PCC questions

[jhm40cu]

Hello all,

I know this might sound little dumb but can someone please tell me what PCC is?

I am new to this user group and noticed the term, PCC, appears many times in threads especially when it comes to eBay transactions. Well, I finally figured out that PCC stands for Post Card Company but still have some questions:

1) Why is it called Post Card Company?
2) Should I be alarmed if a seller uses PCC as opposed to using reputable closing companies?
3) Is PCC regulated by any government agencies or organizations?

Thanks in advance.

 

[aliikai2]

Hello all,

I know this might sound little dumb but can someone please tell me what PCC is?

I am new to this user group and noticed the term, PCC, appears many times in threads especially when it comes to eBay transactions. Well, I finally figured out that PCC stands for Post Card Company but still have some questions:

1) Why is it called Post Card Company?

Most of them get clients by sending out postcards.

2) Should I be alarmed if a seller uses PCC as opposed to using reputable closing companies?

A seller won't be using a PCC, a PCC is a seller that got someone to give them $2995-$4995 to take their weeks off their hands.

3) Is PCC regulated by any government agencies or organizations?

Nope, some of them have escrow companies is house, the escrow companies are bound by state laws.

Thanks in advance.

fwiw,

Greg

 

[ace2000]

A post card company sends out 'post cards' to current timeshare owners inviting them to hear a 'once in a lifetime' presentation to lift the heavy load of their timeshare. During this 'once in a lifetime' presentation they are told all the evils of owning a timeshare and that they will gladly help them with this heavy burden.

The current timeshare owners are then offered the opportunity to 'sell' back their timeshare to the Post Card Company for $3500. The only problem is that the $3500 is what the current owner has to PAY to get rid of this 'evil' timeshare curse.

Then the Post Card Company turns around and sells that 'evil' timeshare to the general public at the highest bid on eBay! And not once do they tell you about the evil curse of owning a timeshare.

Then we have many TUG members that cry out against these evil Post Card Companies and cry against how deceptive they are and that they should be outlawed, illegal, banned, etc. And then you find out that these same TUG members that speak out about how evil they are, etc.... have purchased many of their current timeshare inventory from these same PCC companies!!! And they desperately want to take away that ability to buy cheap timeshares from everyone else!

It's a very interesting process!

 

[nazclk]

ace but most of them whine about it and say "we didn't know that they were so ruthless" when they bought their timeshare for $1 on ebay. Like an old saying when I was farming. "don't talk bad about farmers when your belly is full"

 

[esk444]

The PCC obtains the timeshare from a frustrated seller for a fee. The PCC then has an affiliated entity sell the timeshare usually on ebay. This sales affiliate requires you to use their affiliated Closing Company and Escrow service. Why? They charge high fees and have an army of low paid semi-competent workers do the paperwork.

The problems you get from buying from this PCC pyramid are 1) their ads are riddled with errors; 2) they often make mistakes during the closing process; 3) they take a really long time; 4) high closing costs fees; 5) they often pocket current maintenance fees from both the original seller and buyer; and 6) they release the escrow funds way too early in the process.

The benefits are usually: 1) ROCK BOTTOM PRICES, and 2) if they screw up they will often attempt to correct the problem or cancel the sale and return your money, even after the escrow money has been released.

Typical problems I've encountered in ads: wrong MF amount, EOY when it said it was EY, says fixed instead of floating, wrong floating period, pictures are of a different resort, 1BR when ad said 2BR, mistated the amount of points. Ask for the unit number and week (or acct. number) and confirm all information with the resort before you bid or send them any money.

I had three problems during my closing. First, they mispelled my name on the recorded deed. Second, they filed an improper power of attorney on behalf of the original seller (it had the wrong names on it), so the deed that they signed on behalf of the original sellers was invalid. Third, I paid $100 transfer fee as part of the purchase price, but they never forwarded it to the resort.

After I complained, they obtained a new power of attorney and recorded it, recorded a new deed with my correct name, and cut me a check for $100 (after months of emails and phone calls). I highly recommend that you request they fax you a copy of the deed before it is recorded, so you can catch any errors.

You kind of have to balance whether the low price is worth the hassles, particularly if the price is just slightly lower than what you would find with a broker or from an actual owner.

 

[ace2000]

**deleted**

 

[richardm]

A very interesting process!

Then we have many TUG members that cry out against these evil Post Card Companies and cry against how deceptive they are and that they should be outlawed, illegal, banned, etc. And then you find out that these same TUG members that speak out about how evil they are, etc.... have purchased many of their current timeshare inventory from these same PCC companies!!! And they desperately want to take away that ability to buy cheap timeshares from everyone else!

It's a very interesting process!

At first I was very surprised by this as well- but then I realized that too often outspoken righteousness often dissipates when confronted by the chance to steal away a bargain.. Go visit you local pawnshop of ill repute or an alley merchant in NYC- those buyer's also may be benefiting from someone else's loss- but there isn't a moment of hesitation!

 

[jhm40cu]

Thanks all for great answers.

 

[calgarygary]

Most of them get clients by sending out postcards.


A seller won't be using a PCC, a PCC is a seller that got someone to give them $2995-$4995 to take their weeks off their hands.


Nope, some of them have escrow companies is house, the escrow companies are bound by state laws.




fwiw,

Greg

Just to clarify: the seller does use a pcc, he paid the PCC $2995-$4995 to take the week off their hands!

 

[e.bram]

Why blame the PCC?
Nobody blames the undertaker!

 

[Bill4728]

Why blame the PCC?
Nobody blames the undertaker!

No one blames the undertaker but how can you call the PCC a undertaker??

They would be more like a doctor, who you paid $4000 to take care of your love one. Then when the doctor tells you that nothing could be done, the doctor gets a huge kick back from the undertaker (who is the doctor's brother).

 

[e.bram]

The undertaker gets paid to get rid of the body(TS). He buries it in a $5000.00 coffin. What is the difference? The body could be burried in a $100.00 pine box.

 

[GeNioS]

I want to go on record right now and just say that if any of you want to send me the deed to your timeshares along with $3500 I will take the "curse" off your hands. It will be rough....not sure I'll be able to handle the job, but I'll do my best to manage.

On a more serious note I would just add that a fool and his money are soon parted.

 

[applegirl]

And then you find out that these same TUG members that speak out about how evil they are, etc.... have purchased many of their current timeshare inventory from these same PCC companies!!! And they desperately want to take away that ability to buy cheap timeshares from everyone else!

This is a very good point. I can only feel sorry to a point for people who unwisely purchased a timeshare and then also unwisely chose how to get rid of it. These are adults we are talking about. Even if they are not computer savvy, they could ask a relative for a little help in researching the best way to get rid of their problem.

I agree that the price PCC's want customers to pay them to "take their timeshares off their hands" is really high, but for some people this does actually solve a problem.

Get rid of PCC's and you eliminate the $1 ebay deals so many people like.

Janna