Get out of Westgate Resorts

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Original Message:

Westgate Resorts (by KC):

monicaw164 wrote:
....saw a news article that showed Westgate as being a scam. <snip> Nothing was said about buying back the deed. This is currently not showing up on our credit reports, did this not show up till they moved on to collections or foreclosure?

I have no use for Westgate (a.k.a. "Wastegate"), but to be fair and factually accurate, Westgate is not (and has never been) a "scam". The word "scam" necessarily implies unlawful activity and Westgate does not engage in unlawful activity. Their sales practices are deceptive and contemptible (in my personal opinion), but what they do is not illegal and not a "scam". Westgate sells overpriced timeshares to willing buyers who decide to purchase of their own free will and choice. Westgate (certainly not being alone in this practices) uses slimy, deceitful, exaggerating sales weasels to "close the deal" (and collect a hefty commission for having done so). The Westgate properties themselves are certainly nice enough, but their operating practices as a company are just despicable. Ironically, Westgate timeshares are worth virtually nothing in the resale market, largely because of very restrictive reservation constraints which Wastegate imposes upon owners who acquired their Wastegate timeshares in the resale market (as opposed to having bought directly from Westgate).

Also, to be very clear, Westgate does NOT "buy back" deeds from anyone at any time for any reason. They have never done so and they will never do so. On the contrary, Wastegate will only take back a deed under their relatively new "Legacy" program if you PAY them $950.00 (it may actually be even more than that now; I don't know --- or care). Eligibility for that "deedback" option absolutely requires that the account be completely current and up to date with no unpaid loan balance and no unpaid maintenance fees.

If you default on the loan, there may not be any negative credit report until actual foreclosure. Any creditor has the right to file a negative report any time after loan / contract payment terms are not being met, but Wastegate would surely prefer to first make collection efforts in a last ditch attempt to try to get you to voluntarily "square up" before they initiate negative credit reporting and / or foreclosure.