Getting out of Marriott Timeshare

[FractionalTraveler]

Credit scores are used by the insurance companies as a risk score. They use this to determine the likelihood of someone filing a claim. The lower the score the more likely someone will file a claim or a small claim where someone with a high score is more likely just to pay cash instead of file a small claim. It has nothing to do with how the person pays the premium.

That's interesting. I have been using Liberty Mutual Insurance for my cars for years and have never been told that my credit was part of the formula used to determine my rates. I have always been told it was determined from my gender, age, location, type of car, driving record, and industry data regarding repairs on similar vehicles involved in accidents. I will definitely ask about this next time I'm up for renewal. Thanks.

The difference here is the cost of a home then and now. When my parents (only one generation before mine) bought their home, it cost less than $18,000. They are in their early 60s.That same home today is probably worth over $400K (not sure that incomes have gone up that much). So it isn't about being okay to borrower for a home, it is a necessity. Someone would have to go much of their life to save up enough cash to buy a home. Though people should be saving up larger down payments than many currently do today.

Don't disagree with the initial outlay but paying it back sooner rather than later is a definite plus.

I would rather see someone borrower to buy a car instead of lease. As leasing (unless for a tax write-off) is usually a worse financial move.

I agree.

This is definitely true of small end purchase, TVs, appliances, electronics, perhaps even cars. Not sure if a house is in that same category.

True but you can also purchase a home with other collateral that is not a loan product (i.e. Investments, Intellectual Property, Royalties, Trusts, etc.)

 

[channimal]

That's interesting. I have been using Liberty Mutual Insurance for my cars for years and have never been told that my credit was part of the formula used to determine my rates. I have always been told it was determined from my gender, age, location, type of car, driving record, and industry data regarding repairs on similar vehicles involved in accidents. I will definitely ask about this next time I'm up for renewal. Thanks.

If I'm not mistaken, some states have legislation preventing this. In NH, we have Liberty Mutual and they have it all over their paperwork when you first signup that they use SSN# and credit as a premium assignment criteria.

 

[FractionalTraveler]

If I'm not mistaken, some states have legislation preventing this. In NH, we have Liberty Mutual and they have it all over their paperwork when you first signup that they use SSN# and credit as a premium assignment criteria.

Good to know. Thanks!

 

[jtdillian]

Marriott will take it back

Call Marriott resale operations they will take it back.
You won't have to pay any cost.

 

[Ridewithme38]

Hi. I'm a new TUG user. I hope I'm posting this correctly. If not, please help teach me what to do!!

I'd like to get rid of my Marriott timeshare week which I've owned for many years. It's an undesirable season and the maintenance fees have just gotten too high.

My question: Rather than selling my week for $0, why can't I just stop paying the maintenance fees and let Marriott have it back? Does anyone know if Marriott will go after me legally? Once I buy the week, am I obligated to pay the maintenance fees each year even if I just don't want the week any more?

Thanks for the help!

Have you considered "Timeshare Refuge" We have a number of TUG users that have had Great success with them...here's just one of the threads

http://tugbbs.com/forums/showthread.php?t=170577

 

[dioxide45]

True but you can also purchase a home with other collateral that is not a loan product (i.e. Investments, Intellectual Property, Royalties, Trusts, etc.)

Not sure what you mean by this. Not sure that the average American has these readability available to them to purchase a home.

 

[FractionalTraveler]

Not sure what you mean by this. Not sure that the average American has these readability available to them to purchase a home.

What I mean by this is that there are plenty of ways to create wealth in this wonderful country without resorting to debt.

Debt may the easiest and most common way for the so called "Average American" but it doesn't mean there aren't other valid ways to accomplish the same thing without the liability.

There are many folks who have purchased a home by writing a book, creating a piece of software, developing a new method for extracting bio-fuel from a leaf, etc.

The creativity to monetize a particular business model is limitless.

Unfortunately, we are not programmed to think in this way. We are conditioned for instant gratification and debt as a way of living. But it doesn't have to be that way.