Before I sell, what information do I need?

[I_Hate_Timeshares]

Hello! Newbie here.
Glad that there are forums for these type of things because it's getting pretty complicated.

Few key things:

-Purchased Timeshare in [details removed] in March of 2009
-We paid approximately $1500 towards [the balance]. Rest is loan/mortgage I guess. We signed gazillions of papers
-Representative said we get 20,000 points for signing up, and 20,000 each year
-The company is RCI and we signed up via [the resort]
-Timeshare is owned by 2 people
-2 bedroom 2 bathroom

Now my question is:
I would like to sell/get rid of my timeshare (as you can see from my username, I was stupid enough to sign up for one when they did the infamous 90-minute sales pitch). I do not know anything about it other than the fact that I have 40,000 points (20,00 for signing up + 20,000 for this year)

Another thing I know is that my week is 50. It says so on the invoice that I received for this year's maintenance fee. However the representative at time of signing up said we get to choose when we want the vacation...not specific week.

Can you guys point me to the right direction as to how to sell it (not asking where to sell it) What do I write in the ebay/craigslist ad? I don't even have a username/password to enter to RCI's website to look at bookings. When I go there, it tells me if I want to log in with "Weeks" or "Points".

Thank you in advance

 

[Makai Guy]

Probably the best place to start is by reading the How to sell your timeshare "sticky" thread at the top of this forum.

The painful truth, however, is that you are extremely unlikely to be able to sell it for anywhere near what you still own on it.

Edit -- also, I expect you meant you purchased in March of 2008 ?

 

[I_Hate_Timeshares]

Makai, thanks for quick reply.
Thanks for removing the details, after I re-read it, it did look like an ad (didn't mean to)

Sorry for not reading the sticky, there is so many different type of forums, I totally missed it out because I wasn't looking in the right place (went to Florida section first)

The painful truth, however, is that you are extremely unlikely to be able to sell it for anywhere near what you still own on it.

Ouch. The less I will sell it for, the more I will bang up my heads against a concrete wall. Signing up for it was definitely one of the stupidest things I have done in 2008. Can't remember anything more stupid to top it off :hysterical: :rofl:

I read over the sticky. It looks like it's no easy task to sell it.
I wish I could just cancel my timeshare and lose the money I invested in it and take it as a lesson learned the hard way. With the economy going like this, the last thing on my mind is vacation.

P.S. if I choose not to pay anymore, will I have any problems with credit card if I am not citizen of US but of Canada?
I came to the point where I am no longer able to make monthly payments and increasing fees do not help at all, I would love to know if I can ditch out that way. I do know of them ruining your credit, but if I don't live in US or plan to ever live there, will I have to worry about credit score/courts?

P.S.#2:
if it says my week is 50, does it mean that I have no wait for December to actually use the timeshare? (well apart for trading it with someone who wants week 50 of course)

 

[aliikai2]

First of all, don't beat yourself up

most of us here bought our 1st timeshares retail during that 90 minutes to get the free luau or tour tickets

Then, you have no chance of finding a buyer to pay more the resale price of your points.

If it is Worldmark, you might get someone to assume your package, as long as the assumable balance is around 10K.( if it is more, you will need to pony up the difference at closing)

If it is RCI, if you pay it off you might be able to sell it for $500:annoyed:

If it is Diamond Resorts, if you pay it off you might be able to sell it for maybe $2k

If its Royal Holiday, you will need to learn how to use it, because 20,000 points you would need to pay them off, then pay the $500 transfer fee and closing costs to get someone to take them.

The best thing you can do now is to learn how to use what you purchased, you have already lost most of what you can lose, so you may as well enjoy the use you paid for,

imho,
Greg

 

[geekette]

You need to contact Owner Services of the resort/resort group and ask them for usage guidelines - does it float, can you do short stays, can you let friends use it, would that require a guest certificate, what fees, if any, are involved in making any reservation, or for putting someone else's name on it ...

in short, figure out what you own, then figure out how to make it work for you. If you can rent it out to make your maint fees plus some towards mortgage, do it. Selling is rough at any time, just doubly hard now.

Good luck!

 

[calgarygary]

I would first approach your resort to determine if there is any possibility that they will take back your timeshare. Although the odds of that happening are slim, it is worth at least asking. In that scenario, you will lose everything you have paid so far but will be out from future payments. Reading your posts, it would appear that suggestions how to utilize your ts may not be valid as it appears you can not afford the monthly payments. If that is truely the case then yes, they can reach across the border and damage your credit rating and possibly begin legal actions against you.