El Cid Vacation clubs

[krs1055]

Long story short..... Went to Cancun, got hooked into a timeshare presentatel ion, they fed us copious amounts of margaritas.. purchased a membership to their vacation club.

1. $4000 cash down
2. $524 a month for over a year now
3. + maintenance fees

Went back once for our complimentary trip and seen the writing on the walls with lie after lie . If i was to keep paying this out for 20 years, it would cost over $65k for a vacation we can take cheaper off expedia. I am fixing to pull the plug on them but wanted to bounce ideas off some of you.
There is no deed , just a payment every month for points. So if I quit paying them, I see nothing they could come after me for, just cancel the membership ..right?
There is no record on my credit report for any of this, never gave them any SSN, just drunk signed a contract, to pay for vacation usage.

 

[geist1223]

Just stop paying and ignore any calls, emails, or snail mails. Paid Money down the drain.

 

[krs1055]

Just stop paying and ignore any calls, emails, or snail mails. Paid Money down the drain.

 

[krs1055]

totally agree, bad investment, lost my tail!! Just hoping to get insight on any ramifications of cutting ties on this

 

[krs1055]

Just stop paying and ignore any calls, emails, or snail mails. Paid Money down the drain.

totally agree, bad investment, lost my tail!! Just hoping to get insight on any ramifications of cutting ties on this

 

[WorldT]

No ramifications. Just stop paying. Put a block so they cannot charge your account again.
THE END.

They may call, threaten and all of that. Just ignore them.

 

[C. Evans]

Long story short..... Went to Cancun, got hooked into a timeshare presentatel ion, they fed us copious amounts of margaritas.. purchased a membership to their vacation club.

1. $4000 cash down
2. $524 a month for over a year now
3. + maintenance fees

Went back once for our complimentary trip and seen the writing on the walls with lie after lie . If i was to keep paying this out for 20 years, it would cost over $65k for a vacation we can take cheaper off expedia. I am fixing to pull the plug on them but wanted to bounce ideas off some of you.
There is no deed , just a payment every month for points. So if I quit paying them, I see nothing they could come after me for, just cancel the membership ..right?
There is no record on my credit report for any of this, never gave them any SSN, just drunk signed a contract, to pay for vacation usage.

Was there any update on this? I've been curious if their policies have changed. Ours is fully paid and I would love to simply stop paying the maintenance fee, but I tried that a few years ago and it became a credit collections issue + the knowledge that the collection account may be a permanent lifetime condition (new charges every year, re-setting the 7 year clock back to 0).

 

[easyrider]

totally agree, bad investment, lost my tail!! Just hoping to get insight on any ramifications of cutting ties on this

If the payment is to an American line of credit like Wyndham or Barclay the credit issued can go after you. If it's a Mexican line of credit you are probably good to walk away with little to no consequence.

Bill

 

[C. Evans]

If the payment is to an American line of credit like Wyndham or Barclay the credit issued can go after you. If it's a Mexican line of credit you are probably good to walk away with little to no consequence.

Bill

I know that El Cid works with an american company, Monterrey Financial, to create collection accounts for MFs alone (not even a loan, just the annual fees of a fully paid member trying to flee), so my best guess is that they'll come after this owner unless they've mercifully changed their policies. That would be so nice! Hopefully we'll get an update.