Low End Time Share Company with iffy ethics

[handysam863]

Was a timeshare owner of Silver Lake Resorts and received notice that they were being sold. Was invited to go to a meeting to let the owners know what was going on. Have lunch, listen to the changes, sounded like something we needed to do. What we didn't expect was a aggressive sales pitch. Was told how they now owned the resort and that all members who didn't go into the Capital Vacations program would revert back to their titled week only, fee's would be going up estimated 25%, and that a special assessment being placed on all owners (was told $2500+). If we joined we had to have a minimum number of points. Oh, our 3 week lockout was not sufficient for their minimal level. Needed 300K points, we need about 35K to meet their minimum but wait they only sell by blocks of 100K. We only had that visit to settle up and join or forever be excluded from the offer again. After 4 hours of a 2 hours presentation, tired, frustrated, and being misled we stroked a check, bough 100K points.

Step forward. Been to 4 resorts this year. Not one was even a 3 star per industry standard. They do not even rate their own resorts or give any in-depth information on them on their web site. With our Silver Lake and RCI we stayed at 5 star resorts all over the United States, Our Silver lake points had value in the industry.

 

[rickandcindy23]

You were taken in by a lying salesperson. You are not the first.

Silver Lake is an okay place to stay, but I would let it go and move on. I would tell them that you will not pay maintenance fees and they can have it back. Capital Vacations seems pretty sleazy to talk you into buying something you didn't really need or want.

They took over Foxrun in NC as well, and I am not falling for any spiel about how my deeded week isn't worth anything. Well, it isn't worth anything dollar-wise, no one will pay for a week at Foxrun. I am trying to give it away, but it could be tough because it's New Year's week 52. The week does pull some one bedrooms at Disney resorts through II, which is awesome. Doesn't pull everything, but it used to pull everything.

I wouldn't own Silver Lake or anything that trades in RCI in Orlando, but that's just me. It's partly that RCI is not my favorite exchange company for a lot of reasons: 1) expensive to trade, 2) lack of high-quality resort, 3) inventory is scarce for areas we like to travel, 4) the insurance option is expensive and doesn't refund the exchange fee.

 

[jrb916]

Sorry you didn’t find TUG sooner. Please read the other posts in the Capital forums to learn their tricks & some pointers on how to maximize what you own. I am so happy we were warned about Capital before our first ‘owner update’ after they purchased Stormy Point in Branson.

 

[Maple_Leaf]

Was a timeshare owner of Silver Lake Resorts and received notice that they were being sold. Was invited to go to a meeting to let the owners know what was going on. Have lunch, listen to the changes, sounded like something we needed to do. What we didn't expect was a aggressive sales pitch. Was told how they now owned the resort and that all members who didn't go into the Capital Vacations program would revert back to their titled week only, fee's would be going up estimated 25%, and that a special assessment being placed on all owners (was told $2500+). If we joined we had to have a minimum number of points. Oh, our 3 week lockout was not sufficient for their minimal level. Needed 300K points, we need about 35K to meet their minimum but wait they only sell by blocks of 100K. We only had that visit to settle up and join or forever be excluded from the offer again. After 4 hours of a 2 hours presentation, tired, frustrated, and being misled we stroked a check, bough 100K points.

Step forward. Been to 4 resorts this year. Not one was even a 3 star per industry standard. They do not even rate their own resorts or give any in-depth information on them on their web site. With our Silver Lake and RCI we stayed at 5 star resorts all over the United States, Our Silver lake points had value in the industry.

Thanks for describing the Capital Points value proposition. It sounds like Capital Vacations twists the arms of existing fixed-week owners to give up their weeks to Capital to digest, absorbing any value, then extruding a waste product called Capital Points back to owners that have minimum residual value. Owners beware!