Ocean Reef Yacht Club (GELTEX) ripoff, Misleading Annuity Bond to lure cutomer into buying Timeshare Freeport Bahamas
Ocean Reef Yacht Club (aka, Ocean Reef Vacation Club)
Don't be fooled...the annuity bond they promise (to return all your money after 25 years with guaranteed 4%) is almost a useless piece of paper. Here is my story (in brief). If you need more detail, please contact me and I will be glad to share all my email with you.
We reluctantly attended a timeshare presentation on Nov 28, 2005 at the Ocean Reef Yacht Club, Freeport, Bahamas. The sales representative, in no confusing words, said that the membership allows one-week stay per year for 25 years; and after 25 years, we would get back all of our money back (annuity bond) with a guaranteed 4% annual return. We could not believe the deal. Surprised, we told him that it was like putting the money in a bank. The sales person agreed. Just to be absolutely sure, we asked the question in several ways at least five times to ensure that we really understand what he was saying. Repeatedly, he confirmed that we will get our $12,591 back and guaranteed 4% annual return after 25 years. We agreed to buy; left full amount in check.
Since we were unwilling to pay up to $980 cost of cancellation within 7 days if we so chose, we got a special clause put in our contract that the contract will only be effective for after Dec 9, 2005 after we confirm to buy the membership. Thereafter, they would FedEx a new contract for our signature. We requested for a photocopy of the annuity bond certificate to read the fine prints thoroughly before confirming our membership purchase. They declined; told us not to worry as we would receive all the paperwork once we confirm our purchase.
After coming back home, we called the Verification Officer and asked the same question about the annuity bond; they repeatedly gave the same answer. Being satisfied, we finally gave a go-ahead.
On Jan 4, 2006, we finally received the new contract & annuity bond certificate and we read the fine print on the back thoroughly (was declined a copy while in Bahamas), it became very clear to us that we were lied to. After dilly-dallying for a month, today (Feb 7) they told us they would not return our money. Incidentally, we have not returned the signed contract to them. So, I wonder how am I a member...
Ramesh
Indiana, Pennsylvania
U.S.A.
2 Updates & Rebuttals
Norris Rolle
Freeport,Florida,
Ready to Rectify
#3UPDATE Employee ..inside information
Sat, August 09, 2014
After Apex took over the Member Sercices here at Ocean Reef, we realized that previous companies, with no ties to the Bahamas, had displeased some of our (Ocean Reef) Members, such as yourself, and we in the Bahamas pride ourselves as being among the most friendly and helpful people in the world,so it is not our culture here in the Bahamas or at Ocean Reef to misguide our guest and visitors, as we depend entirely on you all for our economic success and because of our spiritual values, including honesty and integrity, we will not stand by and have our guests taken advantage of.
Please contact our offices at 242-374-1120 so we can discuss possible remedies for your situation.
Thank you for being forthright and courteous and we look foward to a happy resolution.
Norris Rolle
Sale Manager
Norris Rolle
Freeport,Florida,
New Sales Organization
#3REBUTTAL Owner of company
Tue, July 15, 2014
For too long, we here in the BAhamas have gotten a bad reputation, because of foreign sales teams, that were less than honest with the Developer or the customer, but now for the first time in the history of the Bahamas, Natives are in the forefront of service and sales. We pray that you will give us a chance to show you the difference, and we are sure we can give you some compensation for their errors and faults, though we ourselves may not be liable.