OMG Edna, This sweet lady was in her late 70s and went to Bonnet Creek in Orlando shortly after she had lost her husband. She was taking her grandkids to Disney.
While she was there she wanted a status of her account as her husband had always handled their affairs. The lady at the front desk talked her into going to an “owner update meeting” with a $100 gift card if she would attend an “owner update meeting” of 45 minutes or less.
3-4 hours later she walked out with another $60,000 mortgage for 17% interest! Why didn’t she say no, you ask? She did say no she, in fact, kept saying no, that she could not afford anymore timeshare that she was trying to make sure it was affordable.
The sales rep charmed her with a false sense of trust telling her that he was going to be her new personal advisor and would personally handle her account from then on. He gave her his personal cell number and told her to call anytime.
The only reason that she agreed to buy was because the salesperson promised her a program that would offset her cost in maintenance fees forever. He also told her that Wyndham had a buyback program called the (Pathway program) he promised her that she could sell her timeshares back to the developer. Little did she realize that the Pathway program did not require Wyndhams signature making the contract non legally binding.
She got home and did the math and realized that it did not equate that what she thought she had purchased and what she had actually purchased were 2 entirely different things. It was then that she had realized her payments went up and her maintenance fees doubled. She was distraught because her debt to income ratio was so jeopardized that she realized she couldn’t afford what they had done to her. In a panic, she called her so-called personal advisor. He did not answer any of her 12 calls or 5 emails. As soon as he got his big commission he disappeared on her.
Extremely upset, she called Wyndham financial department and said she wanted to cancel the contract. They curtly told her that she was past her rescission period and they would not cancel the contract. She had not been told about the rescission period which is mandated by real estate law. The form for the rescission had been hidden in a separate brochure from the contract.
This messed up her retirement fixed income fund so much that she could not afford to pay for her monthly medications. Whats even more disgusting is that when she had called to complain about what the salesman had done, she was told that he had been fired. But she found out that was another lie because the next time she had gone to Bonnet Creek that salesman was still there. selling to more unsuspecting timeshare owners.