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Frequent Contributor
Posts: 371
Registered: ‎12-28-2007

Re: Timeshare and your experience

After thinking about what everyone said, I agree that I shouldn't have this affect our credit. So I called the resort and asked them to buy the timeshare back and was laughed at. She told me they don't report to the credit bureaus for 90 days unless it is a refuse to pay then it goes to the bureaus in 30 days. I told her I wanted out and she told me they don't own the loan - that is a crock - that is who I pay at myaccountinfo.com....!!!

 

So I logged into the South Nevada Business Bureau and filed a comlaint against them as follows:

 

Thank you for using the Better Business Bureau's Online Complaint System.
Please print a copy of this for your records.

Filed on : July 20 2012
Filed against :
Eldorado Resorts, LLC
3700 Las Vegas Blvd S
Las Vegas NV 89109-4312


Complaint Description:
After being pressured into purchasing the timeshare and researching some details I feel that my husband and I were misinformend as well. They told us: 1) It was a Financial Investment 2) Rental and Resale - they never informed us of the costs involved in doing this 3) Manintenance Fees - they said we would have yearly maintenance fees, but never said they would increase 4) False Sense Of Urgency - we wanted to go and think about this but they said the price was only good for today. If we came back tomorrow it wouldn't be the same. 5) Tour Length - We were there for half the day. What a way to spend your vacation...being pressured into something you cannot afford. 6) After I told them I didn't bring any money with me for their downpayment they used my credit card and also put the monthly payments on that as well. 7) They told us we could just go home and get a mortgage for the timeshare...tried and were told no. We are paying 17.99 in interest plus 19.99 interest on my CC that they are using for the payments 8) Cancellation - never even mentioned this 9) Exchanges - oh yeah, you can go anywhere, but they didn't tell us of the exchange costs. And you can sell you weeks with no problems to cover your costs for the year. NOT!!! 10) Change the terms of our agreement by changing the deposit to a certain number of points ensuring we do not get the properties we were once promised.

Settlement Request: To be refunded the full amount of $12,000 to pay back the "loan" and reimburse us the amount already paid in....

 

Let's see what happens.....

 

I am calling an atty to see if there is a class action lawsuit I might be a part of.....  we need to start fighting back with these people!

05/12: approx 680 across the board
04/08 EQ: 730 TU: 748 EX: 718
03/08: EQ: 713 TU: ? EX: ?
12/07: EQ: 689 TU: 711 EX: 721
Super Contributor
Posts: 5,703
Registered: ‎10-06-2007

Re: Timeshare and your experience

DW boght a TimeShare in Vegas last year and we used it for the first time back in May.  It was great but pricey.  It is already PIF so I jest pay the upkeeps fees which are a few hundred bucks each year.  Doing the math it probably won't pay for istelf in the long term but the rooms blow any of the ones on the strip for the same price away.  My sister and her husband have a Hiltons Grand Vacation which they use all over the world .

 

As long as it meets your needs and don't believe the hype by the sales people, I don;t see any problems with them. 

11/28/2014 FICO: EQ: 796 EX:788 TU:803
Blogger
Posts: 2,876
Registered: ‎02-02-2012

Re: Timeshare and your experience

You did the "timeshare vacation selling angle"? Smiley Sad Sorry to hear that.

It happens way too often, I'm sure by now you know, being pressured into buying something likely means it's actually not a good idea.

 

I hope there is a good resolution on your behalf.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

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Super Contributor
Posts: 5,703
Registered: ‎10-06-2007

Re: Timeshare and your experience

I just read all the posts here and DW's timeshare is the Grandview.  We had to wait almost a year to use it.   If I may ask what is the specific issue with it?

11/28/2014 FICO: EQ: 796 EX:788 TU:803
Frequent Contributor
Posts: 371
Registered: ‎12-28-2007

Re: Timeshare and your experience

Please read the post above. DH and I were vacationing in Las Vegas and were approached on the street, during our vacation to come and talk to them for breakfast regarding this fabulous deal. When we got there we were not real happy, because it was taking time away from our vacation.... they mnade lots of promises and used hard sale tactics.

 

We live in Phoenix, it is hot in the summer. We were told we didn't have to use the property (why would we go to Las Vegas in August?? - it is hot there too) and that everyone around the world would want to come to Vegas and that we could use that as trading power to travel the world (which is what we want to do) and it would save us money, etc.  So it isn't that specific resort we have an issue with, it is the whole timeshare scam. We have never stayed in that resort - first of all its too far away from the strip, the rooms are great for families I suppose or seniors.... bottom line we haven't been able to do the things they promised - see list above.... it costs to use your deposit (transfer fee), if you give a trip away, then you have to pay a fee to put the vacation in their name, then they have a hard time booking - they ended up letting it expire, you have to plan way in advance, they changed the rules on us.... - really?

 

Would you like to buy it? I will sell it to you for half off...... I bought it for $12,000.

05/12: approx 680 across the board
04/08 EQ: 730 TU: 748 EX: 718
03/08: EQ: 713 TU: ? EX: ?
12/07: EQ: 689 TU: 711 EX: 721
Highlighted
Super Contributor
Posts: 5,703
Registered: ‎10-06-2007

Re: Timeshare and your experience

I agree 100% Grandview was very high pressure worse then Tahiti Village . Also the bonus weeks are basicaly useless becuae of booking requirements.  When we stayed the first time, they tried to sell us more weeks (repos I am sure)  and they gave us $150 for being tortured again  in food and gambiling and the South Point Casino which was a great place and had a great buffet.

 

Basiclly the Grandview is just a place to stay in Vegas.

 

 

11/28/2014 FICO: EQ: 796 EX:788 TU:803
Regular Contributor
Posts: 196
Registered: ‎01-05-2012

Re: Timeshare and your experience

I have a timeshare that was gifted to me. I pay a yearly maintenence fee. My actual "week" is in February in Orlando, but I have not used it for that time or location. I did not initially pay for it, but a relative who has several did. I have used it to go to Aruba, Kissimmee (Disney like 5x... We have kids), a ski resort in VA, the Poconos, and Vegas. For us, each time we compare the costs of the trade fee ($100 or so) compared to a hotel or the per diem rate. The trade fee obviously wins every time! So I don't think timeshares are all bad, but I'd never buy one unless it was a resale... Those go for like $1 I heard... However, the sales tactics are awful. I feel so uncomfortable leaving after saying no. Funny you brought this up. Hubby and I signed something about 5years ago that let us "buy into" a timeshare when we were ready. It required us to put $2k down which we paid in $50/month installments... (yes we were young and dumb... We're still young but not so naive lol)... Anyway we stopped paying after a year and they tried to collect for a while and gave up... Hmmm ***goes off to pray this zombie debt doesn't show up***
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
Established Contributor
Posts: 619
Registered: ‎09-26-2011

Re: Timeshare and your experience


FrugalRican wrote:

You did the "timeshare vacation selling angle"? Smiley Sad Sorry to hear that.

It happens way too often, I'm sure by now you know, being pressured into buying something likely means it's actually not a good idea.

 

I hope there is a good resolution on your behalf.


+1  Chances are, there was a signed contract involved that covered all of those things, so it becomes a case of caveat emptor, I'm afraid.

 

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

Senior Contributor
Posts: 3,491
Registered: ‎07-25-2008

Re: Timeshare and your experience

@ FR,

 

Your post made me think "Time Share by the dashboard light". Smiley Happy


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


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Super Contributor
Posts: 5,703
Registered: ‎10-06-2007

Re: Timeshare and your experience


drkaje wrote:

@ FR,

 

Your post made me think "Time Share by the dashboard light". Smiley Happy


Cost you 10 FICO points for the reference to an overplayed classic rock song.Smiley Tongue

11/28/2014 FICO: EQ: 796 EX:788 TU:803
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