Coral Resorts — Misrepresentation
We were in Hilton Head for a wedding and were there a day ahead of time and had a couple hours to kill. We had owned a Worldmark timeshare for more than 20 years and used it regularly with little or no trouble. We agreed to go to the presentation more for the $125 Visa card than anything else since it was dovetailed into lunchtime and we figured they would buy us lunch and we would listen for a few minutes to a spiel.
Well the deal sounded really good. They said they would give us $18, 000 for our existing timeshare that we were paying $300 a quarter for maintenance and we would only have to pay $900 every 3 years from then on. They told us that they would give us $6, 000 in credit towards the down-payment and that we would receive the additional $12, 000 within 3 to 6 months, depending on how long it took to settle the sale of our existing timeshare. Never once did they mention that we would end up paying the maintenance on our old timeshare and payments on the new one. Ever. They led us to believe they were either buying our timeshare or had a ready market for it but that we were finished with it. We were very surprised a few weeks later when we got a contract in the mail from a third party vendor that said we had agreed to let them sell it but that we still owned it and were basically selling it ourselves. What a joke. We would have never agreed to such a ridiculous scheme if they had been honest. I'm embarrassed to admit that I'm a financial advisor and my wife is a tax accountant. We live in numbers and complex financial situations. This seemed anything but complex. They led us to believe we would have an easy transition and would receive our money fairly soon. Had we any idea we would be selling our existing unit ourselves and having to pay for both in the meantime, there's not a chance we would have agreed to do that. I called the office in Hilton Head and spoke with a very rude individual who sounded like she had taken calls like that often. She told me that we had signed documents that put all this in motion in May and that there was nothing we could do about it.
We were misled. No doubt about it. I cannot believe we did not look them up on google before doing this. They have federal lawsuits, class action suits, etc. against them and it's all a variety of the same thing that happened to us.
If anyone knows of an existing suit we can jump on please put it up here.