Do timeshares in Mexico buy out your timeshare for purchasing theirs?

[sharadbags]

In Mexico, I attended a few timeshare presentations. I already have a US timeshare from HGVC and am looking to get rid of it. I was suprised to see that most of the timeshare resorts were willing to buy that timeshare. They were almost giving the original price for it, but adjust it in their timeshare price. They also said that the Mexico timeshare is not forever. It is generally for 10, 25 or 50 years. Another thing is that once you pay 1/3rd of the total price, you can walk away from the timeshare, leading to an easy way to at least get out of your existing timeshare. Any experiences if this is genuine or a trick to buy their timeshare.

 

[BingoBangoBongo]

I'd wager $1M that if you buy from any of them, they will never complete the purchase of your HGVC property and you will end up with two TS's.

 

[T_R_Oglodyte]

In Mexico, I attended a few timeshare presentations. I already have a US timeshare from HGVC and am looking to get rid of it. I was suprised to see that most of the timeshare resorts were willing to buy that timeshare. They were almost giving the original price for it, but adjust it in their timeshare price. They also said that the Mexico timeshare is not forever. It is generally for 10, 25 or 50 years. Another thing is that once you pay 1/3rd of the total price, you can walk away from the timeshare, leading to an easy way to at least get out of your existing timeshare. Any experiences if this is genuine or a trick to buy their timeshare.

That is what they say, but it isn't true. If you follow the process, what happens is that at closing the method of "disposal" is to have you execute an agreement with a timeshare resale marketing company. There is no transfer of ownership; it's simply a listing agreement. In almost all cases, they don't sell the timeshare, so you end up still owning the timeshare that you thought got rid of. And if you still owe money on a loan you took out when you bought that first timeshare, there is no way it will ever sell.

 

[sharadbags]

That is what they say, but it isn't true. If you follow the process, what happens is that at closing the method of "disposal" is to have you execute an agreement with a timeshare resale marketing company. There is no transfer of ownership; it's simply a listing agreement. In almost all cases, they don't sell the timeshare, so you end up still owning the timeshare that you thought got rid of. And if you still owe money on a loan you took out when you bought that first timeshare, there is no way it will ever sell.

Thanks for the reply. Is this your first hand experience?

 

[echino]

It's a sales trick. For example, they are selling their new Mexican timeshare for $100,000, and offer you $80,000 for your unwanted US timeshare as a trade in, so the new Mexican timeshare only costs you $20,000. In reality they would happily sell you the new Mexican timeshare for $20,000 without any trade in, since it's worthless anyway. They don't really want your US timeshare. It's only a sales trick to make you think you get $80,000 value for your unwanted US timeshare.

 

[T_R_Oglodyte]

Thanks for the reply. Is this your first hand experience?

Yes. We didn't buy the timeshare, but we went through the process to that point. When I pointed out to them that they weren't really taking over ownership of my existing timeshare, that the even though the agreement said it was a sales agreement, in reality it was just a listing and marketing agreement. They went crazy and kept insisting that I was wrong because the title clearly said it was a sales agreement.

 

[dioxide45]

Also, any "discount" they give you in the amount they value your timeshare at is just smoke and mirrors. You would have paid the same price for the Mexican timeshare with or without the "trade in". The whole process is a sham to entice you to buy from them. This YouTube video explains the process very well.

 

[LannyPC]

We've had several people here on TG come to us with the same question. Sadly, many have fallen for this trick. Fortunately, you didn't.