I recently bought a RCI vacation package from Demand Vacations and was later invited back to receive a special promotion
The promotion was being able to own a share of a vacation resort in Hawaii for only 21,790.00, they had dropped the price down for me to $14990.00 and they told me that this was a hot item in the real estate market and that the value would go up around 10 percent every year and that there would be immediate equity. I was told that I could not buy it at the special price unless I purchased it that day.
I was interested in investing in real estate because I had several student loans that I wanted to pay off because of their high interest rates, I was told that my student loans should be able to be combined with the home loan on the property, because there was already equity. I told them that I didnt want to get this if I couldnt get regular home loan on the timeshare, the sales person and manager told me that I should be able to go into a local bank and get a home loan on the property and that the home loans were running at around just under 6 percent on a 30 year loan, this was a lie. The banks I checked with said that the property I wanted a loan for was not considered real estate and that a banks dont do home loans on timeshares.
I bought the timeshare because I was told by the manager that I should just do the paperwork for pahio at 11% interest in the meantime, and wait for the banks to
complete their loan.
A guy by the name of Lee said that he had a lender that would work something out later on with the home loan. They were supposed to send refinance paperwork within the first week, they have never done this.
I contacted Pahio and RCI for cancelling the membership within the allocated time, however Pahio never responded to my call, now I am left with the timeshare and more in debt still trying to pay off my student loans.
It seems as though these people just dont care, they just want to sell their products to consumers because the more they sell the more money they make, and they will do whatever they can to make the deal go through.
When I called RCi to cancel within the allocated time they told me the account was not yet active and that I would need to tryback in 30 days
I contacted Pahio and someone in the sales group said that he may be able to return the timeshare, he never called me back.
I was supposed to get a free trip to several select places flight and room included $2000 value, I never received this
I was supposed to receive a free limo ride $100 value, I never received this
I was supposed to receive free dining $20 value, I never received this either
I tried to cancel and they never did this in the very begining I found out later that the place that was documented for returns was not a part of the company Pahio It was an attorneys office that I never heard from.
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