Report: #1102630

Complaint Review: GoldKey Resorts

  • Submitted: Wed, November 27, 2013
  • Updated: Wed, November 27, 2013
  • Reported By: Amy — Richmond Virginia
  • GoldKey Resorts
    1081 19th Street Suite 300
    Virginia Beach, Virginia

GoldKey Resorts Gold Key Resorts Ocean Beach Club LLC Fraudulent Sales Tactics at GoldKey Resorts (timeshare) Virginia Beach Virginia

*Consumer Comment: Timeshare Scam

*Consumer Comment: I'm not the only one

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Gold Key Resorts lied during their sales presentation about costs associated with the timeshare.

July 2013 I purchased a timeshare at Ocean Beach Club from Gold Key Resorts. The "salesman" was a man who told us that he didn't normally perform in the sales role but was called in to assist.  During the sales pitch I was given two false pieces of information by the salesman. During his "spiel" he told us 1) that it would cost us only $298 to transfer our week to another week anywhere that Gold Key had a resort.  He also told us 2) that the annual maintenance fee is $600.  When I asked how often the fee increased, he said that it rarely increases and when it does it is only about 1 -2 dollars per year.  Based on this information, I charged over $15.000 to my credit card (to get points knowing that I would write a check to pay the card off).  I own the property free/clear. 

 In September 2013 I attempted to do my first transfer.  My family decided that we would spend Christmas in Las Vegas.  I called Interval (the exchange company) and was able to exchange my week in VA Beach for a week in Las Vegas but only if I prepaid my 2014 maintenance fees (because the first week I owned is in 2014).  I prepaid the amount I was instructed $617 and was able to purchase the week in Las Vegas.  I then received a follow up email stating that I owe $35 in maintenance fees.  I had prepaid at the 2013 rate and the fees had gone up $35 for $2014 (far above the 1 or 2 dollars I was quoted!).

 Additionally, while on the phone with Interval to exchange my week.  I discovered that I could only exchange my weeks (for close to $300) IF I purchased one of their packages.  The packages range anywhere from #400 to over $700.  This is an added cost that was not explained during the presentation.

 The result is an additional cost of (on average) $500 per year (above the $617 maintenance cost I was quoted). 

 The salesman blatantly misrepresented the cost of owning this property.  For the $1200-$1400 annual cost of owning this property, I could purchase a week at any fine hotel.  This company perpetrated a fraud. 



This report was posted on Ripoff Report on 11/27/2013 12:20 PM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Timeshare Scam

AUTHOR: margaretsims90 - (USA)

This company is one of the most fraudulent developers in the timeshare industry. The only thing you can do is cancel your timeshare contract. I recommend you to read an article with good information about these fraudulent companies:

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#2 Consumer Comment

I'm not the only one

AUTHOR: Ginger700 - ()

The same happen to me. First they sold me a week in Dec. and they assured me I was going to be able to trade anywhere. WRONG!! Then I realized who the hell is going to want to trade with me. So since I have at least $10K fully invested in the RIPOFF... then I upgraded for another $10K to a July week...nice week. My concern was the maintenance fee is going to go up...and the same thing I was told no it rarely goes up. Fee then was $350 yearly, now is about $650.00 and is been going up since then. Please people stay away from this SCAM!! Don't fall for it like I did and many others and understand that you are the owner of a debt and obligation to pay a yearly due's only (that is your ownership here and any time-share) and late fee's collections fee's if you don't pay and they take away your piece of nothing. STAY AWAY. You can rent a home in the OBX for all the money you will waste with Gold Key Resorts.

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