Don't even know where to begin...

[Greggorio21 Junior Member Find all posts View Profile Close Greggorio21]

Hello all,

Please bare with me, I am new to this and would like to explain my situation:

My wife and I are both 27 and were sold into a timeshare at a 4-star resort in Playa Del Carmen, Mexico when we vacationed there 2 years ago. We signed up through HSI (holiday systems inc) as RCI Royal Elite members. We were a couple drinks deep when they gave us the big sales pitch and it sounded like a TREMENDOUS investment opportunity. Meanwhile I got approved for a $10k credit card and Boom! Owners of a timeshare!

Fast forward 2 years.

We have NEVER once used a single primary, burn, or breakaway week since we signed up.....NEVER! We have literally been paying into this "investment" wasting our money and are somewhat lost and frustrated as to how we got to this point. I currently get about 3 calls a day from timeshare tele-marketers who swear they can either rent or sell our timeshare. I looked into some of these fly-by-night companies and there is ZERO guarantee that they can sell the weeks....and half of them pack up, change names, and keep your registration fee which has varied from $300-$1000 depending on the company. To say the least I'm weary about doing business with half of them.

I've passed through this place once before and it seems like a very knowledgeable community. I'd truly appreciate some genuine advice on how to either properly market & sell our weeks, or what legitimate companies are out there who would buy this thing and get it off our hands! It's now been pushed under the rug so far I don't even know where to begin...but it causes major stress at least an hour every day....

The agreement was through Sandos Caracol Resort in Playa Del Carmen, Mexico for approx $15k which was for the next 25 years (until year 2032). We have a primary week, burn weeks, and breakaway weeks.

HELP!!!!!!! Thanks in advance

[mdurette Senior Member Find all posts View Profile Close mdurette]

If I were you I would try and make the best of the situation.

Have you and your wife vacationed anywhere since you purchased this place two years ago? Do you plan on vacationing in the future?

If the answer is yes, then jump into the exchange systems (I think you mentioned RCI) and see what you trade into!

Heck, you might even just find a place close to your home that you can drive to. Remember - vacations don't need to be to grand places......they can simply just get you away from the daily grind.

[aliikai2 Super Moderator Find all posts View Profile Close aliikai2]

The true resale value of your purchase is near 0

All timeshares have taken a drastic hit with the downturn, and Mexican units have been hit even harder.

Some of the major name brand Mexican units are selling for $1.00 including closing and transfer fees.

You have already spent the dollars, you won't get them back, as advised above, time to learn how to use your unit, that way you will get something out of it.

fwiw,

Greg

[Beaglemom3 Senior Member Find all posts View Profile Close Beaglemom3]

We can help you maximize your timeshare usage here . Notice, I did not say "investment" as T/S should not be considered investments in general, but the unscrupulous salespeople will never tell you that. The only salesperson I ever heard say that it was not an investment and should not be considered as such was a very nice Marriott salesperson at the Custom House in Boston.

If you start with your basic info, fixed week, floating week, size, etc. We can advise and help get you to the correct exchange companies where you will be able to see what's available once you deposit your week.

Trades are usually based on like:for:like (~ eqaul-ish or say the say) trading and trading "down" (into a lesser resort/week/season or all of the aforementioned) is usually easy. There is the occasional "up" trade where all the cosmic tumblers click and you snag a great trade with a so-so trader. In the words of Judy Tenuta, " It could happen".

Keep in touch.

You're amongst friends.

[BoardGirl Senior Member Find all posts View Profile Close BoardGirl]

Sorry, Greggo, your story is like so many others. I congratulate you on not compounding the problem by paying those upfront fee sellers.

I'm with the others - try to get value out of it. If you are unable to use or exchange, you can try to rent your units out to recoup some dollars.

I don't know anything about burn weeks, and such, but any weeks you can get your hands on to rent could help you out. Just make sure you know if you are "allowed" to rent to others to keep from causing trouble for yourself. You are not allowed to rent out weeks you obtain from RCI, for example.

Ask friends and family, people at work - SOMEONE wants to go to that resort!

Selling in this market is not too likely, but you can try. there are numerous low-cost or free online outlets for timeshares. See how others that own similar are pricing and be aware that too many of them will not realize the tiny actual market value. Undercut them, offer to pay closing costs, transfer fees, whatever is reasonable for you to offer in order to sweeten the deal.

Mostly, I would urge you to VACATION. You are in the system, try to use it. You could trade into a 4 br somewhere (4brs are very scarce, but could happen) and take other friends or family with you. SOOOO much nicer in a timeshare!

Glad you found us, stick around, look around. We're a nice community and will help if we can!

[Greggorio21 Junior Member Find all posts View Profile Close Greggorio21]

Thank you all very much for your honest feedback.

I guess first and foremost, I need to get in direct contact with Holiday Systems Inc. and understand exactly what I got into.

And please excuse my ignorance, but like I said it's been a while since we bothered with taking advantage of this purchase! But, how exactly does RCI play into the system and what can they do for me? I dont fully understand the points and exchange system, etc.

Thanks again, my wife and I would just like to see SOME sort of return on this venture!

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Being realistic, an effort to get something out of your purchase will cost more money, either fees to an exchange company or fees to your home resort.

At some point everyone has to decide for themselves if whatever we try to get out of it is worth the price.

Notice I did not mention any thought of recovering what you have already spent.
- - - - - -
How RCI comes into play is if you wish to trade time you own at your home resort for time somewhere else. That's called an exchange. There are fees to do that.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

OK, let's really talk.

I took a look at your place. I can get it through RCI:

Sandos Caracol Beach Resort & Spa (#A357)
(101 available units)

That's how many are available over the next two years.

But would I want to? It's a decent looking place, but all it appears to have is hotel units, some for 2 and some for 4.

And, it is an All Inclusive. That means that anyone who trades into it has to give up a Spacebank deposit (which represents a maintenance fee at their home resort . . . let's say $800), an exchange fee ($200), a mandatory daily fee per person as high as $91, so 4 people would be $2540, plus a holiday surcharge of $50 or $60 per person.

So, would many other timeshare owners be willing to pay $3500 for a week in a hotel unit in Mexico?

The answer to that would determine what you are able to get in a trade, and, if the all inclusive fees are required from anyone you rent to, well . . . good luck.

[BoardGirl Senior Member Find all posts View Profile Close BoardGirl]

I guess first and foremost, I need to get in direct contact with Holiday Systems Inc. and understand exactly what I got into.

YES, thoroughly, write it down, ask a ton of questions about

What do you own:
Deed or RTU?
Fixed (with week number) or season or float period or points-only? How many weeks do you own?

How can you use it:
making reservation there/res for guest
allowed to rent it out? process.... guest fee??
what are rules on using for exchange: deposit rules, how far in advance, do you get to pick the week to exchange

Is there a points system? how does it work?

Dig out your contract and whatever materials they gave you and examine them. You may be able to answer many of the questions above.

...how exactly does RCI play into the system and what can they do for me? I dont fully understand the points and exchange system, etc.

How RCI works, you deposit some of what you own in week increments, and take out in exchange time you use for yourself.

Spacebank - put time in, take time out

Pay the RCI fee to "make that trade"

the details of how exactly it happens in Weeks and Points is different, and I Think you have points so do not want to cloud your head with Weeks. Make sure you find out for sure if you will have an RCI Points or Weeks account. they are very different.

Based on JLB's assessment, renting it out could be extremely difficult to do but not impossible. Seems that most timeshare people aren't much into AI, but people that are more into cruising seem to only want AI on a land trip. It's not a lost cause.

But do learn your options for trading. Check on the independent exchange companies, too. RCI is never my first choice but they do have wide availability, so, I use them when it works for me.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

$15k which was for the next 25 years (until year 2032) = RTU

[Greggorio21 Junior Member Find all posts View Profile Close Greggorio21]

Thank you very much for the honest feedback posted above.

Allow me to add a very important piece of info that I forgot to mention. Are either of you familiar with HSI (holiday systems inc)? Well, as a HSI member I get access to 25 breakaway weeks and unlimited burn weeks. Burn weeks are highly discounted vacation weeks that are booked within 60 days or less. There are hundreds of destinations, weeks, hotels (all-inclusive and standard) and pricing.

For instance, a resort, let's say in Maui for example, thats a 2 bedroom, sleeps 4-6, goes for a cost of $800. Now, you still have to pay the $200 maint fee and any other small fees that apply...but we're talking worst-case-scenario....a total of approx $1000-$1500 total for the week! You're talking $300 a head, peanuts!

Now, I've yet to book/sell a burn week through HSI so I cannot verify that I'm missing a couple hidden costs, but it's pretty cut and dry.

What do you guys think? Anyone have experience working though HSI?

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I hate being cynical/skeptical, and at one time was not, but after 20-plus years of timesharing . . .

Google

Kinda funny, I just posted today about my buddy having problems rescinding his recent Mexican purchase . . . & he knows what he's doing . . . been on these forums a long time . . . that's how we met five years ago.

It's intended to not be easy.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Here is my gut feelling, intended as a reality statement and not a personal criticism.

As hard as it is for those who are well informed to make timesharing work for them (for me over 20 years, the past 11 or 12 doing something with timesharing almost every day), as poorly informed as you are, and with almost everything you mention being a big red flag, my gut says you have an uphill battle making this work for you.

But, good luck. I feel your pain.

[pittle Senior Member Find all posts View Profile Close pittle]

Thank you very much for the honest feedback posted above.

Allow me to add a very important piece of info that I forgot to mention. Are either of you familiar with HSI (holiday systems inc)? Well, as a HSI member I get access to 25 breakaway weeks and unlimited burn weeks. Burn weeks are highly discounted vacation weeks that are booked within 60 days or less. There are hundreds of destinations, weeks, hotels (all-inclusive and standard) and pricing.

For instance, a resort, let's say in Maui for example, thats a 2 bedroom, sleeps 4-6, goes for a cost of $800. Now, you still have to pay the $200 maint fee and any other small fees that apply...but we're talking worst-case-scenario....a total of approx $1000-$1500 total for the week! You're talking $300 a head, peanuts!

Now, I've yet to book/sell a burn week through HSI so I cannot verify that I'm missing a couple hidden costs, but it's pretty cut and dry.

What do you guys think? Anyone have experience working though HSI?

I'm not a big fan of HSI, but some folks love it. HSI did not work for us as we own a bunch of timeshare weeks and go to those places. We do not need any more weeks. We have been given membership there twice and he first time let it lapse by not paying the annual fees. We transferred our last HSI ownership to someone else and they sent me an email just last week telling me about their 2 wonderful weeks at the Grand Mayan in Acapulco last month.

The breakaway weeks will cost you about the price of the maintenance fees at that particular resort plus about $200 more (not counting your annual HSI fees). I have never seen burn weeks as low as the salesmen tell you that you can get. Once I did find a pretty good deal, but the airfare was so much higher than it would have been had I booked months before, it was not a great deal afterall.

HSI will tell you that they will reimburse you for your maintenance fees if you give them your week that you do not plan to do. When they do this, they take about $100 off for their processing fee and also deduct any taxes that they say your resort has. They are also fairly picky about the week you deposit with them.

When you get your HSI packet, read it carefully and make sure that you can rent weeks that you book. I think HSI lets you use our weeks however you wish, but am not sure. Renting your booked weeks is not allowed with the other exchange companies.

We are members of SFX, RCI and II. We tend to use RCI more than the other two. Now that we own so many weeks, I do not use them as much as I used to. We do often receive bonus weeks on RCI, but seldm use them. Even when you are retired, there is a limit to how many weeks you can be on vacation.

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

I love threads like this!

Heck, you might even just find a place close to your home that you can drive to. Remember - vacations don't need to be to grand places......they can simply just get you away from the daily grind.

This is a great point! Vacations don't have to be extravagant to be enjoyed, just create break from the daily routine... I live in Orlando, but there are a few times each year when I'll grab a week in a local resort. Even if I'm still going to work each day, it just feels like a mini-vacation to spend the week at a resort instead of home.

You won't ever get the money back, but if you start using the ownership or exchange systems- you may find that you get enjoyment and value from simply being "forced" to vacation!