30-something timeshare owner - MAJOR regrets

[SaltyDog33]

Hi, TUG! Recent follower, first-time poster. I've really admired the wonderful community and advice I see here, especially the "we don't blast" policy - which I'm going to lead with, because I feel very much like an idiot, and I'm hoping I won't be treated as such (i.e., please be gentle with me. I've learned my lesson already).

Short story: I'm a 30-something timeshare owner at Silver Lake Resort in Kissimmee, FL. I've owned since early March 2020. And I massively regret ever buying a timeshare.

Long story: In late 2019, I won a not-quite-free (Red Flag #1) vacation to Silver Lake Resort in a giveaway at a convention. My sister-in-law and I decided to use the steeply discounted stay to go to Disney to celebrate her birthday in March 2020. Our unit was wonderful, the resort was cute and clean, and its proximity to Disney made for a great time. We got roped into the not-quite-obligatory (Red Flag #2) sales pitch and were summarily dazzled - mostly by the RCI exchange and the idea that I'd be able to leverage my points to do more traveling. My sister-in-law, who works in real estate and whose judgment I trust, thought it was a great idea with my lifestyle and future plans. So, I signed the papers. I wouldn't have done it if it was anyone else sitting next to me. I became a timeshare owner in early March 2020. Yep, I bought my timeshare just a week before the state of emergency was declared, COVID snapped the world shut, and travel was put on hold for 3 years.

I really valued travel before COVID; I imagined taking my nephew and niece to Disney, visiting family overseas, treating my aging parents to long weekends away, vacationing with my girlfriends in cool spots, and staying somewhere quiet, clean, and friendly with my special-needs sister as we get older together. It made perfect sense at the time.

Alas, it's turned into the greatest financial regret of my life.

First, there was not being able to take advantage of the benefits during COVID (though, I'm thankful I was able to bank so many of those points with RCI instead), and now there's all this drama with Capital Vacations taking over SLR, giving owners the runaround and generally running SLR into the ground. RCI has proved a challenge to use, with there not being a lot of exchange availability (unless you can plan 2 years ahead), and with so many resorts ("Exchange Plus") charging an exorbitant exchange fee.

I have another ~6 years of payments on this thing, with the total paid ending up double the value of the timeshare.

If I can offer any advice: you're on the fence about getting a timeshare, DON'T DO IT.

If I can solicit any advice: well, I'll take any advice this community deems appropriate to give.

• I know I can't relinquish anything until it's paid off. Is it possible to refinance, or pay the balance? I don't like the idea of being strapped in to a sinking ship with what Capital Vacations seems to be plotting for SLR owners...
• Defaulting isn't an option at my age. My credit is excellent, and with a lot of life ahead of me, I want it to stay that way.
• Any exchange tips and tricks? RCI isn't offering the kind of flexibility where I feel I can really take advantage of my points, and with what I'm hearing from folks at SLR, they're not exactly in a rush to stay there, either...
• How do I make my peace with this massive mistake?

With much gratitude,

A Salty New Englander

 

[amycurl]

I'm sorry that you've regretted that decision! I'm not the expert on SL, RCI, or Capital Vacations, so I'll let others weigh in on that. As to paying it off, depending on how much you owe, would you be able to move the balance to a credit card with a 0% promo rate and pay it off before the time expires? That can be a successful strategy, if you're faithful about paying it off before the rate increases. Just my two cents.

At the end of the day, the value you saw is still there. Using how to put in an ongoing-search (OGS) with RCI and maximizing your ability to get what you want as a trade will probably help you realize that value more quickly.

 

[sue1947]

Pay it off and minimize the total cost. Then learn to use it.

RCI has proved a challenge to use, with there not being a lot of exchange availability (unless you can plan 2 years ahead), and with so many resorts ("Exchange Plus") charging an exorbitant exchange fee.

You need to reset your mindset. To get the most out of your investment, you need to plan 1-2 years out. You have a low value trader so you need to maximize any advantage. You are competing with lots of people for the places you want to go, but who have better traders than you. You need to get in line for those weeks as early as possible. Expand your options to include as wide a net as possible. Some of my best exchanges have been places I didn't expect to enjoy but was making the best out of a bad situation; i.e. low trade value. There is always something to explore in the area.
The best value is to use what you have; book time at your resort or others in the system. That will avoid RCI's ever increasing fees. Again, open your mind to alternatives. At the very least, you will have a comfortable condo to spend some time to relax and explore the surrounding area.
Check if your resort exchanges through some of the smaller exchange companies. All of this takes advance planning and research to see all of your options.

If I can offer any advice: you're on the fence about getting a timeshare, DON'T DO IT.

Timeshares offer larger and more comfortable and can be a LOT cheaper than motels. If I had to stay in motels, I wouldn't travel nearly as much as I have. The key is to buy resale and, most importantly, be able and willing to plan a year + out. That latter is the key indicator of a good candidate for timeshare ownership. For use within your system, that means knowing when the booking windows open,, what is in high demand, and making that reservation as soon as possible; better to reserve and cancel than to wait. For exchanges, put in an ongoing search as early as possible with as wide a net as possible and then refine as time goes by.

 

[rickandcindy23]

Many of us bought from the developer during a high-pressure sales' pitch, us included. We bought two weeks and regretted one immediately but it was a long time ago, so no way to know how to rescind (early 1980's). The resort said we couldn't rescind, there was no such thing. Forward to today, we still own there, but we own a better week.

Learn to use it. Scour the RCI website constantly. Look for those 7,500 point exchanges. I just saw one this morning that tempted me, and it was a 2 bedroom in Frisco, CO, our home resort, starting Friday after Thanksgiving. I was tempted, believe me. Colorado is so pretty right now.

There are some bargains in RCI. I have a plan to get out of RCI with most of my weeks. RCI Points is a bit better. Watch for discounted exchange fees, too.

 

[Wingo99]

Very good post, and was in your shoes on a trip to Florida and ended up signing with bluegreen. Thankful I found this site and was able to successfully rescind it. I am not against timeshares really, but way better to go resale, something I may do when I am able to travel more. Or better yet, just rent the weeks from owners without an annual obligation to pay fees.

 

[bnoble]

How do I make my peace with this massive mistake?

Go on vacation.

Really, that's it. Go on vacation. Go somewhere. Anywhere. Have fun! In the meantime, hang around TUG and we will help you get the most out of your timeshare buck. Yes, you spent more than you needed to, but that doesn't mean you can't enjoy it.

 

[CalGalTraveler]

Welcome to TUG. We understand your regrets. We bought our first TS retail. Yes it stings but you bought it for a reason and it sounds like it won't kill you financially. 50% of TUG owners have bought at least one deed retail.

What was shared above by other posters is good advice.

The other option is to look into renting out the weekly unit until you have paid off your loan. Use other people's money (OPM) to mitigate your financial spend. Once it is paid off you can assess your next steps to keep and use or give it away.

They didn't run off with your money - you can still stay at timeshares and have nice vacations. You just paid more than others via retail. Welcome to the club. I don't know anything about your resort, MF, renting your VOI, or trading. but some resorts can also trade into SFX and Interval International. Check into it.

 

[ScoopKona]

The other option is to look into renting out the weekly unit until you have paid off your loan.

Unfortunately, rent would probably be insufficient to cover the maintenance fee.

OP -- Six years of payments. If that number is too much for you, you can simply stop paying; take the credit hit; and let them foreclose. You can see if they'll take the deed back. But the answer to that is probably "no." Those are your only two options if you want to simply be rid of it. Those are probably your only two options to be rid of it even after it's paid off. So if you think you want out, ripping the bandage off is best done sooner than later. There are hundreds of posts from people who have done this -- you can probably find one from someone who walked away from your very resort.

Or as people already said, you can make the best of it and learn to use what you own.

 

[CalGalTraveler]

Here is what rentals look like on Redweek for Silver Lake. Not sure what you own but if you can average $90/night for a 2 bdrm that would net you $630. If your MF is $1000 you lose $370/year or $2200 - $2500 over 6 years depending on your interest rate. Not as bad as $6000 + interest you would lose if you didn't use it. Or you can use it and then dispose when paid off.

 

[kupool]

Welcome to TUG. We understand your regrets. We bought our first TS retail. Yes it stings but you bought it for a reason and it sounds like it won't kill you financially. 50% of TUG owners have bought at least one deed retail.

What was shared above by other posters is good advice.

The other option is to look into renting out the weekly unit until you have paid off your loan. Use other people's money (OPM) to mitigate your financial spend. Once it is paid off you can assess your next steps to keep and use or give it away.

They didn't run off with your money - you can still stay at timeshares and have nice vacations. You just paid more than others via retail. Welcome to the club. I don't know anything about your resort, MF, renting your VOI, or trading. but some resorts can also trade into SFX and Interval International. Check into it.

Solid advice. I purchased retail 2.5 decades ago and outside of a shot to the ego for the decision, I've totally enjoyed my timesharing experience.

Salty - don't be too hard on yourself. If you can afford it, keep it and enjoy it. Welcome to Tug!

 

[pedro47]

Learn how to use your timeshare to your advantage.
Rent it out to pay for your maintenance fees costs .

If you own a high volume week liked a spring break week, Fourth of July, a Christmas or Thanksgiving week or any other major holiday week . You can rent that week.
Renting that week will pay for your maintenance fees and you may make a small profit.

 

[ScoopKona]

Renting that week will pay for your maintenance fees and you may make a small profit.

It's a Orlando week. There are dozens of weeks at this resort being given away right now -- with no takers.

We don't know what OP wants to do moving forward -- like most other topics here it's going to take three pages of replies before that comes out. I'm willing to bet that OP would very likely want to be rid of this albatross in the least-expensive and fastest way possible. He's three-years in on a 10-year loan. If he wants out -- now is the time to cut-and-run.

 

[1Melanie]

Hi, TUG! Recent follower, first-time poster. I've really admired the wonderful community and advice I see here, especially the "we don't blast" policy - which I'm going to lead with, because I feel very much like an idiot, and I'm hoping I won't be treated as such (i.e., please be gentle with me. I've learned my lesson already).

Short story: I'm a 30-something timeshare owner at Silver Lake Resort in Kissimmee, FL. I've owned since early March 2020. And I massively regret ever buying a timeshare.

Long story: In late 2019, I won a not-quite-free (Red Flag #1) vacation to Silver Lake Resort in a giveaway at a convention. My sister-in-law and I decided to use the steeply discounted stay to go to Disney to celebrate her birthday in March 2020. Our unit was wonderful, the resort was cute and clean, and its proximity to Disney made for a great time. We got roped into the not-quite-obligatory (Red Flag #2) sales pitch and were summarily dazzled - mostly by the RCI exchange and the idea that I'd be able to leverage my points to do more traveling. My sister-in-law, who works in real estate and whose judgment I trust, thought it was a great idea with my lifestyle and future plans. So, I signed the papers. I wouldn't have done it if it was anyone else sitting next to me. I became a timeshare owner in early March 2020. Yep, I bought my timeshare just a week before the state of emergency was declared, COVID snapped the world shut, and travel was put on hold for 3 years.

I really valued travel before COVID; I imagined taking my nephew and niece to Disney, visiting family overseas, treating my aging parents to long weekends away, vacationing with my girlfriends in cool spots, and staying somewhere quiet, clean, and friendly with my special-needs sister as we get older together. It made perfect sense at the time.

Alas, it's turned into the greatest financial regret of my life.

First, there was not being able to take advantage of the benefits during COVID (though, I'm thankful I was able to bank so many of those points with RCI instead), and now there's all this drama with Capital Vacations taking over SLR, giving owners the runaround and generally running SLR into the ground. RCI has proved a challenge to use, with there not being a lot of exchange availability (unless you can plan 2 years ahead), and with so many resorts ("Exchange Plus") charging an exorbitant exchange fee.

I have another ~6 years of payments on this thing, with the total paid ending up double the value of the timeshare.

If I can offer any advice: you're on the fence about getting a timeshare, DON'T DO IT.

If I can solicit any advice: well, I'll take any advice this community deems appropriate to give.

• I know I can't relinquish anything until it's paid off. Is it possible to refinance, or pay the balance? I don't like the idea of being strapped in to a sinking ship with what Capital Vacations seems to be plotting for SLR owners...
• Defaulting isn't an option at my age. My credit is excellent, and with a lot of life ahead of me, I want it to stay that way.
• Any exchange tips and tricks? RCI isn't offering the kind of flexibility where I feel I can really take advantage of my points, and with what I'm hearing from folks at SLR, they're not exactly in a rush to stay there, either...
• How do I make my peace with this massive mistake?

With much gratitude,

A Salty New Englander

We bought Vacation Break, which became Fairfield, which became Wyndham when we were in our 30s as well. For references we’re in our 60s now. It seemed expensive at the time but, as with any real estate, it only gets more expensive. We bought because we are a pair of type A personalities that only knew work, work and more work. We knew if we didn’t take at least one real vacation a year, we would burn ourselves out. This pretty much forced us to take a vacation. We have since enjoyed many vacations and have created many memories for our children and now grandchildren. Because it is fairly economical and much more luxurious than any hotel could ever be, we have absolutely no regrets. We even bought more and more and more. Our children will be the beneficiaries when we can no longer use it. Think long term…. Once you really get into making vacations a part of your life, you’ll have no regrets. Enjoy!

 

[Patri]

Our children will be the beneficiaries when we can no longer use it. Think long term…. Once you really get into making vacations a part of your life, you’ll have no regrets. Enjoy!

Have you talked to your children about this? If they want them, fine. Too many threads of heirs clueless about ts and not wanting the burden. They do not fit everyone's lifestyle.

 

[LannyPC]

If I can offer any advice: you're on the fence about getting a timeshare, DON'T DO IT.

I wouldn't just categorically say, "Don't buy a timeshare!" As others have pointed out, many are happy owning one. The conventional advice and wisdom here on TUG would be to buy resale instead of at one of those dreaded presentations and do your research before buying one or even acquiring one for free.

 

[LannyPC]

If I can solicit any advice: well, I'll take any advice this community deems appropriate to give.

• I know I can't relinquish anything until it's paid off. Is it possible to refinance, or pay the balance?

As others have said, see if you can get some other loan or line of credit to pay off what you currently owe the lender. Then, in the eyes of the resort's Homeowners' Association (HOA), it's paid off. Then, you can negotiate with the HOA about taking the TS back. Or, you can list it in TUGs Free Timeshares section that you want to give it away.

But whatever you do, do not go seeking the services or "help" of these companies, law firms, or charities that claim they can get you out of this predicament. They might have comforting-sounding words in their names such as exit, cancel, relief, or solutions, but these are almost always scams.

 

[rickandcindy23]

With Wyndham not allowing rentals of prime season reservations, you might find it easier to rent than you might think. Lots of people are looking for stays in the Orlando area and are leery of Airbnb rentals. I would still just enjoy it and pay for it and look back on it as a learning experience.

 

[montygz]

The reasons you bought the timeshare are still valid. You can extract value out of it if you learn to use it.

Learn to use RCI. I don't plan 1-2 years ahead and have got many, many great trades. If had more vacation time I could have gotten a lot more.

You just need to look and know what to look for. You need to be able to act when you see something good. Be flexible. Make your vacations work for timesharing. Target areas with more timeshare resorts. Take off a week at a time.

Timesharing does require some work and learning to get value out of it but you can do it.

 

[1Melanie]

Have you talked to your children about this? If they want them, fine. Too many threads of heirs clueless about ts and not wanting the burden. They do not fit everyone's lifestyle.

Of course. They are delighted and already have a plan to take care of MF. They have been to many vacations with us as well as presentations and understand the value of what they are receiving. PR has sufficient points and benefits for both of them to enjoy many vacations for years to come.