Orange Lake Holiday Inn Resort... Good deal?

Every other year, 133,000 Holiday Inn club points. 2-Bedroom Penthouse over looking River Island on week 34 for Orange County Lake Resort. Access to RCI exchange on addition to the Holiday Inn.

$12,000

We just bought this..... Mistake? Is this a reasonable deal? Any insight would be greatly appreciated!

Not a good deal. Orange Lake in Orlando is very easy to get most anytime you need it by renting from others. Most the time below yearly MF's

You would find a 2bedroom @ River Island for $1,200.00 tops If not River Island the West, East, or North way under $1200.00 That $12,000.00 buys at least 12 years of vacations with no other hassle.

You will be by far better off renting from sights like Redweek or TUG2

I rent extra points I have and if one is a planner , I can get great deals. Planning is a major key in the point system. Orlando is the hardest one to rent and I refuse to take a loss. So I have better luck with the other resorts thru Orange lake but reservations need to be put in 10 months out if kids are out of school @ high demand times.

A normal high demand week at Orange Lake takes about 159,000 to 166,000 points for a 2 bedroom. River Island is more. This is primarily when kids are out of school. You are lucky you found this sight to help with your decision

They told us during the presentation that if you aren't a member you cannot come back for 4 years. RCI rule they claimed.

jerrya136 wrote:

They told us during the presentation that if you aren't a member you cannot come back for 4 years. RCI rule they claimed.

These sales people will tell you anything, including bold-faced lies, to get you to buy. The four-year rule applies to exchanges only. You can rent from another owner whenever you jolly well please.

My stern advice is to rescind your purchase. Florida law allows you ten days from the day you signed the contract to send it certified mail. Get drafting your rescission letter immediately. Follow the directions very carefully given to you in the owner's package you received and send it via the method stipulated in your instructions. Likely they will say to send it via certified mail.

There are probably hundreds of units available for resale at Orange Lake for a lot less than $12,000. If you check out E-Bay, you might even see some being given away for one dollar (or even free) with the seller paying closing costs and even the next maintenance fee. The other thing I would watch out for is taking one on even if it is free. Remember, you will have to pay maintenance fees each year (right now about $800-$900). You can probably rent from a current owner for less than that and RCI can not restrict you from doing so more than once every four years.

So first things first. Get drafting and sending your letter to rescind your purchase. Then take some time (time that these sales people did not give you) to really analyze what you want and need with regard to vacation property.

What do I need to say in the letter specifically?

They said the points is why it's so valuable and they said if your not a member here at Orange county resort then you cannot stay here for four years including my mother inlaw whose timeshare we are using this week. We were like really??? They were like oh yeah.

I mentioned about buying one online and they said you wouldn't get any points in that sale... Only they can give people that not resales.

I'm on day two now after signing paperwork....

jerrya136 wrote:

I'm on day two now after signing paperwork....

Which means you have only eight days left to get your rescission letter in the mail. Here is some advice how to rescind:

http://tug2.net/timeshare_advice/cancel_timeshare_purchase.html

And if you decide to rent from owners, which you can probably do for less than what you would pay in maintenance fees, you can stay there as many times as you jolly well please. And even if you get a few perks for buying from these lying sales people, they are not worth anywhere near $12,000.

Remember, once your rescission period passes (eight days from now) your timeshare that you paid $12,000 for will be worth about $1. Think about that!

What is a good deal?

Maybe that is a better a question. We want a timeshare and we want points to be able to go anywhere, anytime and for a very low cost if it's in addition to the one week we own. We want to be able to hand this down to our kids too.... This one says its it's only good for 55 years. That standard for timeshares? Best company to own a timeshare with is and why?

Thank you for the insight and help too!!

jerrya136 wrote:

What is a good deal?

Maybe that is a better a question. We want a timeshare and we want points to be able to go anywhere, anytime and for a very low cost if it's in addition to the one week we own. We want to be able to hand this down to our kids too.... This one says its it's only good for 55 years. That standard for timeshares? Best company to own a timeshare with is and why?

First of all, I would be cautious about handing something down to your kids. Your kids might not even want it. I've seen many posts from people who have "inherited" a timeshare from their late parents and are not very happy about it. Maybe talk to your kids about it.

As for the one that is good for 55 years, I'm assuming it's a Right to Use (RTU) and not a deeded property. RTU periods can vary. Some as low as 25 years or as long as 100 years.

If you want a cheap one with points, there are many being offered on E-Bay and elsewhere on line for a song. It would be good to take time to research before buying. There are many different points systems out there with different rules and values. And again, maybe look into renting from current owners as many owners are offering places for rent for less than the maintenance fees.

Jerry, the advice that Lance just gave you is the best advice you have had all year. When you are done reading the rescission advice on TUG, you can go to their "Forums" board and read about all the timeshare companies in the country. You can register (for free) and ask all the questions you want. If you join TUG (for the princely fee of $15) you can search for timeshares to buy and rent. (The same thing with Redweek). But the forums on TUG are filled with invaluable advice. Their members are veterans of the timeshare industry and the "timeshare pitch." You got sucked in by some sharp salesmen, and you really don't know what you own. Get moving and get learning. And rescind that purchase NOW.

I wish I had found Redweek / Tug when I bought 20 years ago. You will always have a chance to make the educated purchase later. Your head will be swimming with all the info and every system is different. I only own HIVC and I am making the best of what I own. Knowing what I know now, I would rent from somebody exactly what I wanted with no upkeep or further responsibility. You could go to Orlando all you want.

I don't think you'd save much money really , finding someone like me to rent exactly what you want planning ahead 10 months out or longer would be idea. I have yet to find a "planner" so I have to figure out what might rent the best and book them anticipating what somebody wants.

As far as the kids go many don't want the hassle , that was exactly what my reasoning was when I bought. I am putting a game plan together because if something happened to me the timeshare thing would be a nightmare. When I map it out it will be a asset to them. I have been a year and a half now mapping it out. If they did not want them , they would just sell for a couple of bucks on ebay.

First things first , get it in ! feel free to contact me Dave

Everyone, thank you!

I have called twice now tpday and still haven't heard back from anyone. First thing this morning and around 4pm this evening. Both were mailboxes that had a generlized message. Tomorrow morning we will be going to the post office to send out a certified letter saying we'd like to cancel the timeshare in accordance to the Florida law that allows ten to cancel.

We put down $1,400 already and I'm hoping to get that back too. Gut feeling is this isn't gonna be easy.... Ugh.

Just follow the book, you will get your money back. Make sure you save the postmark and make them sign it. Your a lucky person Dave

Thanks. I'm thinking they could simply refuse to sign the certified letter. I was considering contacting a local lawyer to handle it. Thanks again!

jerrya136 wrote:

Thanks. I'm thinking they could simply refuse to sign the certified letter. I was considering contacting a local lawyer to handle it. Thanks again!

They can refuse the letter all they want. As long as you follow the rescission instructions exactly, including method of delivery, they will be required by law to rescind whether they accept the letter or not. All you need is a receipt from the post office showing that you sent the letter within ten days of signing the paper.

And there is no need to contact a pricey lawyer.

If you follow the instructions in the paperwork, you will be fine. The one thing to NOT do is answer the phone when you see an unknown number. The salesman is losing a big commission check. You may be called to convince you NOT to rescind. You don't want to have that conversation. Sit back. Relax. And get some valuable info on www.tug2.net. You will then feel like you are not the only person in the world to go through this.

Spoke with Manager/Sales guy today. He has a 2BR unit, annual, for $1500 more then the other deal and 96,000 points a year. Unsure of week but "he'll make sure to pick a good one".

jerrya136 wrote:

Spoke with Manager/Sales guy today. He has a 2BR unit, annual, for $1500 more then the other deal and 96,000 points a year. Unsure of week but "he'll make sure to pick a good one".

Why did you speak with him? Did he call you or did you call him? If you are trying to rescind, the method should be stipulated in your contract and likely it says to send your letter certified mail.

The sales person has no interest in you getting the most bang for your buck. He just wants to make a sale.

How is your rescission letter coming along? If you haven't sent it yet, time is ticking and you're now down to six or seven days before your $12,000 flies out the windo.

I left a message earlier in a generalized mailbox before coming on here. The letter is written up and all that needs done is going to post office.

Still considering things. We do want some of the benefits that come with going through the developer that would be lost by not going through them. Still not happy with the latest offer but it's a little better.

Most people go to timeshare meetings because they were offered something for free. That is the only way that developers can get them in the door. Then the violin comes out and the "magic of vacations" is unveiled by the salesman. And then you sign a contract that you have never seen, and you go home and feel good about it. Have you read your contract? Are all the promises in writing? Are the advantages of buying direct explained in writing? Can you get out of the contract if you find that you don't like it? (NO).

I find it amusing that people will spend more time researching the purchase of a $40 toaster than a lifetime commitment to a timeshare contract.

Do me a favor..... Go to www.ebay.com. Type in "Holiday Inn timeshare." Look at the results. It is your money. Spend it whatever way you like. But to say you are willing to spend $12,000+ to get a week that a salesman will pick out for you ("I'll pick you a good week.") is just plain foolish. Good luck, Jerry.