Could someone explain the Viking Ship metaphor?

[ronparise]

Almost right. The money is in the trust being shielded from debt, not the personal estate.

absolutely right I didnt proof what I wrote...Ill correct it now

 

[DeniseM]

Bill - I think you missed my point - I didn't say it wouldn't work, my point is that every scheme that makes a debt uncollectible is not a "Viking Ship."

The OP asked for a definition of "Viking Ship," as it's used on TUG, and this ain't it...

TUG didn't invent this concept; the idea of using an LLC to discard unwanted property existed before it was applied to timeshares - so it's not accurate to say that any scheme that avoids paying a debt is a "Viking Ship."

 

[e.bram]

I think the Flying Dutchman(LLC) is a better metaphor. It sails the seas scooping up unwanted TSes(souls)by persuading the owners for Mephistopheles.(devil)
Sometimes Mephesto wiil puchase a TS for a $1.00 from Ebay or TUG bargains(as Denise recomends) with closing costs and MFs paid. Rent or use the TS and stop paying. Ride might be Mephisto in disguise and want sellers soul as well.

 

[easyrider]

Denise, your right about the op's question but there are more than resellers that dump timeshares in viking ship senarios. A person considering bankruptcy could take on a bunch of timeshare contracts before declaring. A person with a trust could do the same after 5 years. Wouldn't these actions of dumping timeshares be called "Viking Ship" senarios ?

Bill

http://www.resorttrades.com/articles.php?showMag=Resort&act=view&id=718

Relief companies are successful when they market themselves to timeshare owners who, as a result of failed attempts to sell their timeshare on the secondary market, believe that it has become a liability rather than an asset. The relief company will explain how, through the use of a limited power of attorney, the relief company or its affiliate can effectuate a conveyance of the timeshare on the owner’s behalf. Importantly, the timeshare owner does not receive any proceeds from the transfer of ownership. Rather, the timeshare owner will pay a relief company between $1,500 and $7,000, inclusive of a multiple of the annual assessment obligation.9 With these fees in hand, some relief companies look to increase their overall return while others attempt to fulfill quickly on their promise to transfer by, among other things, dumping the timeshare at absurdly low prices through eBay. In a worst-case scenario, however, the timeshare interest will be loaded into a Viking ship, an entity formed for the specific purpose of taking ownership of timeshares but without the liquidity to fulfill on the related assessment obligations. Once a Viking ship has been loaded with a sufficient amount of timeshare inventory, it is figuratively set afire and pushed out to sea.10

 

[LannyPC]

I keep seeing reference to "Viking ships", like "...the Viking ship approach". Can someone explain?

Getting back to your original question, Moderator Denise basically answered what the approach is.

I will add to her comment that Limited Liability Corporations (LLCs) and charities that use the "Viking Ship" scheme hurt the owners at the resort(s). Every time a timeshare unit is defaulted on, the remaining owners have to pick up the slack. And if the unit goes into foreclosure, guess who pays the legal fees for the foreclosure. That's right --- the remaining owners.

That's why many people on these boards have such a disdain for these LLCs, PCCs, and charities that use this approach. That's why we also usually recommend using the free giveaway method on TUG before employing any one of these parties that might or will use the "Viking Ship" approach.

 

[ronparise]

Denise, your right about the op's question but there are more than resellers that dump timeshares in viking ship senarios. A person considering bankruptcy could take on a bunch of timeshare contracts before declaring. A person with a trust could do the same after 5 years. Wouldn't these actions of dumping timeshares be called "Viking Ship" senarios ?

Bill

http://www.resorttrades.com/articles.php?showMag=Resort&act=view&id=718

Relief companies are successful when they market themselves to timeshare owners who, as a result of failed attempts to sell their timeshare on the secondary market, believe that it has become a liability rather than an asset. The relief company will explain how, through the use of a limited power of attorney, the relief company or its affiliate can effectuate a conveyance of the timeshare on the owner’s behalf. Importantly, the timeshare owner does not receive any proceeds from the transfer of ownership. Rather, the timeshare owner will pay a relief company between $1,500 and $7,000, inclusive of a multiple of the annual assessment obligation.9 With these fees in hand, some relief companies look to increase their overall return while others attempt to fulfill quickly on their promise to transfer by, among other things, dumping the timeshare at absurdly low prices through eBay. In a worst-case scenario, however, the timeshare interest will be loaded into a Viking ship, an entity formed for the specific purpose of taking ownership of timeshares but without the liquidity to fulfill on the related assessment obligations. Once a Viking ship has been loaded with a sufficient amount of timeshare inventory, it is figuratively set afire and pushed out to sea.10

I have to take issue with the statement that timeshares are priced absurdly low on ebay...In most cases they are not priced at all...at least not by the sellers. These are auctions and its the buyer that sets the price....I would argue that in many cases the buyers get caught up in "auction fever" and actually pay too much. and they almost always pay more than the relief companies are paying..And even at a dollar many timeshares are overpriced,

At least when they use ebay the timeshares get back into the hands of someone (like me) that wants them and presumably will pay mf...

Im not crazy about the Viking Ship approach but its what the timeshare hoas have asked for...or at least what the deserve....They could have taken the timeshare back without the expense of of bad debt, collections and a foreclosure. If only the owners knew that they would

 

[rrlongwell]

... Rather, the timeshare owner will pay a relief company between $1,500 and $7,000, inclusive of a multiple of the annual assessment obligation.9 With these fees in hand ... among other things, dumping the timeshare at absurdly low prices through eBay. In a worst-case scenario, however, the timeshare interest will be loaded into a Viking ship ...

Viking Ships and E-Bay come up every so often in various threads. I give up, which of the following use the Viking Ship Model, or do we take pot shots just for pot shot sake?

goodbuy_timeshare
itguy777
cmausa333
timeshare_resales
5-star-rentals
sumdayvacations
timesharefriend
vacationsalvation
thetimesharemart
laman34
qualityvacations
seans0302
tttimeshare
cybernaut303
tochoa25
snownsun4ever
vaca4life2
reagandrea
pricelessvacations34
timesharepro1
vaca4life2
68gf429

The above were taken from a review of a number of pages of E-Bay timeshare auction pages to identify E-Bay sellers in the timeshare catagory.

 

[DeniseM]

rrlongwell - See post #2 - we are not referring to ebay resellers as "Viking Ships." In general, the Viking Ship companies have no intention of selling the timeshares they acquire on ebay - they abandon them - it's a completely different concept.

Use the search function and search TUG for "Viking Ship" and you will come up with the names of several companies who use this business model.

 

[rrlongwell]

rrlongwell - We are not referring to ebay resellers as "Viking Ships." In general, the Viking Ship companies have no intention of selling the timeshares they acquire on ebay - they abandon them - it's a completely different concept.

Use the search function and search TUG for "Viking Ship" and you will come up with the names of several companies who use this business model.

Thanks for the info.

 

[AwayWeGo]

The Vikings.

Click here for an illustration.

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

 

[ronparise]

Viking Ships and E-Bay come up every so often in various threads. I give up, which of the following use the Viking Ship Model, or do we take pot shots just for pot shot sake?

goodbuy_timeshare
itguy777
cmausa333
timeshare_resales
5-star-rentals
sumdayvacations
timesharefriend
vacationsalvation
thetimesharemart
laman34
qualityvacations
seans0302
tttimeshare
cybernaut303
tochoa25
snownsun4ever
vaca4life2
reagandrea
pricelessvacations34
timesharepro1
vaca4life2
68gf429

The above were taken from a review of a number of pages of E-Bay timeshare auction pages to identify E-Bay sellers in the timeshare catagory.

Let me save you a little work

laman34, qualityvacations, cybernaut303, pricelessvacations34 are all working for CJ timeshares

CJ and Sumday I dont think provide the inventory..I think these guys are the liquidators...they just sell the stuff for the relief companies..so taking shots at them probably wont be very effective if you really want to target the Viking Ship builders


timesharepro1, vaca4life2, snownsun4ever , tttimeshare are all associated with Donate for a Cause..

I dont know the others

 

[Ridewithme38]

Let me save you a little work

laman34, qualityvacations, cybernaut303, pricelessvacations34 are all working for CJ timeshares

CJ and Sumday I dont think provide the inventory..I think these guys are the liquidators...they just sell the stuff for the relief companies..so taking shots at them probably wont be very effective if you really want to target the Viking Ship builders


timesharepro1, vaca4life2, snownsun4ever , tttimeshare are all associated with Donate for a Cause..

I dont know the others

What happens to the weeks they can't sell on ebay?

 

[rrlongwell]

Let me save you a little work

laman34, qualityvacations, cybernaut303, pricelessvacations34 are all working for CJ timeshares

CJ and Sumday I dont think provide the inventory..I think these guys are the liquidators...they just sell the stuff for the relief companies..so taking shots at them probably wont be very effective if you really want to target the Viking Ship builders


timesharepro1, vaca4life2, snownsun4ever , tttimeshare are all associated with Donate for a Cause..

I dont know the others

Thanks for the info, it is always interesting to learn about the timeshare players.

 

[ronparise]

What happens to the weeks they can't sell on ebay?

The owners still own them,

 

[gnorth16]

I guess I'm part of the problem buy cherry picking the good weeks from these guys? Oh well!

 

[rrlongwell]

I guess I'm part of the problem buy cherry picking the good weeks from these guys? Oh well!

If you do not buy to default, no, you are one the good guys. I wish the market to pay to sell a timeshare did not exist because the service was not needed. However, all owners benifit to find people like you that will buy from this market.

Make Shift Definition of BAD GUY: Those who buy timeshares with the intent to take profits then default. For those people: They are coming to get you Ho Ho He He.

 

[rickandcindy23]

I guess I'm part of the problem buy cherry picking the good weeks from these guys? Oh well!

I do that too, but I also buy weeks that aren't so valuable to anyone but me. I think our ideas of value are different from another person's idea of value. I was the only bidder on my last five purchases, all of which I am pleased to own for much less than closing costs usually run.

There was one I bought for $921, closing costs and transfer fee included. But the resort transfer fee is $550. The closing company will have to pay that out of my $921. Then there are the closing costs that usually run $499 or so for Hawaii. I came out pretty well on that particular week.

I emailed Syed a while back and offered him $4,000, if he could find me what I just bought on eBay for $921. Glad he didn't have it for $4k. :rofl:

 

[kaio]

Let me save you a little work

timesharepro1, vaca4life2, snownsun4ever , tttimeshare are all associated with Donate for a Cause..

I dont know the others

Ron... Did you compose this list? and how? I don't believe it is accurate.

 

[AwayWeGo]

Anchors Aweigh !

What happens to the weeks they can't sell on ebay?

Click here for a clue.

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