Fastest Exit - Scam or Real?
September 13, 2021
What do you think? We have been contacted by Fastest Exit on a couple of occasions. The earliest was just after making a purchase from Vidanta.Following is the letter we received:
Fastest Exit Letter - Describing reasons for bringing an action against Grupo Vidanta.
It seems the issues raised are issues we all have experienced for years:
- Promising a guaranteed rental income - Our contracts all say neither Vidanta nor Vida Vacations will rent, buy or sell our contracts. We have never been promised a guaranteed rental income, so we can't speak to this issue.
- Signing the contract on the day of the tour. - The whole Timeshare industry is guilty of this complaint. The answer is don't sign.
- Not allowing sufficient time to review.... - No one is making anyone sign anything. Urgency comes from within.
- Only one registered week for contracts that cost over $85,000 - True. But for members who want more use, they can request up to two additional weeks. Will they get them? It all depends on when the member wants to visit a property. The property is not fully rented all 52 weeks of the year.
- Making oral promises that were not true. - Who makes the promise? How reliable is the source? Is he a salesman? If so, what promises can he deliver?
- Saying the timeshare is an investment. - Due diligence will eliminate all notions that timeshare interests are investments, especially timeshare interests issued by Grupo Vidanta. They are non-specific leases, if there is such a thing. A lease stipulates location, time of use, mandatory cost per rental period, and obligations of the Lessee (timeshare owner) and Lessor (Grupo Vidanta or some other Timeshare developer).
Interestingly, we all think we need to buy. But on the other hand, we all get peeved because we did buy! The best way to deal with timeshare interests is to fully understand what you want from your purchase. We happen to love coming to Nuevo Vallarta and hopefully East Cape. Otherwise, we don't have an overriding desire to visit the other locations. Too many memories with our family, too many friends, too many connections and great facilities are reasons we come back each year. There is no way we could duplicate what we have access to for the money we spent over time.
On the other hand, Marriott timeshares have a completely different value proposition: Go when you want, where you want and for how long you want. But you have to pay each year, regardless of usage. These traits are common among other timeshare developers, and that is the model most of the industry participants have followed over the years.
Neither is an investment per se. Yet both are great investments in vacations that you may not have taken.