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Exiting Timeshare ownership

RayMWu

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Attended a presentation tonight from Square One regarding "updating timeshare ownership" programs (Yes, it was via an offer received in the mail and offered free food and $50:)

I've searched here in TUG and read the articles regarding timeshare sales and the few postings on Square one itself but still the "facts" they raised are intriguing.

They claim back in 2014/2015 RCI reached out to timeshare owners realizing how unhappy owners were and hated being stuck in perpetual contracts that burdened the future generations with maintenance responsibility and debt that RCI at that time offered to do two things: assist the owners to get out of the timeshare altogether by getting them out of the contract with some upfront cost (almost equivalent to the outstanding years or balance of the contract but at least without the continued perpetuity) OR to switchover to the RCI Points system upon a paying a fee where one will get some equivalent of your timeshare in points to use in the points network to continue to exchange w/o the weight of the contract in perpetuity.

We told them that we've been timeshare owners for 30+ years and never heard of this. They supposedly looked into the system and can see that we never "signed and declined the offer" and "asked" RCI to make the program available to us. After a 1/2 hour or so the rep came back and said good news there is three alternatives to our ownership:
1) Continue as is if we are happy; 2) pay ~5K to have the contract terminated and our obligation ended forever; 3) ~4K to end our contract and to join RCI Trust which is like the RCI Points system but better - you don't pay every year to be part of RCI Points but $299 whenever you want to make an request and then depending on the vacation it will cost between $89-$299 for the week itself.

Yes, sounds too good to be true but... Any way of confirming this to be the truth or is this an elaborate scam like others?

Thanks for help, advice, and guidance.

Ray & Claudia
 

Passepartout

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It's ALL a pack of lies. No such exit package anyone here has heard of. It's just an upfront fee scam. Never heard of RCI Trust either, but it sounds like access to the leftover units in RCI Last Calls.

Hope they didn't get any of your money.

If you are trying to unload a TS consider listing it in the TUG Bargain Deals subforum in Buying, Selling, Renting forum. It's free.
 

montygz

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$5k to get out sounds too good to be true? No wonder there are so many scams like this out there. I'm sorry to read this.
 

Iggyearl

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RayMWu

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Thanks all for the insight - so glad we went with our gut feel and didn't do anything. Another couple stopped us outside the Marriott where it was held and they asked us if we did it. We replied no to which they said they did for two timeshares that they were tired of and looking forward to getting rid of them - I hope things works out for them and not see them mentioned in the BBB for Missouri.

Thanks again.
 

bogey21

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4 or 5 years ago I went to one of these meetings just to see what the pitch was and how many lies they told. My recollection is that about 75% of attendees were quasi elderly satisfied TS Owners who for one reason or another wanted out. What shocked me was that more than half signed on the dotted line and presumably wrote the check...

George
 
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