Complaint Review: Grandview-El Dorado Resorts - Fort Lauderdale Florida

Grandview-El Dorado Resorts Re: Grandview at Las Vegas/El Dorado Resorts Corp Loan #07884085707 Unit #042101 Week #4

To Whom It May Concern,

I am a disabled US Marine Corps Veteran, live on Social Security disability and work part time.. My wife Maricar and I visited Las Vegas last January 2017 and took a tour of the timeshares at The Grandview at Las Vegas which is owned by El Dorado Resorts out of Ft. Lauderdale, Florida. Even though our sales representative Marylou Gueco did not have us sit down and figure out our budget, it has become very clear that we cannot afford to keep our timeshare, or we will go bankrupt. Our sales agent. told us that they have in house loans, so that we would not have to apply for credit. We believe that in-house credit is used, so that people don’t have to look at their budget and figure out that they really cannot afford their timeshare. It also seems that since the loan is internal, the resort is just lending itself the funds and therefore, no money is ever paid to an independent 3rd party. Therefore, they are making the 17.9% interest from actually never paying out any real funds. We feel that this fits the description and spirit of Predatory Lending, where Grandview/El Dorado makes a loan to benefit themselves, but harms a lender who cannot afford the loan. We have also just found out that even though we would pay $26,990 in total for this timeshare, if we were to try and sell it, we would be lucky to get 10-15% at most for what we would pay, if we were able to sell it at all.

Check the historical sales records and see for yourself what I am saying. Our sales agent told us over and over that we could rent our 2-unit timeshare out for the 2 weeks stated and for all the 80,000 points given each year, which represents another 8 weeks. She also told us not to mention this to anyone and that she would tell us how to do this later. Then when it came time to actually tell us how to do the renting, all she told us was to build a website to advertise it and list it on Craig’s List. She did not tell us that there are 1000’s of other people already doing this and left us holding the bag. Marylou Gueco is Filipino and so is my wife Maricar. She used that connection to get my wife and me to trust her. It worked. She also told us that all gifts, unlimited owners’ rights and other extras were only good, if we made the purchase the same day. We were also told that we would always be able to use our points to stay at 1000’s of other timeshares across the country and around the world. Yet, when I tried to find a timeshare to stay in at San Diego/Coronado area, there was not one I could use. I finally had to write to the President of El Dorado about this and was then provided with a silver fish infested room at the Coronado Beach Resort. Finally, we were never given a current and complete copy of the Public Offering Statement. We feel that we have been scammed from start to finish and want Grandview/El Dorado to take back their timeshare, give us our money back and not try to get us to pay for something that is just about worthless. Sales Agent told us we could rent our unit for $2000-2500 per week as inducement to buy Fort Lauderdale Florida