USA Today article mentions TUG

[libraria99]

http://www.usatoday.com/travel/news...es+(Money+-+Top+Stories)&utm_content=My+Yahoo

 

[TUGBrian]

http://www.usatoday.com/travel/news...es+(Money+-+Top+Stories)&utm_content=My+Yahoo

nice article, a bit annoyed he didnt include a link to TUG as he mentioned he would...after all many if not all of the "interviewees" in his article, are tuggers.

 

[vacationhopeful]

And the Maintenance Fees are "all mine", too.

 

[pgnewarkboy]

No surprises

I am glad they mentioned TUG and thank the OP for pointing the article out. But as far as the content of the article it is just the same old, same old, blah, blah.

Why would the timeshare market be any different from the rest of the economy? People bought timeshares who couldn't afford them in a bad economy. The economy went bad. So the point of the article is what? I bought what I could afford in good or bad times. I enjoy my timeshares immensely and over 12 years of timesharing have had great vacations at great prices.

Timeshare scams? Wow. Whoda Thunk That? Thankfully there were no scams in the residential real estate market.

 

[Egret1986]

Take the time to read the comments

Some very interesting stuff. It's mostly folks bashing those who have bought timeshares or those that currently own timeshares.

I have owned happily since 1984. But by the time I got through reading all of the comments, I was wondering "am I really happy?"

There was one poster who said he was a former timeshare marketing executive. He made the comment that he believed most states had a 30 day recision period. I'm not aware of any states that have a 30 day recision period or that ever have.

There was another poster that paid a postcard company to take the timeshare off his hands and was quite happy with that and suggested it to others.

The folks quoted in the article seemed to be the typical uninformed timeshare buyers (that's how I originally got into timesharing, but thankfully learned to use mine to our advantage from the get-go), either buying from the developer or resale and not putting much thought or effort into it once they paid their money. Paying all that money and yearly maintenance, and then not using it or attempting to rent it.

It is a shame that a link was not provided for TUG or at least more elaboration about TUG. If I wasn't familiar with TUG or been directed to the article and that TUG was menitoned, I might have missed it.

 

[cgeidl]

Glad for TUG

Didn't see the article but would like to. Can you see it without subscribing?. I bought all my TS from anad by seller and HOA luckily except the first one which was Mexican for ten years only for $1000.In our case we have paid $8000 for total purchase and exchanged about 200 weeks so far. We only have one week we own and the rest are from an HOA which gives us the right to use, The previous owners can pay all past maintenance fees and get their unit back.Very doubtful but we are aging and can give back our TS with no problem as they are worth little or negative today.

 

[Egret1986]

Yes, just click on the link in the first post

Didn't see the article but would like to. Can you see it without subscribing?. I bought all my TS from anad by seller and HOA luckily except the first one which was Mexican for ten years only for $1000.In our case we have paid $8000 for total purchase and exchanged about 200 weeks so far. We only have one week we own and the rest are from an HOA which gives us the right to use, The previous owners can pay all past maintenance fees and get their unit back.Very doubtful but we are aging and can give back our TS with no problem as they are worth little or negative today.

I don't subscribe and I was able to view it.

 

[DeniseM]

Just click on the link in the post and a new window should open up.

 

[brigechols]

Very good article. I read quite a few of the comments. Loved the poster looking for someone willing to sell a Hyatt Key West timeshare for $1 :hysterical:

 

[vacationhopeful]

Having been interview by this author, one of his stated goals was "how has the economy changed your vacationing?". He seemed surprised that I liked my timeshares and had not changed my plans due to the economy.

I also asked him if he had ever been on a TS vacation? No. Now, considering he is not an owner and never been a guest at a timeshare, I think he has a good understanding for a newbee - IMO. As he must have talked to a lot of unhappy owners as listed in the article, he did describe their experiences pretty well. Overpaid on purchases, trying to get rid of the timeshares, ongoing MF expenses, frustrations in exchanging and those costs, locked into school schedules.

As some of the experts in using our timeshares, TUGGERS have learned how to make the most out of their ownerships. This is one of the benefits of reading and posting to this forum. The learning curve is longer than most people will expend to do so (longer than an infomerical). No one interview stated that they did any research before spending big $$$; several implied it was an impulse purchase while on vacation.

Yes, it would have been nice it he painted the vacation picture that we mostly enjoy on our timeshare vacations. Maybe he will do a followup article while he takes a TS vacation or visits several of us during our stays at our favorite resorts. But I do think he educated a lot of USAToday readers as the pictures in the newspaper were great hooks to get readers' interest. Wish the TUG website was listed, but that might be against the newspaper's policy.

 

[mwwich]

The article was interesting to read, and for sure there are people who wished they never bought a TS and probably shouldn't have. However, it would have been nice if the author would have brought more balance to the article. On our most recent TS vacation (November at Marriott Ocean Pointe); we met several couples around the pool and had discussions about the soon-to-open Oceana Palms...and found everyone very happy with their Ocean Pointe purchase. Most had bought quite a few years ago and come back year after year. I suspect all these folks bought retail as well, and were still happy with their purchase.

We recently spent two nights in Chicago over the holidays, sharing a 2 bedroom hotel (with Hilton points) with our college age daughters...first time in this room arrangement in years....and never again (I shouldn't say never, probably will again but only out of absolute necessity).....one does get accustomed to a two bedroom TS and the space/comfort it provides...a wife and 2 daughters in one hotel room with one bathroom required us all to be very patient!

 

[SDKath]

I think the two very important things the article pointed out that is a huge and unexpected problem with TS owning is

1) II and exchanging being unreliable, expensive and nowadays almost useless.
2) MFs rising 20%+ (at Starwood at least) every year. Plus those special assessments that come out of the blue at the worst time.

Even the most educated and well intentioned owners can't possibly see this coming. Yes, the TSs are expensive and yes people who can't afford it shouldn't buy it, etc. But the II and MFs issues are not at all obvious unless you talk to a LOT of owners or read TUG religiously. Even then, look at how Starwood completely took away our II exchange benefits practically overnight! Sad.

Katherine

 

[TUGBrian]

Many of you take for granted that you are in the very very small minority of Timeshare owners (or potential owners) who already know whats in the article to be true.

The VAST majority of timeshare owners or new purchasers, will find that article suprising and informative.

 

[Troopers]

IMHO, the article was more about the current economy than the timeshare industry.

People can't pay their TS mortgage now...no surprise!
People can't pay their MF...no surprise!
New sales have decreased...no surprise!
Resale market is flooded...no surprise!

Similar article could have have written about many things.

At least, the article provided useful info about resale scams.

 

[rickandcindy23]

Reading the readers' comments is a hilarious way to spend a few minutes. There is what I believe is a salesperson from Orange Lake, who specifically says he isn't a salesman, touting the Orange Lake points system.

The abusive comments are really unnecessary, too. You cannot even say anything nice about timeshare (I didn't try) because the nasty people just want to call you a moron or a sucker.

 

[Steve]

Really Good Article

Thanks for sharing this with us, Brian...and for your contribution to the article itself. I think it is a really good article. It is well balanced and presents an accurate view of the timeshare industry today. I think the general public will find it both informative and helpful.

Steve

 

[JMAESD84]

"ARDA's Nusbaum says industry woes can be traced largely to developers no longer being able to package mortgage debt as asset-backed securities sold to Wall Street."

Claiming developers having to hold onto the loans they originate (at very high interest rates no less) as the prime source of industry woes is not the root cause of the industries problems.

While I'm sure it is inconvenient for developers to be unable to dump this paper on Wall Street, which ties up more developer capital, the core problem is and still remains not delivering on the vacation value proposition that they claim to sell.

 

[carl2591]

""<<USA TODAY>>Wyndham Worldwide, the largest time-share operator in the USA, saw sales fall 51% in the first nine months of 2009 to $756 million. It has closed some sales offices and cut 4,000 jobs since late 2008.""

I love this line in the story.. "sales fell to $756 MILLION".. tell you there are still a lot of people? out there still FALLing for the wyndham lie.

also mentioned Marriott sells fell to $445 MILLLION during the same period..

guess a lot of people have not, or ,found to late this great site TUG..

too bad they did not put a link to the tug website.

oh well, the WELL of used timeshare will stay full for a while..

 

[pgnewarkboy]

Does the article help or hurt the consumer? If I read this article as a newbie I would NEVER buy any timeshare. That would be the wrong approach. The correct approach is to research, understand the pitfalls and benefits, understand my families eonomic situation and vacation habits,preferences and goals and then make an informed purchase or not. Anybody buying a timeshare should understand the first and primary economic rule of timeshare buying - IT IS NOT AN INVESTMENT. You are buying vacations. When you look at it from that perspective you can begin to make an educated decision.

Will the timeshare industry rebound? I think so. It is a great and profitable business model.

This was a typical scare tactic article that creates alot of heat without much light. It is typical of the entire "journalism" business (IMO it is no longer a profession).

 

[daisy23]

It's interesting that one poster had the thought "am I happy? (with timeshares)" after reading the article. I had that thought too. It seems that bad news, dishing and criticizing, sells newspapers - nothing new there.

It really is two issues - are timeshares fun, worth, etc.? And many of us can answer yes, with great experiences and stories to talk about.

We love the timesharing life, the space in the units, the kitchens, the ability to exchange, etc. And owning them did make us go on vacations, when we were working, that we otherwise wouldn't have done.

The other issue: did I make the best deal, get the best price, etc.? That is harder to respond to for me, if, like us, one came to TUG long after buying our timeshares from developers. It is what is it is, and those choices are done with. We definitely do enjoy the crossover with the points and nights of the hotel/timeshare programs - that works for us.

I'd look at resale now, if I was starting out, for some units - but we have enough.

Interestingly, few of our family or friends are interested in TS even after we tell them about the benefits. I think you have to experience them once or twice to really understand TS, so we do try to have them visit us, or bring them along, on some trips. Spreading the word!

 

[SDKath]

Does the article help or hurt the consumer? If I read this article as a newbie I would NEVER buy any timeshare. That would be the wrong approach. The correct approach is to research, understand the pitfalls and benefits, understand my families eonomic situation and vacation habits,preferences and goals and then make an informed purchase or not. Anybody buying a timeshare should understand the first and primary economic rule of timeshare buying - IT IS NOT AN INVESTMENT. You are buying vacations. When you look at it from that perspective you can begin to make an educated decision.

Will the timeshare industry rebound? I think so. It is a great and profitable business model.

This was a typical scare tactic article that creates alot of heat without much light. It is typical of the entire "journalism" business (IMO it is no longer a profession).

Totally disagree. I think it was an informative article that addressed a lot of issues that non-owners know nothing about. So what that the end was not a happy story? That's reality! Most of us right now are having serious second thoughts about our ownerships anyway and if we could sell for more than a few dollars, we probably would. Katherine

 

[pgnewarkboy]

No second thoughts here

Totally disagree. I think it was an informative article that addressed a lot of issues that non-owners know nothing about. So what that the end was not a happy story? That's reality! Most of us right now are having serious second thoughts about our ownerships anyway and if we could sell for more than a few dollars, we probably would. Katherine

I have no second thoughts at all. I am still extremely happy. I haven't done a survey so couldn't say what most tuggers think. I can say that most of the people who post are actively using their timeshares.

 

[NWL]

Well I certainly did not look too good in the article! I’d like to add a few points to our story that didn’t make it in. First, we are happy with our timeshare, and we never considered “walking away” from our obligation. We bought what we wanted, when we wanted, with the intention of using it every year. We were not hoodwinked in to buying by some sleezy sales person. Our only regret is not being able to predict the future. Had we known DH was going to be laid off, we would have delayed our purchase. DH and I had been looking for a place to be 4 week “snow birds” in the winter. After looking into many options and areas, we decided the timeshare was the best way for us to go, and that the new 2 bedroom deluxe lock-off units were what works best for us. At the time, there were no resales for these types of units. The thought of staying 2 weeks out of 4 in a studio did not work for us. We had cash for the purchase, but we were using our HELOC until the securities matured. By that time, the writing was on the wall for DH. We made the decision to hoard cash and use some of the cash to start our new business and keep paying on the HELOC. It is our only debt. House is paid for, cars are paid for, new business is paid for, and we have no credit card debt. I did look into selling, but since that was not going to work, we decided to make the best of an inconvenient situation. Thanks to the great folks here at TUG, I learned how to rent my lock-offs to help pay MFs, reserve the best weeks, and generally learn how to use our timeshare in a way we had not originally intended.

We will be arriving at our timeshare this coming Sunday for 2 weeks of warmth (we hope!) and sunshine. Our new business is doing very well, and we hope to pay off the HELOC balance within a year. Thank you fellow TUG members for letting me tell the rest of our story!

Cheers!

 

[TUGBrian]

While not TOTALLY suprised by some of the comments, I am suprised at all the high horses that appear to be ridden by the vast majority of the people posting comments in the first place...wow!

 

[pgnewarkboy]

While not TOTALLY suprised by some of the comments, I am suprised at all the high horses that appear to be ridden by the vast majority of the people posting comments in the first place...wow!

I sold my horse to buy a timeshare. I now own a rubber ducky.