The Finances of Florida TimesharesThe finances of a typical Westgate offer are often out of line with other similar purchases. Here are some figures that I have run. If you want to see the actual story from which each situation came, go to the Timeshare Complaint Listing and click on the matching story with the same user initials.
Typical Starting offer (to M.K.): $24,000 (1 week)
Typical Final offer (to I.L.): $5,600 (1 week)
Sales Team's reaction to requests for a few days to think about it: they exploded in anger and yelled
Highest Price I found on current EBay to OWN a prime week at Westgate Florida: $1,500 (1 week)
(many sales went for much lower)
Recently quoted Westgate Interest Rate (to G.B.): 17.75%
Standard credit card interest rate: 15%
"High" condo interest rates during the War in Iraq: 5.79%
Yearly Payment Issues
Yearly Payment for your Westgate Timeshare at their rate (30 yr loan): $4,291.90/yr
Current Maint + Taxes Additional Charge (G.W.): $585/yr
Total yearly cost (for one week stay inc taxes): $4,876.90/yr
June week at Disney's Grand Floridian, the top rated hotel/spa in Orlando: $2,688 (1 week)
Current eBay listing for rental at Westgate Florida in June: $450 (1 week)
Note this is less expensive than the MAINTENANCE charge the owners pay
Better Uses for your Money
Most owners who write in never even got to their Westgate timeshare because of timing issues, or went once and had problems with broken windows / dishwashers / sinks. $24k is a lot to pay before you have proven you will use it and enjoy it more than once. If you're intent on the image of luxury that Westgate offers, consider Ebay. Even if you choose to buy, you can save $22,500 by buying your Westgate week on eBay. You get your timeshare and STILL could:
Now multiply these savings times the number of people who sign the contract in a Westgate Resorts or other timeshare seminar each day.
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