Gold Key Resorts lied during their sales presentation about costs associated with the timeshare.
July 2013 I purchased a timeshare at Ocean Beach Club from Gold Key Resorts. The "salesman" was a man who told us that he didn't normally perform in the sales role but was called in to assist. During the sales pitch I was given two false pieces of information by the salesman. During his "spiel" he told us 1) that it would cost us only $298 to transfer our week to another week anywhere that Gold Key had a resort. He also told us 2) that the annual maintenance fee is $600. When I asked how often the fee increased, he said that it rarely increases and when it does it is only about 1 -2 dollars per year. Based on this information, I charged over $15.000 to my credit card (to get points knowing that I would write a check to pay the card off). I own the property free/clear.
In September 2013 I attempted to do my first transfer. My family decided that we would spend Christmas in Las Vegas. I called Interval (the exchange company) and was able to exchange my week in VA Beach for a week in Las Vegas but only if I prepaid my 2014 maintenance fees (because the first week I owned is in 2014). I prepaid the amount I was instructed $617 and was able to purchase the week in Las Vegas. I then received a follow up email stating that I owe $35 in maintenance fees. I had prepaid at the 2013 rate and the fees had gone up $35 for $2014 (far above the 1 or 2 dollars I was quoted!).
Additionally, while on the phone with Interval to exchange my week. I discovered that I could only exchange my weeks (for close to $300) IF I purchased one of their packages. The packages range anywhere from #400 to over $700. This is an added cost that was not explained during the presentation.
The result is an additional cost of (on average) $500 per year (above the $617 maintenance cost I was quoted).
The salesman blatantly misrepresented the cost of owning this property. For the $1200-$1400 annual cost of owning this property, I could purchase a week at any fine hotel. This company perpetrated a fraud.
margaretsims90
Alabama,#2Consumer Comment
Mon, December 07, 2015
This company is one of the most fraudulent developers in the timeshare industry. The only thing you can do is cancel your timeshare contract. I recommend you to read an article with good information about these fraudulent companies: http://www.timesharescam.com/blog/121-how-to-get-rid-of-a-timeshare/
Ginger700
Dumfries,#3Consumer Comment
Thu, May 15, 2014
The same happen to me. First they sold me a week in Dec. and they assured me I was going to be able to trade anywhere. WRONG!! Then I realized who the hell is going to want to trade with me. So since I have at least $10K fully invested in the RIPOFF... then I upgraded for another $10K to a July week...nice week. My concern was the maintenance fee is going to go up...and the same thing I was told no it rarely goes up. Fee then was $350 yearly, now is about $650.00 and is been going up since then. Please people stay away from this SCAM!! Don't fall for it like I did and many others and understand that you are the owner of a debt and obligation to pay a yearly due's only (that is your ownership here and any time-share) and late fee's collections fee's if you don't pay and they take away your piece of nothing. STAY AWAY. You can rent a home in the OBX for all the money you will waste with Gold Key Resorts.