Exit Company Free Lunch

[gwberg]

TUGGERS, thanks so much for being around. I need advice. What’s the best way to navigate this upcoming meeting? My wife INSISTS we go to a free lunch next week hosted by an unnamed timeshare exit company at a Westin hotel just outside of Boston. They offer $100 cash and they say there’s no obligation.

We are longtime Wyndham and Marriott/Vistana owners. I’m 77 and my wife is 72 and we will soon not be able to travel as much. We have no one to leave our timeshares to and don’t want to burden our estate with them. We don’t have a timeframe yet, but we do need to start planning. I have no evidence that this unnamed group (of lawyers) are scammers. Yes, $100 is helpful to us on a tight budget and I don’t want to create a an argument with my wife (at the meeting or afterwards). Past experience tells me it will be difficult not to argue, but hope springs eternal. She says “of course” we’re not going to put out any money. But she always says that.

I want to be as prepared as possible to respond to questions, counter any misinformation, etc.

Any advice is very much appreciated.


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[RX8]

There is no such thing as a free lunch.

The traveling “unnamed” exit companies are the absolute worst of the exit industry and it is already a horrible industry.

What will happen is that they will use high pressure, multiple lies and scare tactics trying to convince you that you have zero options but to pay them thousands of dollars upfront. Their very first lie is that they are not lawyers! They are professional sales people who specialize in doing whatever it takes to close the sale. Please don’t take this personally but you sound like their prime victim. They will reinforce your concern about burdening your heirs with the timeshare and play off that fear. You have options, including possible deed backs with the resort for your unwanted timeshares. Ask questions on TUG to get real, honest answers (including some by lawyers) in lieu of the straight out lies by an exit company.

If you obtain the name of the ext company please post it here and we can dive into the company for more information. While you say you have no evidence that they are scammers I can tell you that there is no doubt in my mind that you will be scammed out of your money if you decide to pay them.

My suggestion is to take your wife to lunch elsewhere for a quiet, peaceful time.

 

[jp10558]

Yea, if you want to divest the Wyndham and Marriott/Vistana, you may be able to give them away on the Free Timeshares forum here on TUG. But I don't think any timeshare exit company is going to do anything but rip you off. As the last resort you can always just default on the MFs for a few years and they'll foreclose - but it's worth trying to give them away first I think.

 

[rickandcindy23]

You didn't say what you own, but giving away on TUG is always an option. If you own Westin, those are worth something.

The one that we went to at our local restaurant said they would trade our resorts for RCI Points deeded somewhere in Nevada. It was a total scam. Our weeks were worth more than what they were "selling." RCI points to me is an average product. Our underlying deeds for our RCI Points are worth far more than the points are.

 

[bizaro86]

I think it would be wise to do two things.

1) have the disagreement with your wife in advance and don't go. There's no "information" to be gained there, it's a high pressure sales pitch. If $100 would be a benefit to your budget imagine having $3000, $5000 or $10000 less after getting scammed into something you don't need.

2) make a plan NOW that doesn't involve the scammers. If you post exactly what you own here people can advise. Likely you can either give away (free) or give back (low cost) all of those deeds if you need to. You could even start now, and keep an RCI or II membership to book cash deals for your remaining travel years.

I wish you best of luck with this!

 

[dioxide45]

If you or your wife are easily persuaded, avoid at all costs. These people are slick and will have multiple lies that no one will actually verify. When all is said and done you could be out thousands of dollars and no further ahead in getting rid of your timeshare. Anything they can do, you can do yourself for free.

 

[DrQ]

Where in Wyndham do you own (fixed weeks, points) ? You may be able to get some advice how to exit your timeshare either by:

• Deed exit program with the resort/developer
• Sell/Give Away your timeshare on TUG
• Design your estate so that all assets are placed outside of probate so that your estate is a "burning viking ship"

Nobody can force your heirs to take a timeshare, unless their names are already on the deed.

ETA: It looks as if Wyndham has a certified deed back program. If you really want to ride yourself of the obligation, that is the way to go. Marriott Deed exit link

 

[jackio]

Vistana also has a free deedback program. I am in the midst of completing one now.

 

[GrayFal]

Vistana also has a free deedback program. I am in the midst of completing one now.

And Marriott weeks certainly can be given away for free at the least and depending on which property, also have $ value.

 

[gwberg]

You guys are the greatest. All good advice which I intend to follow. I will post the name of the company here as soon as I find it out.


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[gwberg]

Vistana also has a free deedback program. I am in the midst of completing one now.

Please let us know how it goes. I own both a deeded Vistana property and StatOptions. Any details of your feedback experience would help me.


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[gwberg]

StarOptions…deedback. Sorry.


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[gwberg]

You didn't say what you own, but giving away on TUG is always an option. If you own Westin, those are worth something.

The one that we went to at our local restaurant said they would trade our resorts for RCI Points deeded somewhere in Nevada. It was a total scam. Our weeks were worth more than what they were "selling." RCI points to me is an average product. Our underlying deeds for our RCI Points are worth far more than the points are.

Sounds like you knew enough to reject the deal. If I go I’ll be on the lookout for similar “deals.” So thanks. No, we don’t own Westin. We’re Platinum Wyndham owners, plus Vistana, Flex, and Marriott. Also a separate EOY week in New Hampshire. Whew! I can hardly keep it all straight myself. So many programs, too little time.


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[gwberg]

Yea, if you want to divest the Wyndham and Marriott/Vistana, you may be able to give them away on the Free Timeshares forum here on TUG. But I don't think any timeshare exit company is going to do anything but rip you off. As the last resort you can always just default on the MFs for a few years and they'll foreclose - but it's worth trying to give them away first I think.

I’m not sure WHEN we should begin to divest. So far we have been able to use our timeshares and keep up with our MF. But time is not on our side. I don’t want to advertise a sale or giveaway before we’ve made a clear and informed decision.

Full disclosure. We currently have an ad on Redbook for a rental week (Wyndham Bonnet Creek in Orlando). So far no takers. A Vistana salesman (!) persuaded us Redweek would work. I know, I know. I should have tried TUG. Slow learner. I’m glad I’m among friends.


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[gwberg]

Yea, if you want to divest the Wyndham and Marriott/Vistana, you may be able to give them away on the Free Timeshares forum here on TUG. But I don't think any timeshare exit company is going to do anything but rip you off. As the last resort you can always just default on the MFs for a few years and they'll foreclose - but it's worth trying to give them away first I think.

No, I won’t default.


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[gwberg]

I think it would be wise to do two things.

1) have the disagreement with your wife in advance and don't go. There's no "information" to be gained there, it's a high pressure sales pitch. If $100 would be a benefit to your budget imagine having $3000, $5000 or $10000 less after getting scammed into something you don't need.

2) make a plan NOW that doesn't involve the scammers. If you post exactly what you own here people can advise. Likely you can either give away (free) or give back (low cost) all of those deeds if you need to. You could even start now, and keep an RCI or II membership to book cash deals for your remaining travel years.

I wish you best of luck with this!

Thanks for the good luck message. Your advice is much appreciated.


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[TUGBrian]

About to release TUGs newest advice article that covers timeshare exit/cancellation schemes....itll be available tomorrow with the newsletter!

 

[gwberg]

If you or your wife are easily persuaded, avoid at all costs. These people are slick and will have multiple lies that no one will actually verify. When all is said and done you could be out thousands of dollars and no further ahead in getting rid of your timeshare. Anything they can do, you can do yourself for free.

Are we “easily persuaded”? Yes and no. I would say yes. My wife would say no. We both have a point. We got into timeshare for good reasons and we have enjoyed wonderful vacations over the years. We bought with our eyes mostly wide open, even if sometimes the tactics were questionable. We have rescinded more than once, so we have some backbone. Did we overbuy through the years by not doing our due diligence? I think so. So your point is well-taken. Especially your last sentence.


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[TUGBrian]

keep in mind that likely every person that attends one of these presentations and agrees to pay them..... likely told themselves they werent going to fall for a scam when they walked in.

the fact is these marketing schemes work very...very well. if they didnt they wouldnt exist in nearly every major city in the country month after month!

 

[gwberg]

What is a “burning Viking ship”?


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[ScoopKona]

What is a “burning Viking ship”?

When one of these criminal exit companies takes the timeshare off your hands for a very large fee. They put all these unwanted timeshares into a bogus LLC. And then they bankrupt the LLC so the deeds are in limbo for a long time.

These exit company scams prove that some of the people can be fooled all of the time.

While it may difficult to be rid of a timeshare, telling people here PRECISELY what you own and what (if anything) is owed on it, is easy. You could do that right now. And then people will tell you how to be rid of it.

 

[gwberg]

keep in mind that likely every person that attends one of these presentations and agrees to pay them..... likely told themselves they werent going to fall for a scam when they walked in.

the fact is these marketing schemes work very...very well. if they didnt they wouldnt exist in nearly every major city in the country month after month!

This is an opportunity for me to learn more about myself as well as learn more about timeshares. As I wrote earlier we have rescinded timeshare purchases in the past. I read the contract and consulted TUG to learn my rights. I felt good about it. But this seems even more risky. It makes no sense to put myself through all that.

I don’t think I’m smarter (or stupider) than anyone else. So logic tells me not to attend the lunch. And to do my homework (with the help of TUG). I’m determined to find out who this company is and post it on TUG.


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[DrQ]

What is a “burning Viking ship”?


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In [possible] Norse mythology, the dead were placed on longboats and set ablaze. This is a reference to designing your estate to be essentially worthless as all assets have been put into trusts that are outside probate. So when probate happens, the only things in the estate are worthless and are "burning in the longboat".

 

[DrQ]

When one of these criminal exit companies takes the timeshare off your hands for a very large fee. They put all these unwanted timeshares into a bogus LLC. And then they bankrupt the LLC so the deeds are in limbo for a long time.

These exit company scams prove that some of the people can be fooled all of the time.

While it may difficult to be rid of a timeshare, telling people here PRECISELY what you own and what (if anything) is owed on it, is easy. You could do that right now. And then people will tell you how to be rid of it.

While setting up an LLC and placing a timeshare within it is fraud, moving your assets to heirs and charities in trusts or annuities is not. It can be as simple as putting a Payable on Death directive on accounts or naming beneficiaries. Real estate is more problematic, but there or ways to do it.

After you pass, the timeshare company can only make a claim against the remaining estate that is in probate. They cannot be forced on your heirs (if their names are not on the deeds). This is common scare tactic used by timeshare exit companies to motivate marks to get swindled.

I am not a lawyer, nor am I giving legal advice.

 

[gwberg]

When one of these criminal exit companies takes the timeshare off your hands for a very large fee. They put all these unwanted timeshares into a bogus LLC. And then they bankrupt the LLC so the deeds are in limbo for a long time.

These exit company scams prove that some of the people can be fooled all of the time.

While it may difficult to be rid of a timeshare, telling people here PRECISELY what you own and what (if anything) is owed on it, is easy. You could do that right now. And then people will tell you how to be rid of it.

Thanks for explaining that. As soon as I can I will post PRECISELY what I own here on TUG (all are paid off). One of my problems is just keeping track of what I own and the programs’ details.


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