Time shares?

[QuarterMillionMan]

Does anyone have time shares? Has anyone attended one of the time share presentations and received freebies in exchange for 90 minutes of their time? I imagine the high pressure sales tactics might be worse than car salesmen. Anyone happy with their time share? Disappointed?


I've never owned time shares but I was intrigued by some of the freebies that can be had by attending a presentation but afraid of the "high pressure." Can someone share any experiences, good or bad?

[rennigade]

Dont even bother. Your time is more valuable than what they will offer as a "freebie." Especially if you're on vacation...unless your vacation sucks and there's not much to do, then go for it.

[disneysteve]

The only timeshare presentation I would ever recommend anyone attend is Disney Vacation Club. We've done it and it was actually a lot of fun. I would happily do it again.

No, we do not own a timeshare. Why? Because it is a HORRIBLE deal. There are plenty of ways to stay at the timeshare resorts without buying in. We have rented timeshare units numerous times for vacation and we paid less for the rental than an owner would pay for their annual maintenance fee. Even if the rental was more than the annual fee, we wouldn't be locked in to paying it every year and wouldn't have paid thousands upfront to buy in.

I do know people who own timeshares and are happy with them. Most bought them on the resale market and paid $100 or so as opposed to thousands. They still have to pay the annual fee but they like the convenience of having a guaranteed vacation spot each year. Personally, I know how to get the very same vacation spot for less money and not have to go there every year.

On another site, I just had this debate last week. Someone was insisting that the $900 fee they pay every year saves them money. I searched online and found the very same week they travel at the very same resort for $725 as a rental.

Timeshares simply don't make sense financially speaking.

[JoeP]

Beware of the annual fees and fine print regarding transfers and points. You are locked in for life until you sell it, and it is hard to find buyers. It is even difficult to give them away to charities because of the recurring fees.

Many here have had good luck using one as a guest. You can save a lot of money that way, and still have some flexibility over location. We might follow disneysteve's example next time.

Our vacation plans shift year to year, and sometimes we don't even take one. We don't want the pressure of feeling like we "need" to use the timeshare, or otherwise feel like we're losing money. We'd much rather have the flexibility of finding something if and when the vacation opportunity comes up.

[phantom]

My husband and I went to a Wyndham timeshare presentation in exchange for a discounted stay in one of their hotels and a $100 gift card. We thought it was worth our time, and we would do it again. I will say that my husband really likes looking at houses, so he enjoyed the part where they took us around and showed us a few of their properties. Meanwhile, I'm the sort of person who enjoys being contrary, so I had fun disagreeing with the sales person. I really liked when she tried to convince me that I should want to "own my vacation."

The high-pressure sales tactics are pretty easy to resist if you go into the presentation knowing that the secondary market exists. Like DisneySteve says, you can get a timeshare for hundreds instead of thousands that way. Knowing that you'll be able to get a better deal later, makes it pretty easy to walk away from whatever the sales people offer. If you find yourself sold on the idea of owning a timeshare, you can always do more research and take your time making a decision.

[disneysteve]

My husband and I went to a Wyndham timeshare presentation in exchange for a discounted stay in one of their hotels and a $100 gift card. We thought it was worth our time, and we would do it again.

We did attend a Marriott presentation a few years ago. I am a huge fan of Marriott, currently a Gold Elite Rewards member, carry a Marriott Rewards Prestige credit card, etc. It is our go-to hotel chain when we travel.

That said, the timeshare division is a different animal. The guy who took care of us was a moron. He was rude and condescending and failed to listen to much of what we said. We did our best to stay calm and just say no, and explain why we were saying no. When he finally got to the point where it was clear we weren't buying, he all but threw us out. We got the free gift, and that was fine, but I sent a very nasty letter to the corporate office when I got home. Based on our experience, I wouldn't do it again, though I suppose if I wanted to take advantage of a really cheap vacation offer, it would be worth the aggravation.

[disneysteve]

Beware of the annual fees and fine print regarding transfers and points. You are locked in for life until you sell it, and it is hard to find buyers. It is even difficult to give them away to charities because of the recurring fees.

It is nearly impossible to sell a timeshare (except for Disney - all negative comments I make about timeshares do not apply to Disney). You can find them on ebay for 99 cents and they still don't sell. That should tell you all you need to know.

[rennigade]

My in laws were suckered in to buying a timeshare years ago. When they purchased it...it cost north of $10k. They just recently cancelled it since they did not want to continue paying the yearly maintenance fee of around $800...plus other fees incurred by staying at the properties each year. Not to mention it was really difficult and a big headache for them to book a week each year. It was always overbooked...which isnt a secret.

Anyway...the papers are finalized and they no longer own the timeshare. They didnt sell it or recoup any of their money, they gave it back basically...and they were thrilled to have it off their hands.

If you're a spontaneous person who can easily be manipulated...do not go to these presentations. The big problem is most people do not see themselves as easily manipulated when in reality they are. Those are the suckers.

[disneysteve]

My in laws were suckered in to buying a timeshare years ago. When they purchased it...it cost north of $10k. They just recently cancelled it

Anyway...the papers are finalized and they no longer own the timeshare. They didnt sell it or recoup any of their money, they gave it back basically...and they were thrilled to have it off their hands.

They are really, really lucky. Do you know what company it was that just let them out of the contract like that? I'm really surprised to hear that any timeshare company would do that.

[BuckyBadger]

Wow. That's unheard of - I've never known any company that allowed a time share to be "returned" like that.

[rennigade]

They are really, really lucky. Do you know what company it was that just let them out of the contract like that? I'm really surprised to hear that any timeshare company would do that.

I believe it was RCI...and they bought it in Hilton Head. Well it took a lot of phone calls, a lot of yelling from their end. I dont think they had to get a lawyer...but a lawyer from RCI did eventually reach out to my in laws and had his office fax them paperwork so they could sign it and be done with that crap.

Im guessing they called enough and I know they threatened legal action a couple times. They claimed that they were lied to when they bought the timeshare (about the fees, how many days they could use each year, etc)...which may be true, but its the same stuff the majority of people who purchase a timeshare complain about. I would have to think that RCI just didnt want to deal with them anymore and possibly have to deal with whatever legal action could even take place?

Either way...with unlimited access at our fingertips (internet)...it amazes me how people can still be fooled by these outfits.

[rennigade]

Wow. That's unheard of - I've never known any company that allowed a time share to be "returned" like that.

I cant say I ever heard of it either. Thankfully they did take it back. Im pretty sure when the inlaws signed up for it they included their daughter (my wife) to "inherit" it if or when they die. I know the wife never signed anything so we would have never paid their fees or whatever else they tried to pass on to us. Saved us all a headache.

[disneysteve]

I believe it was RCI...and they bought it in Hilton Head. Well it took a lot of phone calls, a lot of yelling from their end. I dont think they had to get a lawyer...but a lawyer from RCI did eventually reach out to my in laws and had his office fax them paperwork so they could sign it and be done with that crap.

Im guessing they called enough and I know they threatened legal action a couple times. They claimed that they were lied to when they bought the timeshare (about the fees, how many days they could use each year, etc)...which may be true, but its the same stuff the majority of people who purchase a timeshare complain about. I would have think that RCI just didnt want to deal with them anymore and possibly have to deal with whatever legal action could even take place?

Either way...with unlimited access at our fingertips (internet)...it amazes me how people can still be fooled by these outfits.

Good for them for fighting their way out.

Buying a timeshare is STUPID! There's no other word for it. There are many beautiful timeshare resorts and you can stay at any one of them without buying in. There are numerous sites that list rentals either through the owner who can't use their time or through a travel company that rents unused units. Rental prices are typically the same or less than the annual fee that the owners pay so why would anyone buy?

[joshuaking]

I have a friend who is stuck with a Diamond Resorts timeshare. When he bought it the maintenance fees were 500/year, and he could easily rent it out for more than that. But within two years the fees were over a thousand dollars, now they are around 1200/year. You can rent the same units for 500/week.

There is no way out. The timeshare company won't take it back, he can't sell it to anyone, he is stuck paying whatever fees the timeshare company decides to charge forever, or he risks ruining his credit.

Stay away from Timeshare.

[JoeP]

Even if we are not talking about timeshares, having ANYTHING that requires a yearly fee, and is difficult to get out, is a Bad Idea. Everyone's financial situation changes over time, and being locked into a perpetual payment commitment is just plain foolish.