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CNN Live At Daybreak

Dollars & Deals: Tips on Timeshares

Aired January 02, 2004 - 06:18   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


CAROL COSTELLO, CNN ANCHOR: Time for 'Dollars & Deals' with our consumer guru Clark Howard. This morning, Clark says its buyer beware when it comes to timeshare vacations.
(BEGIN VIDEOTAPE)

CLARK HOWARD, CONSUMER ADVOCATE: Today's question is from Kay in Indianapolis. You have been looking at buying a timeshare in Mexico. You want to know what I think of that.

Well, rule No. 1 with a timeshare, never ever, ever, ever, ever, not ever buy it from the original developer of that timeshare, because what are you actually paying for? You are paying for their marketing costs, their commissions, their sales people, the fancy place you go to for the sales presentation. Do you know almost none of the money is going to the actual timeshare itself, it's all marketing.

So what you should do is you buy your timeshare in Mexico, or anywhere else, from someone who already overpaid to the developer. Do you know how much you are going to have to pay, you're going to love this, about 20 cents on the dollar. If they paid $10,000, you'll be able to buy that timeshare for only $2,000 on average.

I get calls a lot from people who say I just want to give my timeshare away. So the thing with timeshares is if you enjoy one, it's a great purchase. But when you want to get rid of it, it's nearly impossible to do so. So that creates the opportunity for you to buy it in an extra, extra, extra low cost. So go find a bargain on a timeshare and have a good time in Mexico.

(END VIDEOTAPE)

COSTELLO: He's a sneaking one that Clark Howard. Clark will be back soon with more 'Dollars & Deals.' You can e-mail us your consumer questions, just visit our Web site, CNN.com/DAYBREAK. In the meantime, you can get Clark's money-saving tips on the Web. The address, ClarkHoward.com.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com







Aired January 2, 2004 - 06:18   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for 'Dollars & Deals' with our consumer guru Clark Howard. This morning, Clark says its buyer beware when it comes to timeshare vacations.
(BEGIN VIDEOTAPE)

CLARK HOWARD, CONSUMER ADVOCATE: Today's question is from Kay in Indianapolis. You have been looking at buying a timeshare in Mexico. You want to know what I think of that.

Well, rule No. 1 with a timeshare, never ever, ever, ever, ever, not ever buy it from the original developer of that timeshare, because what are you actually paying for? You are paying for their marketing costs, their commissions, their sales people, the fancy place you go to for the sales presentation. Do you know almost none of the money is going to the actual timeshare itself, it's all marketing.

So what you should do is you buy your timeshare in Mexico, or anywhere else, from someone who already overpaid to the developer. Do you know how much you are going to have to pay, you're going to love this, about 20 cents on the dollar. If they paid $10,000, you'll be able to buy that timeshare for only $2,000 on average.

I get calls a lot from people who say I just want to give my timeshare away. So the thing with timeshares is if you enjoy one, it's a great purchase. But when you want to get rid of it, it's nearly impossible to do so. So that creates the opportunity for you to buy it in an extra, extra, extra low cost. So go find a bargain on a timeshare and have a good time in Mexico.

(END VIDEOTAPE)

COSTELLO: He's a sneaking one that Clark Howard. Clark will be back soon with more 'Dollars & Deals.' You can e-mail us your consumer questions, just visit our Web site, CNN.com/DAYBREAK. In the meantime, you can get Clark's money-saving tips on the Web. The address, ClarkHoward.com.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com