Diamond Resorts International DRI, DRI

15th of Nov, 2011 by User900913

Diamond Resorts International ("DRI") offered us a cheap 3 night stay at The Summit Resort in Sedona provided that we sit through a 90-minute sales presentation. We took the offer and attended the sales presentation on July 2nd, 2011. During this presentation, the DRI sales rep and his manager lied to us about the product they were selling. DRI also failed to properly disclose our rights to cancel. During our sales presentation, the sales rep and his manager lied to us and misrepresented their product in the following ways:
We were told that our purchase would be an investment that would increase in value.
We were told that we would be able to rent our timeshare to cover our mortgage payment, so it did not matter if we had the money to pay.
We were told that we would be able to sell our timeshare membership for a profit since they were giving us such a good deal.
We were told that we had to purchase right there on the spot in order to get the same deal and that we would never be allowed to tour again.
We were told that we would have 30 days to cancel (within the escrow period), but we would lose our deposit.
We were told that our purchase of the timeshare would help us achieve our goal of buying a home in the next 5 years, even though the purchase would be done 100% on credit. Additionally, our tour length exceeded the promised 90 minutes and instead lasted just under 4 hours. Finally, the closing agent who was supposed to explain the contract to us failed to explain our right to cancel our contract. The closing agent did not explain or point out the 7 day rescission period and instead reiterated what the sales rep had told us regarding a 30 day escrow period in which we would be able to forfeit our deposit and cancel our contract.

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