambiguous contracts. I will never get a timeshare ✋
i had an MIT girlfriend who worked at Intel making extrenely good money in the 00's and she was still stupid enough to get caught up in that. makes you realize how little those ivy league degrees really mean.
@@dr_flunkscan’t teach common sense I guess 🤷♂️
Joining and making a timeshare reservation shouldn't be any more difficult than making a hotel reservation. Wait a minute..... why not just make a hotel reservation in the area you want to vacation in? Reserve a room for 5 days and just pay for 5 days. Amazing concept! 🤔
IF it wasn't for the maintenance fees, which are a total scam, timeshares could be a good idea for someone who likes to visit the same area all the time.
Judging from the insane amount of ads I hear on the radio about them, it sounds like a lot of people aren't happy about thier timeshares.
And are ripe to be robbed yet again, this time by a timeshare exit company! 😂
@@dontbanmebrodontbanme5403😂
No its not worth. One of the worst decision we ever made. Just save your money for your trip.
You can get lots of hotel rooms for a fraction of the cost.
You outlay the purchase amount and then pay your yearly fees which is what the holiday would have cost you.
Some older timeshare complexes give you the timeshare and all you have to pay is the yearly fee.
I remember 35 years ago I liked at timeshares, back then a beachfront 2 bedroom apartment was $200k, but as a timeshare they were being sold for $10k plus so a$500k property for the developer. Plus your weekly fee $600 would cost $30k per year also for the developer. A real money maker for the developer.
I always thought that the concept of timeshare was so dumb like I might as well save my money for vacation and get a nice hotel in the meantime than spend all my money on a timeshare where most of the time I'm not even vacationing.
I went to one of these presentations in Cancun for free breakfast and excursion tickets. During the presentation, the salesman used many sales tactics to try to get us to buy. The free breakfast also makes you feel obligated to give them back something. However, we were not willing to "invest" 30k into it. Then they started lowering the price. We stayed firm and told them we were not interested. They even have someone follow you if you want to use the restroom during the presentation. There was no Wifi or connection to do a google search and we never had heard of these vacation packages before. They sold it as an investment saying that we can invest in this new hotel being built and we can vacation there any time when the building was finished. After they realized they were not going to get any money from us, they let us go and we got our tickets we were promised. The table next to us was not so lucky, they signed the deal. Timeshares are a scam that preys on the financially illiterate.
Good job of sharing your time to get the breakfast and tour
I couldn't do it, even for breakfast and free tickets. I get angry and lose my cool if I say 'No' to them and they keep pushing me to sign.
Yup. Same thing happened to us in Jaimaca. Had someone take us to breakfast. The presentation was a slick salesman from Boston. So much pressure. After I told them I wanted some time to think about it and asked them if I can take the info with me so I can do some research, the salesman turned cold and said no I can take that info out of the room. He literally went from super nice to chilling cold. Thats all I needed to know. They didn’t care about me, all he wanted was to take my 32k
And they claim it’s a tax deduction for investment property. As if they know anything about United States taxes.
Bought mine for 5k in florida
Paid in full
Pay 800 a year in maintenance fees and get 2 weeks a year anywhere in the world.
Ive had it for 20 years
Its great!!!
Lucky you! We bought one in Kissimmee, FL for $13K. Had $600 maintenance fee. Paid it in full and in several years we had to pay a maintenance fee of over $1K, plus there was another bill for they were doing major upgrades. Basically the fee got to $1300. We said enough is enough and just stopped paying. Haven't paid them in years now. They exhausted every option to get the money. I told them that if they wish, they can take my fully paid timeshare back or never call me again. They haven't called for about 4 years now! 😂😂😂 My credit is back to normal now.
We went into a presentation for Orlando - started at $48,000 plus and ended - after 4 hours - $5000. We have never seen the unit. Never stayed at our "home" location. $1000 + a year for maintenance fees and then they get you if you cannot get any time you want at a specific location - upgrade for $150 like 10 times a year so we do not lose the weeks. We have not used timeshare for 5 years - $7000 paid. Every time we try to come to Florida in cold months, all sold out and this is one of the largest timeshare companies. Cannot get Hawaii or any place tropical fab unless you book and pay years in advance. We are in timeshare prison. Hubby still thinks it is a great deal when we can use it :(
Anyone who buys a product or investment that 85% of their owners hate have themselves to blame.
While that's obviously true, the sellers of timeshares are preying on ignorance. Our response shouldn't be, wow, you're really dumb. It should be, wait, why does the US allow for such predatory practices?
If there was a car where 85% of the owners regretted buying, then why would you buy it?