Bought timeshare, cant rescind. Please HELP!

[cheekiemeekie]

SO, I am so sad that I discovered this forum way too late. Normally I do all my research before making a decision, but I have no idea what happened this time. I bought a timeshare with Vacation Village Parkway some months ago and it is way too late to rescind. I feel like I broke the cardinal rule. I don't regret having it, I just wish I wasn't currently locked into ridiculous payments of hundreds of dollars a month, now that I know that I could have gotten it, or something much better for close to nothing. It has been a bigger financial drain than expected with buying a house and moving around so much for school (I'm a foreign medical student). I just did not think it through and I fell for the whole bit. It is starting to be a sore spot in my relationship with hubs. I fear my options are limited, from what I have seen on the forum so far. I think my only option is renting my week out but I have no idea how to start figuring out what my options are and how much to rent for. Any and all advice is appreciated.

Feeling foolish and frustrated. Help me please.

 

[Passepartout]

Well, don't beat up on yourself too badly. Nobody EVER went to a timeshare presentation figuring they would buy. It's all about the gift(s) or whatever. About half of TUGgers did exactly the same thing you did- and now consider it just an expensive lesson, but also a benefit in memories for themselves and their family.

Unfortunately, if you financed your timeshare, there is no way you can rent it for enough to make much more than just a dent in the payment and maintenance you owe. Read the 'Stickys' in red at the top of the 'Buying, Selling, Renting' forum. Basically it will tell you to reserve the BEST week you can, then list it for rent in the Marketplace (after you join TUG ($15) or on Redweek, or Craigslist. There is info there on rental agreements, getting paid, etc.

Another option (but not for the faint of heart) would be to simply default. Quit paying. There is a chance of wrecking your credit, and being harassed by collectors and threats. But eventually, your credit will improve, and they will foreclose and you won't have the timeshare or the obligation or whatever you've already paid on it. We've heard from some who have been successful in giving back the deed (for a price) or who were foreclosed on without a bad credit report. There is no way of knowing which the Vacation Village TS would do.

Sorry there isn't better news I can tell you, but it is what it is.

Welcome (belatedly) to TUG!

Jim

 

[taterhed]

First, stop feeling foolish etc... You're not the first and certainly not the last. Many have grown to use and love what they bought.

Well, as a foreign national, they have little claim on you (a guess, not knowing where you're from...). But, you certainly wouldn't want to jeopardize your status in this country by defaulting while still living here. Best bet on rental comps is to checkout similar rentals on TUG or RedWeek or Ebay and see what looks about right. If you return to your homeland someday, I'd send them a nice letter and 'quit' or give-back the deed, advising them that you're no longer in a (geographic) position to use the timeshare and can't afford it. They'll write it off. That's obviously the less-honorable way to solve the problem.

Renting probably won't be easy.....

Perhaps you should just learn to use and enjoy what you bought. If you find that you paid waaay too much for the bag of lemons and sugar you just bought....don't throw them out, make lemonade and add a little vodka to ease the pain. Or, if you don't drink, some mint. ;>

Welcome to TUG.

 

[LannyPC]

The other caution we like to give people in your situation is to not go seeking the assistance of these so-called relief/exit/escape firms that claim they can cancel your mortgage/contract/timeshare, etc. Most of them are scams. The others just charge you thousands of dollars to do what you can do yourself for a lot less money.

 

[cheekiemeekie]

Thank you so much Passepartout, taterhed and LannyPC. Is it at all possible to cancel or surrender the purchase? And would it affect my ability to get one later on in future? I'll look at listings on TUG or RedWeek or Ebay as suggested to figure out what is reasonable into renting it out, if at all possible. I would definitely love to learn how to use it optimally so I feel like I'm in the right place.

charge you thousands of dollars to do what you can do yourself for a lot less money.

How do I do it myself?

 

[bnoble]

Is it at all possible to cancel or surrender the purchase? And would it affect my ability to get one later on in future?

Probably not, and almost certainly.

 

[LannyPC]

How do I do it myself?

Well there is the one hard-to-swallow suggestion that Passepartout/Jim mentioned above to just stop paying, let it go into default, and let it foreclose. As bad as that sounds, some of these so-called exit companies, after you pay them, tell you not to worry. Then they do nothing which ultimately results in default and foreclosure.

That's about the only suggestion I can give if you want to absolutely get rid of what you purchased. The other options, as was already mentioned, is to learn to use and enjoy what you paid thousands of dollars for.

 

[taterhed]

Again, you mentioned

(I'm a foreign medical student)

I'm not sure if that means you are a 'foreign national' or you are a US citizen attending a medical school abroad.

If you are NOT a US citizen, then you have an easy option to 'quit' the timeshare when you leave the USA. But, doing so while you are here on a student visa would not be advised.

If you ARE a US citizen, then defaulting on any type of financial debt could seriously affect your ability to secure loans (including student) and will be noted on your employment applications etc.... (likely). Plus, if you are entering a highly-paid medical position in the USA, then ruining your credit as a student would not be advisable.

Really, you need to think this through and get some guidance from a credit counselor or foreign student visa advisor--not some forum guru with 'big ideas....'

This could be a serious situation for you......don't make another mistake without some serious thought/counsel.

I'm not a professional in ANY of the areas above--but I know when to seek help; now is that time.

 

[cheekiemeekie]

Thank you so much, everyone, for the advice. To clarify, I am a Canadian citizen completing clinical rotations in the US (B1 visa). I will be leaving the US by the end of the year, but hope to return in 2019 for residency training (J1 or H1 visa). I appreciate that now is probably the best time to talk to a credit counsellor about these issues. That will be my next step.

 

[bogey21]

I appreciate that now is probably the best time to talk to a credit counsellor about these issues. That will be my next step.

I pride myself for thinking I have an answer, maybe not always the best answer, but nevertheless an answer for almost everything. But in your case without knowing a lot more about your situation I think a Credit Counselor is a good idea.

George

 

[RX8]

Is it at all possible to cancel or surrender the purchase? And would it affect my ability to get one later on in future?

Probably not, and almost certainly.

My opinion, and many may agree, is that if you have to finance a timeshare purchase you shouldn’t be buying one. If you default on this one and decide to get into timesharing in the future buy resale and pay cash for your purchase price, which could be as low as free. You should not have any problem having a resale timeshare purchase transferred to your name. The only exception may be if you are trying to purchase resale from the same timeshare HOA that you defaulted on as they may not approve the transfer.