[ 2021 ] well, this is going to sting! Inside Edition investigates Dave Ramsey's endorsement of Timeshare Exit Team

[buzglyd]

I think your statement "...is not a huge business..." is poorly stated. To think of timeshare as a rental, it is s___d.

Owner's who rents out its timeshare is not a "business". If it is, then it is probably the worst "business" anyone can have. At best, it is a break-even venture with a potential for a little profit while the capital outlay (i.e., initial purchase price, maintenance fees, special assessments, etc.) make this a poor business. At the end, the business has no real value.

But considering how much time and efforts go into renting them to "profit", I think working at a minimum wage job would produce more "profit"/income.

I think you don’t really know what you’re talking about. If I buy a timeshare for $2.35 and rent it out every year for a major event, am I stupid. I’m not calling what I do a business. I just use a couple of my weeks to cover ALL my maintenance fees for my various weeks. It’s called free vacations.

 

[Brerrabbit]

This investigation did not seem to go very well for dave, or TET

Inside Edition Investigates Complaints Against Timeshare Exit Team

Financial guru Dave Ramsey has been telling listeners stuck in timeshares that there’s a way out: a company called Timeshare Exit Team. But after hundreds of customer complaints against Timeshare Exit Team, Inside Edition investigated.

www.aol.com

went about as anyone here on TUG would have expected....

I sure would have expected better than this from Dave Ramsey. I have listened to a lot of his stuff and thought he had some good advice.

Maybe what somebody should do is sue this Timeshare Exit company, and subpoena Dave Ramsey as a witness, and require him to bring documents, etc., and put him on the witness stand and make him testify about some of this stuff. I would also use this discovery process to find out who these people were who supposedly got satisfactory results from this Timeshare Exit company, and subpoena them, along with their paperwork, bank records, etc. and get to the bottom of this.

Any lawyers out there with any comments about the feasibility of this?

Personally I would have these people who run these ripoff Timeshare Exit operations like this thrown in jail and be told they will stay there until they pay back every penny to everybody they ripped off. I can hear some of them right now - "we can't pay them back, we don't have the money / already spent it, etc." and I would respond by telling them they just better start thinking about how they're going to get it because that is the only way they will ever get out of there.
I would figure they probably stashed a lot of it in bank accounts in the Cayman Islands or somewhere, thinking they will do a relatively short stretch in some prison somewhere, then get out and be able to get their hands on it, and will wind up having made several hundred thousand bucks a year by doing that. But that would not be able to happen if they were told they couldn't get out until they paid it all back. And if that means they stay in there until they get carried out in a pine box? Well, tough s***.

 

[Brerrabbit]

Interesting article. It mentioned "3 proven DIY exits". It should have mentioned a fourth one. If the other three fail, just stop paying maintenance fees and let the resort foreclose.

I did that myself. Probably about 10-12 years ago, I don't really remember exactly when. I never had any negative repercussions on my credit score about it, I don't think. I really did not think through it, it just happened that way, but I don't have the time share any more and I am no longer paying maintenance fees, which seemed to go up about every other year at least, even if I did not use it.

 

[dioxide45]

Maybe what somebody should do is sue this Timeshare Exit company, and subpoena Dave Ramsey as a witness, and require him to bring documents, etc., and put him on the witness stand and make him testify about some of this stuff. I would also use this discovery process to find out who these people were who supposedly got satisfactory results from this Timeshare Exit company, and subpoena them, along with their paperwork, bank records, etc. and get to the bottom of this.

He did mention on his radio show that they are wanting to bring him in for deposition.

 

[Brerrabbit]

He did mention on his radio show that they are wanting to bring him in for deposition.

It would be interesting if somebody could find out the court that it will be in, case number, etc. so somebody could either be there to watch the trial and/or look through all the records, transcripts, etc. afterwards, which I think would be public records.

 

[LannyPC]

I did that myself. Probably about 10-12 years ago, I don't really remember exactly when. I never had any negative repercussions on my credit score about it, I don't think.

Which is exactly why many here on TUG do not recommend using these exit/cancel/relief companies. If they're not an outright scam, they will charge you thousands of dollars to do something you can do yourself for a lot less money.

 

[dioxide45]

Which is exactly why many here on TUG do not recommend using these exit/cancel/relief companies. If they're not an outright scam, they will charge you thousands of dollars to do something you can do yourself for a lot less money.

Also given that Dave preaches about no debt. Thus there should be no need for credit and credit score shouldn't matter to his listeners.

 

[dioxide45]

I don't usually post my videos here, but thought I would share this one I made about why I think Dave Ramsey is wrong about timeshares and Timeshare Exit Team. Who knows, maybe he will even see it It looks like a couple of timeshare exit company employees have already watched, two thumbs downs on the video

Dave Ramsey is Giving You BAD Advice!

Dave Ramsey, host of the very popular Ramsey Show, has recently come under fire for his support and endorsement of Timeshare Exit Team. With the recent lawsu...

bit.ly

 

[little1]

I think you don’t really know what you’re talking about. If I buy a timeshare for $2.35 and rent it out every year for a major event, am I stupid. I’m not calling what I do a business. I just use a couple of my weeks to cover ALL my maintenance fees for my various weeks. It’s called free vacations.

[Deleted - if you can't be polite, don't post on TUG, DeniseM Moderator]

Even if you buy it for $2.35 and rent out for a "free vacation" now, why is that product was $2.35? Even if you were able to make it work for you, how much time you have to spend managing this business for a "free vacation"? What are the risks: maintenance fee going up, resort going down, special assessments that will eventually comes, etc.? When I died, the worst case for my business (which I owned several) is my heirs shut it down with no other obligations. You? pass it (timeshare) on to your heirs hoping that they can manage it as well as you or become a huge liability for them. If my parents owned and deeded me their timeshare when they die, I will dig them up from the grave, roll them over, and re-bury them. Hence, the expression "rolling in the grave"...just kidding....lol

What about 1 of the most important costly factors that may take you personally and your "business" down? Lawsuits. If a renter gets hurt for whatever reasons at a resort that you rented them and decides to suit, do you think he/she will spare you of the lawsuit? What insurance do you have to cover you for a timeshare lawsuit that you used as a "business"?

What if your renter significantly damaged the suite (intentionally or unintentionally), who would be responsible for the damages? Do the renters have enough assets or cash to cover any significant damages caused by them? Do you have a legitimate contract with the renter? Did you do a background check on the renter to make sure that the name and address given to you are legitimate in case something goes wrong? The list goes on....

I don't own any timeshare. I almost bought one in 1997. However, I have been effectively traveling all over by renting timeshares from owners like you. Over 90% of the time, rent fees were less than the cost of the maintenance fees paid by the owner. Maybe I should call my practice a "business". A good business, where I don't need to put up any money (which you put up $2.35...lol), flexible on when I want to use it (which you are not, because you have to use it, rent it or loose it), all for less than the cost of the maintenance fee (which you paid), and no special assessment/risk to worry about...lol

 

[clifffaith]

Popcorn eating emoji

 

[RX8]

How’s this @clifffaith?

 

[TUGBrian]

if your reply starts with calling someone else stupid, you should probably rethink your reply.

 

[clifffaith]

How’s this @clifffaith?

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Thanks for that! I used to see emoji selections on TUG when on my ipad, but no longer there. No access to Nextdoor or Yelp, and Facebook just started acting up too. iPad is 9 years old, trying to hold out to 10 years before replacing.

 

[LannyPC]

I don't own any timeshare. I almost bought one in 1997. However, I have been effectively traveling all over by renting timeshares from owners like you. Over 90% of the time, rent fees were less than the cost of the maintenance fees paid by the owner. Maybe I should call my practice a "business". A good business, where I don't need to put up any money (which you put up $2.35...lol), flexible on when I want to use it (which you are not, because you have to use it, rent it or loose it), all for less than the cost of the maintenance fee (which you paid), and no special assessment/risk to worry about...lol

These are some of the exact reasons why, when someone coming on here asks about buying, we recommend try renting first.

 

[magmue]

When I died, the worst case for my business (which I owned several) is my heirs shut it down with no other obligations. You? pass it (timeshare) on to your heirs hoping that they can manage it as well as you or become a huge liability for them. If my parents owned and deeded me their timeshare when they die, I will dig them up from the grave, roll them over, and re-bury them. Hence, the expression "rolling in the grave"...just kidding....lol

You may rest easy for @buzglyd on this particular concern. Heirs who do not want a timeshare inheritance can legally Just Say No, and walk away. They are not obligated to accept a timeshare if they do not want it.

 

[LannyPC]

Heirs who do not want a timeshare inheritance can legally Just Say No, and walk away. They are not obligated to accept a timeshare if they do not want it.

Correct! We have been emphasizing that here on TUG for years. Sadly, these exit/relief/cancel companies claim otherwise.

 

[dioxide45]

I don't usually post my videos here, but thought I would share this one I made about why I think Dave Ramsey is wrong about timeshares and Timeshare Exit Team. Who knows, maybe he will even see it It looks like a couple of timeshare exit company employees have already watched, two thumbs downs on the video

Dave Ramsey is Giving You BAD Advice!

Dave Ramsey, host of the very popular Ramsey Show, has recently come under fire for his support and endorsement of Timeshare Exit Team. With the recent lawsu...

bit.ly

Well, my video has been garnering a lot of interesting comments ;

 

[grupp]

But considering how much time and efforts go into renting them to "profit", I think working at a minimum wage job would produce more "profit"/income.

You would be wrong!

 

[arcsinx]

Well, my video has been garnering a lot of interesting comments ;
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It's funny, I see the DR crowd as a garbage cult and fools. Hi pot. Meet kettle.

 

[deniseh]

I was listening to a Dave Ramsey podcast and there was a number to text to join a survey about timeshares and one's experience. I did the survey and gave our positive reviews. Our timeshare has been good for us-It's forced us to take vacations and we've been places we likely wouldn't have gone without it. We've also included family on our vacations. That being said, we've always had the money for our purchases and didn't go into debt. Another plus was purchasing Marriott so the quality has always been excellent. We've never been disappointed in our accommodations and enjoy the resorts/activities. Also, TUG has been a valuable resource in helping us understand what we own and how best to use it to our advantage. I do believe there are many people who have purchased timeshares that have become a financial burden and good for Dave Ramsey for helping people who aren't in a good position financially to avoid that pitfall in their lives. TET sounds like a scam though and disappointed that he promoted something that isn't really helping people but just taking their money.

 

[rickandcindy23]

I was listening to a Dave Ramsey podcast and there was a number to text to join a survey about timeshares and one's experience. I did the survey and gave our positive reviews. Our timeshare has been good for us-It's forced us to take vacations and we've been places we likely wouldn't have gone without it. We've also included family on our vacations. That being said, we've always had the money for our purchases and didn't go into debt. Another plus was purchasing Marriott so the quality has always been excellent. We've never been disappointed in our accommodations and enjoy the resorts/activities. Also, TUG has been a valuable resource in helping us understand what we own and how best to use it to our advantage. I do believe there are many people who have purchased timeshares that have become a financial burden and good for Dave Ramsey for helping people who aren't in a good position financially to avoid that pitfall in their lives. TET sounds like a scam though and disappointed that he promoted something that isn't really helping people but just taking their money.

So they were trying to get your information so TET can contact you and help you get out of your "financial burden." I wonder if they will get in touch with you after your positive comments.

I consider all exit companies, all postcard companies, every one, as scams.

 

[RX8]

So they were trying to get your information so TET can contact you and help you get out of your "financial burden." I wonder if they will get in touch with you after your positive comments.

I consider all exit companies, all postcard companies, every one, as scams.

Sad that Dave Ramsey continues to provide TET with easy marks through this “survey”.

 

[RookWDW]

Well, my video has been garnering a lot of interesting comments ;
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Haha. Just read some comments on your video. They lady saying she cannot sell DVC, lol. DVC is selling resale for huge prices right now. Our Poly points are selling for more than we paid direct just 5 years ago.

 

[buzglyd]

[Deleted - if you can't be polite, don't post on TUG, DeniseM Moderator]

Even if you buy it for $2.35 and rent out for a "free vacation" now, (SNIP) Maybe I should call my practice a "business". A good business, where I don't need to put up any money (which you put up $2.35...lol), flexible on when I want to use it (which you are not, because you have to use it, rent it or loose it), all for less than the cost of the maintenance fee (which you paid), and no special assessment/risk to worry about...lol

You must be a joy at cocktail parties.

 

[rickandcindy23]

There are some great timeshares that can be had for less than $2.35 (closing costs included).