Fairfield Time Shares
Feb 5th, 2003, 05:24 AM
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Fairfield Time Shares
Does anyone have any experience with this company that has "vacation property" across the country? I am interested in purchasing but would like other's inputs before buying. Also, is there a site where one could research and get feedback on such companies?
Feb 5th, 2003, 06:36 AM
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This comes from a letter posted on beattimeshares.com. I think the writer really sums up what a horrible deal these timeshares are...
"We have had many second thoughts about our timeshare purchases. At first it was just the small stuff: not having important information sent to us, not having questions and inquiries replied to; then finding out about point deadlines and extra fees for various things; as well as other things. More importantly, after having the time to analyze the entire situation and to contemplate what we had done, I have come to the conclusion that this was something we never should have done.
How could we have ever been so dumb as to buy into such a terrible financial disaster? Obviously, we were told and knew that buying a timeshare is not like a real estate purchase, where your property probably would appreciate over the years; but we were under the idealistic notion that it would at least be a good, reasonable travel situation.
We certainly should have been much smarter consumers and done our homework much better. The glitzy sales presentations and expert and persuasive sales representatives do an outstanding job of making people think with their emotions instead of their economics. It seems unbelievable that so many persons, like us, fall for the sales pitches and decide to buy something. If only we had looked at the money figures more carefully, it would be extremely evident that purchasing a new timeshare makes no economic sense at all.
"We have had many second thoughts about our timeshare purchases. At first it was just the small stuff: not having important information sent to us, not having questions and inquiries replied to; then finding out about point deadlines and extra fees for various things; as well as other things. More importantly, after having the time to analyze the entire situation and to contemplate what we had done, I have come to the conclusion that this was something we never should have done.
How could we have ever been so dumb as to buy into such a terrible financial disaster? Obviously, we were told and knew that buying a timeshare is not like a real estate purchase, where your property probably would appreciate over the years; but we were under the idealistic notion that it would at least be a good, reasonable travel situation.
We certainly should have been much smarter consumers and done our homework much better. The glitzy sales presentations and expert and persuasive sales representatives do an outstanding job of making people think with their emotions instead of their economics. It seems unbelievable that so many persons, like us, fall for the sales pitches and decide to buy something. If only we had looked at the money figures more carefully, it would be extremely evident that purchasing a new timeshare makes no economic sense at all.
Feb 5th, 2003, 06:37 AM
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Can't post all this at once....Here it is continued......
Ordinarily, when someone purchases real estate, there is a reasonable assumption that the property is going to appreciate. But that is not the case when one buys timeshares. It must be understood from the onset that instead of any appreciation, an extreme amount of depreciation immediately happens. Why is this? Why don't timeshare properties appreciate? Why shouldn't timeshare buyers expect that their properties should appreciate? I have a feeling that the worth of timeshare companies' property is appreciating handsomely. It is my contention that timeshare companies, through high sales commissions, developers' and management salaries, maintenance, provisional and all the other fees, don't allow the timeshare owners' individual properties to increase in value.
TS's are tremendously overpriced and not a reasonable investment by any stretch of the imagination, certainly not materially. They are a wonderful incentive to travel but an unbelievably poor place to put your money; and the bill from the start is high; and even if and when one is fortunate enough to pay off the original investment, plus the loan interest, the bill regarding maintenance fees, etc. just keeps on and on and on, forever.
Ordinarily, when someone purchases real estate, there is a reasonable assumption that the property is going to appreciate. But that is not the case when one buys timeshares. It must be understood from the onset that instead of any appreciation, an extreme amount of depreciation immediately happens. Why is this? Why don't timeshare properties appreciate? Why shouldn't timeshare buyers expect that their properties should appreciate? I have a feeling that the worth of timeshare companies' property is appreciating handsomely. It is my contention that timeshare companies, through high sales commissions, developers' and management salaries, maintenance, provisional and all the other fees, don't allow the timeshare owners' individual properties to increase in value.
TS's are tremendously overpriced and not a reasonable investment by any stretch of the imagination, certainly not materially. They are a wonderful incentive to travel but an unbelievably poor place to put your money; and the bill from the start is high; and even if and when one is fortunate enough to pay off the original investment, plus the loan interest, the bill regarding maintenance fees, etc. just keeps on and on and on, forever.
Feb 5th, 2003, 06:38 AM
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This is the best part......
If one figures the total amount of money per year spent on this one-week travel investment, dividing the expenses by the years owned over the years, even after 20 years, the amount spent on that one week timeshare is a very high amount of money for a "luxury" week. These kind of calculations would make the per week expense, even though declining, from the beginning on down through the twenty years a large amount of money per year for one "luxury" week. I believe the timeshare system is a ripoff for the consumers who buy into it; and I don't understand why so many persons do buy into it. There must be something, some pertinent facts that I can't see. I've been trying to think of a fair way to determine the per year cost of each week purchased through a timeshare program but there are so many variables involved. However, if you figure the total cost of your timeshare purchase with financing, plus the required maintenance fees per year, it shows some disturbingly high figures.
For instance, using my timeshare example for Fairfield, the following figures show the cost of one week, including original purchase price with financing ($21,907.44) and maintenance fees ($700.), per year averaged out over 10,20,30 and 40 years to be approximately $2822., $1761.25, $1407.50 and $1230.06 respectively. In most cases, this would be for a low season 2BR resort and a high season 1BR resort.
Also, for instance, using my timeshare example for Shell, the following figures show the cost of one week, including original purchase price with financing ($18,350.) and maintenance fees ($445.), per year averaged out over 10,20,30 and 40 years to be approximately $2280., $1362.50, $1056.67 and $903.75 respectively. In most cases, this would be for a low season 1BR resort.
If one figures the total amount of money per year spent on this one-week travel investment, dividing the expenses by the years owned over the years, even after 20 years, the amount spent on that one week timeshare is a very high amount of money for a "luxury" week. These kind of calculations would make the per week expense, even though declining, from the beginning on down through the twenty years a large amount of money per year for one "luxury" week. I believe the timeshare system is a ripoff for the consumers who buy into it; and I don't understand why so many persons do buy into it. There must be something, some pertinent facts that I can't see. I've been trying to think of a fair way to determine the per year cost of each week purchased through a timeshare program but there are so many variables involved. However, if you figure the total cost of your timeshare purchase with financing, plus the required maintenance fees per year, it shows some disturbingly high figures.
For instance, using my timeshare example for Fairfield, the following figures show the cost of one week, including original purchase price with financing ($21,907.44) and maintenance fees ($700.), per year averaged out over 10,20,30 and 40 years to be approximately $2822., $1761.25, $1407.50 and $1230.06 respectively. In most cases, this would be for a low season 2BR resort and a high season 1BR resort.
Also, for instance, using my timeshare example for Shell, the following figures show the cost of one week, including original purchase price with financing ($18,350.) and maintenance fees ($445.), per year averaged out over 10,20,30 and 40 years to be approximately $2280., $1362.50, $1056.67 and $903.75 respectively. In most cases, this would be for a low season 1BR resort.
Feb 5th, 2003, 06:39 AM
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Continued even more......
I have decided that we and all other timeshare owners basically are getting royally ripped off. Considering the presentations methods used, pertinent facts related to the sales procedures, certain information not mentioned during the transaction, and especially the amount of money being paid for what is being received, I think many consumers, prospective timeshare owners, consumer advocates, government agency officials, etc. should listen and take some action.
Not once during the entire sales presentation and purchase agreement signing did any Fairfield or Shell sales or official representative mention that there is a time period in which the contract can be rescinded and thus the buyer can get out of the situation. Moreover, never is there any information detailing to the buyer how much each point is really worth and how much each resort week costs per year. It seems to me that such a lucrative transaction for the seller and such a terrible ripoff for the buyer should have much better protection under the law. There are so many considerations that are glossed over or undiscussed at all, so many unexplained rules and regulations, so many fees and penalties and those never-ending maintenance fees.
I am at the mercy of the marketplace of timeshares, which for reasons I don't understand, since they don't appreciate in value, sell extremely well. In fact, they lose probably 60-80% of their value almost immediately, but the general public continues to purchase them.
I really didn't expect any kind of remuneration from my timeshare companies and, in fact, I didn't even get a reply from them regarding my specific letter. However, since timeshare ownership seems to be the "in" thing to do, there must be many good reasons (some of which I am unaware of) why so many persons decide to purchase them, even though they seem to be an unbelievably poor buy."
I have decided that we and all other timeshare owners basically are getting royally ripped off. Considering the presentations methods used, pertinent facts related to the sales procedures, certain information not mentioned during the transaction, and especially the amount of money being paid for what is being received, I think many consumers, prospective timeshare owners, consumer advocates, government agency officials, etc. should listen and take some action.
Not once during the entire sales presentation and purchase agreement signing did any Fairfield or Shell sales or official representative mention that there is a time period in which the contract can be rescinded and thus the buyer can get out of the situation. Moreover, never is there any information detailing to the buyer how much each point is really worth and how much each resort week costs per year. It seems to me that such a lucrative transaction for the seller and such a terrible ripoff for the buyer should have much better protection under the law. There are so many considerations that are glossed over or undiscussed at all, so many unexplained rules and regulations, so many fees and penalties and those never-ending maintenance fees.
I am at the mercy of the marketplace of timeshares, which for reasons I don't understand, since they don't appreciate in value, sell extremely well. In fact, they lose probably 60-80% of their value almost immediately, but the general public continues to purchase them.
I really didn't expect any kind of remuneration from my timeshare companies and, in fact, I didn't even get a reply from them regarding my specific letter. However, since timeshare ownership seems to be the "in" thing to do, there must be many good reasons (some of which I am unaware of) why so many persons decide to purchase them, even though they seem to be an unbelievably poor buy."
Feb 5th, 2003, 06:40 AM
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Thanks for the inputs....the sale person said that this was a deed "vacation ownership" where it can be transferred to other family members and that I had complete ownership simiolar to a home. In fact, they said that it would qualify for a second home tax break. Seems a little shady to me but the parent company, Cendant, seems to own just about every company out there.
Feb 5th, 2003, 06:50 AM
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The worst part about attending these "presentations" i that they give you absolutely no time to think about it because you have to make a decision that evening. My sales presentation lasted 3 hrs. It was supposed to be 90 minutes. 3 different people talked to me and tried to get me to sign. After I told them I was going to do some research and get back the next day, they got all fired up which made me think of a used car salesman. Now after reading this, I'm definitely not buying.
Feb 5th, 2003, 07:08 AM
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I have a friend who gors to the presentations for free tickets to an attraction, free dinner, etc. When the slaesperson starts, he starts a stopwatch in fron of him and gets up at 90 minutes and asks for his free stuff.
Beware if you do this b/c the sales people will call you cheap and every other name in the book.
Beware if you do this b/c the sales people will call you cheap and every other name in the book.
Feb 5th, 2003, 08:28 AM
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A time share will not qualify for a tax break, unless you buy it, for some unfathomable reason, with a home equity loan.
Also, even though I'd never buy a timeshare, I've read that the best way to do it is to buy one from someone independently selling them. Apparently there's a huge market because people get stuck with them, and you can buy them for 10% of what they originally paid. I think you can even find them on ebay.
Also, even though I'd never buy a timeshare, I've read that the best way to do it is to buy one from someone independently selling them. Apparently there's a huge market because people get stuck with them, and you can buy them for 10% of what they originally paid. I think you can even find them on ebay.
Feb 5th, 2003, 08:44 AM
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kychris,
Thanks for sharing. I don't own a timeshare and never will. I have been to a couple of presentations before and understand how some people would sign on the dotted line. The sales reps are well versed. Most folks are sold on the beautiful surroundings and don't always see the whole financial picture behind it all.
Most "gold crown resorts" are beautiful properties and I occasionally rent them for my vacations....at a rate much less than the timeshare owners would pay (based on your calculations) and without the lifetime fees commitment.
Thanks for sharing. I don't own a timeshare and never will. I have been to a couple of presentations before and understand how some people would sign on the dotted line. The sales reps are well versed. Most folks are sold on the beautiful surroundings and don't always see the whole financial picture behind it all.
Most "gold crown resorts" are beautiful properties and I occasionally rent them for my vacations....at a rate much less than the timeshare owners would pay (based on your calculations) and without the lifetime fees commitment.
Feb 5th, 2003, 03:35 PM
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Yes, there is a site that you can do research on timeshares and the various companies. It's the Timeshare Users Group at www.tug2.net. It is run by t/s owners, not the companies nor developers. I strongly suggest you check it out before you even think of buying from a developer/salesman.
And BUY RESALE, it is so much cheaper. And you want to buy to give you the best trade value. And the people on TUG can share their expertise in this field. Also on TUG are sections devoted to specific areas, i.e. Eastern, FL, Hawaii, International etc. There are also 'member only' sections that will give you reviews, done by those of us who belong, of the t/s we have stayed in.
Timesharing has provided us with some wonderful vacations across the US and into Mexico and Costa Rica. Others go all over the world.
We own a Fairfield timeshare and have enjoyed it and several other FF resorts. We have also used it to trade into nonFF resorts. We bought our first t/s in 1983, and now own 3, giving us at least 5 weeks a year to use to either go to or trade.
Learn first, then decide.
And BUY RESALE, it is so much cheaper. And you want to buy to give you the best trade value. And the people on TUG can share their expertise in this field. Also on TUG are sections devoted to specific areas, i.e. Eastern, FL, Hawaii, International etc. There are also 'member only' sections that will give you reviews, done by those of us who belong, of the t/s we have stayed in.
Timesharing has provided us with some wonderful vacations across the US and into Mexico and Costa Rica. Others go all over the world.
We own a Fairfield timeshare and have enjoyed it and several other FF resorts. We have also used it to trade into nonFF resorts. We bought our first t/s in 1983, and now own 3, giving us at least 5 weeks a year to use to either go to or trade.
Learn first, then decide.
