Exit Company Free Lunch

[TUGBrian]

I think ARDA at this point is firmly against all exit companies.

upfront fee resale companies notsomuch...but certainly exit companies.

 

[gwberg]

I think ARDA at this point is firmly against all exit companies.

upfront fee resale companies notsomuch...but certainly exit companies.

Interesting. I didn’t get that impression from your video interview with ARDA, but maybe I need to watch it again. It was a good interview.


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[gwberg]

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

Good to know.


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[gwberg]

My wife and I attended the timeshare exit company free lunch (invitation attached). It turned out just as several of you predicted. We ate lunch, listened to the presentation, and talked to the salesman Patrick (who had been a Wyndham salesman for 16 years). After all the scare tactics, they asked us for $26, 849 (see attachment). This was just for our Wyndham Access ownership. We declined the offer, accepted our $100 cash, and went home. I don't understand all the details of their offer. Can any of you make sense of it? In any case, our experience certainly vindicated TUG and all the excellent advice we received. Thanks to everyone!

 

[gwberg]

My wife and I are currently reviewing our options for exiting our timeshare ownership. We don't have a timeline, but I'm 77 and my wife is 73. It is time to make plans. We don't have anyone to leave our timeshare to. As requested, I am posting my current timeshare ownership. Any suggestions or comments would be appreciated.

At the exit timeshare lunch, an ENCORE salesman said that Wyndham cannot take away our Platinum VIP level if we get rid of our PIC properties since they have already been verified. We have been warned about that at Wyndham "updates" in the past. Can anyone confirm or deny that?

Another topic at the lunch was recent Florida laws about timeshare HB 453, HB 7025 (and I think I remember HB 435 was brought up too). Of course, it was meant to scare us about our timeshare ownership to sell their product. Anyone want to comment?

 

[DrQ]

My wife and I attended the timeshare exit company free lunch (invitation attached).

Your personal information is included in the attachments!

How was the lunch? You do know that you will receive more "invitations" because you have nibbled on the bait.

 

[gwberg]

Another scare topic at the ENCORE lunch was how our timeshare ownership will affect our estate when we pass on. Any comments on that would also be appreciated.

 

[gwberg]

Your personal information is included in the attachments!

How was the lunch? You do know that you will receive more "invitations" because you have nibbled on the bait.

Thanks for that. My mistake. Not paying attention. (I trust TUG, I guess.) Yes, I'm aware we will be targeted. But we've been inundated with these "invitations" for years. I'm open to any strategies that people have that will ward them off. I know, I know. Don't attend any more "free lunches."

I reported on the lunch above. I'll answer any questions about our experience--especially if it will help anyone.

 

[DrQ]

Another scare topic at the ENCORE lunch was how our timeshare ownership will affect our estate when we pass on. Any comments on that would also be appreciated.

As I have previously stated, you can structure your estate so that the timeshares are in a "dry hole", if you decide to keep them. Also, it has been pointed out, that if you are current, getting rid of them should be fairly simple without as much expense as what these jeesers want. They most likely will simply foreclose and move on.

Named beneficiaries (and PoD) get the proceeds outside of probate, the only thing that needs to be taken care of in probate are possessions and real estate and you can take care of that by preparing your estate with a lawyer beforehand. If you have more than one child, I would recommend doing this with or without a timeshare.

 

[jp10558]

My wife and I are currently reviewing our options for exiting our timeshare ownership. We don't have a timeline, but I'm 77 and my wife is 73. It is time to make plans. We don't have anyone to leave our timeshare to. As requested, I am posting my current timeshare ownership. Any suggestions or comments would be appreciated.

I always suggest at least trying to give the timeshare away on the TUG Free Timeshare's listing. That is likely to at worst cost you ~$1,000 if you decide to cover transfer fees, closing costs, and an incentive to get someone to take it over. Depending on what it is, you might not need to do any of that to get someone to take it.

 

[gwberg]

I attached the ENCORE contract here (minus my personal info). One thing I discussed with the ENCORE salesman was the "transfer fee" of $4200 (!). I checked with LT Transfers online which quoted a price of $299 for their service. I'm assuming that it isfor the same thing as what ENCORE calls a "transfer fee." I have a lot to learn. So, again, if anyone can parse the details of the ENCORE contract, I would welcome it.

 

[DrQ]

I attached the ENCORE contract here (minus my personal info). One thing I discussed with the ENCORE salesman was the "transfer fee" of $4200 (!). I checked with LT Transfers online which quoted a price of $299 for their service. I'm assuming that it isfor the same thing as what ENCORE calls a "transfer fee." I have a lot to learn. So, again, if anyone can parse the details of the ENCORE contract, I would welcome it.

This is not a contract, it is a proposal which is not very transparent. It assumes, that two septuagenarians are going to hold on to their timeshares for the next 30 years with an annual 7% increase in maintenance fees. IDK where they arrive at the $397K "liquidation cost" (I assume it has been pulled from their nether regions). I'm assuming that they are handling the "transfer" so they are charging whatever they want for this "service" (In reality, they are probably just stiffing the HOA and making the foreclose [worse case] or utilizing the resort exit options which we have pointed out [best case]). Then they are inflating that number by another $449 for their internal "paperwork".

They are not clear whether the $28K is for just termination (option 2) or termination with travel club membership (option3)

Such a deal, NOT!

 

[WorldT]

I attached the ENCORE contract here (minus my personal info). One thing I discussed with the ENCORE salesman was the "transfer fee" of $4200 (!). I checked with LT Transfers online which quoted a price of $299 for their service. I'm assuming that it isfor the same thing as what ENCORE calls a "transfer fee." I have a lot to learn. So, again, if anyone can parse the details of the ENCORE contract, I would welcome it.

Oh my. These numbers are so fuzzy, it makes the math from the sales people look like grade 3 math.
I would tell you to light a match under it but that match is worth more than this document.
There is nothing to learn here other than you happen to see how people get bled. Thankfully you went in already informed. I can do what these guys are charging you 28k for zero dollars. Absolutely zero. But if you feel like paying someone, I would be happy to take your money and donate it to your favorite charity.

 

[ForThePoints27]

I attached the ENCORE contract here (minus my personal info). One thing I discussed with the ENCORE salesman was the "transfer fee" of $4200 (!). I checked with LT Transfers online which quoted a price of $299 for their service. I'm assuming that it isfor the same thing as what ENCORE calls a "transfer fee." I have a lot to learn. So, again, if anyone can parse the details of the ENCORE contract, I would welcome it.

What are you looking to validate on this contract?

It’s 1000% a money grab. Which you see to get, so not sure what clarity you’re looking for. There won’t be a line by line explanation because it’s BS but legal.

If you don’t want the timeshares anymore

1. Check what they sell for on TUG/ebay. If they sell for something list for that. But more likely
2. List for free on TUG. Depending on what you own, buyers might pick up closing costs and cost you $0. Or you might need to sweeten the deal by paying closing costs, which as you note with LT Transfers, is <$500
3. Call Wyndham and vistana and ask about their deedback programs. They will likely take them back for $0 (Vistana anyways. I’m not sure about Wyndham)
4. Just stop paying mtce fees. At worst, your credit will suffer but not sure why that matters in your 70/80s…

 

[Tia]

Always such good info from TUG. Decided years ago, still in our 60's, to not have any timeshares for anyone to have to figure out. We sold what we had and now rent from owners. You just never know what's coming in the crystal ball

 

[RX8]

I attached the ENCORE contract here (minus my personal info). One thing I discussed with the ENCORE salesman was the "transfer fee" of $4200 (!). I checked with LT Transfers online which quoted a price of $299 for their service. I'm assuming that it isfor the same thing as what ENCORE calls a "transfer fee." I have a lot to learn. So, again, if anyone can parse the details of the ENCORE contract, I would welcome it.

Encore Law, Inc is just another timeshare exit scammer running around the country scaring timeshare owners with lies and high pressure.

I reported Encore Law to the BBB as they had many misleading and false claims on their website. They appear to have been in business for a short time but the BBB had an inception date of 2007. The BBB did make some changes, primarily changing their inception date to 2020 but that is still incorrect. At best it should be 2023. The website for Encore Law also had some changes, primarily removing a false statement that they were founded in 2007. The BBB ignored another complaint of mine that they are not legally registered to do business in the state of Tennessee, their listed home office location. There is no record of Encore Law, Inc filed with the state of Tennessee meaning they are operating illegally. Lastly, the BBB ignored my complaint that they are deceiving the public by implying many times on their website that they are a law firm, starting with the name itself. They are not a law firm and admit that in one hard to find spot on their website. BBB accredited businesses are to be highly ethical. Not sure how the BBB can accredit a company with stated lies on their website and no proof they are even operating legally within their primary state of business. Because the BBB doesn’t seem to care, I filed a complaint with the Tennessee Attorney General.

Attended a presentation by Timeshare Exit Company Encore Law

I will try to give away but if I don’t have any takers, and if the resort don’t want it back, ( in the website they said that they don’t) can my mom take over the contract and then defaulting I know sound bad but he give the idea on how get of this situation as soon as possible I went to a...

tugbbs.com

Edited: I looked at the invitation. All of the scammer mailers purposely omit their names. No legit business goes out of their way to hide who they are. Also, they state on the mailer that one can speak to an advocate to see if they are eligible for a timeshare purchase price refund, “like many of our other clients”. That is total BS, just like the claim on their website that they have obtained $20M in REFUNDS for their customers. An interesting but unbelievable claim that has been on their website since their website was created a very short time ago in 2023.

 

[callwill]

My wife and I are currently reviewing our options for exiting our timeshare ownership. We don't have a timeline, but I'm 77 and my wife is 73. It is time to make plans. We don't have anyone to leave our timeshare to. As requested, I am posting my current timeshare ownership. Any suggestions or comments would be appreciated.

At the exit timeshare lunch, an ENCORE salesman said that Wyndham cannot take away our Platinum VIP level if we get rid of our PIC properties since they have already been verified. We have been warned about that at Wyndham "updates" in the past. Can anyone confirm or deny that?

Another topic at the lunch was recent Florida laws about timeshare HB 453, HB 7025 (and I think I remember HB 435 was brought up too). Of course, it was meant to scare us about our timeshare ownership to sell their product. Anyone want to comment?

Can anyone elaborate on the mentioned laws HB453 and HB7025?

 

[BingoBangoBongo]

Thanks for that. My mistake. Not paying attention. (I trust TUG, I guess.) Yes, I'm aware we will be targeted. But we've been inundated with these "invitations" for years. I'm open to any strategies that people have that will ward them off. I know, I know. Don't attend any more "free lunches."

I reported on the lunch above. I'll answer any questions about our experience--especially if it will help anyone.

It’s not TUG you need to worry about. I’d highly recommend you take that invitation down and repost after you‘ve cut out or blocked your personal informatio.

 

[DrQ]

It’s not TUG you need to worry about. I’d highly recommend you take that invitation down and repost after you‘ve cut out or blocked your personal informatio.

I think you have to be a member to download, but that is not a high bar to pass.

 

[gwberg]

I think you have to be a member to download, but that is not a high bar to pass.

OK. I’ll do it.


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[gwberg]

What are you looking to validate on this contract?

It’s 1000% a money grab. Which you see to get, so not sure what clarity you’re looking for. There won’t be a line by line explanation because it’s BS but legal.

If you don’t want the timeshares anymore

1. Check what they sell for on TUG/ebay. If they sell for something list for that. But more likely
2. List for free on TUG. Depending on what you own, buyers might pick up closing costs and cost you $0. Or you might need to sweeten the deal by paying closing costs, which as you note with LT Transfers, is 3. Call Wyndham and vistana and ask about their deedback programs. They will likely take them back for $0 (Vistana anyways. I’m not sure about Wyndham)
4. Just stop paying mtce fees. At worst, your credit will suffer but not sure why that matters in your 70/80s…

Excellent points.


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