owe on it?
In that case, you have some difficult choices. The finance company and/or resort management won't simply cancel the contract. You had 5-7 days after you bought to do that without penalty. After that, you are committed.
You can simply stop paying. That will surely result in a black mark on your credit, and a hit on your credit score. We can't know how serious it can be, but may result in not being able to make major purchases, higher interest rates, inability to get employment in certain industries. This can last 7 years after the foreclosure, and THAT may be years down the road.
OR, you might consider paying it off, using it. Or renting the week(s) you own to reduce your cost. You will not get enough in rent to completely pay your loan payment and maintenance fees, but you can apply what you get toward those.
OR, when you bought the timeshare, you saw value to your family in owning it, providing memorable vacations for your family. Many, many TUGgers bought from the developer just like you did. Almost half, in fact. They soon found TUG, realized that timeshares have little to no resale value, and persevered to pay them off, use them the way they intended. Most of us added more weeks at resale- some for free- some folks have even been paid to take them- thereby reducing the per-week cost. We treat timeshare as a hobby. It can get a bit addictive, because they are so easy to buy, and so fun to use.
Good luck with your decision. It isn't an easy one, and doing nothing has serious consequences.
Jim
