How do I get out of Mayan Palace timeshare

Does anyone know how to get out of a Mayan Palace timeshare. I don't have to pay unless I use it. However I do have to pay an extra maintenance fee every five years. I can get a week on Skyauction cheaper than my maintenance fee so I don't want it anymore. What if you just don't pay the five year fee?

why not call Owner/Member services and ask? It's not like there is a deed or anything that can be foreclosed on. It's simply a Right To Use.

Obviously you could give it away, but they have some outrageous multiple of MF to do that and it's unlikely you'll find a sucker-oops, Buyer, to take it and pay the transfer fee.

We suspect they watch TUG, so maybe they will answer, or you can do a search for customer service there.

Important- DO NOT sign up with any of those 'get you out of your timeshare' outfits. They are scams that just want your money.

If you find any handy exit strategy, let us know. It's a question that's asked frequently.

Jim

Depending on when you bought the transfer fee may not be that high. If you have one of the high ones then it will be difficult to find someone who wants it. If it is low someone might want to use it as equity to upgrade to a higher level unit.

Your first step should be to call the resort to see if they will take it back and if so what would the out of pocket cost be for you. You also want to review your original contract to see what the transfer fee is. Some are the cost of the current MF's, some are 1.5 to 5 times the current MF's and some are up to 10% of the original purchase price. There are probably other contracts with different transfer fees as well.

I assume you don't owe any further money on financing the timeshare. You may find that the 5 year fee is what renews your right to use, and the failure to pay simply terminates your agreement. Check your paperwork.

Info -

Asl18940 said:

I assume you don't owe any further money on financing the timeshare. You may find that the 5 year fee is what renews your right to use, and the failure to pay simply terminates your agreement. Check your paperwork.

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Dear Iturnbow ,
I would agree with Asl18940 in principal but I think you may wish to call
Vidanta Member Service ( not sales ) to confirm this and get a form of some kind emailed to you that you would sign & return .
You do not want them to send you to collections AND they do not want you "changing your mind " IF Vidanta will allow it to revert to them

*******
I own a similar contract with Vidanta - and the 5 year renewal is due the end of Sept. ( I paid mine in July .)

The no go / no pay -started in late 2005 . We bought in 2006 and it was actually pay for the first 5 years- then it became MF on use only .

If yours is a similar era contract it has a 5 x current MF transfer price if sold .

The Vacation Fare ( bonus) week and MF on use only do not transfer to a buyer in my contract . ( the VF week often did in older contracts )
The exception is a transfer to family .
These benefits transfer to family and it can be done with no cost . This is in line with it being a 100 year contract , with 3 renewals / every 25 years ( renewals are 5 x MF ) as most of us will not live 100 years from purchasing .

While without resale value your contract's primary week is a registered RTU week

A registered week appears to have superior ' ownership " rights ( in Mexican "legal" terms ) to what Vidanta currently sells - which I believe are deemed " residence weeks " or similar and renew every 10 years ( for a smaller $ )

The residence weeks product started selling around 2011 and may come with 2 bonus weeks .Often one of those is now a SFX Vida week which is a pay on use week for non Vidanta exchanges through SFX .

If your Mayan Palace has a 50% off golf addendum that you paid extra $ for - be aware that current golf fees in Nuevo Vallarta are ( $ 200+ ) and so if used by a golfer the savings compared to full price golf is almost the per night cost to stay in a 1 bedroom suite .

Your contract probably also has the max. 5% yearly inflation cap on MF increases.
This is actually USA CPI + a max added amount of 5 % for any Mexican inflation.
My 2016 MF for a 1 bedroom suite is within pocket change of $ 700 . In the 10 years we have owned it has gone up from $ 510 or so . This amounts to less than 5% per year - so Member Services seems to do the yearly math properly.

Newer TS products sold by Vidanta may have a MF that is $ 50 + than what we are currently paying for 2016 ( this is due to a higher MF starting point when sold )


Your week likely has a 6 month ARP .( Advance Reservation Priority window) and a one year accrual . This means on Aug. 1 you can book Feb of the following year etc . The Vacation Fare week is generally 45 days for Feb / March reservations and probably 6 months for all other times ( On Dec 31- if no week has been booked into the following year / the week accrual then expires on Jan 1 for the prior year/ weeks - as I understand it . It basically allows the booking of prime snowbird / winter weeks using the prior year's week )

Since Mayan Palace is a product in weeks not points it can be used by depositing into RCI for exchange after a MF payment is made . I believe for a 1 bedroom you will get in the 20+ TPU range . 2 bedrooms are better when split as a lock off, as you get 2 deposits that will yield mid-high 30's TPU .

***********

IMO - Great resorts to visit and use if you like Mexico . There are currently seven property locations . None are AI but all have some restaurant facilities and the Nuevo Vallarta and Riviera Maya locations have many restaurant choices on site .
All stays get daily maid service and daily full towel replacement

I am not sure if any of these are reasons that would make you wish to keep
your MP Timeshare week .

Since it has 30 weeks of remaining use ( 1 registered + 1 Vacation Fare week per year ) and your cost to keep is one extra MF this year - and 2 more before the 25 year mark- the cost to keep is quite low compared to what you initially spent per week .

Just information to review - if you truly do not have any interest ,
or reason to keep it then contact Member Services ASAP to see if they take it back at no cost to you .

.

Check your contract in the section called Fees................I checked my old MP contracts before the No Pay Unless You Go deal. Most do include the statement that if you do not pay the 5 year Renovation fees, they have the right to terminate your contract. I was looking for where it says that if you do not pay your MF, the same thing happens, but I just see the 5% late charge mentioned. One of our other timeshares has the statement that if you do not pay for 2 years, they will terminate the contract, but I did not find it in the old MP ones.

Thank you

Thank you for your advice everyone. I will call them. My contract is from 2008. It says that not paying the renovation fee will "give the Company the right to terminate this agreement."
To T-Dot-Traveler - my fee isn't due for another year and a half. I am still thinking about keeping it because my husband will be 75 this year so we can get a room for half off. However I don't golf so the half off golf means nothing to me. I only like to go in September or October when it's not crowded and not too hot so a superior ownership rights means nothing. I only go to Riviera Maya anymore. And I get a better room cheaper than my MF on other sites. The last three times I've gone I haven't used my week.

lturnbow said:

Thank you for your advice everyone. I will call them. My contract is from 2008. It says that not paying the renovation fee will "give the Company the right to terminate this agreement."
To T-Dot-Traveler - my fee isn't due for another year and a half. I am still thinking about keeping it because my husband will be 75 this year so we can get a room for half off. However I don't golf so the half off golf means nothing to me. I only like to go in September or October when it's not crowded and not too hot so a superior ownership rights means nothing. I only go to Riviera Maya anymore. And I get a better room cheaper than my MF on other sites. The last three times I've gone I haven't used my week.

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OK - the Sr. Cert adds a new dynamic to this! The Sr. Cert is not transferable, but is a nice thing to have - every contract does not have this. If I were this close to being able to use the Sr. Cert, I would keep it and pay the 5-year fee when it comes up and reassess when it is due again. Once he is 77, NO Maintenance Fees and you can go for "free" - you do have to pay the 5-year renovation fee, but if you divided that by 5, your cost for a week in a nice place is really low.

My husband is 71 and we are planning to use our Grand Luxxe weeks for the 2 years and half price and then the "free" option and split our 2 bedroom units into 2 weeks each for a month of vacation. Our contract has the 10 year deal and we only plan to do it once - 2023. After that - we will not be too worried about it.