We want out of our contract, HELP

[rickandcindy23]

I feel your pain. We bought a timeshare many years ago that we regretted instantly. With three children under 5, we thought it would be nice to have a 3 bedroom unit in the mountains. We could not afford it, and we tried to rescind with a phone call to the sales' department, but we couldn't rescind because the resort told us there were no rescind laws (and there was no such thing as the internet back then).

We paid it off with a second mortgage on our house because the interest was high, and we used what we bought.

People will buy or lease a new car every three or four years and think nothing of it. The wasted money on constant car payments is a budgeted item. I never understood that mentality We keep cars at least 12 years. My current car is 14 years old, and I still love that car. It's a Toyota Avalon with 150K miles. My point is this: if you re-arrange your budget a bit, perhaps the payment is not going to be all that bad.

How much money are we talking here? If you are under $30K, and you can get a loan with a lower interest rate for a longer term, perhaps that is better than having your credit take a huge hit.

They did ask what your income level was, didn't they? That is usually a condition of going on the timeshare presentation.

 

[Ty1on]

I definitely agree about lowering the interest rate and avoiding timeshare company scams. However, I was listening to Hugh Hewitt's Program today (conservative talk radio host) and he mentioned a company called Lonestar Transfer. The company provides timeshare transfers and mortgage cancellations and has an A+ rating with the Better Business Bureau. It would be worth looking into; not only for you, but for Tuggers to check it out and comment. Go to lonestartransfer.com and let me know what you think.

The company pays Hewitt to mention them. Hewitt's personal endorsement was bought.

 

[Silverdollar]

The company pays Hewitt to mention them. Hewitt's personal endorsement was bought.

Maybe so, but the A+ rating with BBB and their inclusion on Angie's list was not. I am not endorsing the company. I just thought they would be worth looking into since they had these credentials.

 

[Jon Rowlison]

I know this thread is 6+ months old, but I wanted to see if anyone had ever gotten anywhere with that Lonestar Transfer company mentioned? I know the conventional wisdom about the "Viking Ship" but they've been around for a while. If one is willing to pay up front is it actually a real service or is it ONLY a scam?

 

[bogey21]

...allow the deed to go into foreclosure. Do not pay anything else on the contract or the fees. Write a letter to Wyndham Financial Services (who presumably owns your loan) telling them that you cannot and will not pay the loan back, that you plan to allow it to go into foreclosure, and that you don't care what that will do to your credit. You can offer in that letter the option to deed it back in lieu of foreclosure, but I suspect they won't bite.

As a first step this option makes the most sense to me. If they say "tough luck" and will not work with you, then consider other alternatives.

George

 

[Jan M.]

I know this thread is 6+ months old, but I wanted to see if anyone had ever gotten anywhere with that Lonestar Transfer company mentioned? I know the conventional wisdom about the "Viking Ship" but they've been around for a while. If one is willing to pay up front is it actually a real service or is it ONLY a scam?

My first step would be to look at the resale companies listings on eBay. There are usually phone numbers in their listings so call and ask them how it works.

The most important thing to know is if you bought developer you are going to have to pay off anything you still owe in full to be able to transfer the deed or contract to someone else. Depending on what you own you will never see more than maybe a fifth at the very best of what you paid and may have to pay the closing costs and transfer fees out of what you do get. NO ONE pays developer prices for resale so why would anyone in their right mind go for a deal like that if they still owed money? Better to walk away and take the hit on your credit, it will come off in a few years.

If you bought resale or have owned developer for years and are just looking to move on then one of those resale companies on eBay may be able to help you.

One sure way to determine if it is a scam is to look at the listings for sale on their website. If the prices are in the thousands of dollars that is all you need to know to run and run fast. Having a website is often just a front. I wouldn't trust any resale or transfer company that doesn't list on eBay for the going prices and where you can see their sales history and rating too because they aren't actually making any real attempts to sell but are just looking for more gullible suckers to give them money.