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   Mexican Timeshare Alert Redux, and Resources

We’ve written here before about Mexican Timeshare Scams, but recently there seems to have been a resurrection of internet activity around them. Though impossible to corroborate definitively, the following post was made a few days ago to the boards at Independent Traveler:

We were approached at the airport by the offer of a cab ride. Tired and confused, we agreed to the "free" cab ride in exchange for a $50 deposit, that would be returned to us, in addition to some free tours, if we attended a 90 minute, no obligation time share presentation at the El Cid Marina Resort. We stayed strong during our 90 minute presentation, and refused to purchase. We asked for our $50 deposit and gifts, and kept getting the runaround. The 90 minute presentation turned into a 3 hour ordeal. We told them that we liked the idea of a timeshare, but that we couldn't afford it. We said that in 5-10 years we would be interested in purchasing. We were told that we could rent out our time share, and that it would cover all of the costs. At the end of 5 years, we would have a timeshare that was mostly paid off, with no out of pocket costs. That was when they asked for a credit card, just to check if we were qualified for the wonderful deal that they were offering us. They returned with a Bank of America credit line that they opened in our name, that would cover the $5,800 dollar deposit.

Then we met with another person who had the papers to sign. We were skeptical because there were no promises in writing regarding the renting of points. On five separate occassions, our time share presenter was brought back into the room to reassure us. Against my better judgement, we eventually signed all of the paper work.

Within an hour of signing, we regretted the agreement. We tried to cancel. However, we were told that while we were free to cancel at anytime, we would lose our $5,800 deposit. "You can cancel in one hour, or you can cancel in one year, but we will keep the deposit", is what we were told. I know that there is a cooling off period in the US, but I was not familiar with Mexican law, which states that you have 5 days to get out of the aggreement, with no financial obligation.

 

Note the many classic aspects of timeshare fraud -- the constant promises, the hyperactive sales pitch, and the claim that the timeshare can be rented out(!). Any timeshare expert will tell you this resounding truth: timeshare are NOT an investment, they are a vacation. And while abroad, you might encounter sales individuals who prey on your ignorance of the local consumer protection laws.

If you feel you might be the victim of a Mexican timeshare fraud, we encourage you to look into the following resources:

http://www.mexicantimesharefraud.com/index.htm - A great site exposing the truth about Mexican timeshares and allowing victims a forum for their voices to be heard.

http://www.mescam.com/ - A site devoted to helping victims of Mexican timeshare fraud win a full refund.

http://elcidvacationsbeware.com/ - Another site detailing the steps to take when victimized by Mexican timeshare fraud.

And, of course, there's always the TCG forums as well.