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Need advice on getting rid of a Wyndham timeshare

Discussion in 'Wyndham Resorts' started by Rigs, Jan 26, 2011.

  1. Rigs

    Rigs Guest

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    Long story short, I was sold a bill of goods that didn't add up and now I want out. I still owe financing but I'm not looking for any sort of return. All I want is to cut my losses and never give these guys another dime. Does anyone know of a company that will assume responsibility of a contract? Or possibly a place where I could find someone willing to assume responsibility even if I have to pay them to do it? Any help is much appreciated.
     
  2. siesta

    siesta TUG Member

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    noone will take your timeshare unless the deed is free and clear (paid in full). your best bet is to stick around on these boards and learn how to best use what you own.

    edited to add: I re-read your OP and noticed this
    Anyone that asks you for an up-front fee to sell your timeshare, regardless of what they call it, is going to scam you. Remember that down the road.
     
    Last edited: Jan 26, 2011
  3. DeniseM

    DeniseM Moderator

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    Welcome to TUG!

    Unfortunately, in this economy, people are giving away Wyndham points, so it will be impossible to give away an ownership that still has a loan against it.

    I agree - your best bet is to hang around here and find out how to maximize your ownership.

    WHATEVER YOU DO, DON'T PAY SOMEONE A LARGE UPFRONT FEE TO SELL YOUR TIMESHARE FOR YOU - THAT'S ALWAYS A SCAM!
     
  4. Timeshare Von

    Timeshare Von TUG Review Crew: Veteran TUG Member

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    Lifetime in Hawaii (floating 1-52 annual week)
    Unfortunately, not a good situation.

    Some of us have timeshares that are fully paid off, and we cannot give them away. Unloading one with a note, will be impossible.
     
  5. vacationhopeful

    vacationhopeful TUG Member

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    Yes, many of us own Wyndham points here. There is basicly a "I will give my free and clear ownership to you" approach to transferring your points. With a loan, no way will anyone here take it.

    I agree with the others suggestion - learn to use it. Most of the resorts are very nice, comfortable, in good locations and with various size units as one size does not fit all. Read our PRIMER, read your Member's Guide (highligher recommended), and start asking some questions. The money you spent and the loan you are paying off is called SUNK COST. The maintenance fees is what your vacations will cost you each year. By planning carefully and 10 months in advance, you can book in most of the Wyndham managed resorts.

    Can we ask how many points do you own and what is your HOME RESORT? And also, what area of the USA do you live?
     
  6. ace2000

    ace2000 TUG Member

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    Yes, the timeshare (or points) that you probably paid multi-thousands for, is worth virtually nothing today. Just do a search on ebay to verify that.

    If you thought you were sold a 'bill of goods' before you visited this forum, that fact must make it even worse. However, that is the reality.
     
  7. timeos2

    timeos2 Tug Review Crew: Rookie TUG Lifetime Member

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    never buy Wyndham retail - here's another reason why

    Unless your loan is so low that it is pricing the points at $.01 or less (which means you would still owe virtually nothing!) you will not be able to transfer your ownership to another buyer as there are plenty out there for free or $01/point. Why would any resale buyer pay more? Learn to use what you bought - get Wyndham to accept a buy out at a lower price & then sell/giveaway your ownership are about your only options other than default & the big credit hit that would be. Sorry.
     
    Last edited: Jan 27, 2011
  8. rrlongwell

    rrlongwell Guest

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    Maybe a family member, friend, or associate might help you out and use the points but the loan amount is a problem that may not go away.
     
  9. Rob&Carol Q

    Rob&Carol Q Guest

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    Frustrating, ain't it.

    But you're not the only person here who bought Retail and had regrets...of course, regrets after the rescission period are fruitless.:deadhorse:

    I bought retail back before Al Gore had fully deployed his internet thingy...my advice to you is to stop beating yourself up over it...that wave has crashed ashore.

    Learn what you can do to get the most out of what you own. And trust me on this...it's yours to keep for the foreseeable future. In my case, it's a good thing I like the Williamsburg area!:banana:
     
  10. rrlongwell

    rrlongwell Guest

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    Here are some thoughts on the problem. Not sure any would work. I am aware of an Executor of an Estate that needed to get rid of some timeshares. It is my understanding he gave them back to the resort (not sure if it was the delevoper or the Property Owner's Association). The second option would be to contact the lender. Lender's have "workout" programs on problem loans. Maybe they would enter into an agreement to take the property in return for an early payoff of the note. The third option (I do not know if it exists yet): A Wyndham Salesperson indicated to me that Wyndham Vaction Resorts was going to be offering a program were an owner could place the timeshare with them and they would sell it for a part of the sales price.
     
  11. vacationhopeful

    vacationhopeful TUG Member

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    Was the salesperson's lips moving?

    Actually, they do that sometimes ... but I believe the points have to be paid off. Anyone want to bet if there was a lawyer involved? (as the ones I have heard about involve old people who own multiple millions of points who can't travel anymore).
     
  12. ace2000

    ace2000 TUG Member

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    I can't see this one ever happening... how could they? They would have to sell it at the same price as the presentations or face a huge backlash after the customer found out.

    Maybe they'll offer it at the same price and charge an upfront fee to sell it? Do you think that business model would work? ;)
     
  13. rrlongwell

    rrlongwell Guest

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    Unfortunatly, his lips were moving. The loan will probably have to paid off in any case. An interesting observation I have if something like this occurs is do not assume all the various Wyndhams do the same thing. I am aware of one resort (I will not mention the name of the Resort Management team that does not necessarily follow the Wyndham line) were the Wyndham Management team (not Wyndham Vacation Resorts, it is a sister company) that arranges the buy out of a distressed property on behalf of the Property Owners Association, then sells it to someone else on behalf of the Property Owners Association. They are doing this to get the properties back on the assessment paying roles. They had a lot of problem properties.
     
  14. rrlongwell

    rrlongwell Guest

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    An interesting concept. Personnaly, I think this would be a wonderful endeaver by Wyndham Vacation Ownership. It would help the Property Owner's Association, the owners just wanting to get out of the contract and are willing to turn it over for sale to them for what they can get. It could have the added benifit to Wyndham of going head to head with outfits that charge up front fees and maybe sell the property and maybe not. It could have the effect of cleaning up the re-sale business, at least as it relates to Wyndham Resorts. This would be a good thing. Linda is right, on a limited basis, they apparently already do this. I bought one from the Wyndham Vacation Resorts Staff, they indicated they could give me a better price on it than one directly from the developer because it was a repossision of some sort. All benits went with it that come from other units they sell. This would be a major incentive to a potiential buyer that wants the VIP Benifts.
     
  15. amhammari

    amhammari Guest

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    Can't afford it

    I not only want out but NEED out! We can't afford the loan anymore and I can't afford to use it. What happens if you stop paying on the loan? I know we'll be harrassed and all that but I don't care. We can not afford it and we can't get rid of it. Will they negotiate? Will they take it back?
     
  16. siesta

    siesta TUG Member

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    if you stop paying you are defaulting on a loan (if no loan then financial obligations for MF), and it will obviously affect your credit and they will turn you over to collections.
     
  17. jjmanthei05

    jjmanthei05 TUG Member

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    Actually I have heard of this happening. Wyndham corporate tries to sell the property for the remaining loan balance. They don't guarantee that they will sell it but I also heard you may have to be behind on your loan payments for this to be an option. Whoever buys this get the full benefits of a Developer purchase. I think these are usually in the $70-$90/k range instead of the 110-150/k from the salesman. So still way overpriced but cheaper than from the salespeople. If you have it free and clear they wont do anything.

    Jason
     
  18. puppymommo

    puppymommo TUG Member

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    It doesn't hurt to ask.
     
  19. ace2000

    ace2000 TUG Member

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    Want to show us a link? Still skeptical... how are they advertising?
     
  20. vacationhopeful

    vacationhopeful TUG Member

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    They aren't advertising ... It is part of their team sales pitch when you don't bite on the bigger priced item. It is has been site specfic in my experience. And that is not the only site specific offering.

    There have been party weekends where you invite another couple with you for a 2 night weekend - generally very nice affairs, except they are Fri night "get to know you" drinks & appetitizer and all day Sat sales presentations (breakfast, lunch, activities & dinner). They bring in sales people from other regions. And the offers are different - these are very successful "Party Weekends". Look for those offerings - Party Weekends. Different people who I know attended said there have been closeout specials, converted fixed weeks, points at other resorts (must be one reason to bring in licensed sales agents from other states, too) == most deals with very good discounts. And these would all be Developer brought points.
     
  21. rrlongwell

    rrlongwell Guest

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    For mine, they did not advertize. You sat through a sales pitch. They went through the numbers. When they did not get the developer sale then they pitched that on the way out the door.
     
  22. jjmanthei05

    jjmanthei05 TUG Member

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    I purchased all my contracts resale so I have just heard this either from corporate offices or 2nd hand and probably 6 months to a year ago. From what I remember these were being sold out of the corporate office in Orlando. They would try and sell your timeshare for 45 to 60 days-ish for the amount of the remaining loan and if they couldn't you were out of luck. I was forwarded a contact for plus partners at the corporate office who is no longer there but the last time I called, the guy who replaced him also mentioned this. I was calling to find out information for another poster here on tug about the cheapest way to get PIC. These contracts were not allowed to be used in conjunction with PIC but would count as developer purchases. If you want the phone number, PM me and I can send it to you. Like I said I have never purchased one of these but the prices he was offering were in the $70-$90/k range with no negotiating, so significantly lower than initial offers in sales offices (but still no where close to resale prices).

    Jason
     
  23. bscheller

    bscheller Guest

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    Rock and hard place

    Many of you say you just need to learn how to use the timeshare to your advantage. I've found that we are between a rock and hard place as far as that goes, as well as, getting out of it. To use it most effectively and take advantage of the 'programs' Wyndham offers, we were recently told we HAD to be part of the Club Wyndham (CWA) program which required another 84,000 points to participate ($11,000 additional loan). If we 'refused' the CWA offer, we are in essense 'black balled' and can only see 60% of resort availability and also have significant increases in mtnc fees. They won't help you do anything if you REFUSE their CWA offer and their Visa card.... BUT, if you stay put and try to use it, you don't get any advantages (ie.. limited availability), and you can't rid of it if you owe. Any suggestions? :wall:
    We bought in 2005 in Bonnet Creek, Orlando. Still owe $$
     
  24. WeLovetoTravel

    WeLovetoTravel TUG Member

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    If you bought at Bonnett Creek, you should have full access to the Wyndham program. My home resort is also Bonnett Creek. We bought when Wyndham was still Fairfield. There was no change in the way we can use our points, Wyndham just changed the name. If I were you, I would log on on-line and check availability. If you do not have online access, go to Wyndhamvacationresorts.com and register. Your information about having limited access to resorts sounds like a sleazy salesman talking, trying to get more money out of you.
    -Deb
     
  25. bnoble

    bnoble TUG Member

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    The only difference between Access and a "regular" Points deed is "Advanced Reservation Priority" privileges. The vast (vast!) majority of the time ARP doesn't matter.
     

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