How do most people finance resales?

[Wolfgheist]

I had been planning on using Hilton Amex with 0% for 12 months, but the agent is telling me that none of the title companies she has contacted will accept credit cards for the balance. They say credit cards are not secure for this type of transaction.

 

[DeniseM]

If you have to finance a re-sale, you shouldn't be buying one. Save up for it.

 

[mjm1]

We have used a credit card for the deposit, but as you have found they won’t allow it for a full purchase price.

 

[Passepartout]

MOST people pay for resales with pocket change.

 

[Wolfgheist]

MOST people pay for resales with pocket change.

Can you give me some of your pocket change?

 

[Wolfgheist]

We have used a credit card for the deposit, but as you have found they won’t allow it for a full purchase price.

Yeah, that is what I am doing for the deposit, but was trying to think of what to do for the other $19,000

 

[theo]

Yeah, that is what I am doing for the deposit, but was trying to think of what to do for the other $19,000

Pray tell, what resale timeshare week is worth $19k after the (unspecified) amount of your purchase deposit?

 

[Wolfgheist]

Pray tell, what resale timeshare week is possibly worth $19k?

Christmas in Hawaii.

 

[TolmiePeak]

Yeah, that is what I am doing for the deposit, but was trying to think of what to do for the other $19,000

Why are you thinking about paying that much for a resale timeshare?

 

[vacation911]

Christmas in Hawaii.

The purchase price seems very high We don't know the specifics, but most timeshares are being given away, so 19k is alarming. I can't personally think of a HI week that would yield that resale even Christmas or New Years.

 

[mjm1]

The purchase price seems very high We don't know the specifics, but most timeshares are being given away, so 19k is alarming. I can't personally think of a HI week that would yield that resale even Christmas or New Years.

Marriott new towers, Hyatt, Westin could each fit that range and higher.

 

[DeniseM]

Wolfgheist: Look at it this way: A Christmas trip to Hawaii for a family of 4 could easily cost $5,000 for airfare and another $5,000 for car rental, dining out, activities, groceries, presents, fees and incidentals. Can you save $10,000 every year to make a Christmas trip to Hawaii? Or will you be putting it on a credit card?

My point is that traveling is expensive, and the fact that you want to finance a resale timeshare may indicate that you have champagne tastes and a beer budget. We were all there once, but you may want to re-think your strategy and start with a more budget friendly timeshare. Suggestion: Acquire a free timeshare on the TUG Free Timeshare Forum, within driving distance of your home, and take timesharing for a test-drive before you finance a big commitment.

 

[dioxide45]

There are a couple companies out there, but I think they mainly provide financing for DVC purchases since they tend to hold their value a lot better and are a lot more liquid. One is Monera Financial and the other is Vacation Club Loans.

 

[Sandy VDH]

PIF or don't buy it.

 

[Fido Chuckwagon]

Financing a resale timeshare is a poor life decision. Hawaii is a pretty saturated market. I guarantee that you can find a nice timeshare that fits your needs, even Christmas or New Years, for a lot less than $19k resale.

 

[Wolfgheist]

I already own a retail and this is WAY less than upgrading and is the week that I want. I can get the same thing non Christmas week for $6,500 - $7,500, but worth it to not have to worry about the lotto to get Christmas week. Also, it is for the best possible 2 bed room at HHV, so when I don't use it for Christmas it will get me 2-3 weeks for anything else including the same location for the lower level 2 bedroom.

 

[Wolfgheist]

Financing a resale timeshare is a poor life decision. Hawaii is a pretty saturated market. I guarantee that you can find a nice timeshare that fits your needs, even Christmas or New Years, for a lot less than $19k resale.

This is the lowest I could find by far, and insanely less than HGVC wanted for Christmas week. I am actually paranoid that Hilton will take it and I will not get it. $1,000 for the deposit, $4,500 or so of it is title/Hilton/Maintenance fees and $15,000 for an annual 2 bedroom premium room for Christmas week. Half the points, every other year and regular platinum would be around $7500, so it is worth it to me. I was looking at using the Hilton Amex 0$ for 15 months, but apparently they will only give it to me if I buy retail. :/

 

[rickandcindy23]

Many Hawaii timeshares are worthy of a higher resale price. We were quoted some ridiculous price, like $225K to buy what we have now, which is 16,600 Marriott points.

I love my Hono Koa weeks, and you can get those for free, but the maintenance fees are outrageous on those weeks.

You pay for view on Maui and Kauai. You just do, and $19K is not bad for anything over the holidays.

We have not ever financed a timeshare, at least not since the early 1980's.

 

[Fido Chuckwagon]

This is the lowest I could find by far, and insanely less than HGVC wanted for Christmas week. I am actually paranoid that Hilton will take it and I will not get it. $1,000 for the deposit, $4,500 or so of it is title/Hilton/Maintenance fees and $15,000 for an annual 2 bedroom premium room for Christmas week. Half the points, every other year and regular platinum would be around $7500, so it is worth it to me. I was looking at using the Hilton Amex 0$ for 15 months, but apparently they will only give it to me if I buy retail. :/

If you are dead set on doing this (and have excellent credit) there are a number of credit cards out there right now that offer 0 percent APR 15-21 month balance transfers (with fees ranging from 3 percent to 5 percent). If you can find one that charges only a 3 percent fee and has a lengthy term (say 18 months), you could be effectively looking at a loan with an APR around 2 percent PROVIDED YOU FULLY PAY IT OFF WHEN THE PROMO PERIOD ENDS. If you’re not sure you can do that ,this would be an incredibly poor decision.

 

[AwayWeGo]

Most expensive timeshare we ever bought was our 1st. It cost us $3,500. To pay for it, we wrote a check. That was resale, 2002. In 2003, we sold it for the same amount & bought something similar but slightly newer at Phase 2 right across the street for $1,995, eBay all the way.

In the years since, we've bought & resold several other timeshares, none over $1,000.

Now in our old age (pushing 83), we're down to just 1 timeshare, another eBay special. The price for that was about $250. That included free closing, free resort transfer, & free points (i.e., paid-ahead maintenance fees).

Is this a great county or what ?

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[Wolfgheist]

Most expensive timeshare we ever bought was our 1st. It cost us $3,500. To pay for it, we wrote a check. That was resale, 2002. In 2003, we sold it for the same amount & bought something similar but slightly newer at Phase 2 right across the street for $1,995, eBay all the way.

In the years since, we've bought & resold several other timeshares, none over $1,000.

Now in our old age (pushing 83), we're down to just 1 timeshare, another eBay special. The price for that was about $250. That included free closing, free resort transfer, & free points (i.e., paid-ahead maintenance fees).

Is this a great county or what ?

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

I wish I had done resale in the first place. I paid more for my useless 1 bedroom every other year gold, than this one that is Christmas 2 bedroom premium guaranteed every year. Everything I have looked at, they always want me to pay for the closing costs and maintenance fees, which even if they sold it for $1, it gets me close to $5,000. I have had several people offer me theirs for free, but they are low points, high maintenance fees with home weeks where I would never go, so I passed on them. When we bought the gold, we were mislead, we only go to Hawaii for Christmas and that is what we wanted and not what we were sold. :/

 

[davidvel]

Wolfgheist: Look at it this way: A Christmas trip to Hawaii for a family of 4 could easily cost $5,000 for airfare and another $5,000 for car rental, dining out, activities, groceries, presents, fees and incidentals. Can you save $10,000 every year to make a Christmas trip to Hawaii? Or will you be putting it on a credit card?

My point is that traveling is expensive, and the fact that you want to finance a resale timeshare may indicate that you have champagne tastes and a beer budget. We were all there once, but you may want to re-think your strategy and start with a more budget friendly timeshare. Suggestion: Acquire a free timeshare on the TUG Free Timeshare Forum, within driving distance of your home, and take timesharing for a test-drive before you finance a big commitment.

$5,000 for 4 tickets to HI?? You must sit upfront. We usually pay around $1,500 for comfort+.

 

[Wolfgheist]

If you are dead set on doing this (and have excellent credit) there are a number of credit cards out there right now that offer 0 percent APR 15-21 month balance transfers (with fees ranging from 3 percent to 5 percent). If you can find one that charges only a 3 percent fee and has a lengthy term (say 18 months), you could be effectively looking at a loan with an APR around 2 percent PROVIDED YOU FULLY PAY IT OFF WHEN THE PROMO PERIOD ENDS. If you’re not sure you can do that ,this would be an incredibly poor decision.

Thanks, that is probably what we will do, I had been planning on using the Hilton Amex 0% for 12 months to pay it off, but they will only give it to me if I buy retail, so I will just look elsewhere.

 

[Wolfgheist]

Many Hawaii timeshares are worthy of a higher resale price. We were quoted some ridiculous price, like $225K to buy what we have now, which is 16,600 Marriott points.

I love my Hono Koa weeks, and you can get those for free, but the maintenance fees are outrageous on those weeks.

You pay for view on Maui and Kauai. You just do, and $19K is not bad for anything over the holidays.

We have not ever financed a timeshare, at least not since the early 1980's.

HGVC wanted about what my house cost to get something not as good as what I am buying for Christmas week. We go to HHV every 1-3 years for Christmas, so that is why we bought a timeshare in the first place, but we were mislead and ended up with a useless odd year gold that I will likely sell after I find the pros and cons of owing a resale vs retail. Around $4500 of this is just fees for maintenance, title, transfer etc...

 

[rickandcindy23]

Hawaii is different from a timeshare in Orlando or Williamsburg, and you cannot compare the two.

I bought a lot of timeshares for $1 but paid dearly for our OF weeks, except Hono Koa, which is oceanfront but was basically free because it's just an average timeshare with extremely high MF's. Two bed, two bath $3,258 in MF's and taxes per week X 3 weeks. It's gotten out of hand. You get what you pay for.

Christmas has a higher price tag in general for anything in Hawaii.

If you have a bank or credit union that will loan money on good credit, I would start there. Our credit union has a special loan program for purchases such as this.