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| - The concept of how the timeshare works is awesome. I like how the weekly timeshare can be used as a whole week, be broken up into a Fri-Sat stay, or Sun - Thursday stay. It is based on a point system: the longer you stay, the season you travel, the unit type you choose dictates how many points you'll be charged. The accommodations are great and it is somewhere I would love to have my family stay at while we're traveling. It's just making an impulse decision to purchase didn't sit right with me. In all endeavors involving investments, proper planning and research should be conducted. There is always risk involved, but things can be done to mitigate those risks. Here they don't give you that time to make an informed decision. I was trying to walk away but they switched the representative on me one last time. He was supposed to 'check me out' to complete the paperwork associated with declining the offer but in hind sight, a well versed sales professional moved in and closed the deal. I was not "suckered in" or lied to. It's just I made an uninformed decision. The sales reps were professional, they weren't rude, they didn't hold a gun to my head and say "purchase or die." They just painted a picture of a sweet deal that could only be capitalized on if it was seized there and now. I am going to go on vacation anyways, why not do it through Wyndham and get more bang for my buck? It sounds great, until I researched and realized in order to fully reap the rewards, I'd have to completely understand the system in order to work it. I just don't have that time to allocate so it's better to wash my hands of it before I'm into deep. After 4 hours of running through it in my head, I went with my gut and said no, but the last rep asked me straight up, "What do I not like about the deal?" I told him that I wanted time to internalize the information presented before me, I wanted hard copies of everything so I could review it and I wanted an OUT if I didn't like what I saw. He showed me in the paperwork and it says in the contract I had 5 days upon mutual acceptance to cancel. (This has to be executed in writing, post marked by the 5th day and sent to their PO BOX.) This convinced me to move forward with the "Bill Me Later" option that made the down payment for the timeshare purchase. I would now be able to lock the offer that was presented to me that day, and had 2 years to action on and make a purchase. At that time, my Bill Me Later down payment would be applied to the purchase of that property.
My wife and I were raked in off the street over inside Caesar's palace going into the forum shops. All they asked us to do was sit through a 2 hour presentation explaining the concept of the timeshare, tour the timeshares properties and give a $40 good faith deposit that would be refunded at the end so we would actually show up. I inquired about that and the rep said the $40 would be held as collateral so they didn't just purchase the tickets for the show and nobody showed. This is inaccurate, the show tickets are vouchers that can be redeemed anytime before the expiration date listed. The receptionist who issues the vouchers has them at her work station. Our expiration date said 12/31/13. I feel you could have talked your way out of giving them that $40, but this is all in hindsight. What we got in return was a free lunch, show tickets, the $40 we fronted and a free shuttle to drop us at the Monte Carlo to redeem the tickets at the box office. We chose 2 tickets to the Blue Man Group (retail price is $115/ticket) which we did receive and the seats were great. Upon initial questioning by the Wyndham stand at Caesar's they asked if we were above 28 years old, married, had a credit card on us (that they only wanted to flash it to them so they could look at it; red flag #1) and then coached us to indicate we earned above $75k (red flag #2) when checking the box for our income. I found out later that the reason for having the credit card on hand was that a majority of people used it to make the down payment for their time share purchase. (Unwise in my opinion and doesn't it seem shady that a person would have to lie about their income just to see a presentation?) After googling more information regarding the time share, there is an overwhelming negativity towards this product. With so many complaints, low ratings on various sites, and multiple news articles written by reputable reporting agencies, I'm happy that I am still within the 5 day window to rescind the agreement. I poured through various postings to see why people rated this product low and this is what I found: no mention of maintenance fees that appear to rise every year, countless efforts for owners to be raked in again for new programs, people who are trying to off load this timeshare and can't, high APRs with good credit, increases to point values to reserve rooms. DO YOUR HOMEWORK.
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