Exit Company Free Lunch

[LannyPC]

The first thing they'll do is try to pit your against your wife - that is one of the "sales tactics". The couple goes in thinking they're on the same side, but the salesperson figures out what "incentive" will persuade one of them, and use that to make the sale.

This is also one of the sinister methods that developer sales people use.

 

[ScoopKona]

That was your eventual goal but then the exit company will claim a "success" saying that it got you out of your ownership and accomplished what you paid it to do. Hence, you are not entitled to a refund.

100% this.

Exit companies -- every single one of them with zero exceptions -- cannot do anything the owner cannot do him or herself. There is no magic wand they wield which can make the process any faster or less expensive. In fact, the only thing they add is cost -- usually a LOT of extra cost. These companies continue to prosper because the average person doesn't read and is shiftless.

 

[gwberg]

OP: Getting rid of Vistana weeks is likely easier than you think, and very doable. Five years ago I successfully got rid of two deeded Vistana weeks after following advice here on TUG. One of them had some value, so I listed it on Redweek and it sold pretty quickly. The other one had no value, and I successfully gave it away on TUG after Vistana said they wouldn't take it back (that sometimes does happen, or it least it did then). The process for each, from listing to closing, took approximately 90 days.

Thank you for that.


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[gwberg]

100% this.

Exit companies -- every single one of them with zero exceptions -- cannot do anything the owner cannot do him or herself. There is no magic wand they wield which can make the process any faster or less expensive. In fact, the only thing they add is cost -- usually a LOT of extra cost. These companies continue to prosper because the average person doesn't read and is shiftless.

I do read, but obviously have a lot to learn.


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[gwberg]

The problem with these "money-back guarantees" is this. They will likely use the unwitting foreclosure method where they tell you to stop paying MFs and cease all communications with the resort. Then, while you're thinking that the exit company is working hard behind the scenes to get you out of your TS, all that's really happening is that your TS will eventually go into foreclosure and you will be out of your ownership. That was your eventual goal but then the exit company will claim a "success" saying that it got you out of your ownership and accomplished what you paid it to do. Hence, you are not entitled to a refund.

Thanks for that.


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[gwberg]

This is also one of the sinister methods that developer sales people use.

Yes, I know.


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[gwberg]

You can contact exit.services@mvwc.com and give them your ownership details.

They sent me an acceptance and told me I would receive a transfer packet in the mail within 90 days. All MF's have to be up to date. The only cost would be the notary fees for signatures on our end. I am awaiting the packet.

Thanks for that.


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[TUGBrian]

in case you missed the article today in the newsletter:

The Dirty Secret Behind Timeshare Exit & Cancellation Companies

Learn the Truth about Timeshare Exit & Cancellation Companies before making an Expensive Mistake

tug2.net

 

[gwberg]

in case you missed the article today in the newsletter:

The Dirty Secret Behind Timeshare Exit & Cancellation Companies

Learn the Truth about Timeshare Exit & Cancellation Companies before making an Expensive Mistake

tug2.net

Wonderful.


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[gwberg]

The exit company monthly payment gimmick is especially important. Thanks.


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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.

Just curious. What prompted you to attend the presentation?


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[TUGBrian]

The exit company monthly payment gimmick is especially important. Thanks.


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are seeing more and more reports of this new strategy which is an extremely effective solution to owners not willing to pay a large upfront fee!

in the end they get even more because they know full well the default process takes months, if not years.

 

[gwberg]

are seeing more and more reports of this new strategy which is an extremely effective solution to owners not willing to pay a large upfront fee!

in the end they get even more because they know full well the default process takes months, if not years.

Wouldn’t the owners have to agree to default and risk their credit rating? Wouldn’t their best strategy be to promise some return on the owner’s investment—through sale or rent or some other mechanism?


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[gwberg]

are seeing more and more reports of this new strategy which is an extremely effective solution to owners not willing to pay a large upfront fee!

in the end they get even more because they know full well the default process takes months, if not years.

Wouldn’t the owners have to agree to default and risk their credit rating? Wouldn’t their best strategy be to promise some return on the owner’s investment—through sale or rent or some other mechanism?


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[jehb2]

There is no such thing as a free lunch.

You had me at…

 

[gwberg]

You had me at…

Ha!


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[WorldT]

Wouldn’t the owners have to agree to default and risk their credit rating? Wouldn’t their best strategy be to promise some return on the owner’s investment—through sale or rent or some other mechanism?


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The owners would have have that option to agree or not to agree only if the owners know that is going to happen. But who will tell them? The people trying to bleed them?
If the find TUG on time, we will tell them. But lots of people don't and end up giving thousands of dollars away for something they could have just done themselves.

 

[dioxide45]

Wouldn’t the owners have to agree to default and risk their credit rating? Wouldn’t their best strategy be to promise some return on the owner’s investment—through sale or rent or some other mechanism?

These companies also claim to offer credit repair services in the event your credit gets hurt. The credit repair industry seems as scammy as timeshare exit. They seem to go hand in hand.

 

[TUGBrian]

Wouldn’t the owners have to agree to default and risk their credit rating? Wouldn’t their best strategy be to promise some return on the owner’s investment—through sale or rent or some other mechanism?


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not if they are tricked into thinking the company they hired is "taking care of it for them" or "handling all communication with the resort going forward"...

if you ignore all the letters from your timeshare including your bills....you are now in default.

 

[TUGBrian]

These companies also claim to offer credit repair services in the event your credit gets hurt. The credit repair industry seems as scammy as timeshare exit. They seem to go hand in hand.

and credit "repair" is extremely effective when you have a better than average chance of the default not showing up on your credit in the first place.

just playing the odds.

and the credit repair option is NEVER part of the guarantee.

 

[RX8]

in case you missed the article today in the newsletter:

The Dirty Secret Behind Timeshare Exit & Cancellation Companies

Learn the Truth about Timeshare Exit & Cancellation Companies before making an Expensive Mistake

tug2.net

Excellent article

 

[TUGBrian]

Excellent article

thank you!

 

[pedro47]

Excellent article

I agree that was an excellent article. I wish ARDA would read it.

 

[gwberg]

I agree that was an excellent article. I wish ARDA would read it.

Who or what is ARDA?


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[dougp26364]

Who or what is ARDA?


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American resort DEVELOPERS association.

Timeshare management always attempts to tack on a contribution to ARDA, as if they represent timeshare owners. The reality is they represent the developer and management rather than the owner. Once I learned who they really support I stopped contributing