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Purchased a QM Resorts Timeshare - Questions

Nomad7700

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I'm new to timeshares, and I sat in my 2nd presentation this year, and decided to buy this one. I still can cancel it, as I have 5 days remorse period.

I've done some research on this site, but am still unclear on exactly how my timeshare works. It is a QM Resorts timeshare (qmresorts.com), but the way it was explained to me, and reading the timeshare 101 on here, I think it fits more into the Vacation Club with a deeded membership.

QM Resorts has 5 locations, and I purchased their 2 week program. From my understanding, I did not purchase a specific location, but rather a part of a pool of all of their locations. What I was told is - to do an exchange for a week, or stay in one of the QM resorts, I will need to call an 800 #, who can assist me with where I want to stay, and they will take care of it. They showed me a chart where 90% of the people's 1st choice in time/location is approved. I do not have to mess around with finding someone to trade with me, or anything like that (which is what intrigued me into buying this).

Now, the part that confuses me and contradicts this is - they deal with II to make bookings. From my understanding, II uses a tiering system, so that if the QM is not as high of a tier as the place I want to stay, I will most likely not get it. Does this mean that when I call the 800 # and try to book something that's higher level than the QM resorts, I will not get it? Looking at the II site, 2 of the locations show Select status, whereas the 2 others at Lake Tahoe do not show a status at all.

They also talked about having their own in-house network which they refer to first, but I do not see that anywhere on their web site.

I paid $5000 for the timeshare, and it's $820 in maint fees/year, which are paid for the remainder of this year (along with the closing fees).

The questions I have are:
-Does anyone have experience with QM resorts?
-Is this like a traditional timeshare where I have to find others to switch with, or is it truly just call and they do the work?
-Does this get treated differently than the II tiers, or does II always use tiers no matter what, and I just bought into a Select-level II timeshare?
-If I did, is 5000, with 820 in fees too much for that level?

I understand I can remorse this and buy from a reseller, but if this is unlike other timeshares, and I do not have to do any of the work, then I would prefer this over a traditional timeshare that I can potentially get a little cheaper, yet have to do all the legwork for.

Ultimately, I want to use a timeshare for doing exchanges. Not for going to the same location every year. I do not, however, want to be in run down resorts and basically pay ~184 night for 2 weeks (distributed 5k over 5 years, added maintenance costs and other fees, divided by 12 nights).

Appreciate any help on this!
 

theo

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I've never even heard of "QM Resorts" after a few decades of association with timeshares, but "vacation club" operations do periodically pop up and / or disappear.

Without any further examination, it certainly seems like you may have bought into a vacation club of some sort (as opposed to having any form of actual ownership).
If so, then you will always have completely uncertain and unpredictable access to weeks and times in locations that you may actually want to utilize.
Aside from the $5k, an ongoing exercise in frustration and disappointment awaits you unless you bail out now, while you can still recover your $5k.

I would strongly recommend rescinding (cancelling) immediately. You can certainly make much better use of that $5k on Planet Timeshare.
 
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gmarine

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No question, rescind.
 

Passepartout

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First things first. RESCIND!! Today is Saturday. You can get the letter postmarked TODAY. This may be crucial.

Then come back. We should talk. You want to exchange. Fine. TSs work well doing this. There are 'point' system s that are based on that premise. You mention 'having to find someone to exchange with'. That is what exchange companies do. That's why we pay membership fees.

But not to worry. Get the rescission behind you, and your money safely back in your pockets, and we will save you thou$and$.

Jim
 

WinniWoman

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Definitely rescind.
 

LannyPC

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...but am still unclear on exactly how my timeshare works.

Ultimately, I want to use a timeshare for doing exchanges.
The fact that you are unclear about how this works shows that you should rescind. You are paying $5000 for something about which you are unclear.

Also, it is not recommended that you buy a TS for the purpose of exchanging. There are a few that make sense to do this but those are few and far between.

Have you thought about just renting from current owners? There is no buy-in fee other than maybe a $15 TUG membership.
 

Passepartout

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Looking over the qmresorts dot com site it seems exactly like a very small 'mini system' with a half dozen resorts clustered in the Reno/Tahoe area. I couldn't determine if there is deeded ownership or not.

Bottom line, RESCIND. Nice as the resorts are, they would have limited demand on II, so exchange ability would be limited. It would be hard to pull a Hawaii resort, or the likes of Marriott, Hyatt, etc. (imo)

So unless you are a local resident and they offer unlimited day use, I would run away very fast.

RESCIND.

Jim

Oh, fyi, $5,000 will buy into almost any high end TS. Low end ones, like qm, will be free on the resale market. The annual nut will be higher, but you will be happier with your purchase.
 
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TUGBrian

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congrats on doing your research and finding us in time, you just saved $5000 bucks!
 
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