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Getting out of Bluegreen purchase

Discussion in 'Buying, Selling & Renting Timeshares' started by riverajuan, Jun 6, 2019.

  1. OldGuy

    OldGuy Guest

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    picked up on that

    ;)
     
  2. GrayFal

    GrayFal TUG Member

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    Is that you, JLB?
     
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  3. rapmarks

    rapmarks TUG Review Crew: Elite TUG Member

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    Sure it is
     
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  4. OldGuy

    OldGuy Guest

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    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%.
     
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  5. RX8

    RX8 TUG Member

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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.
     
    Last edited: Jun 29, 2019
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  6. LannyPC

    LannyPC TUG Member

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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?
     
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  7. RX8

    RX8 TUG Member

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    It’s like you read my mind.
     
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  8. OldGuy

    OldGuy Guest

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    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.
     
    Last edited: Jul 1, 2019
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  9. Grammarhero

    Grammarhero TUG Member

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    DRI South Bend, EY Red Float, 1BR1BA
    Williamsburg Plantation, EY Wk 15, 4LBR4BA
    Wyndham 192 pts
    Been to:
    Intl: Aruba, Aus, Bah, China, Jpn, HK, Macau, Mex
    US: AZ, CA, DC, DE, IL, IN, KY, MD, NC, NJ, NV, NY, OH, OR, PA, TN, TX, VA, WA, WV
    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.

    [​IMG]


    Sent from my iPhone using Tapatalk
     
  10. bluehende

    bluehende TUG Review Crew: Veteran TUG Member

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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.
     
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  11. OldGuy

    OldGuy Guest

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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.
     
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  12. bluehende

    bluehende TUG Review Crew: Veteran TUG Member

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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. 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.
     
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  13. OldGuy

    OldGuy Guest

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    Talking about the person who sold it to him?

    :D
     
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  14. RX8

    RX8 TUG Member

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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.
     
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  15. OldGuy

    OldGuy Guest

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    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:
     
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  16. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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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
     
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  17. jwalk03

    jwalk03 TUG Review Crew: Veteran TUG Member

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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.
     
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  18. Grammarhero

    Grammarhero TUG Member

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    US: AZ, CA, DC, DE, IL, IN, KY, MD, NC, NJ, NV, NY, OH, OR, PA, TN, TX, VA, WA, WV
    That makes sense.


    Sent from my iPhone using Tapatalk
     
  19. OldGuy

    OldGuy Guest

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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%

     
    Last edited: Jul 2, 2019
  20. TheTimeTraveler

    TheTimeTraveler TUG Member

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






    .
     
  21. OldGuy

    OldGuy Guest

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    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


     
  22. bluehende

    bluehende TUG Review Crew: Veteran TUG Member

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

    rrsafety Guest

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    But you knew that before you bought.
     
  24. rrsafety

    rrsafety Guest

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    I’ve read the whole thread now, feels fake.
     
  25. OldGuy

    OldGuy Guest

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    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.
     
    Last edited: Jul 13, 2019 at 12:51 PM

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