More curiousity, and I genuinely appreciate the replies. Why would RCI, a completely independent company, take on Original Resort's debt to you in the event of an Original Resorts bankruptcy. RCI exchanges dates you are owed by Original resorts for dates others are owed in other resorts, and pockets fees and commissions in the process. If what you are saying is correct, and let's say there are 1000 Premiere members (let's assume 1 sale a day for the last 3 years) who are owed an average of 150 nights (total shot in dark guestimate), how would RCI come up with 150,000 nights in other resorts to give members if they have nothing to give the owners of those other resorts? Maybe there is some type of fee/insurance paid for each membership... don't know. This is one of the (many) things that irks me about the typical timeshare/vacation club sales pitch, which is really geared to getting you all emotional about the resort and get you to sign right there and then. Due dilligence isn't part of the sales process.
What happens when you buy stock in General Motors and it declares bankruptcy and gets bailed out by the government? like everything in life, it is Buyer Beware. doesn't stop risk taking. Buy the membership and take the risk or not. do the 'talk. Ask your questions. don't like the answers. ..don't buy. simple highly doubt OR is in danger
You are right! The ones who know the least about it are always the ones running their mouth about how bad it is. and yet for all their protest and ignorant commentary, they can't let it go, and antagonistically ask for more info. happens evrytime on a "timeshare" thread. soon as timeshare is written in a.post, it is a red flag alert for me.
I see. So it's inappropriate to ask questions of other board members if you don't like the questions? I got it now. And frankly, asking legal questions to vacation club sales people is a pretty worthless endeavor. I assume people here who have bought the program and used it can speak with more authority. Continuing the frankness, your GM analogy doesn't hold water. First, I can look at GM's financials and see their debt ratios. I can choose to accept the potential reward vs risk. I certainly understand the risks and it's well known what happens if GM goes bankrupt. Second, two posters said there is a solution in the contract if OR goes bankrupt. Apparently, they aren't saying to accept the risk as you do. They are implying there is no risk. I seriously doubt that this purchase is free of risk, and that's why I'm following up to understand it better. To put it in fashion you might... if you don't like the questions I ask, you don't have to read the thread.
I think its Mexico anything you buy there is a risk of it just vanishing later, but on the other hand something that is making them so much money, why would they even want to send to bankruptcy.
The story behind the Original resorts (and I am quoting from the timeshare guy at Pearl) it was owned by one owner who had I think 3 kids and each one got one of the properties to run...something like this if I remember correctly
Basically, I equate our pkg to pre-paying for our member discount with the added benefits for as long as 25 years. We bought the medium pkg with 350 nights (equals 2 weeks per year) and we have gone 2 + times each year the last 2 years when we bought. There are always pros and cons to the debate but it works for us and our family. Listen, ask questions and see what works for you
I would buy in if they could be guaranteed me two things. 1. I will live long enough to see more Benifit than stupid towels, booze I don't drink or roped off areas farther from the pool, and resteraunts I usually avoid. 2. If I invested that money instead and my gain would be less than than my actual Benifit received by buying the membership. I hate to be tied up on membership when I get little actual reward except preceived status and a nice ĺunch with a hot chick! Practically speaking I can have two ladies stroke my ego for less just outside of Vegas. Just not worth it for me at my age.
