Bye Timeshare!!!

Discussion in 'Timeshares' started by vickers, Oct 24, 2013.  |  Print Topic

  1. vickers

    vickers Gold Member

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    Just sold my Timeshare at a substantial loss...... I was sucked in by the fancy presentation and promises.

    "Had I only known then what I know now". I see why former timeshare owners say this........ A very expensive lesson, but one that I will never forgot.
     
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  2. clscholes

    clscholes Silver Member

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    I like this not because you lost money...but learned the lesson!!
     
  3. vickers

    vickers Gold Member

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    lol thanks. Wish I knew about the aftermarket points. At least if we want to get back into it, we know where to buy!
     
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  4. MX

    MX Gold Member

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    Since you mentioned, where would you buy a timeshare? Is it possible to not lose money in the process?
     
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  5. vickers

    vickers Gold Member

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    "lose money" is in the eye of the beholder. It all depends on your perspective. Technically, they have no resale value, so to some they are worth nothing. To others, using the point/weeks are the value. However, buying them from someone trying to offload their ownership is the best way to go and for pennies on the dollar. I cannot see a good reason why to buy directly from the company. The maintenance fees are what you have to watch out for. Even after you own it outright and loans are paid off, there are monthly fees involved. With Wyndham, the fees were based on several categories, but mostly the number of points you own. I had 260,000 some points, and I was paying $108 per month. This always goes up.

    To buy, aftermarket is the way to go. Several auction sites, and the Timeshares User Group. Thats where I offloaded mine.

    However, if you travel for work, and can save the hotel points for personal travel, there is not much reason to even buy one, in my humble opinion. Timeshares may have better locations, and the rooms can be larger with bigger bedrooms, but thats about it...... Hope this helps. Feel free to ask any other questions you may have.
     
  6. MX

    MX Gold Member

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    Thanks, that was very helpful. Personally I have no interest in such concept, but appreciate the perspective of someone with direct experience.
     
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  7. Newscience

    Newscience Gold Member

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    Sorry to hear about this, but your posting on Milpointe should be a good lesson for all, so thank you for doing so!
    We came close to buying a timeshare in Aruba some years ago. We know many folks who have bought timeshares over the years, but none who ever broke even upon selling them, and certainly no one who ever made a profit. Sadly, that's the nature of the timeshare business, no matter what the high-pressure sales folks tell you. I've never heard of any financial advisor (Clark Howard, et al.) who said anything other than to avoid buying a timeshare. I guess that it might make some sense if you thought that you wanted to return for the next 30 years or so to exactly the same location. But, let's face it, just like in the airline business, there's always a bargain to be found at a different hotel, and a way to be able to save $$.
     
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  8. vickers

    vickers Gold Member

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    Thanks. It was a very negative experience all around. However, I also understand I am the one that signed on the dotted line. No one made me do that. I take responsibility for that decision.
     
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  9. mre5765

    mre5765 Silver Member

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    Never pay anything to acquire a timeshare. After you acquire your free timeshare, you will be liable for maintenance fees as they come due, but these should be less than what you would pay for a similar accommodation. If they are not less, then why would you acquire a timeshare.

    If you have the freedom to travel, and feel you won't be bored going to the same place and property each year (or you can deal with the uncertainty of not using points for a different location as some time shares theoretically allow you to do. But this is like FF miles; there are capacity controls), the TUG has a forum where timeshares are posted for free. Ignore that postings that want the "buyer" to pay closing costs. The most expense you should be willing to pay is the cost of a stamp to signed deed transfer documents, and even then, in this day and age, that can often be done electronically.

    Free timeshares are here: http://tugbbs.com/forums/forumdisplay.php?f=55. Once enough people figure out that there are free timeshares, rationality will come to this industry.

    Into on how to use TUG to unload a timeshare is here: http://sites.google.com/site/howtogetridofatimeshare
     
    Last edited: Oct 27, 2013
  10. flynow

    flynow Silver Member

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    The good and Bad of timeshares!! I have two Wyndhan Timeshares 357,000 points for $122.42 per month.one year I get the 357,000 points and the next year I get 280,000 points per year. I got both of the timeshare off eBay! For about $.08 on the dollor. Good buy for about 7 years ago. With points I can go to any Wyandhan Timeshare they have .No one place ever year after year ! And I can also go to RCI to get a last call timeshare. About 45 days out for $200 for a week in a one bed room. That's very cheap per night. If I use my Wyandhan points to stay at a Wyandhan Timeshare it cost me about $ 100 per night for my cost. That's because I got my timeshare of of EBay Not from Wynadhan !!!!! Still when RCI last call go for $300 per week it's very good deal for a one bed room. You do have to travel in the next 45 days most of the time. Over all the timeshare has been good to me!!!! Wyndhan has some nice timeshares in Hawaii I go to a lot. Buy it right and know how to use it the cost paid off for me.
     
  11. vickers

    vickers Gold Member

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    Thats the key. If you want to dive in, buy from someone looking to offload. Glad its working out for you.
     
  12. flynow

    flynow Silver Member

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    Yes it's been fun to travel to a lot of the Wyndham Timeshare all over the U.S.A. There are some nice place out there.
     
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  13. nathan.anthony82

    nathan.anthony82 Active Member

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    Time share... I feel your pain.
     
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  14. vickers

    vickers Gold Member

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    Welcome friend.
     
  15. SandyLaw

    SandyLaw New Member

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    You were lucky though! Sadly but truth, there is virtually no resale market for timeshares anymore. The market has collapsed and the stark truth is most timeshares are worthless. Ebay is full of timeshare weeks unsold for only $1. The sellers would of course be quite happy to sell for eve less just to rid themselves of the property
     
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  16. euromannn
    Original Member

    euromannn Gold Member

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    1. $108/mo maintenance fees sounds very steep. What control does the timeshare owner have on fees as the company could jack it up to $1000/mo someday.

    2. What is the best deal you've seen, cost, fees, location?
    And, where would I find this to acquire?
     
  17. vickers

    vickers Gold Member

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    Thats the kicker..... They show you the history of maintenance fee increases, but there are no safeguards.... Also found out that the contact we signed contained vertiage making the owners liable if there were any charges above and beyond what insurance would cover in the event of a natural disaster....
     
  18. euromannn
    Original Member

    euromannn Gold Member

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    Never TRUST the people you sleep with(time share owners) unless you have met them directly and know their history.

    Buying a car first year the new model has come out rarely does not have problems.
    Same with Time Share....let them promote a few years to see who values these.

    Amazingly I have 2 friends who actually enjoy their time share vacation.
     
  19. niicole

    niicole New Member

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    The timeshare industry has been into the lion’s mouth for the last couple of years, and it has generated lots of controversy and discussions in many forums and blogs on the web. However, since we’re living an economic downturn, anyone would expect that the timeshare sales collapse, but instead of that the sales seem to be increasing… but this comes with a trap: timeshare scams are increasing too. That leads us to the question: then, why keep people investing on timeshares?
     
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  20. HaveMilesWillTravel
    Original Member

    HaveMilesWillTravel Gold Member

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    Do we? By what measure?

    Welcome to MilePoint.
     
  21. Pizzaman
    Original Member

    Pizzaman Co-founder

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    I've never considered myself a timeshare guy, and yet we've made quite a bit of money off our Disney timeshare and also managed to squeeze some free trips out of it as well. Now, there's no saying the maintenance fees don't rise to an unsustainable point and we have to sell. But, for now, the mouse is doing a good job preserving my value.

    ETA: Though less now than a year ago, there are still plenty of contracts popping up from desperate sellers affording folks an attractive entry price to generate profit.
     

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