timeshares lol! who actually buys these things?

[Master ACiD]

my uncle thats who!

my uncle came down a while ago to visit from minnesota. he want to a timeshare walk through on the promise of a free digital camera.
well he ended up buying a timeshare! i couldn't believe it. this has got to be one of the worst investments you can make besides cocaine.

im not going to delve into exact numbers, but suffice to say that for what he is paying per year for this timeshare which allows him 1 week of use, he could of rented a whole house for a few months for the same price, or a luxurious hotel room. and he would have came out thousands ahead in money.

once i pointed this out he realized his mistake and tried to sell the timeshare back. they offered to buy it back but at 10% of its original cost. lolol. that is worse depreciation than a new car!

so i am helping him to sell it off and cut his losses. from talking with the timeshare people on the phone i get the impression that they are not actually "people" but in fact vultures or hyenas that have learned how to manipulate a phone dial and sound roughly as a human would. there are so many fees and maintenance taxes and penalty charges its ridiculous.

any bitogers have a timeshare? know anyone who does? help them to get out of it and do the world a favour by helping to cut this market down.

 

[XS650]

I have no interest in time shares, but.....

You always hear what a poor investment they are for most people (no argument from me) and how they instantly depreciate to approximately nothing in resale value.

It seems like the way to buy a timeshare if you want one is to buy one of those that are up for resale for pennies on the dollar.

I helped a friend do a web search for timeshare resales and the prices did look good.

 

[Schmoe]

His first mistake, getting involved with high pressure sales with the allure of a free gift. Had the same thing happen to me at Hilton Head S.C., but I was aware. Got 50 dollars out of the deal but wasted an entire afternoon listening to sales pitches. When I wouldn't budge, then they brought out the big guns. You know, the professional manager. He goes on about a good deal it is and then goes for the jugular....wouldn't you like to take your very pretty young wife on a weeks vacation every year down here? I about busted up laughing and took my 50 bucks and walked out.

 

[XS650]

Quote:
I helped a friend do a web search for timeshare resales and the prices did look good.


Replying to myself...Obviously, when dealing with poisonous reptiles(1), be very, very careful.


(1) Applogies to herpetologists and poisonous reptiles everywhere for the comparison to timeshare sales people.

 

[Gary Allan]

Same thing with us at Ocean City, MD somewhere back in 87. The outfit was doing the financing ......at 17.5% interest. Once you got by that laughable item ..there was a $200/year (which is a week) maintenance fee. This was beside the price of the unit/week (I forget the number - but it was out there).

The big shot, when I balked at the interest rate, said, "Well, you're just going to give it to the government anyway.".

I wondered why he thought that I should feel obliged to do him the favor of routing the money through him instead.

edit: We have know a couple or two that actually stayed with the time share thing. They appeared to like it since they got to trade the locations around. Maybe they bought cheap

 

[Pablo]

Quote:
who actually buys these things?


MY MIL, that's who! I tried to talk her out of it. Price wasn't bad as most, and she paid cash on the barrel head, I'll give her that much. She gets two weeks a year. Next year or so, we get to stay there in Hawaii, no charge. (to me other than air fare) It has a kitchen and the works so we don't need to eat out all the time. When she croaks, my wife, her sister and bro get it free and clear, fwiw. I would have taken the cash and bought a Yugo.

 

[VeeDubb]

A few years ago, my wife and I actually got a call about a timeshare offer - 3 nights of beachfront Hilton hotel in Florida and all we have to do is show up for a timeshare presentation. Well, we took it since we were planning to go to florida anyways and thought it would be nice to just tag on another 3 days to our vacation, rooms paid for.

We went to the presentation and the salesman did a hard sell on us. When we wouldn't bite and pointed out what a bad financial deal it was, he got mad at us and told us people like us shouldn't take advantage of time share sales folks who are just trying to make a living!! His argument was that we weren't open at all and were just there to get the free hotel package. That's the first time I've ever been called a vulture by a vulture!!

 

[Pablo]

Quote:
When we wouldn't bite and pointed out what a bad financial deal it was, he got mad at us and told us people like us shouldn't take advantage of time share sales folks who are just trying to make a living!!


That IS hilarious!!!

 

[Tempest]

I wont' touch a time share with a ten foot pole. One time while on a trip with my family I made the mistake of stopping at a "Tourist information center". I was not aware at the time but this really means "Suckers come in for a time share pitch". They offered us a free room if we listened to their spiel the next day, which we HAD to sit through the whole thing, or the room would cost $150 a night. It was late, I was tired and my wife wanted to try it, so I agreed.

Next day comes, we go to the spiel. We have our 2 year old with us and we cannot have him with us during the lying session...I mean sales pitch (which they did not tell us before hand). So we leave him with 2 nice ladies in the clean kids room that is on the premises not far from the wallet inspection area...errr...sales room. Well, about 30 min. into the reaming we hear that our son has thrown up and we cannot complete the pitch so you are stuck with the bill and you have to leave. Everyone vanished except the manager and he couldn't kick our butts out the door fast enough! Total scum bags.

I have also had professional dealings with some time share people and the whole thing is a scam. The owners are very wealthy, and most of what they pitch is bull excrement.

Stay away at all costs!

 

[TooManyWheels]

A friend has a timeshare at a golf resort. For somewhere around $100K he gets nine three-day-weekends a year. He has a golf partner who has either split the price with him, or bought an additional one, not sure which.

I get to guest occasionally and it is a very nice place (when someone else is paying!). Even so they nickel and dime you. For instance they have a nice workout room, but that has a per-use fee if you aren't the member.

 

[JHZR2]

My wife's cousin in law sells Ritz Carlton timeshares in St. Thomas... They are $$$$$$$!

They call it a "lifestyle" to be able to go do it there. We all laugh and she makes $$$. They dont seem to have the ridiculous pitches though. They are too high end, and dont seem to care if folks dont want to buy.

A co-worker has 4 kids and has a timeshare that he can trade all over the place. He likes it because with so many kids and a 2 bedroom unit, he can go on vacation where he wants, for about the same price a year as two hotelrooms at a marginal hotel (after tax, etc.), and because of the ability to cook for themselves, etc., it works out quite well.

For me? no thanks... unless I really can get them for pennies on the dollar!

JMH

 

[javacontour]

Oilbabe has endure a couple of these pitches, one to get some free Seaworld tix in Orlando while waiting for my flight to arrive. (We came on different airlines, cashing in different frequent flyer accounts, LOL)

We both endured one in Branson for two nights stay and a show down there.

Gave up about 2 hours on Sunday morning for the weekend. She had to be there anyway to get her kids from camp, so it was a dual purpose trip.

I could see buying one from someone who wanted to get out at $0.10 to $0.20 on the dollar they paid.

But the interest charges were insane, and you don't really own anything.

So it might be a good deal if you can buy one from someone trying to unload one, but not from the folks who are marketing them "new"

 

[Auto-Union]

I think a lot of people buy these things and never go back...ok, once.

 

[Kestas]

If ANYONE seriously wants or needs a timeshare, there are plenty of used ones out there that can be had for a song. I can see no reason to pay full price for a new one.

 

[Pablo]

Originally Posted By: Kestas
If ANYONE seriously wants or needs a timeshare, there are plenty of used ones out there that can be had for a song. I can see no reason to pay full price for a new one.


MIL bought hers before it was built!

She paid $2X,000 for two weeks a year. But last year she used one of the weeks in Japan and the other in Hawaii. Not sure where in 2008. I guess, if she lives another 10+ years, plus hands it to the living kin when she croaks, over many many years plus inflation.....suddenly it's not that expensive of a place to stay. But what if the area becomes seedy, can the company bail on/change the contract, etc?? I know nothing of this part.

 

[Auto-Union]

We should all plan a BitOG get-together someplece nice like Salt Lake City at one of those timeshares places. We're all stone-cold hard as rock immune to the sales pitch and can probally stare down the best. Everyone can have a fun time and get some payback on the timeshare-ist sales staff.