Is that you, JLB?We have owned more than seven weeks (hard to keep track of timeframe), but that's how many we owned when I started liquidating. Up until 2005, we used 6 weeks a year ourselves.
Then . . . natural life changes everyone goes through.
In 2008, after several years where we were not using them, I began liquidating. I had jettisoned our first, two, Wastegate weeks long before that, and at first in 2008 it looked promising for the others. I was able to flip one for about 1/2 the going rate just a year before, for golf rights to a local resident at a resort (where we still own a week for golf rights which I don't use right now, but don't like to burn my bridges, golfwise). I mean, there's everything else in life, and then there's golf!
I gave away two other weeks there, for free, or, as I like to think it, $1600 a year, forever.
I gave away two prime weeks (that had always been top traders in RCI up until faux points) at a diamond in the rough resort. Those were our trader weeks. A month ago we deeded back our last week there, after I lobbied the resort to do so for 10 years. For those who wonder if it makes a difference if you are persistent, I asked them if they were offering deedbacks to everyone, and they said, "No, we have a list."
We had owned and paid fees there since 1992.
About 10 years ago, a confidante at RCI suggested a SW FL resort we had never considered, after exchanges to SW FL in Snowbird Season, totally disappeared, down from the 15-20 resorts I formerly had been able to choose from. We exchanged into that resort for several years, then, in 2011, we bought a house there. That resort offers year-round amenities (beach) for local owners, and I found a distressed week from an older couple who could no longer travel, so that became our beach club. Then, I flipped that week to another local couple, and bought a better week from the association.
Except for the deedback, I have prepared and recorded the deeds on every sale.
So, now we own just two weeks, both for year-round amenities rights. At one we pay $800-ish, and get $600-ish when we rent it, and at the other we pay $500-ish, and get $700-ish when it rents.
But, I do more business with RCI than ever, after more than 160 exchanges, getting Extra Vacations and Last Calls for others, with three couples who have 5-year Guest Passes under our account. I have gotten stuff for one of them for 7 years now.
So, life is simple now. All I have left is waiting for a Tesla that can pull our travel trailer, so we can haul our five cats and dog back and forth from Florida, so we have our own motel at any WalMart, and a third bedroom/bathroom at our little Florida house.
In an irony, DW had a brief stint last year working at a local resort for the company that owns the first resort we toured 30 years ago, and my Summer job is with the company that sold their resorts to the company that was our second tour 30 years ago, Wastegate. & I see timeshare-type people all the time.
Sure it isIs that you, JLB?
Not long ago I looked at all the foreclosures cases in the legal register, just for OLCC, and you will be joining hundreds of others. I would not encourage anyone to welch on sensible debts, but I suspect life will gone for you.
Just for kicks, because this gets bandied about around a lot, why don't you check your FICO score now, and post it, then come back and keep updating it after you default?
When I did that search, I also found some internal documents that discussed their financials, and their default rate was amazingly high. It said they do not check credit worthiness of any prospects. So it's mud on the wall and some sticks.
Although it did not discuss foreigner default, it gave the % they sell to foreigners, and there were no foreigners in any of the foreclosures, which is why I asked where Juan lives.
but frankly with no action on his part and doom and gloom comments he sounds like a shill for an exit company.
So are you getting these vibes that the OP will come back shortly saying something along the lines of that:
1) He tried rescinding after the deadline.
2) The company resolutely rejected his rescission attempt.
3) He contacted such-and-such exit/escape/relief company.
4) For the low, low price of....said company quickly canceled his contract and got his money refunded.
5) Said company was able to do all of this and keep the OP's credit rating intact.
Does that about sum it up?
I read this post for the first time. The OP was given advice on June 6th to send a rescission letter. That would have been 9 days following the signed contract (excluding weekends and Memorial Day). The BEST chance for exceptions beyond the rescission date is the closer you are to the contract date. Yet, no attempt was ever made.
I am surprised the OP didn’t follow the advice and send the letter on June 6th. It would have cost the OP postage and a few minutes time. Instead, he failed to do that, just keeps asking the same questions (such as why isn’t this like a home mortgage, what other options you have and why can’t you sell it), and tells us all why owning the timeshare is bad.
If this is legit then I feel for him but as others have said at this point he is a timeshare owner. However, and I feel bad even saying this in case it isn’t true, but frankly with no action on his part and doom and gloom comments he sounds like a shill for an exit company.
The approach of most people who just bought a timeshare and come here asking what they should do, is not too slick. Typically they are glazed, amazed and confused, and are trying to sort things out. By things, I mean they are trying to figure out what things they were told are true and what things are BS.
But scammers who are playing a con are. If a con man is slick enough to play a long con he probably is a lot slicker than this guy seems.
. . . the last day to rescind was June 1st. He was advised on June 6th to rescind . . .
Juan’s last activity was Friday at 801AM, work hours. All his posts are weekdays. I don’t know about others, but my TUG postage increases on weekends as I’m not working.
Sent from my iPhone using Tapatalk
I bet if you looked at my TUG posting it would be way more during the workday than on the weekends! Simply because I spend a lot more time sitting in front of a computer when I’m working, so I’m more likely to spend a few minutes checking stuff on the internet at work than on the weekends.
. . . the default rate at Wyndham, one of the better corporate-controlled programs, is 21% . . .
I wonder what Wastegate's default rate is? 25% would be my guess........
Hilton's default rate is much lower:
Year Ended December 31, 2017 2016 2015 Historical default rates(1) 4.12 % 3.67 % 2.84 %
Here's Marriott's:
The expected gross default assumption for domestic obligors is 8.95% and that combined with the foreign obligors is 9.71%
HICV:
19.8% cumulative gross default rate
DRI:
S&P Global Ratings' Expected Gross Default Assumption: 16.2%
But you knew that before you bought.I should be able to sale it or give away correct.
So basically even if you pay you still stock wit maintenance fees forever.
I’ve read the whole thread now, feels fake.I read this post for the first time. The OP was given advice on June 6th to send a rescission letter. That would have been 9 days following the signed contract (excluding weekends and Memorial Day). The BEST chance for exceptions beyond the rescission date is the closer you are to the contract date. Yet, no attempt was ever made.
I am surprised the OP didn’t follow the advice and send the letter on June 6th. It would have cost the OP postage and a few minutes time. Instead, he failed to do that, just keeps asking the same questions (such as why isn’t this like a home mortgage, what other options you have and why can’t you sell it), and tells us all why owning the timeshare is bad.
If this is legit then I feel for him but as others have said at this point he is a timeshare owner. However, and I feel bad even saying this in case it isn’t true, but frankly with no action on his part and doom and gloom comments he sounds like a shill for an exit company.
Do you think those are default on loan rates or both loan and MF deficiencies.