• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 27 years!

    Join tens of thousands of other owners just like you here to get any and all Timeshare questions answered!
  • TUG has now saved timeshare owners more than $17,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $17 Million dollars
  • Follow the TUG Member Banner as it travels the world on vacation with Timeshare owners! Also sign up to get the banner sent to you so you can submit a photo of your vacation with the banner to share with TUG! Banner Thread
  • Sign up to get the TUG Newsletter for free! Join tens of thousands of other owners who get this every week! Latest resort reviews and the most important topics discussed by owners during the week!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    Read more Here
  • A few of the most common links here on the forums for newbies and guests!

GMAC

yumdrey

TUG Review Crew: Veteran
TUG Member
Joined
Jun 30, 2008
Messages
3,029
Reaction score
3
Points
273
Location
Maryland, U.S.A.
Is GMAC ok to deal with?
After I have read long long thread about post card companies, VIN inc, etc... I feel a little guilty, because I purchased one of my TS through ebay and the seller was VIN, inc. I had no idea what that company was at that moment. I spent couple hours to read past thread about those companies today and decided not to deal with them never again.
Recently, I got an offer from GMAC, they said seller accepted my offer, but there was additional $400 fee for buyer (me) other than closing cost and TS cost. I have never paid any buyer fee before, they called them "buyer's administration fee", and "transaction fee". All I paid so far (when buying TS) was TS price and closing cost.
And in one of those threads I have read today, someone mentioned GMAC, so I am hesitating to deal with them.
The other company I am negotiating now is Smart Choice. I am wondering which company (GMAC or Smart Choice) would not associate with those postcard companies? Thanks for any input.
 

mpizza

TUG Member
Joined
Jun 6, 2005
Messages
464
Reaction score
234
Points
253
Location
Wayne, NJ
I had several issues with GMAC; namely, (i) they wanted $500 upfront and would not disclose what the fee was for and (ii) they wanted me to sign a blank contract. I revised the contract to reflect the deal info, but GMAC would not present it to the Seller for signature. Needless to say, even though the Seller supposedly agreed to my offer, I did not go thru with the purchase.

Maria
 

richardm

TUG Member
Joined
Aug 6, 2007
Messages
1,252
Reaction score
22
Points
249
Location
Orlando
They asked you for a good faith deposit- how ridiculous!!!!

I had several issues with GMAC; namely, (i) they wanted $500 upfront and would not disclose what the fee was for and (ii) they wanted me to sign a blank contract.
Maria
Somehow, I have my doubts as to the complete accuracy of this previous statement... Based on past offers from Ms. Pizza that I've seen- she requires that the sellers allow her to act as the closing agent for the transaction and won't agree to an escrow agent- which is not considered by most to be a reasonable request unless the buyer is a practicing attorney- and even then isn't a sale I'd ever recommend to a seller.


A good faith deposit is common when you purchase any type of real estate. You will deliver that deposit to the settlement or closing agent, or to the brokerage itself. Some states require a written offer and agreement form be sent to you to collect the deposit, but most do not.

You should expect a contract template will be sent to you. This will detail your purchase terms. Any special needs that your have (for example- that the ownership have a specific check-in day) should be made part of the contract to protect you. If you are financing the purchase, you will want the agreement to show that contingency. Also, if either buyer or seller is a licensed real estate agent, that is also normally disclosed.

If you purchase through a brokerage, some type of commission or transaction fee will be charged. A minimum of $1,000. or 10% (whichever is greater) is common for most properties. These fees can be charged to buyer, seller, or a combination of both.

Once contracts are executed, your settlement or closing agent will take over. They will verify the ownership information of the seller, prepare the required legal documentation, finalize escrow, and perform the closing. I always recommend a full closing- but you should have that option. A good settlement agent is probably the most important choice you will make. Call around a get a few quotes, and confirm that they have performed closings for your property in the past. You may want your choice of closing agent to also be included in your contract.

Good luck with your purchase and enjoy your new ownership!
 

Bill4728

Moderator
Joined
Jun 6, 2005
Messages
10,627
Reaction score
219
Points
699
Location
Lake Tapps, WA
There are many real estate companies which are associated with GMAC. TimesharesOnly( AKA- Vacations only) is a franchise of a huge company GMAC. Is the GMAC you're asking about TimesharesOnly?

There are many threads about TimesharesOnly. They are one of the biggest "up front fee" TS resellers. "Up front fee" TS resellers make huge amounts of money getting people to list their TS for sale with them. They put the TSs on their website and wait for offers. Because they often tell the owners that the TS is able to be sold for much more than the market prices ( to get the listings) many times a owner will have their TS listed with "up front fee" TS resellers for several years and never get a offer to buy.

Most everyone on TUG says to stay away from the "up front fee" TS resellers (like TimesharesOnly) if you are trying to sell your TS.


But as a BUYER: TimesharesOnly has lots of TSs for sale and as a buyer you can get some good deals from them. But be aware that they do tack on extra fees which no other resellers charges. But if you get a good deal after the fees it still may make sense to buy from them.
 

richardm

TUG Member
Joined
Aug 6, 2007
Messages
1,252
Reaction score
22
Points
249
Location
Orlando
Brokerage fees

Every brokerage will charge a commission, it's how they stay in business. These either show as a deduction to the seller, a transaction fee to the buyer, or a combination of both. If your buying agent tells you there aren't any fees- he not being truthful. Realistically, even if the seller is paying these at closing- understand it is something they will have to consider when they think about your offer.

There are a few GMAC Real Estate franchises that sell timeshares. International Properties GMAC is the most active of these. They are one of the preferred brokers of Timeshares Only, but there are several (Re/max Town Centre is another). IPGMAC is also a recommended broker for several other marketing sites and developers. MyResortNetwork and Disney Vacation Club are examples of these relationships.

As a buyer, it is often a good idea to ask your agent for a good faith estimate of costs that you will incur with your purchase. This should detail the purchase cost, closing costs, transaction fees, m. fee reimbursements, and any other miscellaneous credits or fees that may be charged such as fedex, etc.. Brokers that use a written offer and agreement form to collect the deposit will normally include this breakdown.
 

dougp26364

TUG Review Crew: Expert
TUG Member
Joined
Jun 6, 2005
Messages
13,306
Reaction score
1,535
Points
498
Location
Kansas
Resorts Owned
Marriott Grand Chateau
Marriott Shadow Ridge
Marriott Ocean Pointe
Marriott Destination Club Points
Hilton Grand Vacation Club Las Vegas Blvd
Grand Colorado on Peak 8
Spinnaker French Quarter Resort Branson
I've purchased one timeshare through GMAC without any problems and without any additional and/or hidden fee's. What problems Mpizza might have had didn't come up in our transaction. I paid $285 for our week plus closing costs. Same as with most other timeshare resellers.

As for feeling guilty about buying from a postcard company, I wouldn't feel guilty at all. The people who handed over their timeshare deed to them made at least two mistakes (buying a timeshare and then paying to get rid of the same timeshare). There's plenty of information available for those that will just LOOK for it. If they're to lazy to do any research is it any wonder that they've lost money twice? If the price is right and it's a timeshare I want, I don't care who is selling it. I'll buy it. I'm not going to pay extra just to make myself feel better about someone who paid another party to take their timeshare. It's not helping them and it certainly isn't in my best interest.
 

mpizza

TUG Member
Joined
Jun 6, 2005
Messages
464
Reaction score
234
Points
253
Location
Wayne, NJ
richardm,

You are distorting the facts. I always use Duncan Realty & Escrow as my closing agent.

A good faith deposit is tendered with a contract; however, GMAC would not process the contract with the correct deal terms and asked me to sign a blank agreement.

Perhaps you care to disclose your relationship with GMAC?

Things always turn out for the best as I successfully purchased elsewhere.

Maria
 
Last edited:

Need to Travel

Tug Review Crew: Rookie
TUG Member
Joined
Dec 11, 2006
Messages
86
Reaction score
1
Points
218
Location
Minnesota
I've used GMAC 3 times now and have had very good service. They do have some fees that you wouldn't otherwise have with other companies but they have what I want at the price I want so I go with them. They also have given me free II membership in the past.
 

Zac495

TUG Member
Joined
Jun 6, 2005
Messages
3,038
Reaction score
50
Points
283
Location
Philadelphia, PA
Before finding TUG, I paid 500 to GMAC (a long time ago):) Anyway, when I sold my t/s on my own, they did refund 475 - but grudgingly. Most stories don't end quite that well. THAT SAID - NEVER pay an upfront fee - NOT to them even though it "worked out." The money sat there, I called and called, nothing happened, I finally sold my t/s on my own, and paid GMAC 25 for nothing.
 

Robert D

Tug Review Crew: Rookie
TUG Member
Joined
Jul 31, 2006
Messages
1,845
Reaction score
64
Points
259
Location
Austin, TX
Bill, have you ever bought a TS through Timeshares Only? Has anyone on here bought one through them? I've made numerous offers on TS's on there, and to date have only gotten one response from the sellers. I made 18 offers about 2 weeks ago, and got one reply on all of them. Richardm told me that TS Only blocks offers in excess of 5 and they consider it spam, but my first 5 should have been presented to the sellers. I doubt that that many got presented to the owners - if they are serious about selling, it sure seems that the sellers would at least reply to the offer! I found it hard to believe that 18 offers is considered spam! I was also told that I'd have to pay a $400 "transaction" fee to GMAC if I ended up buying a TS off of TS's Only. If you're not willing to pay that, they won't present your offer to the seller, which seems crazy - the seller might be willing to pay this fee for the buyer! Many of the TS's on there aren't worth $400. Most of the TS's on there don't have adequate info to even know what you're buying (things like what the specific floating season is for highly seasonal resorts), and it is very cumbersome to do searches to get at what you're looking for. It's pretty obvious that this site is geared for collecting an upfront fee, not selling TS's. That's why I'm curious as to how many Tuggers have actually bought a TS off of the Timeshares Only site. There's lots of other sites and brokers from which to buy a TS where you don't have to deal with these hassles or fees, and even though the inventory on TS's Only is huge, I think it's pretty much useless and for me, it's been a waste of time.
 

jschmidt

Guest
Joined
May 26, 2007
Messages
418
Reaction score
1
Points
16
Location
Houston, TX
I'm curious as to how many Tuggers have actually bought a TS off of the Timeshares Only site.
I bought through Timeshares Only / GMAC about two years ago. Their fee then was $300 plus the resort transfer fee. The sales person was very helpful and all went well, just a little slow.
 
Top