Aug 27, 2013|
Melanie Hicken, CNNMoney, on Timeshares
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
When I get off the air my day job is working as a wealth manager and -- families on their states and their taxes and investments. And one of the common. Questions that I get is. Gee we bought this time share eleven years ago seventeen years ago we really don't want anymore the kids don't use it we don't use it. How to like get rid of it. And you know what I've never had a good answer. I I I was so surprised -- tilted this early this morning and realized so many people still own time shares on the big it -- you know of course they bought them like you sent eleven years ago and now they still elements are joining us this morning is Melanie and she is the personal finance reporter. For CNN money. And -- she wrote an article about how to unload these times shares it's great to have you with us this morning Melanie. -- Thank you so much first off let's talk about this. Is there a legitimate way to get rid of these -- you know when you buy one -- you have to will it to your kids. It's funny I am because when at a time there are things I like my -- -- on air -- -- -- An -- Act and I mean. Really tiny and not looking as as an app and a lack of -- We're not -- and next hour or hour wherever. There are still some pain I had that people can't. Really -- give credit you can tell you have to be willing to. And so that's something you need to know when you go into Estonia. Chances are gonna come out with a loss. I mean if you look at this I want Mercury arsenic and you'd -- -- -- right and that's great. Really didn't -- act act and act as Obama. 99 and at times recap our -- are dramatically lower than I what you are. Before we actually talk about how you can sell it just to me this. Are are some of these scam artists that are going after people are they preying on people here. In terms weren't selling guests -- -- -- Of the companies that marriage act out and it ought to -- even at times their properties now. There are -- -- time it is packed in an area that's right but Ashley now. But hired by the target -- are being targeted and I -- -- happy about that as world yeah I -- by. Not every. Sure it's what happened there often are back on don't act out on. Read elk -- -- who Wear praying aren't people really get out there right. -- It's let's talk about. Ways to -- talk about some of these scam artists and how to go about it. Started acting when you acts are higher climbing you have all your paperwork at nine. Non come -- I think that. It out where -- at -- and it ain't you really need to make her everything. And check on here and for EUL. At that and you and Ian and I -- here in America that -- not an expert and a great group. I actually get at -- elect who -- for. I'm kind prime target company -- -- advertising mammy and you'd utter lack Avery advertised. They're all fell I knew how to interpret my company like Mary at our health. Eight and you have their internal. Currently L -- edict from the top. And on that and I am and Nat and -- you wanna go on and here around me I eBay. -- -- Again you know when you're going on here aren't careful that. You followed that you track at cracked. Contact your product and -- and -- opt out there and there they are protected your -- its act it out they don't like I can't Eric and I think your. Sure absolutely and Annika she could actually go through -- They're real estate agency right. And again I you know there are there -- -- Especially like or met that act like. That -- and you'd like an he mentioned it I very. And and typically what cuddle loss of people taking. You know I think Hillary -- -- kind. Did he. I eat now and it's -- and I think it is and Mary at one and -- -- -- higher and it and where you are your. -- -- in -- -- times charitably that went -- and get our acts very you know it. It just a pint and an -- Wayne Morse the -- and. I. So Melanie is -- research that you've done this story what's your feeling about time shares do you think it's a positive thing for people or would you suggest that people steer clear. Hard to make iron and generalities on that like an economic parent I want a lot and artery -- but I am at work out. I've had a lot of people like apps act. Like you don't. I think you're calling and it it actually today you know it's the waited a time out to buy factory. Now because there aren't that many -- out on the market and -- significantly lower. I and people paid and you're out out now and -- -- I could I think that IR. IA. Yeah Melanie I had a story one of my client's body weeklong timeshare in Manhattan in the paid to boost when he thousand dollars -- They bought a second week for 7000 dollars. -- -- act 25 cents a little. Ax fell and you know if you're in bed now at the prime meteor research at. Definitely you know recent market like blocked. Sure absolutely he gets in the end I think you actually can do very well -- I don't think you should buy them directly and vibrant and beat -- by secondary market. And you're literally paying I've had clients say I wanna give them away they can't give them more. Yeah I'm now one now you know increased like Hawaii. They eat cock hard and IA and that was how people -- that it -- Now even Hawaii and it. They're not beautiful but why -- -- -- and now. -- the travel has gotten so expensive together -- okay. Actually that apathetic it. -- going high and count -- -- -- -- -- Purely and -- and Mexico like that eight issues on the air crash in nineteen and partly out there. Times change Ali thanks so much. I'll -- -- one of the things on people have to really watch too is that down. There's a lot of fees and a lot of things associate who did that up front you may not know still had them later Casey -- 20000 dollars like your client did you or. The New York property and then all of a sudden they start adding on you know taxes and young and concierge fees in all these kinds of things -- and that gets just that much more expensive so you have to be careful. I think in many instances when you consider the cost of the annual fees appraisal of my clients have told me they said -- but -- time you can consider the cost of annual fees. And the airfare you're better off. Just going to hotels. Because. You inning you're not out the twenty grand that you paid for one week or -- that's what. 2830000. Bucks. My dad I think he paid 35000 dollars for one now the nice unit. But it. You know he he regrets. Right end and you have to ask yourself as a someplace I wanna go. And I think right now wanna go there every year back to I want -- -- Casey you know so he can use these other places that he still regrets. He say you know EEE Indy didn't consult with me before we -- So he bought his what couple went to Hilton or something you can't go and -- had a great time with mom usher in the fell in love with the places we wanna come back every week that's it it's an emotional goodbye course and it's cheap enough he'd do it on your credit card -- you can put on your credit card than this and what will financing to a 300 a month. What had been before you know you're in your region and its very difficulty so. They when we return we are going to be joined by Bob Powell right Bob Powell MarketWatch. You know what are the problems can that folks -- -- say to the markets to pine now I don't wanna buy stocks as the markets too high. Bob Powell for MarketWatch wrote a story on this very subject with the title of -- no market for old investors that's our next story on the financial exchange.