Author Topic: Timeshare...anyone found a good way out? (Read 10526 times)

MC

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Timeshare...anyone found a good way out?
« on: April 02, 2013, 09:31:33 PM »
Yes, as much as it pains me to admit, I was a Dumbass many years back and got duped into a timeshare. I have been stuck trying to find a way out of it.

I recently received a bonus through work that would enable us to pay it off, but then we'd still be stuck with $840/yr in maintenance fees.

It is one of those deals that gives you an annual allotment of points to use where you want. However, we've had little luck being able to take advantage of it. It requires planning well in advance to be able to book what you want. Finding drivable locations (Midwest) is even tougher, and with our daughter the cost of flights really stretches our vacation budget.

So, do we suck it up, pay off the damn thing and start planning better to get proper use out of it? It doesn't seem like there are any companies that sell these things for you that aren't a sham, so I haven't seriously considered that. Or, should we do something more extreme like walk away and default on the loan?

I'll gladly take any face punches for the stupidity in exchange for solid advice.

DoubleDown

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Re: Timeshare...anyone found a good way out?
« Reply #1 on: April 03, 2013, 10:03:42 AM »
Is it transferable? Assuming you can resell it to someone else, I would think that's the most straightforward way out. You could always try craigslist or similar sites. I assume there are sites dedicated to timeshare swapping/selling, but I don't know if those are shady. I think you are already approaching this from the right frame of mind: focusing on the ongoing costs from this point forward, don't fret about the past. Personally, I wouldn't concern yourself with taking a "loss" on getting rid of your timeshare since it sounds like you're not going to be able to use it enough. It had no resale value when you bought it. Sell it for what you can (if anything), and get yourself out from the ongoing maintenance fees. Not to be a downer, but from I've heard in similar situations, you likely will need to literally give it away for free to get rid of it, since it comes with ongoing maintenance fees.

If you have absolutely no luck selling it or giving it away for free, then you might need to play hardball with the timeshare management firm. I have no guidance to offer there, you'll need to do further research if you reach that point. I don't know the repercussions (if any) on walking away/defaulting, but my guess is it would be comparable to not paying a bill to any creditor like a retail store. You'll get lots of annoying phone calls and letters, and will get a ding on your credit.
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Spork

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Re: Timeshare...anyone found a good way out?
« Reply #2 on: April 03, 2013, 11:04:23 AM »
... It doesn't seem like there are any companies that sell these things for you that aren't a sham, so I haven't seriously considered that.

Yeah, be careful of that. An acquaintance of mine just got bit HARD on that. Apparently as soon as you put it on the market, these worms will start crawling out of the woodwork to "help you sell it."
Some will sell their dreams for small desires
Or lose the race to rats
Get caught in ticking traps
And start to dream of somewhere
To relax their restless flight

Meadow Lark

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Re: Timeshare...anyone found a good way out?
« Reply #3 on: April 04, 2013, 05:42:59 AM »
I was in a similar position. Look on ebay, see ifthey are selling. What is the company? People still seem to be buying Worldmark (one points program I know of.). What I did was call the company and ask about a "deedback." Had to call 3 times, and 2 of the people denied they did such a thing, the third person admitted they did, and told me the title company to call. Had to pay the title company $150 to draw up the paperwork to deed it back to the developer.. Only works, I think, if you are caught up on dues, and have paid it off. They can refuse to accept it, I guess I'll find out if I get another bill for dues.

adam

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Re: Timeshare...anyone found a good way out?
« Reply #4 on: April 04, 2013, 12:43:29 PM »
Pay it off first, then try and sell it. If it is a Bluegreen timeshare (for instance), there is only 1 'official' re-seller. You could also look at selling it privately. What company, and how many points is it?

MC

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Re: Timeshare...anyone found a good way out?
« Reply #5 on: April 04, 2013, 02:23:27 PM »
The timeshare is Shell Vacations Club and we have 3,500 points. I don't know if it is transferable. At one point, their website had a link for reselling, but that doesn't show up anymore.

Left

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Re: Timeshare...anyone found a good way out?
« Reply #6 on: April 04, 2013, 10:15:00 PM »
I don't know if you can with the one you have, but you could always sell the time on ebay. Not sure how long of a time you have with your points but if you can, sell the week for $1000?

I've bought a few times on ebay for some holiday weekends before which turned out good for me since I don't want to keep the maintenance fee and don't go that often. It's cheaper than staying at an inn/cabin too since you get more room.

NumberJohnny5

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Re: Timeshare...anyone found a good way out?
« Reply #7 on: April 04, 2013, 10:52:50 PM »
If you just stop paying it, they'll foreclose. Same credit hit as if your home was foreclosed on. An option if you don't care at all about you credit score.

If you pay it off then stop paying the maintenance fees...I dunno. They can send collectors after you, which would be a credit ding...but could they still "foreclose"?

I know someone who did the deed buyback thing (forget exactly what it was called). Couple hundred bucks or so, some paperwork, and no more timeshare payments. If I remember correctly, the timeshare was not paid off yet.

Once it's paid off, you could donate it to charity (tax write-off?), or try to sell it for a few hundred bucks on ebay.

The only timeshares I've seen that are actually worth anything on the open market are Disney timeshares. They're still less than direct, but not significantly so.

If you have any inkling to go to another timeshare presentation, DON'T! And if you go anyway, just have ebay ready to go on your tablet/smartphone. See how much you could buy X,XXX points for, and laugh in the guy's face when he tells you how good of a deal he can give you.