getting rid of vidanta

[Ron89122]

we got vidanta a few months ago and just cant handle the payments.. I heard in mexico its a RTU... what would happen if I just stopped paying

 

[tschwa2]

I think the RTU is separate from the loan. The RTU would help if it were paid off and you didn't want to pay any more ongoing fees. The loan being from Mexico is what may save you from credit repercussions in the US or Canada.

 

[VacationForever]

I don't believe they can do anything to you if you were to walk away.

 

[pittle]

You did not give us much information. I see from another post that you owe $23,000, so it seems to be week to use each year for 10 years and you have just over 4 years in payments to make.

The money you paid up front and financed is a totally different deal than RTU - it was the amount you paid to be a member/owner. A Right To Use Contract means that you have the Right To Use a week upon paying your MF. The MF are what you pay each year to actually get to use the unit once you have become a member/owner.

So......
You can stop making payments. You will probably get many calls and letters. It could be a hit on your credit report. Any money you paid upfront will not be refunded. If you go this route, be sure to cancel the Credit Card that you used for the deposit so that they do not use it again.

You would not be able to sell it until it is paid for, so selling is not an option. Besides the transfer fees in the contracts make it impossible to sell. That would be on top of what you owe. (Most likely 10 times the MF.)

Do not use a company that promises to sell your timeshare - that will be another $3000 or so and they will not sell it. These are iffy at best and when you still owe $23,000 + 10x MF it is not going to happen.

 

[Ron89122]

You did not give us much information. I see from another post that you owe $23,000, so it seems to be week to use each year for 10 years and you have just over 4 years in payments to make.

The money you paid up front and financed is a totally different deal than RTU - it was the amount you paid to be a member/owner. A Right To Use Contract means that you have the Right To Use a week upon paying your MF. The MF are what you pay each year to actually get to use the unit once you have become a member/owner.

So......
You can stop making payments. You will probably get many calls and letters. It could be a hit on your credit report. Any money you paid upfront will not be refunded. If you go this route, be sure to cancel the Credit Card that you used for the deposit so that they do not use it again.

You would not be able to sell it until it is paid for, so selling is not an option. Besides the transfer fees in the contracts make it impossible to sell. That would be on top of what you owe. (Most likely 10 times the MF.)

Do not use a company that promises to sell your timeshare - that will be another $3000 or so and they will not sell it. These are iffy at best and when you still owe $23,000 + 10x MF it is not going to happen.

yes we still owe 23,000 at 450 a month for 5 years.. but even paying that if we want to stay there its still another 1000 a week.. vidanta is a absolutely beautiful property but for what we pay a month we could save 5500 a year and go where ever we want

 

[pittle]

yes we still owe 23,000 at 450 a month for 5 years.. but even paying that if we want to stay there its still another 1000 a week.. vidanta is a absolutely beautiful property but for what we pay a month we could save 5500 a year and go where ever we want

Yes - we have become advocates of VRBO now that we do not have as many timeshares. We have rented a beachfront condo in PV for one week this November for $1300 for a week. If we like it we may go back there, but there were more to choose from all over the world, so we are going to try that rather than buying more timeshares.

So, I guess your option is to take a chance on it not hurting your credit report too much. Do you pay Vidanta or a credit card that they gave you? If they set you up with a cc, it would be more difficult. The cc would have already paid Vidanta and would contact collection agencies.

You could call Customer Service at Vidanta and see if you can get out of it.

 

[kastis]

During our presentation sales guy told they would not harass us with collections, after couple payments missed they would warn us and then would cancel membership

 

[TheTimeTraveler]

During our presentation sales guy told they would not harass us with collections, after couple payments missed they would warn us and then would cancel membership

..... and how much money did you have to put down?



.

 

[kastis]

We ended up rescinding contract next day, just quoting what was said in presentation.