Misrepresentation

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ithomson

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Misrepresentation
« on: September 23, 2006, 15:40:46 »
On our last visit to RCC we discussed the difference between what we were told during the sales presentation and what is actually the case. We discussed these matters with the reps and with other guests at the resort. This is a summary of what we found:

1. Without exception people were told that the value of their weeks would increase and that they would be able to resell at a profit whenever they wanted.

This is basically a lie, it is also against the code of practice of the Organisation for Timeshare in Europe (OTE). Regency Resorts are members of this organisation. Timeshare should never be sold as an investment, it is a holiday product and its resale value is always going to be less than what you paid for it, similar to a second hand car.

2. People were told that they could come back to the RCC reps to resell their weeks.

In practice this is never going to happen. The reps get a huge profit from selling unoccupied weeks, they would get next to nothing from reselling the weeks, hence they are not in the least interested in reselling second-hand weeks. When you come back to them and say "will you resell our weeks" the response will be to try and sell you even more weeks.

3. People were told that if they buy rooms now they would be able to upgrade to Villas later.

This is not going to happen anytime soon, and at least the reps are now no longer playing this game.

4. The maintenance fees quoted by the reps appears to have no relation to the actual maintenance fees on purchase. Not only that, they do not tell you that the fees will be increased significantly each year.

The management of the resort in terms of maintenance fees appears to break the code of practice set out by OTE, which encourages that the management is done properly and is open to external audit. Every year so far we have waited with anticipation the next Bill for maintenance fees, every year it has increased significantly, no accompanying letter and consequently with no explanation and no accounting.

There were of course other misrepresentations in the presentations, Membership of RCI, RCI Exchanges, Building to be completed soon etc. However these are the most significant issues to be aware of.



Offline jasonclements

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Misrepresentation
« Reply #1 on: September 29, 2006, 12:03:06 »
Thought I would add some comments to the previous post by ithomson, some parts of it quoted below.

1. Without exception people were told that the value of their weeks would increase and that they would be able to resell at a profit whenever they wanted.

This seems to be a standard selling practise, and is obviously not true, we know this know, and some possibly did when they bought, but this should be stamped out as it is a complete lie.


2. People were told that they could come back to the RCC reps to resell their weeks.

Yes I was told this, and they keep saying they will offer resale, but for the company there is less money in it, so it's unlikely to happen.


3. People were told that if they buy rooms now they would be able to upgrade to Villas later.

The villas, will we ever see them, NO, I think the answer is. Although you can now upgrade to phase 2 and be part of the registry collection, okay, whatever.


4. The maintenance fees quoted by the reps appears to have no relation to the actual maintenance fees on purchase. Not only that, they do not tell you that the fees will be increased significantly each year.

Always an interesting discussion maintenance fees, basically we pay too much, and our increases always seem way above inflation rates.  Im sure it will continue until we as owners make our voices heard, admittedly very difficult at this resort, but we must get our points across.

So see the post on joining the owners group, there are still not enough of us wanting to join such a group, we need more voices if we are to get the regency to listen to us.