Ocean Reef Yacht Club (aka, Ocean Reef Vacation Club)
Don't be fooled... The annuity bond they promise (to return all your money after 25 years with guaranteed 4%) is almost a useless piece of paper. Here is my story (in brief). If you need more detail, please contact me and I will be glad to share all my email with you.
We reluctantly attended a timeshare presentation on Nov 28 at the Ocean Reef Yacht Club, Freeport, Bahamas. The sales representative, in no confusing words, said that the membership allows one-week stay per year for 25 years; and after 25 years, we would get back all of our money back (annuity bond) with a guaranteed 4% annual return. We could not believe the deal. Surprised, we told him that it was like putting the money in a bank. The sales person agreed. Just to be absolutely sure, we asked the question in several ways at least five times to ensure that we really understand what he was saying. Repeatedly, he confirmed that we will get our $12,591 back and guaranteed 4% annual return after 25 years. We agreed to buy; left full amount in check.
Since we were unwilling to pay up to $980 cost of cancellation within 7 days if we so chose, we got a special clause put in our contract that the contract will only be effective for after Dec 9 after we confirm to buy the membership. Thereafter, they would FedEx a new contract for our signature. We requested for a photocopy of the annuity bond certificate to read the fine prints thoroughly before confirming our membership purchase. They declined; told us not to worry as we would receive all the paperwork once we confirm our purchase.
After coming back home, we called the Verification Officer and asked the same question about the annuity bond; they repeatedly gave the same answer. Being satisfied, we finally gave a go-ahead.
On Jan 4, we finally received the new contract & annuity bond certificate and we read the fine print on the back thoroughly (was declined a copy while in Bahamas), it became very clear to us that we were lied to. After dilly-dallying for a month, today (Feb 7) they told us they would not return our money.incidentally, we have not returned the signed contract to them. So, I wonder how am I a member...
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