Author Topic: Timeshare Presentation!  (Read 7551 times)

Quark

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Timeshare Presentation!
« on: May 12, 2014, 07:57:55 AM »
I went to one this weekend for the free vacation. I had to suppress a laugh when they showed me the price at the end.

It seemed reasonable at first to think if I spend $2000/yr on vacations (a super spendy year, that!) then over 20 years I'd spend $40k, and save money with a timeshare costing *only* $15k. And no inflation! But wait! $75/mo maintenance=$1000/yr x 20 yrs = an extra $20k!

It looks enticing when you take the tour but afterwards I realized that spending 1 wk/yr lounging around a resort (even with my choice of 13 of them!) sounds like a really horrible boring vacation. Most of my vacs are weekend trips to nearby cities and state parks. I'm planning a trip to Scotland later this year and the idea of spending $1k on a plane ticket is making me hyperventilate a little.

I used to mystery shop a lot so it was pretty easy to nod and smile and agree and then say NOPE under pressure :)

geekette

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Re: Timeshare Presentation!
« Reply #1 on: May 12, 2014, 10:13:35 AM »
And that maintenance fee probably won't stay that low either...  My parents bought one, probably 30 years ago, when the rules for exchanges were quite loose.  Their cheap off season week got them many, many larger units all over the country, plus last minute $99/week trips on occasion.  They took friends and family and enjoyed the heck out of lots of vacations, exploring the country with a nice home base.

Now, however, it's hard to exchange, and you can't GIVE the darn thing away.  I wish they'd bought one of the 20 year expiring ones that seem prevalent now.  Instead, I'm afraid one of us kids will be stuck with it when they're both gone.

 

HairyUpperLip

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Re: Timeshare Presentation!
« Reply #2 on: May 12, 2014, 10:32:28 AM »
Did you get anything for attending?


Spudd

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Re: Timeshare Presentation!
« Reply #3 on: May 12, 2014, 12:08:49 PM »
Geekette - if none of you kids wants the timeshare, can you ask your folks to leave it to the timeshare company in their will?

geekette

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Re: Timeshare Presentation!
« Reply #4 on: May 12, 2014, 12:14:21 PM »
Geekette - if none of you kids wants the timeshare, can you ask your folks to leave it to the timeshare company in their will?
Interesting idea!  I called Mom (Dad's been gone a decade now), and she laughed.  Who knows, it might work!

No Name Guy

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Re: Timeshare Presentation!
« Reply #5 on: May 12, 2014, 12:23:17 PM »
Geekette - if none of you kids wants the timeshare, can you ask your folks to leave it to the timeshare company in their will?
Interesting idea!  I called Mom (Dad's been gone a decade now), and she laughed.  Who knows, it might work!

Your state laws may vary.....
Here in Washington, a person can disclaim an inheritance.  Google "disclaim an inheritance". 

You never have to be "stuck" with something from an estate.

TreeTired

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Re: Timeshare Presentation!
« Reply #6 on: May 12, 2014, 12:26:29 PM »
Biggest mistake I made in my life, buying that timeshare.

Let me rephrase that -   Buying a timeshare was the biggest mistake of my life.

Don't do it.    I know you aren't planning to do it,  but if anyone is even thinking about buying a timeshare,  don't do it.

I couldn't sell mine,  and then I couldn't give it away!!  Could not donate it to a charity because it's worth was negative,  representing the present value of my endless obligation to pay ever increasing maintenance fees. 

I have abandoned it,  stopped paying maintenance fees, but still get bills.  Maybe they will make a claim against my estate.

Don't do it!!

Quark

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Re: Timeshare Presentation!
« Reply #7 on: May 12, 2014, 01:00:55 PM »
@HairyUpperLip I got a 3 day, 2 night vacation in a most likely wonderfully seedy hotel to a city of my choice (from a list) with included airfare. I'm sure I"ll be reporting on the lovely hurdles they will most likely make me jump through to take that vacation :)

Alternatively I could take a cruise for several days without airfare (actually  I think the mother's day promo includes airfare). I've never been on a cruise but they sound boring.

Also a daypass to the resort so I can go swimming, do archery, tennis, shuffleboard, pay arcade & snack bar. That's really all the amenities. I can't imagine spending a whole week there! As you can tell I'm not the type of person to vacation by lounging around doing "activities".

Also a free stay in Hawaii, or Jamaica, but I would have to pay for airfare LOL. Those are not cheap places to fly to. Ahhh I remember in 2007 I flew round trip to Hawaii for only $600.

When I signed up I also got some free passes to standup comedy (big city so these will actually be fun) and some coupons (to help me spend more money!) down at the boardwalk.
« Last Edit: May 12, 2014, 01:06:13 PM by Quark »

HairyUpperLip

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Re: Timeshare Presentation!
« Reply #8 on: May 12, 2014, 01:07:18 PM »
@HairyUpperLip I got a 3 day, 2 night vacation in a most likely wonderfully seedy hotel to a city of my choice (from a list) with included airfare. I'm sure I"ll be reporting on the lovely hurdles they will most likely make me jump through to take that vacation :)

Alternatively I could take a cruise for several days without airfare (actually  I think the mother's day promo includes airfare). I've never been on a cruise but they sound boring.

Also a daypass to the resort so I can go swimming, do archery, tennis, shuffleboard, pay arcade & snack bar. That's really all the amenities. I can't imagine spending a whole week there! As you can tell I'm not the type of person to vacation by lounging around doing "activities".

Also a free stay in Hawaii, or Jamaica, but I would have to pay for airfare LOL. Those are not cheap places to fly to. Ahhh I remember in 2007 I flew round trip to Hawaii for only $600.

When I signed up I also got some free passes to standup comedy (big city so these will actually be fun) and some coupons (to help me spend more money!) down at the boardwalk.

please do keep us updated. I've been tempted to attend these b/s events just for the sake of taking their free things. But of course, I never do because honestly I just never feel like even dealing with them.

lhamo

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Re: Timeshare Presentation!
« Reply #9 on: May 12, 2014, 03:39:32 PM »
When we were in grad school my DH and I got a free weekend trip to Reno by sitting through a timeshare presentation.  It was actually kind of fun.  We made a firm promise to each other that we would not sign ANYTHING at the presentation.  We were there for the free trip and nothing else.  The sales tactics are impressive.  As we kept saying "Very nice but it isn't in our budget right now" (we were Ramsian before we knew about Dave Ramsey) the lower level person would eventually walk away and the next person up in the chain would come along to keep trying the pitch with a different angle.  I think we were there about 3-4 hours and went through 5 or 6 people before they finally let us go, voucher for free trip in hand.  I think the deal was we could have gotten an extra day or two in Reno if we agreed to go to ANOTHER presentation there, but by that time we were tired of it so we took the short trip. 

randymarsh

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Re: Timeshare Presentation!
« Reply #10 on: May 12, 2014, 05:31:31 PM »
Fun fact for anyone who goes to one of these presentations for a free trip: When you go in the first room, there will likely be people who sign up right then and there. They just can't pass up this amazing deal! Don't you want to join them?!?

They're probably actors and planted there to entice you to buy.

Cassie

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Re: Timeshare Presentation!
« Reply #11 on: May 12, 2014, 05:42:47 PM »
WE bought 3 at tax sales so did not pay  a ton for them but ended up not using them and the maintenance fees kept going up. So I put one on ebay & sold it for $500.00.  The other 2 I sold for $1.00.  I did all the transfer paperwork myself so that made it cheap.

Primm

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Re: Timeshare Presentation!
« Reply #12 on: May 12, 2014, 06:05:33 PM »
Husband and I went to a timeshare presentation a few years (actually probably 10...) ago. It was hosted by and located at the timeshare, and we got two nights accommodation, free meals, free bottle of wine and childcare for the sprogs while the presentation was on. And breakfast too, from memory.

Seems the new timeshare presentations ask you to sit through first and then jump through lots of hoops in order to get the "prize". Pity, ours was a really nice, REALLY cheap weekend away. And yeah, saying no at the end wasn't a problem.

libertarian4321

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Re: Timeshare Presentation!
« Reply #13 on: May 13, 2014, 04:13:42 AM »
We used to occasionally go to these things for a pair of San Antonio Spurs tickets (or whatever).  I always made it perfectly clear that I had no interest in the stuff they were shoveling.  Just give me my damned tickets and everyone walks away happy.  They usually gave us the hard sell anyway, and I did my best to be polite and not snicker at them.

Dr.Vibrissae

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Re: Timeshare Presentation!
« Reply #14 on: May 13, 2014, 07:12:36 AM »
We've gone to a couple of these too.  The trips were nice, but they required you sit through another hour long presentation at the end of the visit.  The first trip we ran into a family also taking advantage of a cheap vacation who laughed with us afterwards, and agreed that there was no way they'd commit to buy.  The second trip, I got mad and left after the first two people tried to hard sell me, first they gave me someBS story about spending time with their disabled granddaughter (and somehow the timeshare was the best thing they did to ensure that?) and then they pulled my credit without asking, and came back bewildered at how I could say i couldn't afford it when I had such a high credit rating.  I told them it was because I didn't buy things I couldn't afford, and when they went to get the next higher person, we left.

It was a fun trip, but I'm just not sure it's worth the hassle. I have friends who used to regularly go on free cruises by attending presentations (we lived near a resort area/port), so I guess it depends on your tolerance for BS.

Mustache Fatty

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Re: Timeshare Presentation!
« Reply #15 on: May 13, 2014, 07:56:16 AM »
Fun fact for anyone who goes to one of these presentations for a free trip: When you go in the first room, there will likely be people who sign up right then and there. They just can't pass up this amazing deal! Don't you want to join them?!?

They're probably actors and planted there to entice you to buy.

I thought those people were the ones who wanted to get their free stuff quickly by signing up and then once they got home quietly exercised their right of rescission!

Quark

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Re: Timeshare Presentation!
« Reply #16 on: May 13, 2014, 08:36:30 AM »
It would be nice to get the free trip first, but then they have more opportunities to pester you! I only had to endure a 90 min tour and the hard sell was like 20 min.

rockstache

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Re: Timeshare Presentation!
« Reply #17 on: May 13, 2014, 09:42:37 AM »
  Instead, I'm afraid one of us kids will be stuck with it when they're both gone.

My husband and I recently had his parents take us off the deed to theirs (they had added him as a part owner, along with their other two sons). It was really awkward to talk to them about it because they are just so excited about their investment, but we stuck to our guns and they removed his name. I sleep so much better at night knowing we won't have to deal with it.
« Last Edit: November 14, 2016, 10:54:18 AM by rockstache »

Gen Y Finance Journey

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Re: Timeshare Presentation!
« Reply #18 on: May 13, 2014, 09:43:42 AM »
My mother-in-law gifted my husband and me the use of her timeshare points for our honeymoon, and we were so worried we'd have to sit through hours-long presentations on our honeymoon. We were so thrilled when we arrived and the front desk person told us the resort had changed ownership and there wouldn't be any timeshare presentations!

I don't really know the details of how her program works, but she pays some yearly or monthly membership fee that gives her access to a huge network of resorts around the world. I have no idea what the membership fees are, but there were so many transactional fees to book the timeshare that I have to believe however good of a deal it may seem to be based on the membership fees, the transactional fees completely ruin it.

Hunny156

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Re: Timeshare Presentation!
« Reply #19 on: May 13, 2014, 10:41:22 AM »
My mother-in-law gifted my husband and me the use of her timeshare points for our honeymoon, and we were so worried we'd have to sit through hours-long presentations on our honeymoon. We were so thrilled when we arrived and the front desk person told us the resort had changed ownership and there wouldn't be any timeshare presentations!

I don't really know the details of how her program works, but she pays some yearly or monthly membership fee that gives her access to a huge network of resorts around the world. I have no idea what the membership fees are, but there were so many transactional fees to book the timeshare that I have to believe however good of a deal it may seem to be based on the membership fees, the transactional fees completely ruin it.

I've done extensive research on timeshares, b/c I was interested in those very few gems that don't cost much on the resale market, trade up to great resorts, have super low maintenance, and can be easily liquidated once you are done.  South African resorts and some California resorts that looked like motels were the ones to get, from what I learned.  So you could drop $3-5K on a red week, have maintenance of $350/year, and it was deeded.  Not horrible, but who wants to go to the same place year in and year out?  So, you have to trade.  There are two networks that you use to trade, each w/their own annual membership fee, followed by a trade fee, and if you want to bank your week or gift your week, then there are fees for that too.  I've never found one that makes sense to me - I always find great deals online for travel, and they usually beat what the annual costs would be for even the perfect timeshare.

Oh, and then I watched as Marriott's Hilton Head resort was sold, instantly devaluing the timeshare value.  Then came the points programs, which makes it even easier for timeshares to dilute the value of the points.  So many opportunities to get screwed, over and over!  No thanks...

Gen Y Finance Journey

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Re: Timeshare Presentation!
« Reply #20 on: May 13, 2014, 02:53:55 PM »
I've never found one that makes sense to me - I always find great deals online for travel, and they usually beat what the annual costs would be for even the perfect timeshare.

Oh, and then I watched as Marriott's Hilton Head resort was sold, instantly devaluing the timeshare value.  Then came the points programs, which makes it even easier for timeshares to dilute the value of the points.  So many opportunities to get screwed, over and over!  No thanks...

These are the primary reasons I have no interest in timeshares.

1) I don't want to be tied to a specific program when I can instead research every individual trip I go on and find the best deals on my own.

2) The details seem so convoluted and confusing that it's got to be so easy for the company to screw you over without you realizing it until it's too late to back out.

These are the exact same reasons I have no interest in my sister-in-law's "discount" travel MLM company. Wait a minute... I think I'm seeing a trend here with my in-laws... :)

Tyler

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Re: Timeshare Presentation!
« Reply #21 on: May 13, 2014, 03:21:16 PM »
Seems the new timeshare presentations ask you to sit through first and then jump through lots of hoops in order to get the "prize".

My brother has a good system for the timeshare racket in Vegas.  They usually offer show tickets in exchange for an hour or so.  He straight-up asks for $200 (minimum) in cash up front.  Some refuse, but he's had a few takers. 

BTW, anyone even slightly considering a timeshare should watch the movie The Queen of Versailles.  It's on Netflix.  Aside from the obvious anti-Mustachian laughs, it also offers an interesting & depressing peek behind the timeshare curtain.