Are Timeshares a Scam | Investment Fail
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- Опубликовано: 10 окт 2020
- Are timeshares a scam? In this video we share the truth about timeshares and our experience with Starpoint resort group. If you have ever listened to a timeshare sales pitch, then this video will resonate with you. If you have never been involved with one, then this video will prepare your for it.
Watch this video to find out how we bought a timeshare and what we had to do to get out of it!
#timeshares #getoutofatimeshare
Instagram: @rlfpowercouple
Facebook: @rlfpowercouple
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My wife and I have sat through a timeshare presentation in Orlando every year since 2010 (except for two COVID summers). We haven't bought one yet. We have never solicited a presentation to get the free gifts, however that's the only reason we do it. I'm good when it comes to crunching numbers in Excel. I go 100% by the numbers. So when we're asked why aren't we buying or what will it take us to buy, I simply say that the math doesn't add up to this being a better value than if I just stayed a paid full price. I call this Pay-as-I-Stay. They have never been able to show me where I went wrong in my calculations. On the last one we sat through I said "I'll buy right now on the spot if you can show me where my math is flawed." They couldn't do it. Timeshares are major, legalized, SCAMS.
Yes. A major scam!
I agree they are total scammers!!! Many of us have fallen for the “sweet lies” that they tell!! Is there any way I can see the numbers in excel just so I could see visually what it is. If you feel uncomfortable with sharing no worries at all. I was just curious to see exactly what you mean.
@@boymom4ever408 I'll post something in a few days. Be on the look out for it.
@@boymom4ever408 See what I just posted today. If you have any questions just ask (reply) and I'll get around to it.
I just don’t understand how it can be legal
I attended and they wanted $70,000 for it. They wanted $6000 on the spot then monthly fee of $500 plus $2000 maintenance. Holy cow - that doesn’t include your air fare, car rental etc. for that amount you can fly business class and stay at a 5 star hotel with car rental for much less.
Exactly!
This was a good reinforcement for me, I never believed in timeshares. Thanks guys 🤗
Our pleasure!
Just went through a timeshare presentation yesterday. It was a stressful situation, glad we were able to walk out without committing to anything.
Great job getting through without committing. They are so good at what they do.
You guys are great!! And genius for reading the complete contract!! There is a 5 day right of rescission in Nevada for timeshare. The recommended way to rescind is by writing a simple letter with both names and the contract #, and sending it certified mail - return receipt requested. They cannot refuse the rescission. The day you MAIL it is the day that counts. This is for the people who have already left the vacation spot. Each state has different times periods for rescission. The rules are in your contract. Congratulations again, and the best of luck to you.
Thank you so much!
How long did you get you refund after sending the notice?
For my wife and I timeshares are fun. We go for the freebies and we already know they are worthless. I also sold real estate , and understand that if you purchase, you will pay for and own nothing. Lastly they are contracts in perpetuity. Meaning a bond or other security with no fixed maturity date.
The chemistry you guys have together is awesome, I have heard tons of stories about them but I never had a timeshare. Looking forward to more of your real estate and finance content. new sub!
Thanks!
My hubby & I went to the speech tour so we would get a free boat trip on our honeymoon in Aruba. They said it would only be an hour, it ended up being almost 3 and we did not get the timeshare...thank goodness...we did get the boat trip, which was really nice. We kept talking about it every now and then and we're so glad we didn't. We would be paying for something monthly that we would never use. Sorry you guys got it. We all have financial mistakes and that's where you learn and you can help others with your story I really enjoyed this video. Really nice job guys!
Thank you so much for watching. Glad you at least got something out of it!
Thank you so much for telling your story! I love that you guys were brave enough to get out of it then.Glad you can laugh about it now.
I love the chemistry you guys have together. It's so dope to see. I have heard stories like this from some of my friends who are in the Real Estate business. It's a crazy world out there. Looking forward to where your journey takes you.
Glad you enjoyed it!
SO glad you both got out of it!! Those people really know how to market and intimidate you into buying one!
Thank you!
OMG. I can relate. I went for the lecture at Mexico while on vac too. it was a long one. Yes they are so trained in the job. Thanks for sharing guys. I enjoyed. Good advice guys.
Exactly!!
I know exactly how you are feeling on this. I worked for a company and we had to send some guests over to timeshare and one day i stayed on the line and listened. No way! Not for me! Nothing is free! They always get people with that. When i stopped working for the company they sent me info on it. (Employees couldn't join). I kindly told them no thanks lol. Great informative content.
Oh wow. That's so crazy but its true nothing is ever truly free!
Great video guys,
Timeshares target young couples like you,.. today's young couples want to be the TALK at their families BBQ gatherings by saying "We own a Timeshare" and now they are the talk of the BBQ... Stay far far away from these dumb purchases as they are the worst thing you can get involved in...you won't be able to even GIVE it away later.. you will darken your future by buying this crap..
Greetings from Santiago de Chile 🇨🇱
Great that you guys understand it now and got out of it! Great video will def be back to watch more!
Awesome! Thank you!
Such an informative video! Thank you for sharing, definitely some great key points! I have heard of some really successful time share stories but never heard of any bad ones! Great to be able to learn from your experience! Looking forward to seeing more videos!!
You're so welcome! Thanks for watching!
Hahah loved seeing your little guys. But you guys are not the only one who got timeshares! Had to talk my parents out of one!
Thanks! The boys could not give us a break 🤣. I’m glad you stepped in to help your parents.
Haha the kids are too cute!! Adorable! Let me just say I love both y'all energy!! Y'all looks so beautiful together! 🤗
Thank you so much 🤗
Love you guys! You make me smile :) timeshares ohhhh nooooo! I went to a timeshare presentation for a free weekend in a hotel in orlando 😂 they tried soooooooo hard to get me to buy. Big no no! You're in it for life!!
Oh no! Glad you didn’t fall for it
Yeah a lot of people don’t know you can cancel within a certain amount of time. I know someone who has a timeshare but could completely afford to do it and they still use it often and they still say they wouldn’t have done it. They said just get the free stuff and say no thank you lol
I really like both of your attitudes. Great video and I’m glad you read and was able to get out of that contract.
I had never heard of timeshare before this. Thank you for this. I keep learning on this channel.
Awesome...We hope to keep sharing valuable and helpful topics. Thanks!
Oh goodness the sales people at timeshare presentations are relentless! We almost bought a timeshare a few years ago in Myrtle beach! When they break down the numbers is when we started to get us:) -Britt
So glad they didn’t get you! it’s so hard and expensive to get out of them!
Congratulations on cancelling your timeshare in time. A lot of people are having nightmares with their timeshares.
Thank you!
Awww your little men are the cutest.😍 This story tho! Ann ahn.lol intimidation at its finest.. goodnessss. Thanks for sharing ur experience👌
😂 serious intimidation. Thanks for watching!
In a few days I will read over what I’m about to write and will probably have to edit a few things for clarity. So with that said, here I go.
When sitting at these timeshare presentations you must keep in mind that they are masters of misleading information and sometimes just out-right liars. Never forget that.
There are a few things you need to know when crunching and comparing the numbers to see if buying a timeshare is worth buying verse just paying full price for the time you want to stay.
1. The price of a regular stay (without owning a timeshare).
2. The price per point (most timeshares are on the point system now).
3. How many points you need to buy for an equivalent stay (as in #1 above)
4. The interest rate they charge you to finance the purchase.
5. The maintenance cost (***this is where they get you the most).
So lets gather the data:
#1: Last year I took my family to Orlando and we stayed at Marriott resort (July 12th - July 19th). We stayed at the Grande Vista in a two-bedroom villa. The total cost with taxes was $1,879.
#2: Last year the price per point was $15.18.
#3: To stay where I stayed for seven nights it will take 2,900 points.
#4: They were going to charge me 12.99% to finance this.
#5: The maintenance cost was $0.61 per point.
We now have everything we need to crunch the numbers and compare. However, I did not include other fees and dues that they will charge you.
During the sells presentation they will say that the regular price goes up about 3% a year. This is not true. Their prices have been pretty flat for the past ten years. However, let’s just say that the price goes up 3% a year. Starting with a full price of $1,879 for the first year, on the 10th year the same room would cost $2,446. Over the 10 years you would have paid $21,541 total.
To get this exact same room type during the same time of the years it will cost you 2,900 points. The points cost $15.18 so that’s $44,022. This doesn’t seem to bad but wait, there’s more. You finance that for a ten year period at 12.99% you will have paid $75,791. But wait, there’s more. The maintenance cost is 61 cents per point and you have 2,900 points. That comes out to be $1,769/year, times ten years equal $17,690. Add it all up: $75,791 + 17,690 = $93,481 over a ten year period.
Pay-as-I-stay = $21,541 over a ten-year period.
Buy it = $93,481 over a ten-year period.
But wait, there’s more. They tell you that once you have paid off the timeshare it’s yours forever until the second coming and at some point you will break even. This is not true.
Assuming that the maintenance never goes up (fixed at 61 cents/point) and also assuming that the initial cost of pay-as-I-stay was $2,000 and increase 3% /year, I would break even in 40 years. However, the maintenance cost goes up every other year, if not every year. What does this mean? YOU WILL NEVER EVER BREAK EVEN!
Oh wow! Y’all are some gorgeous couple, and it’s really fun watching you both and an interesting topic, here returning the love
Thank you so much 🤗
Thankfully I've never purchased a timeshare. Now I know how to avoid it! At all costs 😂😂😂
You have a beautiful family 💕
Thank you so much!
OHHH NOOO Time Share😬😬!! Hehe well done on getting it cancelled guys, it can really be a burden getting out of it, my parents are still stuck! Love the channel, Liked and Subscribed!!
Oh no! Hopefully they didn’t sign up for the forever one that could get passed down to you! Thank you so much for watching. Checking out your channel as well
I love your guys videos so much!!! I watch them almost every day :)
Thanks!
Such a beautiful family! Wonderful channel!
Thank you so much!
This what Nigerians call 419, now I know this in every where, you must shine your eyes , thanks your hubby was able to read every thing out , thanks for sharing and I hope this helps some one out there to be careful as you did
So true
They are really trained people and good at their job. You have a very beautiful family
Thank you!
I wish this would go viral so more people would know not to get into time shares.
👍
Omg such an informative video. lol I’ve always wondered about those time shares
Lol we figured it was worth sharing!
I have been there! They really lay it on thick painting pictures of family vacations. I do think there are very narrow circumstances where a timeshare can make sense but you can buy them on resale for much less!
Very true! Haven’t really thought about buying them on resale but with the amount of people trying to get out of them it will definitely be much less.
Great video.
You were smart to read everything and getting out right away.
Yes it saved us thousands of dollars. So many people we know had to get lawyers!
At 9:10 that was an excellent strategy. I was loving that.
After you pay it off and Maintenance fees should have couple year limits and choice to renew not trap a person for ever.
Tell them If its such a good deal..lets see you sign up now on the spot..
Your chemistry together is amazing!! The timeshare sales folks are so convincing lol thankfully they haven’t caught us yet Lolest Hahahaha read the fine-print rotfl 😂
Thank you!
Thank goodness you read that contract! :)
We are grateful for that everyday!
Your story was so funny, glad you were able to get out of it.
Great video!! Hilarious 😂
Thanks for sharing this important information, beautiful family you got there
Thanks so much
Every time my wife and I go, we get off when the salesman gets mad because we know they trying to screw us up.
bruh! YOU ARE KILLING ME WITH THIS VIDEO!!!!
EVERY single thing you said, happened to me.
and this was in DEC 2022...
in VEGAS.
same company.
they broke down numbers and it seemed like a good deal...
was trying to build my credit...
but fvck it.
now trying to get out.
Hey guys 🤗 omg I never heard of timeshare 😀 thanks for sharing 🙌
Thanks for watching!
Thanks for the info I was able to cancel ours and get a refund
My boyfriend and I almost got roped in vegas. We signed the contract and we were fine but I read the contract and reviewed the company on BBB and the reviews were horrid! Canceled and got a recession confirmation. I can't wait till I get approached by another rep when I go to Vegas again I'm going to scream HELL NO!
😂😂😂
Glad your hubby was fine with you and your boyfriend buying a timeshare 😂
Ya, happened to us too. But the african in my husband quickly turned on 😂.
Definitely can’t carry last lol
You guys are smart!
This is powerful insight for me!!!!
So glad you got out of that it would have been a huge mistake!
You guys really talk about intersting topics. Is your sons name astronaunt? I heard that.🤗never heard of timeshare so thank you about enlightening me on this. Yes will take your advices run away lol
You guys are really helping people.
He was an astronaut for the day 😂😂😂. Thanks for watching!
@@RLFPowerCouple 😅🤣you are welc
That happen to me years ago I had to act very ugly for them to let us go!
Kudos! Worth aggressively getting out 🤣
Must be nice. Gurllll, they tried us too, we fell for it and had to get a lawyer to release us from such bondage lol.
Omg. I can’t even begin to imagine how horrible that must have been!
Thanks you guys
good sharing 👍👍👍👍
Thank you! Cheers!
Yall funny! I am glad you guys went back and got those leeches off of you. Timeshares are scams!
Man he was really good! They definitely got y'all 🤣 that's crazy
Still can't believe we fell for it.
That’s a trigger for me that’s how they loss my business of they’re yelling
Yes that yelling drove us crazy!!!
i went to a timeshare presentation once because they offered a free 2 night stay in one of their vegas hotels, if u attended the presentation, with 'no strings attached'. when i read the hotel voucher, it said CANNOT BE USED ON WEEKENDS
Omg that sounds about right. They lock you in with a voucher that you can never use!
if it needs to be sold to u, its not worth buying
Exactly!
They take advantage of nice people ... They Live ...
I agree. Timeshare is not a good real estate investment .
👍
Great content. I have an unpaid off Sheraton Vistianna timeshare and I’m ready to cancel. Not sure where to start if I should take a hard hit or hire a lawyer?
This is mind blowing for me. Never heard about this before 😅. Probably the guy who sold you secretly has 4 kids 😂.
Haha! We wouldn't be surprised!
@ 7:06 i laughed so damn hard lol
i did a lot of bad negotiations in my life, but timeshare was by far the worse one. they lied like we don't have tomorrow. Oh my god.
I sent letter, the never responded. We called they never answer. Now they just sent me a letter asking me to pay the maintenance fee. the sells lady told me that will be no charge for 2 years. we got last year, and they already sent me a letter about fee.
Why they allow this kind scam exist?
Buy a fixed timeshare, not points!!! I've been an owner at Disney Vacations Club and Westgate!....points with Disney are great and there is always availability EVEN within 15 days of deciding to take a spontaneous vacation.
We have s fixed week at Westgate for every July and it's amazing!!!! Yes, the same room, the same view, amazing.
Stay away from Wyndham 😭😭😭
This is great to know! I am sure you get the value for what you pay for. Basically if it sounds too good to be true it’s probably a scam.
I was looking at a “deeded” timeshare in Las Vegas. They told me I can rent it out to anyone for a $289-389 a week at any of the RCI properties. I was planning on giving it to my long term clients.
Can someone point out their scam for me so I understand better?
The total of the bank owned timeshare was $11k to pay off remaining amount and take it over. $1600 deposit to start.
Village vacation resorts was the company selling me partner with RCI
Per my comment...
Timeshares can be bought for pennies on the dollar in the secondary market.
eBay, TUG, and Red Week.
Tons packages that sold for $15,000 to $80,000 directly from the developer (Marriott, Wyndham, etc), are available for $1 to $2000
...and most go unsold.
Even150,000 point/1 week packages for $1, for example remain unsold.
@@rodolfolasparri I canceled mine in the 5 day window they didn’t tell me about. Thank God I figured out.
@@TunedinTony Excellent. Glad it worked out for you.
Timeshare can be a good fit only if:
1 - One gets it for free/$1, or at most buys for under 5 cents on the dollar on the secondary market
AND
2 - The maintenance fees make sense.
Even one buys a timeshare for $1, with a "small" monthly maintenance fee of $100
..that still equates to the need to justify $1200 per year in costs for example.
These people would say anything to make that connection of trust. Everything that comes out of their mouth is a lie.
You are absolutely right.
I wonder if the salesmen were screaming as loud as the lady in this video.
She has beautiful cheekbones .
Thank you!
👀💯🚀✨💯👏👍
Thanks for watching!
timeshares are a legal scam.......i do not know how they are still legal
Power couple? How? if your getting hung up by a timeshare salesman lol... they are one step under used cars salesman. Timeshares have 0 ROI, and reduce operating capital for investment or business opportunities... thats just 2 reasons...
Tip, I go to travel agent for trip information, however I've already researched everything from flights, transfers, accommodations and noted excursions we want to do, ie the coliseum in Rome. Say trip for 2 all in to Rome and Sorrento for 2 weeks is 4000 usd, travel agent says its.going to be 5500, you show them your itinerary and say why so much more? I can do it for cheaper, next thing you know your being upgraded and getting things for free throughout the trip... as they have deals with every single vendor... and your price will.come down significantly we did this on our honeymoon... it was a 3 week tour of Europe not counting spending money or food was roughly 12k we picked all high end hotels, Westin, St Regis, Bellaire, etc. Went to travel agent they quoted us 17k, I showed them my itinerary and said weres the 5k coming from, they said oh let us check what's the best we can do... lss free upgrades to suites in each hotel. Free bottles and welcome baskets in each room, made 2.of the flights free, and each destination our excursions were free... plus to make up the difference we each were issued 200 in travel checks... we paid them 11k... 1000 less than I could do it for plus all those extras... we didn't get a flight upgrade as we declined the one from the airline ad it was only separate seats in first class and we wanted to sit next to each other... only 1 hiccup during the trip, our flight from Munich to Naples our seats were in different sections... but a nice person switched with us... anyway a power couple does the work themselves and sees the fruit.of that labor manifest. Not get conned by high pressure sales tactics.. I can tell you how to get the lowest payment on a car and put 0 money down too lol...
We are definitely aspiring to be a power couple but not quite there yet 😂😂😂. Definitely agree that it is not worth it. We got out as quickly as we could and have learned our lesson.
If they have to push you to buy it, and you have to buy it now, that is the sign of a scam!
Glad you cancelled.
Definitely!
I had a presentation with my wife. Salesman was disrespectful to my wife. After it was over, I hung around and followed guy to his car. I punched him in the gut. While he was on the ground I picked up his head and said "you know who I am, if I see you again, my associate will knock your teeth out". Never did hear from him again.