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Has anyone traded in a unit to Vidanta through TRM?

Discussion in 'Buying, Selling & Renting Timeshares' started by Moxie847, Feb 7, 2019.

  1. Moxie847

    Moxie847 Guest

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    Resorts Owned:
    Sheraton Bouganvilias and Grand Mayan
    In January 2019 I agreed to upgrade my studio unit at Grand Mayan to a one bedroom suite and used my Sheraton Bouganvilias as a trade in for $14,900 in credit. I also agreed to pay about $12,000 in cash. (Yes in retrospect, I probably overpaid.) I was told there would be a fee of $1,836 to transfer the title from Sheraton unit.

    A couple weeks later I got a call from Janice at TRM saying I have 2 options to complete the trade in process:
    1. Pay $1,836 and TRM takes my Sheraton unit and I have no further ownership or liability or
    2. Pay $4,800 to TRM and keep my Sheraton and they can help me market if it I sell want to sell it. If it sells, I keep the amount it sells for.

    My original goal was to get rid of the Sheraton because I must pay the maintenance fee and renovation fees whether or not I use it.

    Has anyone dealt with TRM? Are they a legitimate company? If I pay the transfer fee of $1,836, will I really be free from all liabilities to Sheraton?

    Thanks.
     
  2. theo

    theo TUG Review Crew: Veteran TUG Member

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    The risk with any and all of these (quite common) Mexican "trade-in" schemes is that you have no real leverage or certainty or enforceable guaranty that the (supposedly) "traded in" product will ever actually be taken out of your name, no matter how much you pay or to whom you pay it.

    This situation has great potential to ultimately leave you with two contractual obligations when all is said and done; you certainly wouldn't be the first to make that unfortunate discovery. They would of course love for you to willingly choose the option to just keep your "trade-in" --- after writing another check, of course.
     
    Last edited: Feb 8, 2019
  3. hurnik

    hurnik TUG Member

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    If you check over in the Mexico timeshare sub-forum on the TUG, you'll see that the trade in never gets sold. Apparently you're still on the hook for it, but you could either keep or sell it yourself. Although I'm not 100% sure if you have to contact Vidanta if you're gonna sell it so that they make note of it.

    But essentially almost everyone who's opted to sell/get rid of it, Vidanta doesn't "take back" the credit they gave you for it. Essentially you get to "double-dip" but that's because the price they charged was probably so inflated to begin with.
     
  4. Eric B

    Eric B TUG Member

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    I did a similar "trade in" - you also have option 3. Block the phone calls from TRM and tell Vidanta Member Services you have decided to keep the Buganvilias TS for sentimental reasons. I've met several people that have tried to get rid of other TS during a purchase w/Vidanta and wound up still having them years later, but not having the fee they paid to TRM. You're better off trying to sell or give away the Buganvilias contract yourself; it's a nice resort in a good location and I've seen a few that wound up getting a new home hear on TUG as well as a few sold on e-Bay.
     
    hurnik likes this.
  5. zendog500

    zendog500 Guest

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    Actually we were offered a credit of $175,000 toward Vidanta Grand Luxx unit for our 25,200 timeshare points and we were led to believe that the Hilton Grand Vacation Club (HGVC) would be buying back our timeshare, not that it would be placed on the open market. I asked, "Why would HGVC pay so much for our points when they could get them on ebay for one tenth that price?" The answer was that they would be making a great deal more reselling those points, they also do not want to participate in the secondary market and prefer the special relationship Vidanta has with them for buying points back. Timeshare Resale Market (TRM) was the company handling the transfer (to HGVC I thought) they gave two options 1) $995 fee to handle the sale (before reading TUGBBS...duh...which I thought was with HGVC) . In this option we would be said and done with the timeshare once sold and 2) $19,995 if we want to decide on each of the offers and could make money if it sold over our outstanding loan amount. I should mention that we were given a credit that exceeded the $995 fee. We were also told that in Florida where most timeshare companies like HGVC are headquartered, passed a regulation that does not limit the maintenance fee (MF) that a company can charge, it was a fixed cost of living living type of increase before this new reg modification. The reg also has a provision in the bill that is meant to make it harder for a timeshare buyer to get out of their contract for errors in the contract. Plus the reg does not allow you or your heirs to just walk from paying the maintenance fees. So even if your kids do not want the timeshare and just want to give it up for nothing when you pass they will be liable for the MF and will be sued for the MF. Google Florida HB 453 (Florida Vacation Plan and Timesharing Act) in the house, and SB 932 in the senate.
     

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