For context: - 24 y.o. male - never owned a timeshare in my life - gainfully employed >70K/yr - got offer "thru lottery system (only 16k people get it a year)" by having an IHG membership and staying at an embassy suites a year ago, I received a phone call about a $200 stay at a number of IHG hotels (went to myrtle beach) for 4 nights. Overall, nice stay and I received the 200 back after the presentation along with another 100 dollar rebate to use later. - presentation seemed legitimate enough and I think I'm decent enough at seeing thru salespeople's BS
The offer: Vacation Club Timeshare ownership WHICH MEANS you can spend your points on any one of their resorts in the world to stay there or on any RCI resort in the world which costs usually from 50K-100K (half for RCI?) points for a week with a single bedroom. Gold membership, late cancelation/early request, discount on down payment. $3000 down payment and $118/month for 10 years (14.5%) and the grand total is 11,000~ that I can pay the rest off within a year for no penalty. The other fees attached (maintenance membership and taxes) total to around $650/yr This is biennial so I get 100,000 pts/every other year and 50K bonus pts. in 6 months.
Am I stupid for buying this?
EDIT: Thank you for the input everyone, I just got off the phone with them and I'm going back tomorrow morning to cancel it (I bought it yesterday). The idea of paying maintenance and taxes along with membership fees is overboard for me. Hopefully I can get out of this without paying a penny.
Submitted May 17, 2018 at 03:21PM by dejova https://ift.tt/2GrAA7u
