[Oct. 2008 Thread] Travel Exclusive

[r_shell]

Has anyone heard of Travel Exclusive out of Houston, TX? They are offering to buy my timeshare. They will pay my 2009 maintenance and begin closing immediately if I accept their offer. The Better Business Bureau has no complaints against them. They say they are not a listing or rental company. I am meeting with them today. Any input would be appreciated.

 

[krissydee]

They're most likely offering to have YOU pay THEM $3k approx and they'll take it off your hands. Sounds strange but that's how it works. They'll tell you how worthless timeshare is, and offer to relieve your burden if you pay them.

 

[Bill4728]

I've never heard of them but what krissy says below is very likely. If you want to sell there are many free (or almost free) web-based sites for selling your TS. Read the stickly at the top of this board for advice on selling your TS

They're most likely offering to have YOU pay THEM $3k approx and they'll take it off your hands. Sounds strange but that's how it works. They'll tell you how worthless timeshare is, and offer to relieve your burden if you pay them.

 

[Patri]

I hope we've caught you in time. This is likely a scam. Don't sign anything! Don't write a check or give them your credit card information.

 

[gorevs9]

Has anyone heard of Travel Exclusive out of Houston, TX? They are offering to buy my timeshare. They will pay my 2009 maintenance and begin closing immediately if I accept their offer. The Better Business Bureau has no complaints against them. They say they are not a listing or rental company. I am meeting with them today. Any input would be appreciated.

You previously posted this same question on the Redweek. I hope you heeeded all the advice from both forums.
So, if you went to the meeting, did Travel Exclusive offer to "buy" your TS, with no strings attached?

 

[Jacob555]

I also have a meeting with them...

Has anyone heard of Travel Exclusive out of Houston, TX? They are offering to buy my timeshare. They will pay my 2009 maintenance and begin closing immediately if I accept their offer. The Better Business Bureau has no complaints against them. They say they are not a listing or rental company. I am meeting with them today. Any input would be appreciated.

I am also scheduled to meet with them later this month. Can you tell us what happened during your meeting?

 

[laalvarez]

Did anyone finally go meet with Travel Exclusive regarding selling their timeshare? My husband and I received something in the mail from them and were thinking of calling. Please help!

Thanks

 

[GREIC13]

I went to a meeting and basically they state they will take your timeshare off your hands for 7 times your maintenance fee.You get a capital gains loss which you can take over several years.They paint a very bleak picture of the timeshare market through a presentation and than have you sit with one of there salesman who show you how the tax writeoff will work. When I remained undecided they brought in a second salesman reminded me of when I bought my timeshare.Anyway I didnt sell as I felt my timeshare must be worth something otherwise they wouldnt want it so bad.

 

[theo]

Right decision, wrong reasoning...

You get a capital gains loss which you can take over several years.

Not true or accurate. You might want to read up on the tax input provided by DaveM (who is a CPA, by the way --- not a PostCard Company sales weasel). That input can be easily found right here on this site.

[/QUOTE] Anyway I didn't sell as I felt my timeshare must be worth something otherwise they wouldnt want it so bad.[/QUOTE]

It's not your timeshare they want at all --- it's your CASH...
If you "went for" the deal, you could later find your timeshare offered on eBay for a dollar. The money they make consists almost entirely of what YOU pay to them. Any amount in a later eBay sale is just gravy...

You made the right decision. Now, advertise and sell it on your own, even if only for peanuts; at least then you won't be paying thousands of dollars just to be rid of it.

 

[djs]

Sort of a general thought on the whole PS company thing. If any one is the type who would pay someone $1,000 to remove a $100 bill from our wallet, then PS companies are the way to go; if not, then we should come up with a more economical way to get rid of that $100 bill.

 

[T_R_Oglodyte]

Anyway I didnt sell as I felt my timeshare must be worth something otherwise they wouldnt want it so bad.

It's not your timeshare they want at all --- it's your CASH...
If you "went for" the deal, you could later find your timeshare offered on eBay for a dollar. The money they make consists almost entirely of what YOU pay to them. Any amount in a later eBay sale is just gravy...

You made the right decision. Now, advertise and sell it on your own, even if only for peanuts; at least then you won't be paying thousands of dollars just to be rid of it.

I'm going to quibble with you a bit here, Theo. GREIC13 is correct that the timeshare is worth something. The Postcard company is only interested in timeshares that are worth something, because they don't want to be stuck with something that they can't get rid of.

I think you are correct that their primary objective is to get the cash payment to take the timeshare. But they also only want properties that can be sold for additional money. And that profit from those resales must also fit into their business plan as well.

GREIC13's gut feeling (that they wouldn't want the timeshare if it didn't have value) is absolutely correct. If more people sitting in those sessions took the time to do that reality check, the sales presentations wouldn't be nearly as effective.

It only makes sense; "if my timeshare is financial drain and has no value, why are they willing to acquire it at all? Yeah there collecting money from me, but if the situation is as bad as they say, the money they are collecting from me isn't going to cover the losses. Unless .... maybe my timeshare actually does have value???!!!!"

 

[AwayWeGo]

Doing The Math . . .

I went to a meeting and basically they state they will take your timeshare off your hands for 7 times your maintenance fee.

OK, my most expensive timeshare cost me $1,925 in 2003.

Annual maintenance fees (including reserves & taxes) are just under $800.

So -- 7 x $800 = $5,600

Therefore, those jokers want me to pay them more than double what I paid for the timeshare in the 1st place -- plus they take the deed to my timeshare.

Now, I'm not the sharpest scalpel in the operating room, but even so I'm not dumb enough to fall for that.

Sheesh.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[theo]

I'm going to quibble with you a bit here, Theo. GREIC13 is correct that the timeshare is worth something. The Postcard company is only interested in timeshares that are worth something, because they don't want to be stuck with something that they can't get rid of.

I think you are correct that their primary objective is to get the cash payment to take the timeshare. But they also only want properties that can be sold for additional money. And that profit from those resales must also fit into their business plan as well.

GREIC13's gut feeling (that they wouldn't want the timeshare if it didn't have value) is absolutely correct. If more people sitting in those sessions took the time to do that reality check, the sales presentations wouldn't be nearly as effective.

It only makes sense; "if my timeshare is financial drain and has no value, why are they willing to acquire it at all? Yeah there collecting money from me, but if the situation is as bad as they say, the money they are collecting from me isn't going to cover the losses. Unless .... maybe my timeshare actually does have value???!!!!"

Point taken, Steve --- and I don't actually disagree. My intended emphasis was not to label the timeshare as "worthless" (after all, I don't even know where or what this timeshare is...), but to instead point out that its value may well be very low in the resale marketplace --- and if so, can likely be sold at low numbers without first paying a middleman thousands of dollars. When I see all the "no reserve" timeshares routinely sold by PCC associated sellers on eBay these days for a dollar or so, I have to assume that (at least in those particular instances) the profit lies soley in the previously collected fee and the (often mandatory) "in-house" closing costs. In any case, your insights are certainly good ones.

 

[moon314pi]

Yes we met with Travel Exclusive. True, WE paid THEM for OUR property. It is called an Equity Transfer. The price is 7 x your maintenance fees. You keep your banked weeks before 2009. If you have more than one timeshare you pay half of the amount for the second one. Okay, it is disgraceful but consider this: in our case the total "charge" is $3, 045 to be rid of our timeshare. We look at it like this...It would cost with all filing fees, transfer fees, deed transfer, gas travel and time to complete this task maybe $1,000? and that would be without a lawyer. Add the maintenance fee of about $800.00 for 2009 because we most likely would have to pay it. So we could possibly get away with paying half the cost that Exclusive is charging. However, we would still need to find a buyer, pay the maintenance fee or hope that the resort would just take it back. Not many people have had luck with this last option. So, yes, we made a deal with them. In a few years time we would have recouped our expense of not paying the fees each year and we are done with it. Yes, the property IS worth something, true. However, we are not in the travel industry and if the property goes into the pool and someone rents it from them- God Bless them. I am just not going to keep beating this dead horse. RCI-sure, another scammer. We banked our weeks and don't get what we want when we want it because RCI sells to non-members the best spots. Hopefully the lawsuit against them will offer some relief. In the meantime, if Travel Exclusive does what it says it will do, the timeshare is their problem now. We spent good times and saved money and traveled to wonderful locations in the 1980's but for the last ten years have not used it. Do the math and figure out how much we have paid for fees for the last ten years. This is a bargain to be done with it. We tried to sell it, yes it does have value but to whom? We have not found the buyer. Personally, I would not buy it, even for the .99 cents it will go for on Ebay.
Hope this helps. The deal is not for everyone. Sometimes you have to just cut your losses and get back to life.

 

[applegirl]

I think it's suspicious that the OP hasn't chimed back in. Could it be an ad?

Janna

 

[moon314pi]

One last comment. This is another way to think about it. We live in Massachusetts and if you have a large item, say a couch and you want to throw it out, you have to pay to have it picked up. Yes, it goes against every grain of my frugle body, but I don't want the couch. It sat there for a couple of weeks with a Free sign on it. No one wanted it so off it went with a sticker on it for the dump. Time Share, same thing. Sometimes you just have to pay to get rid of something you don't want- even if it has value. Now, we have an empty space to put our new couch and we don't have to worry about our children getting stuck with anything except what they want. We are cleaning out and clearing away the weight of useless stuff so we can enjoy our life without all the BS. It's the price we are willing to pay, again, not for everyone.

 

[moon314pi]

What is an OP?
Are you referring to my comment? Please tell me, I am not here to advertise at all!!! Please! No! I just thought I would share my experience since we just "sold" our timeshare on Friday.

 

[Karen G]

What is an OP?

OP = Original Poster, the person who posted the first post on this thread.

 

[Talent312]

What is an OP?

OP = Original Poster... "r shell"
In my neck of the woods, we have a local "freecycle.org" thru which you can offer your unwanted items, even couches, and people will come to your door to pick them up. You can also list "free" items on your local craigslist. There is no need ever to pay someone to take anything off your hands.

 

[moon314pi]

Did it, posted it on FreeCycle, no takers and the Goodwill and Savers did not want it.

 

[Talent312]

Did it, posted it on FreeCycle, no takers and the Goodwill and Savers did not want it.

Even as firewood? Folks were beating down my door (figuratively) when I listed a loveseat.
In LT 24-hrs, it was on the top of some guy's van.

Buy hey, there is value in not being bothered and not having to do the heavy lifting yourself.
As "they" say, "Time is money."

 

[sernow]

Yes we met with Travel Exclusive. True, WE paid THEM for OUR property. It is called an Equity Transfer. The price is 7 x your maintenance fees. You keep your banked weeks before 2009. If you have more than one timeshare you pay half of the amount for the second one. Okay, it is disgraceful but consider this: in our case the total "charge" is $3, 045 to be rid of our timeshare. We look at it like this...It would cost with all filing fees, transfer fees, deed transfer, gas travel and time to complete this task maybe $1,000? and that would be without a lawyer. Add the maintenance fee of about $800.00 for 2009 because we most likely would have to pay it. So we could possibly get away with paying half the cost that Exclusive is charging. However, we would still need to find a buyer, pay the maintenance fee or hope that the resort would just take it back. Not many people have had luck with this last option. So, yes, we made a deal with them. In a few years time we would have recouped our expense of not paying the fees each year and we are done with it. Yes, the property IS worth something, true. However, we are not in the travel industry and if the property goes into the pool and someone rents it from them- God Bless them. I am just not going to keep beating this dead horse. RCI-sure, another scammer. We banked our weeks and don't get what we want when we want it because RCI sells to non-members the best spots. Hopefully the lawsuit against them will offer some relief. In the meantime, if Travel Exclusive does what it says it will do, the timeshare is their problem now. We spent good times and saved money and traveled to wonderful locations in the 1980's but for the last ten years have not used it. Do the math and figure out how much we have paid for fees for the last ten years. This is a bargain to be done with it. We tried to sell it, yes it does have value but to whom? We have not found the buyer. Personally, I would not buy it, even for the .99 cents it will go for on Ebay.
Hope this helps. The deal is not for everyone. Sometimes you have to just cut your losses and get back to life.

Do they own the week now or did you give them a limited power of attorney to "transfer" the week. Because if you did the latter, you may still be on the hook for the 2009 maintenance fees.

 

[moon314pi]

Good point. We have not signed the power of attorney papers yet. I am telephoning their office today. I too, looked at the clause in the contract and thought the same thing-thanks for placing that on my list to ask about.

 

[moon314pi]

True, we thought about cutting it up, ripping it apart and placing the material in the trash barrels and the wood for free....but as you say "time is money".

 

[moon314pi]

Follow up on Travel Exclusive

Okay, after reading these posts and signing the contract on Friday with Travel Exclusive I made a phone call to my resort today, Monday.
For the past year we have tried to contact the resort and never received an answer to our inquires or a return telephone call. I thought I would give it one more try on Monday morning after speaking to one of the lawyers on this forum. (Attorney Kurt Brown) He suggested I ask for the President of the Homeowner’s Association or the legal department. Perhaps that is the key word I needed. When I called the resort on Monday, I asked for the President and was referred to the business office. I spoke with the business office manager who informed me that the Association was dissolved but the new Trustee would address my question of deeding back our timeshare to the resort. She instructed me to send an email to her and she would forward it to the Trustee. She assured me he was very good about responding and I will hear back soon. Well, sure enough I did. I asked if the resort would take back my time share since none of my family want it and I am clearing my affairs. The Trustee emailed back that indeed they would take the deed back. I asked for the costs associated with the transfer and for both units the total was $595.00 and they would process the paperwork.
You can imagine my delight that after a year of reaching the wrong person, within one hour I had an answer from the right person. Did I just get lucky?
I did not know enough about this whole process. Perhaps I needed to have the urgency of confirmation that I spent $3,045 wisely that forced me to investigate and ultimately came across this forum and Attorney Brown’s message on a thread.
There are scare tactics out there but maybe the one we need to be mindful of is the one that states the resort will NOT take your timeshare back.
I sure would have liked to receive some money for the units but I am satisfied with reducing my original $3,045 cost charged from Travel Exclusive to only $595 with the resort. I think the resort is happy to take the units back for free. It allows them control over their own property instead of releasing it to something like Priceline.com
So, I am adding to my post of the other day. While I was ready to spend $3,045 to be done with the whole Time Share business, I am happier to spend less. However, I think if the resort did not take my units back, I would have completed the transaction with Travel Exclusive. They are more expensive but the nightmare would be over. Again, just my thoughts and not for everyone.

Finally, Will I get out of the Signed Contract with Travel Exclusive? Good question and the answer may be helpful if you are deciding to proceed with an Equity Transfer of your own Timeshare to Travel Exclusive.

This is what transpired so far.
We signed the Contract on Friday evening. On Monday, I telephoned the office in Florida and explained the situation, sent a copy of my email communication with the resort and I was told I needed to speak with the person from the seminar. Since he was still traveling I would hear from him on Tuesday. In the meantime, I followed up with a fax to their office informing them of my intent to cancel. I mentioned I am canceling under the Federal law that allows me to cancel a transaction prior to midnight of the third business day. I also sent the same fax by email to the office. I prepared the original Intent to Cancel letter for mailing (by registered mail) and included postage to return my original deed documents.
On Tuesday, I expect to receive a telephone call from the gentleman who processed the paperwork at the seminar and I will learn my fate. Stay tuned. I will post the result.

In summary, go to one of these seminars for information and learn what they are offering. Don’t agree to transfer your unit unless you have personally received notice that your resort will NOT take back your unit. Ask for the Trustee or person in charge of the Homeowners Association at your resort. Understand your options first. If you are willing to pay someone to get you out of the Time Share you own, make sure you have all the information before you sign it over. Of course this is after you have exhausted all your sales effort. At some point you will decide on the break even point for yourself. Your unit does have value, you may do better than I did and actually receive compensation from the resort for your units. Good luck.

Please understand I am not endorsing Travel Exclusive nor am I recommending their services. I am only sharing my experience. I would be interested to learn if there is anyone that has gone through the entire process with Travel Exclusive and can state that the company did what it was contracted to do.

With thanks to Attorney Brown for his suggestions and kindness for taking the time to speak with me.