If Silverleaf calls you, just say nay!
nothing can be done about this now. but i think i would like people to be aware. My husband and his ex entered into an agreement for a $10,000 timeshare with Silverleaf Resorts in April of 1999. Silverleaf told my husband that he could use the purchase as equity and could be used for an equity loan and it was real property. at the time he bought it he thought he was building equity (being young and with hardly any credit he thought it would be a good deal). We know that this is untrue because when we went to buy a condo 2 years ago, the bank nearly laughed at us saying that there was absolutely no equity in the time share and it cannot be used for anything.
ETA: They also told him the timeshare would increase in value and of course that is not true either.
ETA2: For everyone who said that it was pretty common knowledge about this being a scam, i quite agree. I think my hubby was naive to think that this would be a great way to build up his equity without any solid proof. You're right, he did learn a very valuable and expensive lesson.
they stated they were in a deal with American airlines and avis so that he could get deals when he traveled. they lured him there telling him that he had a chance to win a car.
it's paid off now and we pay fees monthly that rise every year with no reason why. if you try to sell it, forget it, it's like an albatross around your neck. And if you succeed in a sale, it will be for hundreds not the thousands you paid for it.
ETA: They also told him the timeshare would increase in value and of course that is not true either.
ETA2: For everyone who said that it was pretty common knowledge about this being a scam, i quite agree. I think my hubby was naive to think that this would be a great way to build up his equity without any solid proof. You're right, he did learn a very valuable and expensive lesson.