Posted by Jeff on August 03, 2007 at 13:14:42:
Thanks Gerald
I have no problem with the truth but quoting generalities doesn’t help anyone. I will check out the site … thanks again for the help
Time Share? - Posted by Jeff
Posted by Jeff on August 03, 2007 at 11:18:51:
Ok here it is … a few years back I bought a time share in Carlsbad, CA. I wasn’t quit right in the head and not as aware of things as I am now. I had limited/ bad credit and they didnt seem to care. I figured that a $23,000 loan would look great on my credit. Not to mention the place is really nice, 5 star resort, etc, etc. So I went ahead and financed it through their finance company for 10 yrs. A few months past and it never showed up on my credit… low and behold they dont report to credit. So to say the least I was pretty bummed. I still own the thing and I can trade the week for any one of a million (not really but a lot) different resorts. The problem is I can’t afford vacations and I haven’t even used it since I bought it. I now owe $17,000 (or somewhere around there)and I just want to get rid of it. Anybody have any suggestions on how I can get out from under it? I don’t want anything out of it just want to cut my loses and go. Any advice greatly appreciated.
Re: Time Share? - Posted by Rich-CA
Posted by Rich-CA on August 03, 2007 at 18:27:10:
I did a deed in lieu to give back a fractional week to the resort for one in Orlando. They did not really want it back because it reduced their monthly maintenance income, however they can’t force you to pay forever. Only thing is: we owned this free and clear so our only loss was the maintenance (we broke even on the give back 2 years later).
Time Share are NOT REAL ESTATE - Posted by Real Dan
Posted by Real Dan on August 03, 2007 at 12:12:13:
and they are losers. The re-sale market for timeshares is way down at about 10-20% of original purchase price and most are unsaleable. Your’s is valued at $2k to $4k or $5k.
Bet if you default it will show up on your credit then.
You might try to give it away, maybe even to a charity, but most of them are wise to the low value there.
Try offering it back to the original developer at a huge discount they might bite.
Also contact other “owner” of the same unit but different weeks like right before or right after, they might be interested. You could get lucky, though I would doybt it.
Re: Time Share are NOT REAL ESTATE - Posted by Jeff
Posted by Jeff on August 03, 2007 at 12:23:13:
Gee thanks Mr Sunshine. Its strange that for not being real estate I have a deed in my name. Thats weird don’t you think. Anyway I am not saying it is a good or wise investment I was hopping for some ideas on some reasonable outs.
You can only donate it to charity once you own it outright, and I do not. There is not a person in front or behind me, I have a floating week. It is not some condo in TJ it is a 5 star resort. As far as me not paying and it effecting my credit that is something I would rather not find out. If you have anything constructive or helpful then please reply, otherwise you can keep your smug comments to yourself.
Jeff
Try E-Bay - Posted by Wayne-NC
Posted by Wayne-NC on August 04, 2007 at 07:27:06:
I have bought and sold timeshares this way. It’s a good place to maybe find comps on your resort. Buying a timeshare on auction is much like buying a used car, I let someone else “take the depreciation.” I bought a nice one in Kauai, Hawaii from E-Bay for $5,000, one here locally for pennies on the dollar, and one in Treasure Island in Florida from an owner while I was on an exchange there for $500! I now trade those for more weeks in Hawaii. You can sell it as there is a market for everything and like anything else, it’s a function of price. At this stage, don’t expect to come out of this financially unscathed.
Re: Time Share are NOT REAL ESTATE - Posted by Stan
Posted by Stan on August 03, 2007 at 13:48:46:
Gosh my aching head. If I recall, you are the one that is looking for a solution. I do not see anything smug to his comments. You, my friend, need to invest in some thicker skin. Everything that Dan mentioned is not only true, but spot on. 80 percent of the price that someone pays to buy a timeshare from the resort goes to marketing. Not to the value of the product. I think that he gave you some very constructive advice. He mentioned offering it for sale to some of the owners around your time (if you had a particualr week.) My friend, that is an excellant piece. You might have even wanted to offer to an owner that has the same week. Families and friends are always wanting to vacation together. I found his advice to be very sound. Why not vacation there one week and offer it to the people that come there for presentation. You get a vacation and possible get out of it. Offer it for sale. You will either have to come out of pocket about 12k or get a loan, but you will be rid of it. Offer the week for rent. That will generate some cash flow. Or you can donate it to charity. Again, you will will have to come off of the coin to the tune of 16k. But then your maintenance fee will be gone.
There are no attractive solutions to you. No magic pill that will make it go away. Nothing I said was smug, nothing Dan said was smug. If you want smug I would have written why would someone buy a timeshire and not use it becuase they can not afford it. Why would someone want to get a loan that can not afford it just so that it will go on their credit report. There are better ways to fix your credit. How about paying your bills when they come due. Not getting more credit. Does not matter that the timeshare is not in TJ, still a crappy investment. I dont car if it is located at the playboy mansion and the bunnys were the concierage. Sometimes the truth is a bitter pill to swallow.
Smug, or not?
Re: Time Share are NOT REAL ESTATE - Posted by gerald(tx)
Posted by gerald(tx) on August 03, 2007 at 13:11:39:
Lighten up, Jeff. Dan is just pointing out reality, not only for you but for others with the same problem.
However, I will throw a ray of sunshine in your direction. Go to Tug2.com. Here you will find people who are really into the timeshare thing. If you price it right, you will be able to get something at least.
gerald
Re: Time Share are NOT REAL ESTATE - Posted by Jeff
Posted by Jeff on August 06, 2007 at 04:54:00:
I sure am glad you are here to stick up for other people. I wish that I could make all the right decisions in life as it appears that you are perfect. I’m not asking to be told what I already know. I know it was a bad investment. You speak s if you know me who said I don’t pay my bills on time? I don’t know anyway to “fix” credit when there is nothing to fix. The only way to raise your score is to use it. While I do think your advice is very useful and ity has helped me. I really can do with out the attitude. I know I’m screwed and I don’t mind hearing it but I cam looking for help and a solution not being told what I have already stated and already know. I do not wish to get in some argument with you or anyone else. It seems many of the recent posts I have read on this board end up in some sort of battle or argument, that was not my objective in asking this question.