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Thread: Timeshares

  1. #1
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    Timeshares

    If you have experience with timeshare scams, please share here.

    Thanks!

  2. #2
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    Re: Timeshares

    Quote Originally Posted by SuperUltraJulie View Post
    If you have experience with timeshare scams, please share here.

    Thanks!
    Buy "THe Truth About Money" ** Ric Edelman, or at least thumb through it at the local Borders bookstore. He addresses timeshares there.

    Basically, if you extrapolate the cost for the week's use of the timeshare x 52 weeks, you would pay way, way more than you would for a similar property outright. Basically, it's a scam, and you would be much better off buying a property as an investment and renting it out all year through a company.

  3. #3
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    Re: Timeshares

    Quote Originally Posted by BoxAlarm126 View Post
    Buy "THe Truth About Money" ** Ric Edelman, or at least thumb through it at the local Borders bookstore. He addresses timeshares there.

    Basically, if you extrapolate the cost for the week's use of the timeshare x 52 weeks, you would pay way, way more than you would for a similar property outright. Basically, it's a scam, and you would be much better off buying a property as an investment and renting it out all year through a company.

    I'm not buying anything.

    If anyone here has any experiences with timeshares as a timeshare owner or as a presentation attendee, please share. Thanks.

  4. 07-24-2013, 11:55 AM

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  5. #4
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    Re: Timeshares

    Timeshares are not investments, they are money pits. Automatic annual maintenance fees that keep going up, and barely any resale value, life contracts, etc.
    They are very over-priced and you are locked-in to an ever increasing costly way to vacation.
    The vacation market changes year to year, so being locked-in to a timeshare is financially unsound. Trust me I have experience, as I owned 2 of them. Emotion over logic will lead you to buy one, but please don't feel guilty about saying no to the sales pitch, you will be glad you did.

    Additional advise: Never pay upfront fees to a timeshare re-sale company, no matter what they promise. You will never get anywhere near what you paid for your timeshare, and that is the ugly truth. Most timeshares re-sell for $1,500 or less. So, you are just buying a very expensive 1 week yearly vacation in a nice place place for life. You can do that on your own, you don't need an expensive(Thousands of dollars$$$) life contract to do this.

  6. #5
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    Re: Timeshares

    We have had the dubious pleasure of having a timeshare, which we bought shortly after we got married against my better judgement, and have been paying for it ever since.

    I even tried selling it through some marketing firm, but nothing ever happened except for paying them hundreds of dollars to "market" our timeshare.

    Would really love to get rid of it.

  7. #6
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    Re: Timeshares

    Yeah its really not worth the fees
    Check out the Bamboo Bar When In NJ !

  8. #7
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    Re: Timeshares

    Do you know if the timeshares listed on ebay are scams / rip offs?

  9. #8

    Re: Timeshares

    You may be better off just selling your timeshare yourself in the resale market. You'll never get what you paid for it, but at least you'll get it off your hands.

  10. #9
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    Re: Timeshares

    I went to a "1 hr" demonstration in Cabo San Lucas and it went 4.5 hrs. I ate and drank and got a cool tour but it ate up my whole morning. I got two free jetski rentals for an hour so I guess it was worth it.

  11. #10
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    Re: Timeshares

    Quote Originally Posted by SuperUltraJulie View Post
    If you have experience with timeshare scams, please share here.

    Thanks!
    I have some bad experience of Timeshare Scam in Singapore. I shared it at my blog. If you are from Singapore.
    Last edited by PeggieSue; 06-25-2015 at 05:22 PM.

  12. #11
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    Re: Timeshares

    Timeshare fraud has been around since the timeshare idea was created, but they increase during poor economy. When times are difficult, timeshare owners are stuck with properties they canĀ“t travel to or even afford. Desperate to recoup some money to pay for bills, they can easily become victims to scams artists pretending to be their timeshare salvation who will take upfront fees -as much as five number figures in some cases- but fail to fulfill their promise.

  13. #12
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    Re: Timeshares

    Timeshare do's and DON'Ts!

    Do educate yourself before ever purchasing something no mater what it is! Timeshares require you to THINK and THINK hard about now and later. Know what you will have to part with upfront.

    Presentation: 90 minutes...oh yeah.. The presentation starts AFTER you have had your complementary breakfast, lunch (never had a dinner but maybe???). Be aware that you are being presented with something that you do not NEED!. Its the job of the sales team to make you HAVE TO HAVE. The minimal you will ever come away with at a presentation is some food and knowledge. Gifts for your precious vacation time... well that is your call but if its your first time "off the boat", expect 3 to 4 hours of being informed of what you NEED. You defense is indecisiveness. If you cant commit, they can't make a sale. JUST SAY I DON'T KNOW and ask what time it is. You may think this is crazy and plays into their sales pitch but they can't waste time with you if you "JUST DON'T KNOW!" over and over and over and ... well you get the point. After you hold firm... yes HOLD FIRM and JUST SAY I DON'T KNOW for the gazillionth time, you will be freed from you bondage!

    Proceed past go and collect your gifts sheepishly! (okay maybe not). You might say that this game is so idiodic to play but education about your future purchase (don't bail on me yet!) is invaluable. You see, the timeshare industry is changing all the time to adjust for "free gifters". They know who you are after you come back in a year to the same presentation for you free gifts. You'd think that they are so stupid for falling for your "indecisiveness" a second time around? They know they have you and another newbie salesperson to work you over again and get you to decide that its time this time. Now you know the ropes, its time to get your "Gifts in 90". You still "just cant decide!".. gotta think about it but you won't get the first day incentives...bummer but "indecision" holds you back.. Maybe next time... So you say, enough gifts and education its time to buy? (I'm surely crazy for suggesting this but hear me out please) What it comes down to is are you getting your bang for your buck?

    Now if you decide its time to buy, DO NOT PAY ANYTHING OTHER THAN CLOSING COST and do that with extreme caution. Get the exchange history from the OWNER, ya the one who actually used it. Give them a present for giving you their week for FREE with paying for closing costs. Ya, you think I'm crazy but when its time to sell (err give yours away) you will like the "pay it forward" ideology right? You are committing to taking time off from your daily grind to get away! Do you have the funds to do it? At $60/night in a hotel room with no amenities except free breakfast and small pool, vs $100/night in a one bedroom with resort stuff? Between yearly maintenance fees and exchange fees(should you decide to exchange) what is a vacation worth to you and what you do. If you are wanderers on vacation, do the $60/night. If you stay put for several days in your week, $100/night is well worth it as its home away from home with home amenities like a full kitchen, laundry (you DONT have to use but its nice to have). Maybe you like the effort to go out for breakfast, lunch and dinner 7 days straight or just you would rather a night or two..

    Decide and stick with your decision as it will be one you will have to live with should you ever decide to liquidate and I mean liquidate! Expect to get ZERO return on your purchase unless you are oceanfront at a Marriot/Hilton etc and you aren't getting those for free!. DON'T use a reseller! Give away to your fellow owners at your resort first then try other reputable sites such as TUG.

    Always reevaluate your bang for buck... If you maint fees are starting to climb, maybe now is time to give it up assuming you went for it. Educate yourself by reading all you can so you don't regret you decision later. Timesharing can still be a good thing for now if you know the ropes and hopefully, my experience will help you. I do not work for the industry but hope that no one ever regrets their decision to hold or to buy without educating themselves.

    Buyer beware but informed!

  14. #13
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    Re: Timeshares

    1 hr is 3 hrs. Breakfast is always bagels oj and maybe some fruit. Lame lame lame
    Watch the Mayweather / Pacquiao Fight Online
    Don't pay $100 to your cable company!!!

  15. #14
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    Re: Timeshares

    [COLOR=#515151][FONT=Helvetica]I bought a Mayan Palace timeshare in my early 20s and it was one of theworst financial mistakes I ever made. I never intended to buy it, but I cannotsuckered into going to a presentation to get free show tickets when I was inPuerto Vallarta. The high-pressure sales person convinced me to sign on thedotted line, and I ended up with a timeshare. It was one of the hardest thingsto get rid of, and I lost about $20,000 in the process. It was an expensivelesson learned. Don't fall for this fraudulent resort:
    Last edited by PeggieSue; 07-14-2015 at 03:36 PM.

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