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Timeshare fraud
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Question: Four years ago, my wife and I purchased a timeshare from Cypress Point (Club
Sunterra) in Orlando, FL. We paid $17.9K for the timeshare. Last month, I
decided to try to sell the timeshare. I was shocked when I discovered the
true value of the timeshare is only $6K. I still owe around $12K. I have
since learned this is common practice in Florida to sell timeshares at
triple their value. The state does not protect the consumer against this
type of fraud, since the bulk of the states revenue comes from tourism.
Does anyone know if I have any options?
Answer: Are you comparing the retail and resale markets? They are two very different
things (as with most consumer items).
Timeshares aren't an investment. They are a consumer purchase, and generally
grossly overpriced. You used the term "fraud". Do you have any facts to
support an allegation of fraud? Were misrepresentations made? I mean, if I
go into 7-11 and pay double what I should for a loaf of bread, that's not
fraud. I don't know if you have any recourse, but for anyone considering
buying a timeshare the buzzword is CAVEAT EMPTOR. The gimmicky high pressure
sales tactics should be your first clue to walk... no, run away.
Where in your story was there a fraud committed? Sounds to me like you
got a bad bargain, but that doesn't translate to fraud. For it to be
fraud, they would have had to, at a minimum, lie to you about some
part of the deal. If they had represented to you that there was a
ready market for timeshares at the price you paid for them, when they
knew that there was no such thing, and you believed them, and you made
the deal on that belief, that might be fraud.
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