Kiplinger article on Timeshare Exit scams

[TUGBrian]

https://www.kiplinger.com/article/retirement/T048-C000-S004-don-t-fall-for-timeshare-exit-scams.html

good article warning consumers! (and TUG gets a mention!)

 

[CalGalTraveler]

Great job @TUGBrian.

IMO the ARDA solution to contact your resort is not a panacea. I am hearing reports that some companies like Diamond are forcing some owners to pay thousands to upgrade to their latest program if they purchased resale, or own a legacy resort and then they charge you $1000 to deed it back. Talk about adding insult to injury! That upgrade and deedback may cost more than the timeshare was originally purchased for.

Although there are honorable TS developers that are abiding by this program, it is the bad actors that gives the timeshare industry a bad reputation. Yet another promise not kept.

ARDA should add a provision that in order to participate in this "Responsible Exit" program the maximum deedback charge should be no more than $1000 to cover administrative cost, and the developer cannot force an owner to pay thousands to upgrade to the latest program in order to get a deedback.

If provisions like this are not enforced, this ARDA/Developer program is just a wolf in sheeps' clothing akin to the exit companies. And the bad actors are getting a free ARDA stamp of approval that they are using to convince new buyers that they have an exit. (...but what they don't tell you is that it could cost you thousands in upgrades to get out!)

 

[geist1223]

I believe it is $1,000 per Contract. Diamond has each purchase as a separate Contract. It was great when it was only $250 but $1,000 and to be done with it forever is probably still a good deal.

 

[simpsontruckdriver]

I've heard Wastegate... I mean Westgate... also charges $1000+ to give your timeshare back. On the other hand, I heard Holiday Inn Club Vacations (aka Orange Lake) only charges a couple hundred. Both require loans to be paid off first.

TS

 

[Grammarhero]

Sadly, the older Wyndham owner simply could have used Ovations.

 

[PamMo]

So, do salespeople at Diamond disclose to prospects, "It will only cost you $1,000 (probably higher in the future) to deed this marvelous timeshare back to us when you can't afford the MF's anymore, and nobody else will want it"?

 

[CalGalTraveler]

So, do salespeople at Diamond disclose to prospects, "It will only cost you $1,000 (probably higher in the future) to deed this marvelous timeshare back to us when you can't afford the MF's anymore, and nobody else will want it"?

LOL aka "Responsible (for payments to Diamond) Exit."

And it has been reported that if you buy resale or own a legacy unit that Diamond acquired, you will need to pay thousands to upgrade to the latest Diamond points program before you can exit. No matter that this upgrade may cost more than what you originally paid...As the Diamond CEO states, we will take it back if "you do your part" and keep up with all of our payment obligations...




(would love for some Diamond owners to refute this but so far none.)

 

[RNCollins]

I thought it was a good article.

The author could of mentioned giving away your timeshare or selling it on the resale market.

 

[PcflEZFlng]

Well at least some developers have deedback programs where you can actually deed it back. Others (*cough* *cough* Marriott/Vistana) SAY they have a deedback program, but for many of their owners, when you call them, they won't take yours!

 

[x3 skier]

Nice article and at the end of it on my browser is an ad for a timeshare exit company

Cheers