Exit Contract - Not Paid Off

[grace2018]

First post here--glad to find this resource. I'm looking for best advice on how to exit my Worldmark contract in which I still owe for the loan.

It was really a high pressure purchase at the time I bought back in 2018. Got some good trips over the years, but not enough usage to justify being locked into maintenance fees for life. I'm looking for a hassle free out.

Ownership: 8,000 credits with RCI exchange

Called the exit line today -- because I owe, they informed me that there is no exit option other than resale.

My current thoughts on next steps:
1) use one of their 3 recommended resale companies -- I have no recent experience with timeshare brokers. How long could this process take/likelihood of sale? How much to budget for fees attached?
2) I've read folks defaulting on the loan/going into foreclosure -- is this too risky if I just stop payment? My father (tax preparer) said my credit would take a hit but the money owed would be claimed as income in the next year.

Thanks for any insights!

 

[dioxide45]

Unless you can sell it for more than you owe on it, then you can't sell it.

 

[rickandcindy23]

Worldmark has almost no resale value. When I bought resale, it was about .40 per credit, now people are saying it's down to about .10 per credit. So your timeshare is not worth as much as you owe. I am so sorry that you are unhappy with WorldMark. The only way to get value out of a timeshare is to use it. We bought our first two direct, and we still own at those resorts today. That was 40+ years ago.

Why do you want to get rid of your WorldMark? You can always buy additional points resale, if you figure out how to use them.

There is no "hassle-free out."

 

[geist1223]

In that you still owe on the Original Contract you can not get out of it except by Default.

 

[rickandcindy23]

I always think of buying resale to add to my developer purchases as a "revenge purchase." WorldMark credits are dirt cheap, so buy some on ebay and rent for a few years until your developer purchase is paid off.

If you took on 30,000 points, you could book some reservations for rental purposes and help defray your costs on owning.