Suggested Retail (Developer's) price on timeshare

[seema]

I am in rescission period for a timeshare, having purchased from a developer.

One thing that help me finalize my decision is to find out what the retail of my price is in the marketplace - ie the developer selling the timeshare resort unit to the customer.

Also interested in the re-sale market value of resort.

 

[Karen G]

I am in rescission period for a timeshare, having purchased from a developer.

One thing that help me finalize my decision is to find out what the retail of my price is in the marketplace - ie the developer selling the timeshare resort unit to the customer.

Also interested in the re-sale market value of resort.

What price did you buy the timeshare for? Wouldn't that be the retail price??

It would likely help others answer if you named the timeshare and told exactly what you bought.

But, if you have any questions at all about your purchase, you really should rescind while you still can. Once the rescission period passes,
you'll be the owner of this timeshare whether you understand how it works or not.

 

[VacationForever]

Without knowing what you bought, I can assure you that resale market on what you purchased is a small fraction of what you paid. If you would specify then we can be more detailed.

 

[DavidnRobin]

Simple... First RESCIND
Then Research
Then Resale


Sent from my iPhone using Tapatalk

 

[T-Dot-Traveller]

I am in rescission period for a timeshare, having purchased from a developer.

One thing that help me finalize my decision is to find out what the retail of my price is in the marketplace - ie the developer selling the timeshare resort unit to the customer.

Also interested in the re-sale market value of resort.

Assuming it is Westgate Las Vegas ( based on your other recent thread )

The highest dollar price I have seen on any Westgate resale on ebay was $1000 for a fixed week 51 or 52 (Christmas or New Years Weeks)
( I think it was one of their Orlando properties) .

I believe fixed prime winter ski weeks at Westgate Park City Utah have some positive dollar value .

(Almost ) all other Westgate properties resell for $ 1 or so ( based on scanning ebay solds )

If you go resale on Westgate I believe there are issues on the ARP Westgate gives resale float weeks ( 60 days? )

I do not believe this impacts fixed week resales . I do believe (based on TUG reports) - that if you buy a resale Westgate fixed week and wish to do an internal
exchange to another Westgate property - the fee they charge is much higher for resale owners .

I am unsure on how depositing (resale) fixed weeks into Intervals International
is handled .

 

[seema]

What about developer's retail price - whether Westgate, Marriott, Hilton, Wyndham, Disney etc? Where can I find such information?

 

[VacationForever]

What about developer's retail price - whether Westgate, Marriott, Hilton, Wyndham, Disney etc? Where can I find such information?

Why is this important?

 

[seema]

In rescission period of a current purchase at a Westgate Las Vegas Resort and Casino. May consider purchases of future units at other resorts/other chains - in the future.

The one thing that is universal with any timeshare salesperson pitch is this is such a good deal. One way to know if it is a good deal is to compare, if possible, with what the offered developers prices to others prospective customers has been - whether there has been a purchase, or not?

 

[VacationForever]

Every timeshare resort system is different. Since you have not done your research yet, rescind while you are in the rescission period first. You can then do your research and ask the questions. I am very familiar with Vistana (former Starwood) and Marriott systems. But your question is what are the retail prices of all those systems. The question to ask is not the retail prices but what should be the purchase price into each of the systems, as most of them would point to buying from the resale market, except for probably Marriott if you want to play in their Destination Club program because Marriott can pretty closely match resale prices through their hybrid/combo package sale.

 

[sue1947]

In rescission period of a current purchase at a Westgate Las Vegas Resort and Casino. May consider purchases of future units at other resorts/other chains - in the future.

The one thing that is universal with any timeshare salesperson pitch is this is such a good deal. One way to know if it is a good deal is to compare, if possible, with what the offered developers prices to others prospective customers has been - whether there has been a purchase, or not?

You are making some false assumptions. First is assuming that TS salespeople are credible and telling the truth on their product. This is especially true of Westgate which has probably the least resale value of all systems because of how they treat owners, especially resale owners which makes the product nearly impossible to sell. The resale price has nothing to do with developer price.

Second you are assuming that developer prices represent the actual cost of the timeshare. Developer prices include a LOT of padding for marketing and hype. I remember in the past that Wyndham told its shareholders that their prices were 25% equity and the rest was profit/marketing. Westgate is probably even lower. The real cost of anything is what you can turn around and sell it for the next day. You will find that with timeshares, that price is likely 0-50% of developer prices depending on the system. I think Westgate is in the 0 category.

The true way to tell if a timeshare purchase is a good value is to first do enough research to understand how best to use it and then purchase on the resale market. Researching how to use and what is realistic to expect from any timeshare is best done here on tug or on other owner websites. TS salespeople are famous for lying and saying whatever it will take to get you to buy. Most of what they say is just plain wrong or false. There may be a kernel of truth that is then twisted and overblown to get you to sign on the dotted line.

RESCIND. Once the time period has passed, you can't go back. If you insist on buying developer, that same salesperson will be more than anxious to make the same deal at a later date. However, be fully aware that Westgate has the WORST reputation in timeshares and that is saying a lot. So get out now while you can and then research. Start with the What to buy thread in the newbie section for suggestions to help focus your search.

Sue

 

[theo]

For starters, OP should rescind that Westgate purchase immediately and ask (many and different) questions later, IMO.

Secondly, anything emanating from the mouths of any developer salesperson must be taken with a grain of salt.
Sales weasels are not exactly known for their forthright honesty or factual accuracy. On the contrary, their strong suits tend to be deceit, exaggeration, misrepresentation, outright lies and general obfuscation. Just sayin'...

Next, since Westgate deliberately devalues resale market purchases of Westgate ownerships (by imposing very restrictive reservation policies and constraints upon resale market purchasers of Westgate products), it can be reasonably argued that after buying developer-direct from Westgate (regardless of price paid), the "value" of that Westgate purchase (apart from the value inherent in its' actual use and enjoyment) moves downward in a straight line directly toward zero, immediately upon expiration of the contract rescission period.

Everything else is irrelevant detail, IMnsHO. Rescind now OP, or forever regret failing to do so while you had the chance.

After you rescind, research and learn which system best suits you, I would recommend confining your purchase search and options to the resale market (except for Westgate, which should just simply be avoided entirely, IMnsHO).

There is really no need (or any good reason) to pay exorbitant developer-direct prices. After all, when you think about it, every timeshare is actually a "used" product, irrespective of the seller involved. Every unit is occupied for a week by 50 different sets of occupants in the course of a year. There is no "magic" (or any particular benefit) associated with a developer-direct purchase, but most developer sales people will never mention (or even openly acknowledge the existence of) the resale market. To do so would obviously not be in their best financial interests --- their only concern.

To just compare one developer's full freight prices with another developer's full freight prices seems (to me, anyhow) not particularly useful or informative. No personal offense or disrespect intended, but that is really a "tunnel vision" approach which fails to even consider or examine other better (i.e., resale market) options. That said, to each their own. YMMV.

 

[jl2010]

Good old John Chase used to refer to them as "Wastegate"!!
I suggest you search out that term in the forum and do some reading on their practices.

Please rescind rescind rescind, and then research further here.

 

[TUGBrian]

you can either rescind now and thank us after discovering the truth....

or not rescind, and kick yourself for not listening and rescinding in time after discovering the truth and paying thousands of dollars for something you could likely own for free. =)


can also read this thread and become part of the hundreds and hundreds of owners who are thankful they found TUG in time!

https://www.tugbbs.com/forums/index...ions-of-dollars-cancelling-timeshares.196108/

 

[seema]

Due to the structure of my contract, I got a 30 day cancellation period rather than the classical 5 working day rescission period. So I have time to get as much information as I can, and then make a decision. I am getting invaluable information on this bulletin board, but I am also getting information through other sources. Based upon what I am learning, it may be to my advantage to go through the purchase, even though I agree that many TUGgers experience with Westgate purchasers are reflected above.

When I make a decision - perhaps closer to the end of this month - I will explain the rationale of my decision - one way or another - and give you the information I have learned, which has not appeared on any TUG post dealing with Westgate!


However, my question stands - if there have been any people who have been through a Westgate Las Vegas Resort and Casino timeshare sales presentation, what prices have been offered for a 2 or 4 bedroom (52 week) floating week? To put it another way, as an Westgate owner (Westgate Lakes, fixed week 35) - I was offered a certain "discounted" rate from the original "sale" price. The question is whether I have been offered the current rock-bottom developer's rate, or have some been offered - whether they purchased or not - a lower rate.

To put it another way - if the price of the unit I was offered was much lower than what anyone recently has been offered - all other things being equal - I might be more receptive to purchasing this unit. If some others were offered (whether they purchased or not) a lower rate, I would be less receptive to buying this unit, at least at the currently agreed to price.

 

[echino]

It is highly probable that you were lied to about 30 days, and in reality you likely only have 5 calendar days.

Your timeshare is worth approximately zero.

 

[Karen G]

Does your purchase agreement specifically say in writing that you have 30 days to rescind?

 

[seema]

Without going into the details in a public forum (I am willing to tell you privately), that is one thing I am sure of - my contract (due to unusual structure of this contract) has a cancellation period of 30 days (ie if I do not go forward with the purchase, the contract will lapse).

You are right that a rescission period can not be more than 5 business working days - but my contract does not have a rescission period!

 

[turkel]

Do you have it in writing that the rescission period is 30 days? If it's not written in the contract don't believe it!
In both threads you started I believe the advise of Tuggers is consistent....rescind then research. This may not be the advise you were looking for but as my DH says to my DD don't ask the question if you don't want the answer.

Good luck!

 

[echino]

Normal rescission period in Nevada is 5 calendar days, not business days.

If you can rent a similar week for less than your fees, then your timeshare has a negative value. You will not be able to give it away even for free. AFAIK in Last Vegas you will have absolutely no problem renting for cheap. Why do you need to own a timeshare there? Especially developer bought one?

 

[echino]

I have never heard about 30 days cancellation periods in timeshare contracts. It sounds highly suspect.

And it appears you are past the 5 calendar days rescission period.

 

[Cropman]

Congrats to beating the system!! Please buy it and let the collective wisdom on these boards know how you did it. You can help people save thousands. It would be appreciated.

 

[Panina]

We all tried. That’s all we can do.

 

[theo]

Without going into the details in a public forum (I am willing to tell you privately), that is one thing I am sure of - my contract (due to unusual structure of this contract) has a cancellation period of 30 days (ie if I do not go forward with the purchase, the contract will lapse).

You are right that a rescission period can not be more than 5 business working days - but my contract does not have a rescission period!

Rescission period is determined by individual state law. In Nevada, it's 5 days. A very few states (FL, TN) allow 10 days to rescind; no states are any longer than that. While a developer could opt to voluntarily offer a longer rescission period, I am unaware of any having ever done so. I would be very surprised (to put it mildly) if Wastegate was the first exception. Accordingly, I have no idea what OP means (or believes) regarding some "special", individual 30 days rescission period --- contract documents are generally just boiler plate, "fill in the blanks" agreements.

I've offered all the input I am going to submit in this particular thread. If OP still voluntarily buys into Westgate after processing the info and advice provided in this thread, all that can really be said at that point is.....Good Luck!

 

[T-Dot-Traveller]

Due to the structure of my contract, I got a 30 day cancellation period rather than the classical 5 working day rescission period. So I have time to get as much information as I can, and then make a decision. I am getting invaluable information on this bulletin board, but I am also getting information through other sources. Based upon what I am learning, it may be to my advantage to go through the purchase, even though I agree that many TUGgers experience with Westgate purchasers are reflected above.

When I make a decision - perhaps closer to the end of this month - I will explain the rationale of my decision - one way or another - and give you the information I have learned, which has not appeared on any TUG post dealing with Westgate!


However, my question stands - if there have been any people who have been through a Westgate Las Vegas Resort and Casino timeshare sales presentation, what prices have been offered for a 2 or 4 bedroom (52 week) floating week? To put it another way, as an Westgate owner (Westgate Lakes, fixed week 35) - I was offered a certain "discounted" rate from the original "sale" price. The question is whether I have been offered the current rock-bottom developer's rate, .

Hi Seema ,
It would appear that your negotiating strategy with Westgate was somewhat similar to your negotiations with Vidanta / Grand Luxxe in 2015 . ( see Mexican Forum thread ) Both companies are known for high pressure sales etc and removal of benefits on resale . Perhaps you swam upstream and made a deal directly with a higher level in sales management .

If you decide you are getting enough future use value for the money spent and the rock bottom developer price with enough developer benefits (that Westgate removes for resale ) then having 30 days gives you time to research this and decide . That being the reason for starting this thread .

There are some Westgate owners who have posted on TUG . You may wish to "conversation" any you can find through searching prior threads to find out if someone has been to a recent "owner update " and has price information etc .

Good Luck .

 

[TUGBrian]

I think you would be very unwise to trust/assume that you have 30 days in which to legally rescind your purchase. the absolute last place anyone would ever want to be is in a he said/she said discussion with westgate in trying to cancel, and not having state law on your side.

however at this point you seem to be convinced you have made a great purchase despite all of the suggestions to rescind...and there isnt much point in continuing to debate about it.

there is absolutely nothing wrong with someone buying from the developer if they have done the research and are aware the resale market exists and still want to move forward with a developer purchase!