[Chuck]

While on vacation, we agreed to listen to a timeshare presentation. In the past, we have listened but never acted. This time we bought but have a 7 day right of recision that expires this Thursday. The "points" thing is kind of confusing and hope somebody can clarify a few questions concerning points, aftermarket value, exchange clubs (RCI vs II). Specifically, do you get the "points" if you purchase in the secondary market. Any general comments about timeshare from owners would be appreciated also.
Thanks....Chuck

 

[Freshwaterman]

Yes, in my experience you do get the points in the secondary market. In the past I have owned a couple of timeshares that I never saw, but I used the points, either combined or seperate, to get the location of my choice. I bought, and sold, both of the timeshares in the secondary market.

In recent years I have not seen a "good deal" in the direct sales market, but I have a few boom boxes, cameras and weekend stays to show for it.

steve

 

[Saltwater Servitude]

My Dad had one for 5 days. Once he sat down and figured out the cost per day of usage of ownership he cancelled pronto.

A woman I know sells them, or did a few years back, in New Braunfels/Canyon Lake. She had great pointers for how to close an emotional sale. They have extensive training in how to confuse/make you sign as part of an impulse buy. To hear her tell of her average day sounded like one step short of a con job.

Did they: 1. Let you look over the financials of the purchase in depth before the purchase? 2. Sit and chat with you about everything and anything until you leaned forward in your seat? 3. Ask you where you'd most like to vacation? 4. Quickly skim over the monthly "maintenance" fee? 5. Do the old white/blue/red routine selling you on how much more you get on each increasing level? 6. Show you the board of other recent purchasers?

FYI, she said they had about a 1 in 3 recission rate. Something to think about.

Then again, I have a good buddy who just got back from his in Puerta Vallarta which he uses two weeks out of the year religiously.

Caveat Emptor.

 

[adpostel]

Just Beware

We bought a timeshare in Conroe that we wanted to have access to year round. It was one of the points systems as well. It was never available for the year round "day use" as they put it, and to top it off, a year after we bought it, the original company sold that particular property to some investors. All of the amenities were gone after that. We ceased paying on something that we couldn't use, and our credit has been hurt since then.

My mom has been asking me to take her Orlando Timeshare over, it is fully paid for, but you have to pay the Taxes and Maintenance fees every year, to the tune of around 900 bucks a year. I am thinking, hell anyone can get a place to stay for a week for 900 bucks? geez, the more I look at one, the more I regret having bought one. And that is coming from someone who's family has owned a timeshare since the early 80's. Just my opinion, since you asked for it.

 

[railman]

Save your money and use that money to take a vacation where and when you want to go.

 

[Argo]

what did the time shares cost you guys? What are the anual fees?

 

[iwant2fish]

almost bought one in vegas a few years back. got out of it due to texas cooling off law like you said. if you really want one do a search on the internet for used timeshares, you will find a ton at a fraction of what you were about to spend. we were about to buy on the premiss that we will go there all the time, been back once. railman hit it right on.

 

[Argo]

I just got one that I am spliting with my mom. 2 weeks in vegas and 4 weeks at any of their other resorts world wide. My maintnance fee is $590 per year. My mom goes to vegas at least 2 times a year, sometimes 4. I usually take 2 vacations a year. It made sense for me, may not be for everyone though, if you cant make it out too often that is.

 

[Sow Trout]

Bad deal!!!

 

[luv2fish]

We sold ours/ canceled at Treasure Island Beach Florida after Toms family had it for 20+ years. We figured out that over time and average, it is cheaper to stay in the fanciest of places. Just my 2cents.

 

[speckledred]

Simply cheaper to use the same money for your vacation at the location of your choice. I have had two emplyees that both purchased and the original seller of the time share sold out and after that time it was almost impossible to book a date and little or no amenities.
These are bad deals as both people bailed on their contracts as they could not resell and it effected their credit.

 

[kenny]

It's now called fractional ownership because time-share had such a bad name.
Pull the plug Chuck.

 

[Dr. Scuba]

Have had a TS on St. Martin for almost 6 years. There are good and bad deals all around. We were given in-depth info on the company and financials which was rare from what we have learned. Maintenance fees are about $250 a year, some places are higher. We looked at the cost averaged over 20 years even though it's a 99 year deal, and for what we paid and the maintenance costs we could not match it for a week on one of the top beaches in the Caribbean in an exclusive resort.
I have heard that RCI sells off TS spaces to secondary travel agencies/companies for a profit, leaving owners who want to trade locations empty handed. We have never had this this happen with II and have done some great trades.
As always, buyer beware....know where you're stepping before you step into something smelly.

 

[Cru]

Why commit to staying in the same place every year or hoping you get a trade? Put the $100 dollars a month into a travel savings account and you can get high-end accomodations whereever you want to go.

 

[TooShallow]

Yep, pull the plug as Kenny said. Railman hit the nail right on the head.

 

[Chuck]

Thanks for all the advice....I have the recision paperwork in front of me as I type this!

I really like the idea of a timeshare but putting the cost to it, especially at my age, leads me to believe I would be far better off buying off the secondary market and giving up the "points" that seem to be the new hook! As I understand it, when you buy a timeshare, you now get points that can be spent any number of ways. These points come with the timeshare you buy from the developer and allows you to trade up or down, accumulate points by banking them and getting better location on a trade, more weeks in a less desirable location or a bigger unit for vacation. I believe they did not start using the point system until a few years ago...if you bought before then, you were strictly on a week for week trade with the more desirable units being much harder to trade for. My biggest question is, if I buy a timeshare on the aftermarket, do I get the points?
We have tenatively purchased a one week unit that has 15,500 Interval Internation (II) points that can be used at any of the other II properties. However, the units I have found on the secondary market at this same resort are half the price but do not say anything about points. THis leads me to believe if the original owner purchased the TS when points were not a part of the deal, he has no point to sell or give and the unit only comes with the week for week trade possibilities. And I understand that the points are not equal nor transferable amongst the various exchange clubs such as II, RCI, SHell, Marriot, Starwood, etc.

I can buy two weeks on the aftermarket in the same resort in Hawaii without points for the same price as I can buy the one week from the deveoloper with points. I am beginning to think that would be the best and not worry about the points. Does any of this make sense?