after the owners' update... the (not-so) new program
Well, it seemed wise to go to an owners' update.
First, it appears that since the first few years of original fixed time contracts are only now approaching expiration, and since the representative said they do still offer re-purchase to the owner (ah, but at what price?), there is effectively no fixed time inventory to sell as fractional ownership.
Sadly, this was the last thing we were able to force out of the salesman. 2.5 hours (not 90 minutes) wasted. Still, useful, since at least they say there is no possibility whatsoever of abrogation/cancellation/etc/etc/etc of the existing fixed time contracts.
What is fractional ownership? Why, it's a 4 week package of floating time in the tower! Minimum 4 weeks. It's apparently just a gimmick. As to the future new program, for when they have lots of inventory in fixed time units (or, the units formerly sold as fixed time, who knows) it would be, simply according to availability, whatever unit/week(s) etc you want, at whatever price you can negotiate. Sound familiar? Yeah, it sounds like a new building with an old refrain, but it's not new; (wow is it not new).
But get this! They are offering what they call an annuity (but is NOT, as my b-school background, admittedly decades ago, recalls it). You pay 65,000 or 100,000 USD (his anecdotes varied) up front to purchase, and they promise to pay you 5.75% annually, on that price. That would be an annuity, if they paid you annually, in the traditional annuity. But they don't actually pay you. They just promise to pay you, and then DO pay you at the end of the 25 or 30 year term. Or, they pay your heirs. Hah. Or possibly the people you've sold the package to 10 years down the road. NONE of these little details are nailed down. (All this was before he figured out that we were fixed time owners. He obviously did not have knowlege of the property, or even work for them. This jives with what a friend said who was told there were two or three different companies involved in this new program, none of whom, of course, were legally obliged to honor the others' promises. It is she who was shown a new program purchase contract to sign, but, the SALES contract of her parents' (age 90) two units,back to Buganv, at a quoted fine fine price, was to follow. She declined that order of events. 10 days later, no sales contract has appeared. Scam. One of her parents' units is only 3 years into the contract because, she, the voice of reason, being absent, they were told they could trade in one property for another, but ended up having purchased a new one. They are not senile. They were scammed. Against either Mexican law or Buganvilias policy, that people above age 85 (still awfully old) are not sales candidates. )
But I digress. Another aspect of the sales pitch is how you can rent your unit for a profit. Is this new? No. Do they handle that for you, like some places? Uh, NO, sir.
I spoke to floating time friends, who attended the same presentation. The husband is 75, and they were told they were too old to participate. At least they got breakfast. Maybe progress in the age department has been made.
Also, watch out for some crazy thing about which presentation you attend, or say you attend. Though each, (8:45, 11, and 12??) includes food, and full freebie benefits, the women who hand out the freebie coupons are very suspicious about did you attend a 45 minute or 90 minute session. I just looked at her and said, truthfully, that I had been there for 2.5 hours. They say there are no more 2-3day free stays as in previous years, but a familiar looking pad of Vacation Certificates is sitting on the counter. I believe, as in all things, persistence and insistence and polite refusal to compromise will get you far.
And, the final insult? The TOWEL booths are now partially manned by a hawker.
SO, apparently, the bottom line is that currently, they want floating time (tower) owners to trade in their unit(s) at some 'equity' value, and buy larger chunks, for big bucks. Other unstated aspects are the RCI effect or HSI membership effect, which they are still selling. And, since I cannot comprehend how there could be any floating time contracts left to sell, much less chunks of 4 weeks, the fact that 3/4 of these presentations are for potential new owners (not current), it sounds to me like though RCI has an overbooking restriction rule (overselling, but the airline analogy is interesting), they have just GOT to be ignoring it. Who knows.
But the good news is, it was 3 days before I saw my first ant in my unit. (well, 2.5). The bad news is it was on the kitchen island, not the more normally affected areas, such as bathrooms or kitchen wall counter.
I sound completely disillusioned, I know. However, I still love the place. Write me thru this bbs if you want more info.
