I am retired and on a fixed income. I signed a contract with Capital Vacations in 2024 for a points based timeshare. Paid in full for the package so there is no loan to pay off and I have been paying the monthly maintenance fees. I have only used the program for one 3 night stay so far. One of their staff recently showed me how much the monthly dues will increase over the next few years and it will exceed our finances ($5000) and in a few more years, would completely wipe out my retirement portfolio, I would have no money at all.
Friends have said "just don't pay". But if my understanding is correct, Capital Vacations will turn me over to a collection agency, they will destroy my credit, put a judgement lien on my home, file foreclosure on my home, so I'll lose my house, and they literally can seize my bank account. They only thing they are exempt from taking is $60K for housing, allow me $3500 in car value and $5000 in belongings for clothes, furnishing, etc. This is ridiculous! I would be completely broke, effectively homeless and very little belongings. I've read they can even get our social security money once it is deposited in the bank. So they would effectively take all the money. Have they actually done this to people? If so, they are the worst people in the world. Does this really happen? Are they destroying the lives of many people? How can this be allowed? If this is really going on, how come there has never been a class action lawsuit against them?
So need to get out of the program someway, I don't want the above consequences. Multiple people at Capital described both a Graceful Exit and Deed Buy Back option. It involved a $500 fee plus the next 2 years in maintenance fees. I'm willing to pay that cost to get out of this life destroying burden. Others have posted this program exists. But one posted that Capital became unresponsive and they presumably never got out of the program. I want to know if this program is real, do real customers successfully get out of the program, etc. Or is this official exit process just a sham, a lie told to customers before they sign up for the program. It seems very wrong that there is no way to ever get out of the program, even passing to heirs upon your death, with maintenance fees doubling every year. Who wants to pay over $100K a month so that they can use a small number of points to go on one week vacation a year. Do they really expect to eventually charge people literally millions of dollars per month??? This is corrupt and criminal in my mind. Is this doom and gloom picture the reality of the situation? I feel a made a major mistake, I just want to know what process and cost it will take to get me out of this contract.
Friends have said "just don't pay". But if my understanding is correct, Capital Vacations will turn me over to a collection agency, they will destroy my credit, put a judgement lien on my home, file foreclosure on my home, so I'll lose my house, and they literally can seize my bank account. They only thing they are exempt from taking is $60K for housing, allow me $3500 in car value and $5000 in belongings for clothes, furnishing, etc. This is ridiculous! I would be completely broke, effectively homeless and very little belongings. I've read they can even get our social security money once it is deposited in the bank. So they would effectively take all the money. Have they actually done this to people? If so, they are the worst people in the world. Does this really happen? Are they destroying the lives of many people? How can this be allowed? If this is really going on, how come there has never been a class action lawsuit against them?
So need to get out of the program someway, I don't want the above consequences. Multiple people at Capital described both a Graceful Exit and Deed Buy Back option. It involved a $500 fee plus the next 2 years in maintenance fees. I'm willing to pay that cost to get out of this life destroying burden. Others have posted this program exists. But one posted that Capital became unresponsive and they presumably never got out of the program. I want to know if this program is real, do real customers successfully get out of the program, etc. Or is this official exit process just a sham, a lie told to customers before they sign up for the program. It seems very wrong that there is no way to ever get out of the program, even passing to heirs upon your death, with maintenance fees doubling every year. Who wants to pay over $100K a month so that they can use a small number of points to go on one week vacation a year. Do they really expect to eventually charge people literally millions of dollars per month??? This is corrupt and criminal in my mind. Is this doom and gloom picture the reality of the situation? I feel a made a major mistake, I just want to know what process and cost it will take to get me out of this contract.