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Getting out of Bluegreen purchase

GrayFal

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We have owned more than seven weeks (hard to keep track of timeframe), but that's how many we owned when I started liquidating. Up until 2005, we used 6 weeks a year ourselves.

Then . . . natural life changes everyone goes through.

In 2008, after several years where we were not using them, I began liquidating. I had jettisoned our first, two, Wastegate weeks long before that, and at first in 2008 it looked promising for the others. I was able to flip one for about 1/2 the going rate just a year before, for golf rights to a local resident at a resort (where we still own a week for golf rights which I don't use right now, but don't like to burn my bridges, golfwise). I mean, there's everything else in life, and then there's golf!

:D

I gave away two other weeks there, for free, or, as I like to think it, $1600 a year, forever.

I gave away two prime weeks (that had always been top traders in RCI up until faux points) at a diamond in the rough resort. Those were our trader weeks. A month ago we deeded back our last week there, after I lobbied the resort to do so for 10 years. For those who wonder if it makes a difference if you are persistent, I asked them if they were offering deedbacks to everyone, and they said, "No, we have a list."

We had owned and paid fees there since 1992.

About 10 years ago, a confidante at RCI suggested a SW FL resort we had never considered, after exchanges to SW FL in Snowbird Season, totally disappeared, down from the 15-20 resorts I formerly had been able to choose from. We exchanged into that resort for several years, then, in 2011, we bought a house there. That resort offers year-round amenities (beach) for local owners, and I found a distressed week from an older couple who could no longer travel, so that became our beach club. Then, I flipped that week to another local couple, and bought a better week from the association.

Except for the deedback, I have prepared and recorded the deeds on every sale.

So, now we own just two weeks, both for year-round amenities rights. At one we pay $800-ish, and get $600-ish when we rent it, and at the other we pay $500-ish, and get $700-ish when it rents.

But, I do more business with RCI than ever, after more than 160 exchanges, getting Extra Vacations and Last Calls for others, with three couples who have 5-year Guest Passes under our account. I have gotten stuff for one of them for 7 years now.

So, life is simple now. All I have left is waiting for a Tesla that can pull our travel trailer, so we can haul our five cats and dog back and forth from Florida, so we have our own motel at any WalMart, and a third bedroom/bathroom at our little Florida house.

:cool:

In an irony, DW had a brief stint last year working at a local resort for the company that owns the first resort we toured 30 years ago, and my Summer job is with the company that sold their resorts to the company that was our second tour 30 years ago, Wastegate. & I see timeshare-type people all the time.
Is that you, JLB?
 

OldGuy

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Not long ago I looked at all the foreclosures cases in the legal register, just for OLCC, and you will be joining hundreds of others. I would not encourage anyone to welch on sensible debts, but I suspect life will gone for you.

Just for kicks, because this gets bandied about around a lot, why don't you check your FICO score now, and post it, then come back and keep updating it after you default?

When I did that search, I also found some internal documents that discussed their financials, and their default rate was amazingly high. It said they do not check credit worthiness of any prospects. So it's mud on the wall and some sticks.

Although it did not discuss foreigner default, it gave the % they sell to foreigners, and there were no foreigners in any of the foreclosures, which is why I asked where Juan lives.

Juan:

Again, I would never encourage anyone to ignore their financial obligations, but you will not be alone. Wyndham reports that their default rate is 21%.
 

RX8

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I read this post for the first time. The OP was given advice on June 6th to send a rescission letter. That would have been 9 days following the signed contract (excluding weekends and Memorial Day). The BEST chance for exceptions beyond the rescission date is the closer you are to the contract date. Yet, no attempt was ever made.

I am surprised the OP didn’t follow the advice and send the letter on June 6th. It would have cost the OP postage and a few minutes time. Instead, he failed to do that, just keeps asking the same questions (such as why isn’t this like a home mortgage, what other options you have and why can’t you sell it), and tells us all why owning the timeshare is bad.

If this is legit then I feel for him but as others have said at this point he is a timeshare owner. However, and I feel bad even saying this in case it isn’t true, but frankly with no action on his part and doom and gloom comments he sounds like a shill for an exit company.
 
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LannyPC

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but frankly with no action on his part and doom and gloom comments he sounds like a shill for an exit company.

So are you getting these vibes that the OP will come back shortly saying something along the lines of that:
1) He tried rescinding after the deadline.
2) The company resolutely rejected his rescission attempt.
3) He contacted such-and-such exit/escape/relief company.
4) For the low, low price of....said company quickly canceled his contract and got his money refunded.
5) Said company was able to do all of this and keep the OP's credit rating intact.

Does that about sum it up?
 

RX8

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So are you getting these vibes that the OP will come back shortly saying something along the lines of that:
1) He tried rescinding after the deadline.
2) The company resolutely rejected his rescission attempt.
3) He contacted such-and-such exit/escape/relief company.
4) For the low, low price of....said company quickly canceled his contract and got his money refunded.
5) Said company was able to do all of this and keep the OP's credit rating intact.

Does that about sum it up?

It’s like you read my mind.
 

OldGuy

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I read this post for the first time. The OP was given advice on June 6th to send a rescission letter. That would have been 9 days following the signed contract (excluding weekends and Memorial Day). The BEST chance for exceptions beyond the rescission date is the closer you are to the contract date. Yet, no attempt was ever made.

I am surprised the OP didn’t follow the advice and send the letter on June 6th. It would have cost the OP postage and a few minutes time. Instead, he failed to do that, just keeps asking the same questions (such as why isn’t this like a home mortgage, what other options you have and why can’t you sell it), and tells us all why owning the timeshare is bad.

If this is legit then I feel for him but as others have said at this point he is a timeshare owner. However, and I feel bad even saying this in case it isn’t true, but frankly with no action on his part and doom and gloom comments he sounds like a shill for an exit company.

I wonder why Juan said: Now I don't know what to do from here since the cancellation period has expired.

I guess it is because I am such a naive and trusting person, or maybe because what he was posting about is so commonplace nowadays (I mean, if the default rate at Wyndham, one of the better corporate-controlled programs, is 21% among those who actually purchase and get a loan, imagine what it is when you tack on the early legal cancellations and the defaults of those who don't have loans) that it did not occur to me that Juan is a shill.

But, then, new-ish posters always have an element of suspicion.
 
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Grammarhero

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Juan’s last activity was Friday at 801AM, work hours. All his posts are weekdays. I don’t know about others, but my TUG postage increases on weekends as I’m not working.

744ae1ede65779668ca69d7ae7697f85.jpg



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bluehende

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I never got the thought that his approach was that slick. He seemed more out of his league, but time will tell.
 

OldGuy

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The approach of most people who just bought a timeshare and come here asking what they should do, is not too slick. Typically they are glazed, amazed and confused, and are trying to sort things out. By things, I mean they are trying to figure out what things they were told are true and what things are BS.
 

bluehende

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The approach of most people who just bought a timeshare and come here asking what they should do, is not too slick. Typically they are glazed, amazed and confused, and are trying to sort things out. By things, I mean they are trying to figure out what things they were told are true and what things are BS.


But scammers who are playing a con are. If a con man is slick enough to play a long con he probably is a lot slicker than this guy seems. This did not seem plotted out. Of course this being the internet there is always a good chance he will come back with this great offer for everyone as others have guessed.
 

OldGuy

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But scammers who are playing a con are. If a con man is slick enough to play a long con he probably is a lot slicker than this guy seems.

Talking about the person who sold it to him?

:D
 

RX8

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I looked up Georgia's rescission laws and it is 7 days, not counting Sundays and Holidays. Based on his May 23rd purchase date the last day to rescind was June 1st. He was advised on June 6th to rescind in hopes of an exception with it being close to the date. For whatever reason he has failed to do it.

This may be a legit concerned timeshare owner. However, I went back to the first post and only looked at his posts going forward to get a fresh look. I still feel something doesn't seem right. In each post he continually ignores or dismisses all advice given to him and just raises new issues that he sees with his timeshare. On June 20th he said he was calling BG to ask about rescinding (well past the date we suggesed him to rescind) and would let us know He hasn't been back since.
 

OldGuy

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. . . the last day to rescind was June 1st. He was advised on June 6th to rescind . . .

That's the way I read it, too . . . the way it was written.

I had not been noticing when or how often he has been back, but people who post on the Internet about a specific thing, rather than being an ongoing participant of a forum, frequently do not check back. Well, not 20 times a day.

Or, given the replies, he may have determined that he's screwed, so there was no need to check back.

or, he could be a shill . . . and just maybe forgot to post what/who he is shilling for

:cool:
 

Passepartout

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I'm going on the premise that Juan is simply a young person who got snookered on vacation, tried to save some quick money on tickets or something, and wasn't experienced with the ways of high pressure sales.
This whole misadventure seems like something so unpleasant that it's best ignored. I'm afraid that when the credit card bills start rolling in, he'll ignore them too- or pay the minimum.

He came here looking for help, when the only help he needed was already supplied by BG, and it was in his own hands to solve it.

We tried, but can't win 'em all.

Jim
 

jwalk03

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Juan’s last activity was Friday at 801AM, work hours. All his posts are weekdays. I don’t know about others, but my TUG postage increases on weekends as I’m not working.

744ae1ede65779668ca69d7ae7697f85.jpg



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I bet if you looked at my TUG posting it would be way more during the workday than on the weekends! Simply because I spend a lot more time sitting in front of a computer when I’m working, so I’m more likely to spend a few minutes checking stuff on the internet at work than on the weekends.
 

Grammarhero

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I bet if you looked at my TUG posting it would be way more during the workday than on the weekends! Simply because I spend a lot more time sitting in front of a computer when I’m working, so I’m more likely to spend a few minutes checking stuff on the internet at work than on the weekends.

That makes sense.


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OldGuy

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. . . the default rate at Wyndham, one of the better corporate-controlled programs, is 21% . . .

Hilton's default rate is much lower:

Year Ended December 31, 2017 2016 2015 Historical default rates(1) 4.12 % 3.67 % 2.84 %

Here's Marriott's:

The expected gross default assumption for domestic obligors is 8.95% and that combined with the foreign obligors is 9.71%

HICV:

19.8% cumulative gross default rate

DRI:

S&P Global Ratings' Expected Gross Default Assumption: 16.2%

 
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OldGuy

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I wonder what Wastegate's default rate is? 25% would be my guess........

Like I didn't try to find it. ;)

I guess depending on how they do their financing, some are available online and some aren't. Couldn't find DVC either.

Found Bluegreen:

. Boca Raton-based Bluegreen, for instance, says its average annual default rate has risen from 6.9% in 2015 to 8.4% this year
- - - - - -
“The sales and marketing practices of today are very much like what sales and marketing practices were 30, 40 years ago,” says Amy Gregory, a professor in the University of Central Florida’s Rosen College of Hospitality Management.

Gregory says her research shows that 85% of people who sign a contract to buy a timeshare end up regretting their decision. Most, she says, get out of the deals during state-mandated recission periods; in Florida buyers have 10 days to change their minds without penalties.

https://www.floridatrend.com/article/25726/timeshare-tussle?page=1


 

bluehende

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Hilton's default rate is much lower:

Year Ended December 31, 2017 2016 2015 Historical default rates(1) 4.12 % 3.67 % 2.84 %

Here's Marriott's:

The expected gross default assumption for domestic obligors is 8.95% and that combined with the foreign obligors is 9.71%

HICV:

19.8% cumulative gross default rate

DRI:

S&P Global Ratings' Expected Gross Default Assumption: 16.2%

Do you think those are default on loan rates or both loan and MF deficiencies.
 

rrsafety

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I read this post for the first time. The OP was given advice on June 6th to send a rescission letter. That would have been 9 days following the signed contract (excluding weekends and Memorial Day). The BEST chance for exceptions beyond the rescission date is the closer you are to the contract date. Yet, no attempt was ever made.

I am surprised the OP didn’t follow the advice and send the letter on June 6th. It would have cost the OP postage and a few minutes time. Instead, he failed to do that, just keeps asking the same questions (such as why isn’t this like a home mortgage, what other options you have and why can’t you sell it), and tells us all why owning the timeshare is bad.

If this is legit then I feel for him but as others have said at this point he is a timeshare owner. However, and I feel bad even saying this in case it isn’t true, but frankly with no action on his part and doom and gloom comments he sounds like a shill for an exit company.
I’ve read the whole thread now, feels fake.
 

OldGuy

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Do you think those are default on loan rates or both loan and MF deficiencies.

The figures I'm getting are from their financing documents, so they are default rates on the purchase loans. But, to your point, if you add the upfront recission (sp? I see it so many ways here) rates, to the owner purchase loans default rates, to the maintenance fee defaults, you have an extremely high % of people who bought a timeshare.
 
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