Mr. & Mrs. Perry were in their mid-80’s & had been using Timeshare since the 90’s they loved their TS & had been completely paid off for years. However, they were paying $600 per month for Maintenance fees. Mr. Perry’s health had been failing & they weren’t traveling as much but still loved their timeshare, as their kids & grandkids used it, but as they were aging they were growing concerned about managing financially the ongoing Maintenance fees.
They decided at their next vacation they would inquire about lowering their maintenance fees. They stopped by the sales office to talk about making things more manageable, so the salesperson said come on in I can review your ownership and see what’s going on, he gave them a $100 gift card for a steak dinner.
He told them he could lower their maintenance fees if they transferred their deed location to a location that had lower maintenance fees that he could lower the fees by $200 per month, but the only way they could do that was to buy more points.
Mr. & Mrs. Perry said there was no way they could buy more points. That they were trying to cut costs and make it more affordable they could not afford another mortgage as it took them years to pay off the timeshare mortgage they once had.
The salesperson said “look don’t worry I will be your personal advisor, call me from now on and I will help you with your ownership, I will put you on a rental program so you can offset your maintenance fees, not only that, you will make so much money in rental income it will pay your mortgage AND put money back in your pocket every month.” He told them all of his clients were very successful at renting their timeshare.
Mr. & Mrs. Perry said that Mr. Perry’s health was failing and they didn’t think they would be traveling much longer, the salesperson then said “that’s ok, if you decide to stop traveling Wyndham would buy it back, you’d be stupid not to make this purchase, it just makes sense”.
Mr. & Mrs. Perry talked back and forth & decided to make the purchase based on these promises the salesperson made. After 5 hours they signed the contracts and began their vacation. 3 weeks later the contracts arrived and they went into panic mode. They discovered that not only did their maintenance fees not go down …..they went up to $750 per month & they had been put into a $65,000 mortgage with a 17% interest rate with $850 monthly mortgages payments. At this point, they realized that the rest of their retirement fund was in jeopardy & when they tried reaching their so-called personal advisor after 12 calls & 6 emails they never heard from him again. When they called Wyndham, Wyndham shrugged their shoulders & said: “sorry you signed the contract, your past the rescission period there’s nothing you can do about it”.
One of the problems was that the salesperson never disclosed their right to cancel. As a matter of fact, they found the rescission contract folded and hidden in their paperwork after the phone call they had made to the developer. And to make matters even worse they then discovered 6 months later that the salesperson had put a $15,000 down payment on Bill Me Later unbeknownst to Mr & Mrs. Perry.