Have you successfully gotten rid of a timeshare? Tell us about your experience!
I am embarrassed to even ask this question. But how can I get out of a contract with a time share?
I do feel I have become a victim of predatory lending.
I signed a contract for a Time share back in the summer with Wyndham. I was aware of what I was doing and thought the deal was decent. Well, a couple of weeks ago I went to a resort in South Carolina. When I checked in, I was told I needed to be an owners meeting the next morning. I went, and someone went over my plan, and told me they could improve it. They told me how much better it would be, more benefits, etc, etc.
I was wanting to get on with my vacation, so I, foolishly, gave in. It wasn’t until I got home several days later that I realized what I had done! Looking over the contract I saw that I had signed a contract for over $79,000, with monthly payments nearly $1,600!!
There is no way I can afford this! I immediately emailed the person that had me sign, and the rep that actually was selling me on it. Neither replied by email, but the sales rep phoned me. I told him I needed out of this. All he tried to do was to refinance the loan at a lower interest rate. I realized he is of no help. I have tried contacting someone ay Wyndham, but no one has gotten back to me.
What can I do to get out of this without trashing my credit?
Thanks for any advice.
So you willingly signed a contract without reading and understanding the terms?? Sorry, but you are not a victim in this case…it was just dumb.
This is a Hail Mary…but maybe there is a right of rescission period for the contract that you just signed. That’s about all I got.
And, yhour recision has to be done exactly as it is in the contract. Emails to the seller don’t cut it.
Alternatively you could stand outside their nect sales meeting with fliers telling people of your ‘issue’ and suggesting they investigate and understand any contract handed to them. Remember, no verbal utterance can modify the written contract, so anything the salesman tells you is on par with a used car salesman. You can get a clunker eaither way.
If you discuss your deal with other be sure to not tell them it is a scam or not to buy one. You have to explain YOUR issue and encourage them to make up their own mind.
Also you can to Timeshare Users Group Online Owner Forums the Timeshare Owners Forum and see what others are saying about this.
Can’t argue with you on the dumb part!
But in the closing, I was told one thing but discovered something else later! Perhaps one saving grace. They had submitted my application to a bank for financing, and the sent a letter asking me to unfreeze my credit. I did not! I called and they said the application will go way after 30 days if my credit isn’t thawed.
The credit Ap may go away but probably not the agreement you signed. They can probably sue you. Be careful.
Cancel the deal if you can.
Oh, yes. I am aware. I am going to go through the Rescind procedure, even though it is past the 5 days.
Timeshares should be outlawed. $79,000 for one week per year? If they sold that one unit for all 52 weeks that’s over 4 million for one unit!! Plus you have to pay an annual maintenance fee. Even if someone gave the thing to you it’s still a bad deal as you are assuming an annual liability forever.
I would ignore them. Let them come after you. Tell them you can only afford $10,000. They may take it.
We bought from Diamond Resorts one years ago when we didn’t know what we were doing. They make it sound so convenient and useful, but it was anything but. We ended up letting relatives and friends stay there more than we visited. When the monthly fees kept rising and the annual fee went to some ridiculous unaffordable amount, we were able to successfully deed it back.
If you really want a timeshare you can find plenty of people that will pay you to take over theirs…
The resale value of a timeshare is ZERO, if not negative.