Timeshare Exchange Giant Coming Under Fire
Timeshare scams are not a new discovery or allegation, and RCI has been under scrutiny for many years. Resort Condominiums International is the largest timeshare exchange program in the world. Founded in 1974, the company has over 6,000 affiliated resorts in over 100 different countries. With 3.8 million subscribers, it is not a surprise that there are cries of RCI timeshare scams from at least a few members. However, there is a very large amount of timeshare complaints against RCI, many claiming that the massive company is rampant with scams and fraud.
Not only is RCI a gigantic organization, they are looked upon favorably in the business world, even if this does not take alleged timeshare scams into account. The NYSE has recently upgraded RCI to “buy,” a positive label stating that the company is profitable. With so many customers upset with supposed RCI timeshare scams, why is RCI still reaping great profit in the business world?
RCI’s timeshare program works by allowing timeshare owners to join their membership and exchanging their timeshares with other members. At first, this hardly seems like RCI perpetrates timeshare scams. Infact, it seems like a brilliant idea. Timeshare owners grow tired of using the same vacation location every year, so they trade RCI weeks or RCI points with other members for an exchange. RCI does not develop or sell timeshares, which is one reason that many people accuse RCI of timeshare scams. The confusion between timeshare exchange and timeshare ownership has caused much anger within the consuming public. Some accuse RCI of doing little to make this distinction, and thus scam members by claiming they can sell timeshares. Despite the label of RCI as a collection of timeshare scams, are there any truth to these allegations?
Where There Is Smoke, There Is Often Fire
A great number who claim RCI is involved with timeshare scams assert that they profit from an annual membership fee, an exchange fee for any successful trade, and hidden deadlines. Every move a member makes seems to cost them money. Customers complain that these exchanges are rare, and the RCI timeshare scams work mainly by a claim of unavailability to boost profit.
A serious allegation against the RCI timeshare program is that their fees stay the same or increase over time, while the value of a timeshare decreases. If this is true, members seem to have every right to claim that RCI commits timeshare scams, because this is an unscrupulous business practice. Customers may be able to make a successful trade while the timeshare is new and beautiful, but the longer the ownership, the less value is attributed to a timeshare, and the less likely one would be able to make a reasonable exchange. RCI may not truly be a violator of the law with respect to timeshare scams, but when there’s smoke, there’s fire.