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anfi resale

ANFI: Resale Vs On-site Purchase

Inside Timeshare has recently received many enquiries from readers regarding Anfi Resales, which have been private sales either through resale companies, ebay or advertised in newspapers. Would they be better buying those rather than direct from Anfi?

 

As we know, timeshare does not have a great resale value, which many owners who have paid upwards of £15,000 for a basic week have found out. With this also comes very hefty charges for maintenance, which tends to rise each and every year.

 

For those who have purchased privately for very low amounts they have found they do not qualify for any of the benefits which Anfi add on for those who purchase on-site at Anfi. These services such as the Anfi Vacation Club are included in the price when purchasing direct from Anfi, they are not free as many have been led to believe. It is also the case the annual fees are higher for these purchases than for the resale weeks, as these services will be included in the annual fees.

anfi-resale-pageWhat are these so-called benefits?

As a purchaser through Anfi Sales the following are part of the package:

  • Anfi Vacation Club Membership (this allows for internal exchanges)
  • Club and week exchanges (again internal exchanges)
  • RCI Worldwide Exchanges (You can join RCI privately and exchange through them)
  • Springfest 2 for 1 offers (very few and far between)
  • Bonus Weeks (available through RCI anyway)
  • Being able to bank or save weeks (Bank through RCI anyway)
  • Members week offers (never available)
  • Rental programme (only when available, very rare)
  • Anfi buy-back (only when available, very rare)
  • Discounts for on-site services (Restaurants, bars etc, prices are higher than off the resort anyway)

As you can see from the above, you are not actually getting anything for the higher price that you pay when purchasing direct.

Below are some examples of resale weeks advertised either privately or by resale companies.

These four are or have been posted on ebay and Timeshare Hypermarket, what needs to be remembered is that these prices are what the seller believes they can get, most of the time they will sell for a great deal less.
anfi-hyper-1

anfi-2-bed-ebay

This is taken from a Norwegian resale website, a penthouse for week 3, sleeping 6. The price at the current exchange rate is 14,000€ this would sell on-site for upwards of 45,000€

Again this is the price that the owner and the resale company have agreed they believe they can get.
anfi-penthouse-norwegian

These two are advertised on a German resale website, Anfi Beach Club would sell for upwards of  15,000€, Club Monte Anfi for more. Again the prices shown are what the resale company and owner believe they can get, they will more than likely sell for a lot less.
german-anfi-2

So to answer the question is yes you are better off with a resale week, you can join RCI directly and receive the benefits of exchanges through them, purchase the bonus weeks that RCI offer, usually at a better price than Anfi would offer.

As for the so-called discounts, try going off resort to places like Patalavaca and Arguineguin where there is a wider selection of restaurants and bars at much more reasonable prices.

Then when you eventually decide it is no longer for you, you will not be making such a loss as the person you purchased from.

Remember the cost of the timeshare from any resort will always be more than it is actually worth. They do after all have large overheads like the sales staff and marketing costs, these are the bulk of the price that you pay. So if you can pick up weeks for as little as 1500 € which means Anfi over prices the weeks by 90 % ….which is also the reason why the maintenance fees are so high.

 

Anfi Partner IFA Group Holds AGM

On Thursday 18 July 2019 in Duisburg Germany the Annual General Meeting of the IFA Group, which is a publicly owned company and listed on the stock exchange was held. IFA Group which also includes since 2016 via IFA Canarias SL and Anfi Invest AS owns a 50% stake in the Anfi Group which they purchased from the Lyng family for 41.3 million Euros in September 2016.

After a capital increase which is intended along with other things to acquire the remaining 50% share of Anfi, the company has a balance sheet totalling 467 million Euros, it is also now 76% owned by Lopesan Touristik SA of Las Palmas de Gran Canaria. The operating results after adjustment were only €7.4 million before tax due to various special items. With a positive contribution by IFA Canarias SL of €3.8 million including Anfi with € 2.4 million.

Anfi Gran Canaria

Although Anfi is jointly owned with a 50/50 split between IFA and the Cazorla Group, IFA actually has no say in the company as Cazorla has the “Golden Share”. Giving them total control, this is how it looks:

Grupo Santana Cazorla SL has a double vote on all the key decisions, with IFA only having 33% of the voting rights on these decisions. After the acquisition of the Lyng share, it became apparent that IFA is unable to actively participate in any financial and business policy decisions due to company-contractual agreements. Grupo Sanatana Cazorla SL, in fact, excludes IFA any participation in all business decisions, even important business meetings are held and conducted without IFA. But even so, IFA was able to acquire the balance sheets of the Anfi Group.

IFA has basically confirmed that it is being kept more or less in the dark and have no idea what is going on inside Anfi. This does look like Anfi is holding back very important information regarding their position from its own shareholders, this is definitely no way for a company to operate.

During the Annual General Meeting in Duisberg, the most interesting part was the questions and answer sessions. Unfortunately, these are not required to be published unlike the report of the AGM which should be published in around 1 month.

Due to the presence of Anfi insiders (including Inside Timeshares source), the IFA board was totally overwhelmed with questions concerning almost all the problems of Anfi. There was nothing left out and of particular importance were the questions regarding the solvency and the wave of complaints. Our source has limited these to only a few concrete statements:

  1. By 31 December 2018 there were around 1,000 complaints at court;
  2. The complaints would only lead to a deferred resale of withdrawn weeks;
  3. In all cases Anfi claims it looks for agreement out of court;
  4. Anfi has formed a €15.5 million risk reserve for that eventuality, (does this mean that IFA also has to contribute the same amount?);
  5. IFA sees Anfi as solvent with some bearable risk;
  6. A full takeover of Anfi is planned within the next 5 years:
  7. There are also negotiations with the Mogan Community about a hotel in Tauro;

What we also know about this “partnership” is that IFA claims they were not aware of the “Cazorla Golden Share” until after they purchased the 50% from Ragnar Lyng. It was also confirmed by IFA that they have very limited access to the running of the business and information. This poses a very important question, as IFA is a multinational public company spending millions on this purchase, is it conceivable that they did not perform due diligence before committing to the purchase?

It has also transpired that IFA was also unaware of an article published in La Provincia in March 2019 that Anfi was employing delaying tactics with payouts ordered by the courts. Inside Timeshare found out after consulting CLA that there is €57,800,000 worth of claims. This now begs the question if IFA matches the 15.5 million set aside by Anfi bringing the total to €31 million, who will cover the rather large shortfall?

One thing is for sure, IFA is a very valuable company, they have recently spent $481 million on their new resort in the Dominican Republic, The Lopesan Costa Bávaro Resort, Spa & Casino which is a luxury 5-star hotel.


Costa Bávaro Resort, Spa & Casino Dominican Republic

So even with the Cazorla’s transferring funds between accounts to delay court-ordered payouts, IFA is in a very good position to cover these costs. For claimants this means only one thing, claim payouts will be 100% guaranteed.

It must also be pointed out that the number and value of claims set for the court is only the tip of the iceberg, this may yet rise significantly, especially with Anfi attempting to force members into new contracts. We have already seen two attempts with very little response from the membership.

There are many other questions which need answering but the one that comes up though enquiries to Inside Timeshare most often is if IFA does take full control of Anfi, where does this leave the members, will IFA continue with the “timeshare model”?

The answer that question still eludes everyone.

The one thing that is certain with the IFA revelations and this is great news for clients of CLA with cases in court is that they will now get paid when the court orders the return of their money.

Link to La Provincia article on Anfi delaying tactics.

https://www.laprovincia.es/economia/2019/07/13/grupo-lopesan-inaugura-primer-hotel/1192941.html

Link to IFA stock market information.

https://www.finanzen.net/aktien/ifa_hoteltouristik-aktie

Anfi CEO’s Letter to Members: Desperation or What!

In a letter to members of Anfi, the CEO Jose Luis Trujillo, looks like he is getting desperate. In this letter he states several “facts” which if you have been following the story of the legal battles involving this company, will find rather hard to believe.

He rambles on about the sales activities of some law firms, none have been named, that they are being aggressive, as if the Anfi sales techniques are not aggressive. That members want Anfi to help them get out of court cases instigated by these law firms.

Well, hang on here, if those people didn’t want to sign up for legal action, why did they, surely they were not subject to the same techniques used on timeshare presentations?

Also, unlike a timeshare, clients are employing the services of the lawyers, and as such can withdraw at any time.

 

He states in one paragraph, “We are sorry that these law firms have been harassing you”, as if in timeshare, clients are never harassed to continually upgrade.

He goes on to state that in addition to “aggressive” sales methods, prospective clients are not being told the truth. Wow, that is the pot calling the kettle black! Anfi not losing cases, so where has all this news come from that they have lost?

As for not trying to fool anyone, what about all the promises made when on the sales presentation, promises which never materialised, promises which clients subsequently found out where false? A typical one heard so often from many readers is the “promise that Anfi would buy back your week at the price you paid, when you no longer need it”! No what they then do is place it on the resale market for a pittance.

tribunal supremo

As for the Supreme Court stating “Anfi acted in good faith when selling perpetuity contracts”, somehow this does not seem possible as this court has continually enforced Article 3. On Duration which clearly states that the contract should be no longer than 50 years. So why would the court declare “acting in good faith” when law 42/98, which they are upholding says different?

This once again reiterates Anfi’s belief that those learned Judges at the Supreme Court misinterpreted that very law! It is quite clear 50 years is the maximum duration, so how could that be misinterpreted?

If this was the case, why is Anfi holding a Special General Meeting on 23 June with a ballot to change contracts to comply? Does this statement by the CEO mean the opposite?

As for the legal fees going up, according to our sources this is a fabrication. From what we have been told by lawyers and clients, the fees paid at the start have never gone up, no matter how long the case lasts. In fact, one only need to ask Mrs Tove Grimsbo, whose case took many years and was the first Supreme Court ruling.

Another point is that clients only have to attend court if Anfi demand it, that said it is their right to do so. But what is the reason behind that? Simple, to prolong the case, to cause disruption and stress to the claimant, all in the hope they will withdraw.

Another “scare tactic” is Anfi state once again that the Supreme Court has accepted the principle that any client whose contract is declared null & void should compensate Anfi for the holidays they have taken over the years of membership. We at Inside Timeshare have never heard of this from the Supreme Court, so show us the written proof from the Supreme Court.

The whole letter is a deception from a CEO whose company is losing millions of Euros for past transgressions of the law. An attempt to divert attention from the known facts that they are losing, the fact that since the very first Supreme Court Ruling in March 2015, they have had a massive 34 made against them! As far as we are aware not one Supreme Court ruling has gone in their favour.

At the end of the day it is your choice, take legal action or not, keep your timeshare or not, it is more of a choice than when you were first coerced into purchasing!

Just read the many article about Anfi published here, they give you the full story from over the years, right up to the debacle that is Tauro Beach!

Inside Timeshare leaves it to you the reader to decide who is actually telling the truth.

Gandhi truth

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a  anfi2