Consumers: Beware The Time Share! Part Two.
By Kevin Gipson, New Orleans Bankruptcy Attorney on Sep 1, 2007 in Consumer Protection, General Bankruptcy Information, Louisiana, Personal Finance
In Part One I started to tell you about my experience with a Time Share sales presentation, the sales tactics and the high “guaranteed” interest rates.
In this part I will tell you about the extra (hidden) costs of the time share.
First, this particular company owns over 150 time share facilities, but through a time share industry group, you can use over 4500 time shares throughout the world. But there is a cost: approximately $150.00 more for U.S. time shares and approximately $200.00 more for overseas time shares. Now, this particular presentation was up front about this additional cost.
But, what was never mentioned was a maintenance fee that was added to the monthly payment of $360.00 per month.
Neither the sales person doing the presentation nor the sales person trying to close the sale ever talked about the maintenance fee, or for that matter, pointed out the fee on the written contract. But hidden in plain view on the right side of the contract, away from all of the other numbers for closing costs, down payments, etc. is a little box with a number.
This was the maintenance fee.
How much was the maintenance fee? $50.00 per month, bringing the grand total for my week long dream vacation to almost $410.00 dollars per month or $4,290.00 per year.
So what happens if you don’t jump at this once in a lifetime offer?
I tell you in Part Three.
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