Timeshare Exchanges

Palace Elite

0

votes

Oct 22, 2014

We have purchased a timeshare with Palace Elite for about $16000 in August 2013 for 75 weeks, and paid about $5000 deposit and now paying it off monthly. I just realized that this is a scam because if need to book using RCI we have too bank a week and then pay about $450 dollars extra for 1 week for a 1 bedroom unit. Why should we pay this extra cost after purchasing this timeshare at this high price. They have given us 1 week free at the moon palace at this price, but this is not worth the amount we paid to purchase this timeshare. Please advice us if there is anyway to cancel this and receive a refund on our payments.

Avatar for Bawna H.
Bawna H.

0

votes

Oct 23, 2014

Timeshares and timeshare memberships like you bought have a rescission period when you can cancel and get all of your money back. It is right in the contract. Unfortunately the time period is 3-10 days after signing the contract.

Next thing to know is that RCI the exchange company charges $209 plus an$89 fee per year to facilitate exchanges regardless of what you own. If you can exchange unit that is basically a hotel sized unit (not a studio, 1 br, 2 br, etc) at a Mexican AI, which has an overabundance of units available, and get a 1 br somewhere for $450 you really aren't doing too bad. If I go to your resort through RCI I am getting a smaller room and having to pay at least $1200 per person per week in addition to the $209 I have to give RCI,

For me the real scam with a Palace membership isn't the RCI component it is that I could rent a unit from a member who paid much more than you did for then membership and probably pay less for the AI then you as a palace elite (old name palace premier) and get better perks.

So unfortunately the short answer is no, unless you can prove that you were lied to and deceived into signing the contract, or Palace resorts are not honoring the contract as it is written, there is no way to cancel and get your money back. In fact if you try to stop paying anymore, and don't fulfill your agreement to pay the entire $16000, they can come after your credit. If you feel that their was fraud and deception- not just that you are unhappy with what you bought then you should contact the official Mexican group Profecto and file a complaint. They may be able to help you.

Avatar for Tracey S.
Tracey S.

0

votes

Oct 23, 2014

bawnah wrote:
We have purchased a timeshare with Palace Elite for about $16000 in August 2013 for 75 weeks, and paid about $5000 deposit and now paying it off monthly. I just realized that this is a scam because if need to book using RCI we have too bank a week and then pay about $450 dollars extra for 1 week for a 1 bedroom unit. Why should we pay this extra cost after purchasing this timeshare at this high price. They have given us 1 week free at the moon palace at this price, but this is not worth the amount we paid to purchase this timeshare. Please advice us if there is anyway to cancel this and receive a refund on our payments.

Unfortunately you did your internet research much too late to rescind. If you had performed your research in 2013 within your rescission period you would have read on many timeshare forum sites to not buy from a developer but to buy on the resale market for pennies on the dollar.

Avatar for R P.
R P.

0

votes

Apr 16, 2021

Palace Elite is still out here scamming people. Has anyone found a way to get out of this contract

Avatar for Yolanda J.
Yolanda J.

0

votes

Apr 24, 2021

We got suckered in the 2nd day of our vacation. After thinking about for a day, we realized it was a terrible decision for us. We returned to the business office Andy hey told us there is no way to cancel!! Seems crazy you can back out of a million dollar home or a fancy car, but you are stuck with a membership you don’t want!!

Avatar for Amy J.
Amy J.

0

votes

Apr 25, 2021

amyj383 wrote:
After thinking about for a day, we realized it was a terrible decision for us. We returned to the business office Andy hey told us there is no way to cancel!! Seems crazy you can back out of a million dollar home or a fancy car, but you are stuck with a membership you don’t want!!

Where and when did you sign the contract?

Avatar for Lance C.
Lance C.

0

votes

May 27, 2021

I am member i recently book a vac the rep book the wrong hotel and so i canceled the my trip i call then over 10 time to get a up date on my refund and every time they say i will email you your information never got almost 6000.00 on my credit card still waiting. I am currently look for a news channel to tell my story if they don't respond i am very disappointed with there service.

Avatar for Kiss. G.
Kiss. G.

0

votes

May 27, 2021

Contact your credit card company and dispute the charge .

Avatar for Don P.
Don P.

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