Having second thoughts (new owner)

[Tuurijuoppo]

Hi everyone

We recently (16th of April) purchased a two bedroom, 6 weeks timeshare at Grandview Las Vegas from RCI for about 25k$. The more I read the more I realize that we probably have made a quite costly mistake.

The rescinding period is unfortunately now over and I'm wondering what are my options to get rid of the timeshare. Anyone have tips? Or should I just get in contact with my lawyer.

Thanks for your help

Sidenote: We haven't paid the full price yet only the deposit which was 1k$ if that matters anything.

 

[vckempson]

If you signed a mortgage, there's nothing you can do till the mortgage is paid off. Even then, it's hard enough to just give away these things for free.

That doesn't mean it was a waste. Stick around and learn how to make the most of what you have. Many here paid full freight and still manage use it and enjoy it.

P.S. I see you're in Switzerland. If that's accurate, I'm might consider just walking away the whole thing. They're not going to chase you down across the ocean for it. They'd just forclose on it.

 

[Tuurijuoppo]

Yeah thought about just canceling the deposit (was made with creditcard) and writing them that I feel scammed and don't want it anymore.

Yes I live in Switzerland just came back from the states. Still trying to recover from the jetlag :zzz:

I'll ask my lawyer for a suggestion.

Thanks for your help

 

[theo]

My $0.02 worth...

Hi everyone

We recently (16th of April) purchased a two bedroom, 6 weeks timeshare at Grandview Las Vegas from RCI for about 25k$. The more I read the more I realize that we probably have made a quite costly mistake.

The rescinding period is unfortunately now over and I'm wondering what are my options to get rid of the timeshare. Anyone have tips? Or should I just get in contact with my lawyer.

Thanks for your help

Sidenote: We haven't paid the full price yet only the deposit which was 1k$ if that matters anything.

In my opinion, with the rescission time period provided by applicable law now clearly in the rear view mirror, you are now a contractually-obligated timeshare owner.

That being said, if you are indeed residing in Switzerland, you might be able to persuade the developer to voluntarily cancel the contract, but I have my doubts. The one small bit of leverage that you have if you are indeed located in Switzerland is that the inevitable collection efforts and foreclosure proceedings if you make no further payment may be of little consequence or concern to you. You might be well served to point that fact out to the developer if / when you clearly inform them that you do not intend to pay anything further.

P.S. Just cancelling the credit card deposit really has no legal bearing or impact whatsoever upon the executed contract which bears your voluntary signature, so please don't think that taking that one step alone is actually your easy or permanent way "out". You really still need to (and you definitely should) specifically address and deal with the signed contract itself --- one way or another.

 

[timeos2]

Of course you must do what you are most comfortable with. But remember why you felt this was a good deal and signed up. Before you knew that the same product was available for much less from other sources.

IF the idea of vacationing in nicer condominium type resorts rather than motel rooms appeals to you and you can afford the payments your best way "out" may be to use what you bought. As mentioned you cannot even give it away until it is paid off so why not try using it as best you can. You never know - maybe it will be a great way for you to travel and you'll find value there after all.

These ownerships do have value. They may be an even better value at resale but there are thousands of retail buyers that enjoy their purchase. You may turn out to be one of those. Good luck whatever you may decide is best. And learn here at TUG how to get the most out of every timeshare no matter how it was purchased.

 

[Passepartout]

Unfortunately, the time for cold feet was last week. It is quite likely that you are a timeshare owner now. Congratulations, and Welcome to TUG. Many TUG members have bought from the developers and come to their senses later. The reasons they bought are still valid, even though they, like you, overpaid.

Those contracts like you signed are pretty much ironclad, and VERY difficult to undo after the legally required rescission, or cooling-off, period has expired.

Until you find someone to sell your timeshare to, or give it away, you are likely on the hook for the mortgage and maintenance payments. Unfortunately, they are almost impossible to sell while a mortgage still exists.

It's likely that the best way to get value from your purchase it to use it. Hang around TUG, and read all you can about exchanging, and if your TS is in points, learn about RCI Points (many Grandview sales are) and learn about renting your week(s) to help you pay those fees. That may easier said than done, because Grandview is frequently available as deeply discounted 'Last Call' rentals.

All the Best, and again, Welcome to TUG

Jim

 

[bogey21]

If I lived in Switzerland and was staring at a relatively worthless $25k obligation, I would call the developer and tell them I wasn't going to pay and that it would be in their best interest to cancel the deal and keep my $1,000 for their trouble.

George

 

[LannyPC]

Another warning usually given to people in your shoes who have recently passed the rescission period, have buyer's remorse, and are somewhat at a loss as to what to do is to watch out for the buzzards who will come swooping down on you with phone calls or e-mails claiming they can get you out of your timeshare, the mortgage, and/or the accompanying maintenance fees --- if you pay them a hefty upfront fee. Those are scams.

You might also see them in Google ads on timeshare-related websites. It may be tempting to click on them but I would stay away from them

 

[tashamen]

I don't have anything to contribute to this specific discussion, but just wanted to say to OP tervetuloa! Olitko juonut liikaa silloin kun ostit?

 

[Fred Friendly]

Another possible fatal judgemental error....

Hi everyone

We recently (16th of April) purchased a two bedroom, 6 weeks timeshare at Grandview Las Vegas from RCI for about 25k$. The more I read the more I realize that we probably have made a quite costly mistake.

The rescinding period is unfortunately now over and I'm wondering what are my options to get rid of the timeshare. Anyone have tips? Or should I just get in contact with my lawyer.

Thanks for your help

Sidenote: We haven't paid the full price yet only the deposit which was 1k$ if that matters anything.

We also just recently purchased a 'small' share (minimum the sales people could 'obtain' for us with very poor credit--entailed borrowing the down payment (knew better !)
My wife stopped payment on contract, which will put us in default soon. We R both 72 yrs old have had bankruptcy involved (both), have bad credit rating, minimum savings, some poor health and--Just Hang On - Best we can..
So why at this point hang onto payments--(Had thought of borrowing against savings !?) --believe our best solution is to inform them that they have $1800 for their trouble->Pls take the $ and run and GoWay n leave us alone !!-----Wishful Thinking !?!?

 

[timeos2]

We also just recently purchased a 'small' share (minimum the sales people could 'obtain' for us with very poor credit--entailed borrowing the down payment (knew better !)
My wife stopped payment on contract, which will put us in default soon. We R both 72 yrs old have had bankruptcy involved (both), have bad credit rating, minimum savings, some poor health and--Just Hang On - Best we can..
So why at this point hang onto payments--(Had thought of borrowing against savings !?) --believe our best solution is to inform them that they have $1800 for their trouble->Pls take the $ and run and GoWay n leave us alone !!-----Wishful Thinking !?!?

No. You know the options and are picking the best for yourself. Let them have the $1800 - pay no more - and move on. They can't hurt your credit much now it seems. Good luck to you.

 

[Fred Friendly]

No. You know the options and are picking the best for yourself. Let them have the $1800 - pay no more - and move on. They can't hurt your credit much now it seems. Good luck to you.

Thanku Sir, Hindsight works so well-even tho costly... I have had an interesting life, last as a 'Paid Tourist' aka - Commodity Relocation Specialist (ok-Truck Driver! ) but the Life Experiences' still there. Have been thru all 48 states and parts of Canada.
We recently married, and with many thoughts of medically-induced bankruprtcy-- did this thing... We will try a negotiation with them...esp if they are presented facts of 'True' financial situation... Again--Thank You-- for your reply...
Sincerely, 'Fred'

 

[radmoo]

We also just recently purchased a 'small' share (minimum the sales people could 'obtain' for us with very poor credit--entailed borrowing the down payment (knew better !)
My wife stopped payment on contract, which will put us in default soon. We R both 72 yrs old have had bankruptcy involved (both), have bad credit rating, minimum savings, some poor health and--Just Hang On - Best we can..
So why at this point hang onto payments--(Had thought of borrowing against savings !?) --believe our best solution is to inform them that they have $1800 for their trouble->Pls take the $ and run and GoWay n leave us alone !!-----Wishful Thinking !?!?

We just attended local Repertory Theater production of Glen Garry Glen Ross last night, you sound just like the couple who "closed the deal." Good luck!

 

[Tuurijuoppo]

Just a small update if anyones interested. We contacted our attorney office and they are looking if they can help us further. So far no information on that side yet.
Also contacted to our creditcard company so that they will block any payment requests from the developer. We are in the process of trying to get our deposit back.

So nothing special has happened yet, will let you know how this ends.

 

[SMHarman]

Did Switzerland enjoin the distance selling regulations
http://en.wikipedia.org/wiki/Consumer_Protection_(Distance_Selling)_Regulations_2000

Or the 2011 timeshare directive (first google link below)
http://www.timeshareelimination.net/11801.html
Maybe that legislation can help you?

 

[SMHarman]

Hi everyone

We recently (16th of April) purchased a two bedroom, 6 weeks timeshare at Grandview Las Vegas from RCI for about 25k$. The more I read the more I realize that we probably have made a quite costly mistake.

The rescinding period is unfortunately now over and I'm wondering what are my options to get rid of the timeshare. Anyone have tips? Or should I just get in contact with my lawyer.

Thanks for your help

Sidenote: We haven't paid the full price yet only the deposit which was 1k$ if that matters anything.

Under EU timeshare regulation you had a 14 day cooling off period. That may apply. Did you attempt to rescind / cool off in those 14 days.

You may also be able to focus on the Unfair Commercial Practices Directive (Directive2005/29/EC) adopted in May 2005 and now in place in Member States. This Directive prohibits misleading, aggressive and other unfair commercial business-to-consumer practices.