Every day of the week the TCA investigation team scour the internet for newsworthy comments surrounding the timeshare industry to keep you, our readers, up to date as to what’s hot and what’s not in the world of timeshare.
Although we have seen, and glossed over, the website with a domain of www.timeshare.com the first thing we thought was what a brilliant domain name, wish we had got that one! So, eager to find out more, we investigated further. Turns out the website domain and site are owned and run by the mighty Wyndham:
Nothing at all wrong with that, where TCA draw issue is with some of the content especially surrounding the thorny subject of timeshare exit.
Timeshare exit
Yes, timeshare exit is a thorny subject, especially for those with ownership in the USA, according to the statement above “should be an easy process” but it isn’t. Many developers across the States have absolutely no form of published exit strategy, some, such as Westgate Resorts, even publish this fact on their website. Wyndham do however seem to be paying heed to those who simply want out and have a complete section on their website covering this.
Certified Exit, as Wyndham call it, would appear to offer no problem hassle free exit within 90 days, problem is, it’s not that easy. As with all developers there are hoops to jump through as may be confirmed by the small print at the bottom of the Certified Exit web page:
“There is no cost to owners to work with a Certified Exit Specialist. Wyndham has arranged several options for exit for qualified owners which may change or be replaced over time. Some options available to owners through the programs may require associated fees and costs, such as commissions for re-sale.”
From this simple statement, already the word “qualified” is used meaning there are qualifications to get into the programme. Re-sale is also mentioned, why? If all that’s required is an exit. Anyway, we digress, what we are here to look at is timeshare.com and what they say about exits.
What the site says
Much like the Transitions programme offered by former Diamond resorts, it appears that before hitting the subject of exit head on, all sorts of other possible alternatives to actually exiting are put forward as we will see below:
So straight away we see that the actual mention of exit is last on the list:
Here is the first point we will draw issue towards. Why mention “transfer of ownership to loved ones” if you just want out? Secondly, our experience would disagree with the following statement “nearly all timeshare companies offer exit programmes” from our research, this is far from the truth, in fact it’s quite the reverse, “nearly all timeshare companies DON’T offer exit programmes
We mentioned Westgate Resorts earlier, Westgate is the largest privately owned timeshare group, here is what they have to say on the subject:
“Though Westgate Resorts does not formally provide a timeshare exit program concerning its resort properties, exit options may be available for owners to work with The Westgate Legacy program.”
Note that exit options “may” be available, not “will” be available. In most cases where exit is required, why would an owner wish to work with the legacy programme when all they want is a way out?
Timeshare – Investment or not?
Over the years TCA has published many articles, with substantiating evidence, stating that in general timeshare ownership must never be entered into on the basis that it represents a financial investment. Within the EU, the Timeshare Directive 2008 specifically prohibits the selling of timeshare with any intonation or statement that the product is an investment in the financial sense of the word.
Imagine our surprise when on the timeshare.com website we saw the following:
Thank goodness for the rather lacklustre statement appreciation is not guaranteed. For many, owning a red week timeshare in Las Vegas with Hilton Grand Vacations would be quite attractive. Now we’re not sure how much it would cost to buy that from HGV but around $20,000 or more may be a good guess. Now if you could buy that for $1,000 with the owner open to offers, that would seem pretty good, well you can:
Even at $1,000 there are no bids and no offers. Maintenance is a bit steep at $1,200 but still a bargain, but judging by the lack of takers, obviously not. Now we can’t be certain what this owner paid to buy, but pound to a penny it would have been substantially more than $1,000. Try telling this owner that timeshare it’s an investment. As per the statement above, we would assume that Las Vegas is a popular destination so should “appreciate over time” obviously not in this case.
TCA comment
All of this is yet another example of the intransigence of the timeshare industry in general, especially in the USA, not facing up to, and acting upon the desire for some owners who just want to leave the fold. With financial pundits predicting that the timeshare industry generates more than $10.5 billion in annual sales, they’re hardly short of a bob or two, or for our America friends’ nickels and dimes.
Would it really be so financially damaging for this industry to wise up and realise that as product owners we all need to make decisions and change direction every now and again. If these decisions mean that we want out of our ownership, why is to so difficult for developers to accept this?
Happy customers are loyal customers and spread positives and praise. Unhappy customers are the reverse, spreading negative comment and generally dishing both developers and their product. Most industries try hard to build reputation and trade off that fact, seems the timeshare industry doesn’t give a tinkers cuss about their reputation.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk