Escape Timeshare

Lately, there has been a surge of companies offering ‘vacation club’ discounts in the hopes of convincing the timeshare market to purchase pricey club membership access with various perks.

As these ‘clubs’ are not technically timeshares, they sometimes skirt or avoid laws put in place to protect consumers from being scammed.

For example, CNN is reporting that one vacation club would offer new members a discount coupon to Red Lobster and encourage them to use it.   Once used, they’d void their right to a refund on their $7500 membership purchase.

This illustrates yet again why buyers should fully research things prior to spending thousands on anything.

In addition to the countless other reasons not to purchase a timeshare at a presentation, we’ve been alerted to something new.  Apparently, purchasing a timeshare at a presentation completely negates your ownership right to whatever gift you’re to be given for attending.

If you decide to cancel the timeshare purchase during your right of rescission (generally within 5 days), you must pay the resort back for the retail cost of the freebie.  If you get the freebie and do not buy however, you will be held to no such provision.

In plain English, the main reason for attending the presentation is given up if you decide to purchase.  Of course in the excitement of the happy salesman bringing out the champagne the buyer rarely reads contractual fine print, but this may serve as a good excuse not to buy in the first place.  Tell the salesman you’re concerned about the provision that obligates you to pay for the freebie if you cancel, and say you’d prefer to take your gift now, and may consider buying at a later time.

Of course, if you’ve already bought - the cost of the freebie should not stop you from cancelling your purchase.  $100 is a lot less than a wasted $4,000+.

Always carefully consider the WEEK and LOCATION on the timeshare you plan to buy.  Whether buying new or used, you must be on the watch that you don’t get misled into purchasing at the wrong resort.  One common issue arises when non-locals purchase a timeshare only to find it’s either very far from where they thought it was or worse yet, on an off week.

It can be quite frustrating to buy a week at a resort you plan to ski at only to later learn that ski season ends before your week arrives.

We’re big fans of pointing potential buyers of timeshares to eBay.  Most are surprised that timeshares sell for so little through auctions.  Some get suspicious that the low price is indicative of eBay offering useless timeshares unlike the ones sold via resorts for much more.

While timeshares are rarely an economical purchase, most of the timeshares offered on eBay are the exact same as the ones offered for thousands more through resorts.

Arty writes:

We purchased a great 3 bedroom unit in Orlando,Florida as a floating week lock-off timeshare oneBay about 5 years ago and a decent 1 Bedroom timeshare unit in Arkansas with points last year.

We used an auction sniper to make a last second bid and won both auctions for a good deal less than we’d expected to pay, we got these units for less than our maximum bid so that felt good.we that we sniped in.

We were able to choose our own closing service for the timeshare purchase and went with one we were familiar with in order to buy the Orlando property.

The Arkansas purchase required that we use the seller specified closing service agency, but the fees for that and further information was prominently displayed on the auction listing so we knew exactly what we were going to pay on both, and were able to decide what to bid accordingly.

We’re glad eBay worked for you Arty, and it’s good to see that you knew exactly what you were getting into and what you’d pay before buying, a luxury which, due to high pressure sales tactics, timeshare buyers frequently do not enjoy.

Mark writes us on his experience with timeshare presentations:

Timeshare hounds nearly got me twice, in the small space of 7 days.  Fool me once, shame on them right?  Fool me twice shame on me.  They really work you, and the second timeshare presentation often goes worse than the first.  They break you down.

Fortunately for me, I managed to rescind both timeshares and receive a full refund in time.  I saw the light, and strongly recommend that others BUY TIMESHARES RESALE!

I like the advice you give about always researching a timeshare no matter where you buy it.  Simple research revealed that both timeshares I nearly bought sold for less than 10% what I paid for them.To make a long story shorter; after my narrow escape from retail timeshares, I’ve researched and purchased two prime-time weeks, one following another, on eBay from a wonderful resort ( via separate auctions) for about 3% of the scandalous sum the sheisters tried to scam me into spending on their timeshare.

We’re glad you pulled out alive, and with your wallet somewhat intact.  Researching prior to buying a timeshare, even a seeming deal on ebay is key to making good purchases.

I was young and got suckered into a timeshare as well. I still have it, 20 years later. I believe I paid about $12,000 for a 1 Bedroom condo in Vail, CO - and that was back in 1988 when $12,000 was a lot of money. I ended up paying it off early, so I own it now, for what that’s worth.

$12,000! For the opportunity to essentially rent a single room in Vail. Let me guess, you didn’t even get a winter week.


Why anyone would purchase a timeshare in a ski region during a non-skiing week is beyond me. And even if you are getting a winter week, $12,000 is far too expensive when one considers the yearly ‘maintenance fees’ exceed the going rental rate.

Even if one has their heart set on staying in a particular location, it’s worth pointing out that most locations will offer rooms at only $99/night during late winter. Currently Christie Lodge is offering April rooms at a heavy discount. Don’t believe what salesmen tell you about the cost per night to stay in their lodges. Timeshares at retail price will never save you money.

One final thought, don’t forget that you can always rent timeshares on the secondary market. Currently a quick look on the Avon Craigslist yields the following ad:

Timeshare at Christy Lodge available to rent the week of August 30-September 6, 2008 (labor Day week-end). Sleeps 4 with full kitchen facilites. $400 for full week.

$400 vs ($12000 + recurring maintenance fees of at least $400 + other fees + the interest that could have been earned on $12,000)… suckered indeed.