Thunderbird Club QM- what to do

[joellg]

Hello there. I was given a timeshare back in 2008 by my parents. Its a silver Club QM resort membership at the Thunderbird resort in Reno, and also am an Interval Int. member. I wish I had never gotten this waste of money, and I never would have if Id had known it was gonna be impossible to get rid of. I used it 2 times, and havent used it since 2009 I believe. I put it on Triwest 2 years ago, and is for sale for $1. I talked to Greg at triwest, and he says Im not a deeded owner, just a club QM member.
So, A:What happens next, since I have no deed, it shouldnt be a "foreclosure" right? Its just a membership, so I dont think the credit hit should be too bad....?
B:What other options do I have? I called the resort, and they said something about not doing buybacks now, but also said something about giving them $3000 to do so. (Sorry, very unclear why she told me about the $3000)
Im so over this. Its been almost 3 years of trying to get rid of this total waste of space. Any help would be appreciated.
Joel

 

[DeniseM]

How can I give my timeshare away on TUG:

http://www.tugbbs.com/forums/showthread.php?t=132509

 

[joellg]

I appreciate the link. Although Im very certain this timeshare isn't wanted by anyone. If it's not a forclosure, any idea on how bad my credit will be hit?

 

[TUGBrian]

possibly the same as any other foreclosure or loan default....but since you mention there is no deed involved, it could be much less.

we tend to suggest pushing back more aggressively on the HOA/developer to work out a deal to relinquish your ownership (assuming its paid off).

since there is no actual deed involved here, and its just a membership...im sure there is likely a middle ground you can come to to end your ownership between you defaulting...and paying them $3k.

(note I certainly wouldnt pay anyone 3k to end a non-deeded membership ownership)

 

[DeniseM]

I appreciate the link. Although Im very certain this timeshare isn't wanted by anyone. If it's not a forclosure, any idea on how bad my credit will be hit?

You might be surprised - if you pay for the title transfer (usually about $150) and sweeten the pot with the 2017 maintenance fee you may find a taker.

But when you write your Ad, you want to be honest, but positive.

Reno is a popular destination, and someone might love to have a free timeshare there.

***I have actually given away a timeshare myself that was no more desirable than this. It took me 6 mos., and I had it posted on TUG, Craigslist, and Redweek, but I finally found someone who wanted it.

 

[joellg]

Well, I owe about 2 years of membership fees, around $2000, and the next years' dues are on Jan 1st. Its been for sale on Triwest since November 2014. Im so frustrated, and so done with it. Ill wait to talk to the accounting department tomorrow, and unless they can make an agreement well under the $3000 number, then Ill just have to let my credit take a hit. My score now is around 820, so hopefully it doesnt do a whole lot of damage.
I regret buying this every single day. I wish I would have known.

 

[TUGBrian]

well, a default of thousands of dollars is certainly more likely to negatively impact your credit than simply not continuing to pay your annual membership dues.

 

[joellg]

well, a default of thousands of dollars is certainly more likely to negatively impact your credit than simply not continuing to pay your annual membership dues.

The thousands of dollars IS from simply not paying membership dues. This thing was paid off long before I was gifted it. I dont really understand your post...please elaborate. Im under the assumption that my credit will get hit a little, but not as much as if it were a full foreclosure.

 

[TUGBrian]

being paid in full and informing them that you wish to cancel your membership and wont be submitting payment on 2017 membership fees is one thing...

already owing them thousands of dollars in past payment (ie already being delinquent) is another matter.

 

[gmarine]

Its possible that the reason the resort is asking for $3000 to accept the deed back request is that is payment for delinquent fees etc. Most timeshare companies wont accept a deed back request without being current on maintenance fees etc.

Not all resorts will report delinquencies to credit reporting agencies. However, many will. If it is just reported as late payments your credit will take a hit but wont be too bad. However, if you continue to default on payments and the resort turns it over to a collections agency who reports it to the credit agencies your credit will take a huge hit. Your credit file will list an account in collections which will severely damage your credit. You will have a very hard, if not impossible time getting any type of credit with a collection listed on your file.

I'd contact the resort, explain financial hardship and try to work something out with them.

 

[joellg]

Its possible that the reason the resort is asking for $3000 to accept the deed back request is that is payment for delinquent fees etc. Most timeshare companies wont accept a deed back request without being current on maintenance fees etc.

Not all resorts will report delinquencies to credit reporting agencies. However, many will. If it is just reported as late payments your credit will take a hit but wont be too bad. However, if you continue to default on payments and the resort turns it over to a collections agency who reports it to the credit agencies your credit will take a huge hit. Your credit file will list an account in collections which will severely damage your credit. You will have a very hard, if not impossible time getting any type of credit with a collection listed on your file.

I'd contact the resort, explain financial hardship and try to work something out with them.

Thanks, I will definitely call them today. The calls from collections have started already. Ill see if I can make a deal with them. They quoted me $3000 before even knowing who I was or that I had late payments.

 

[TUGBrian]

well if you already owe 2k or so, the offer of 3k to end your ownership doesnt quite sound so bad.

 

[joellg]

Its all good. After 3 times talking to the wrong person, finally got a lady with titles and records. I actually only owed the collection agency 1200, and she agreed to terminate the club membership-in writing-for $1300 total. So, lesson learned, its worth $2500 to me to not get my credit wrecked, and to get rid of this scam of a timeshare forever. Thanks for all the advice.

 

[TUGBrian]

id run your credit first, if you have already been turned over to collections...you may have already taken the hit.

 

[mjm1]

Its all good. After 3 times talking to the wrong person, finally got a lady with titles and records. I actually only owed the collection agency 1200, and she agreed to terminate the club membership-in writing-for $1300 total. So, lesson learned, its worth $2500 to me to not get my credit wrecked, and to get rid of this scam of a timeshare forever. Thanks for all the advice.

Congratulations. At least now you don't need to worry about paying MF's going forward.

We were fortunate several years ago that they took out deed back. Fortunately, we got our value out of our ownership as we learned how to maximize our ownership. However, the lower quality level of the resort led to us wanting to get rid of it.

Good luck with your future vacation plans.

Mike