I took a vocation in Cancun, Mexico last Nov. I was offered a free investment presentation with free breakfast at a tourist desk on the street. After arriving the Hotel Krystal Cancun, I was show a studio by a sales man. He explained to me that I could buy 13 power week s with another 25 bonus weeks with total of US$9288. He did not mention any future maintenance fees as well as the differences between the 13 power weeks and 25 bonus weeks. Eventually, on the contract, I have to pay US $521 of maintenance fee each week I use or rent. Also, the 25 bonus weeks are different from power 13 weeks in terms of how I use it or rent it.
When I told the sales man that I need to think about it, the sales man told me that they can provide me two year free RCI (Resort Condominiums International ) membership. I requested that whether I can sign the contract next day after checking it more carefully. The sales man told me that it is against Mexican law themselves as they offer me something that same day and I come back next day to sign the contract. To be such naïve, I believed that.
The sales man explained that this is an extremely good investment if I don’t want to use the weeks I bought myself. I could rent it to friends or sell it through a broker.
I was also impressed that they could apply a Credit Card for me from Bank of America in less than an hour with a credit line of US$ 13, 000. This kind of cooperation between then and Bank of America really blocked my thinking about that this could be a scam. So, I signed the contract with Hotel Krystal Cancun of buying 13 power weeks plus 25 bonus weeks. This was done by applying a credit card by the sales man from Bank of America. It was also supported by RCI.
When I rechecked the contract after coming back, it seems there are many discrepancies between what I was promised during the introduction and the final content on the contract. Here are the summaries about their tricks to mislead you.
1. Their staff misled me that I bought 38 same weeks which are different in many ways.
a. Their staff simply explained to me that if I bought 13 weeks, they will provide me another 25 bonus weeks after paying $9288 USD. Their staff did not explain the difference between the so call Power 13 weeks and 25 K-plus bonus weeks during the introduction.
b. By this way, their staff misled me to believe that I bought total 38 same weeks with paying $9288 USD. Now, I have bought 13 power weeks and 25 bonus weeks which are different in many ways in terms how I use or rent it (see later sections).
2. Their staff misled me that I do not need to pay any extra money in future which I have to pay $521 USD each week I use or rent in future for the 13 power weeks and corresponding fees for the 25 bonus weeks each week I use or rent .
a. Their staff never explained to me, during introduction, that I have to pay $521 of the maintenance fee each week I use or rent in future for the Power 13 weeks.
b. Their staff also did not explain that I have to pay the corresponding fees for the 25 bonus weeks.
c. Their staff misled me to believe that I do not need to pay any other fee in future after paying $9288 USD with signing the contract. Now, I have to pay $521 USD each week I use or rent for the 13 power weeks and I have also to pay the corresponding fees for the 25 bonus weeks each week I will use or rent.
3. Their staff misled me about the maximum weeks I can use or rent each year.
a. Their staff filled a “Property Advertising Form” during introduction, that I can use or rent 30 weeks in the first year. By this way, their staff misled me to believe that I can use maximum 30 weeks each year from the very beginning.
b. Their staff did not ever explain that these 30 weeks are the so call K-bonus weeks and belong to RCI (see section 1 also)
c. Their staff did not explain to me, during the introduction, that I can only use one week every other year for the 13 power weeks.
d. By above ways, their staff misled me to believe that I can use or rent maximum 30 weeks every year until I complete the total 38 years. Now, I can only use or rent one week every other year for the 13 power weeks or every week per year with accelerating.
4. Their staff did not mention that I may lose my weeks if I did not use it that year
a. Their staff did not explain to me that I may lose my weeks for the 13 power weeks if I did not use it.