In November I traded through RCI to go to Vidanta Riviera Maya. I attended the sales presentation and was talked in to buying a 1 bdrm red at the Grand Cascades Nuevo Vallarta for 15K.
The sale attracted me because I have not been able to go on vacation for 4 years and included trading in my current 2 properties - Wyndham in Mazatlan (1 bdrm red) & Raintree in Cabo (50K pts). MF's keep going up every year and I am paying $780 per year for Wyndham & $1200 every odd year for Raintree. This new contract does not require any annual MF's unless you use it. Also no exchange fees, which I hope is true. Seemed very good at the time.
I would have cancelled the contract had I read the posts on Tug or the BBB regarding Vida but I am past the 5 days and my credit card has already been charged. I feel very foolish for getting sold again!
So today I was contacted by Timeshare Resale Market, the company Vida uses for the Equity Value Agreement. They gave me 2 options:
1) Pay $1879 per property (total of $3,758), pay current year MF's, do not use the time-share and my properties will be transferred out of my name in 150 days.
2) Pay $4505 total to basically buy back my properties and they will sell them in the next year and I will receive any profit margin directly, but be charged another fee at the time of the sales.
So my question to all you experienced timeshare users and traders is do I proceed and which option do you recommend?
I've also considered chalking up the $5200 down payment I made to stupidity, not paying the money to trade-in the current time-shares and not paying off Vidanta. My only concern is the clause in the equity agreement that states I will have to pay TRM one half the equity provided by the agreement, which in total for both properties was $39,400.
I realize I made a huge mistake in purchasing this contract and know that I paid way too much but I would appreciate any advice regarding the trade-in process and if you think I should just stop the bleeding now and not put out any further money. Thank you.
The sale attracted me because I have not been able to go on vacation for 4 years and included trading in my current 2 properties - Wyndham in Mazatlan (1 bdrm red) & Raintree in Cabo (50K pts). MF's keep going up every year and I am paying $780 per year for Wyndham & $1200 every odd year for Raintree. This new contract does not require any annual MF's unless you use it. Also no exchange fees, which I hope is true. Seemed very good at the time.
I would have cancelled the contract had I read the posts on Tug or the BBB regarding Vida but I am past the 5 days and my credit card has already been charged. I feel very foolish for getting sold again!
So today I was contacted by Timeshare Resale Market, the company Vida uses for the Equity Value Agreement. They gave me 2 options:
1) Pay $1879 per property (total of $3,758), pay current year MF's, do not use the time-share and my properties will be transferred out of my name in 150 days.
2) Pay $4505 total to basically buy back my properties and they will sell them in the next year and I will receive any profit margin directly, but be charged another fee at the time of the sales.
So my question to all you experienced timeshare users and traders is do I proceed and which option do you recommend?
I've also considered chalking up the $5200 down payment I made to stupidity, not paying the money to trade-in the current time-shares and not paying off Vidanta. My only concern is the clause in the equity agreement that states I will have to pay TRM one half the equity provided by the agreement, which in total for both properties was $39,400.
I realize I made a huge mistake in purchasing this contract and know that I paid way too much but I would appreciate any advice regarding the trade-in process and if you think I should just stop the bleeding now and not put out any further money. Thank you.