HELP please - how to transfer a TS?

[DenBF]

I have to admit it was very stupid of me to get into a TS contract without fully understanding what I was getting myself into. The offer sounded good and salesperson was an aged lady from the same city I was from - long story short, I had my guard down and didn't carefully assess if I need and can afford the TS. Now seeking for your help how I can possibly transfer it.

• Resort Name: Westgate Town Center
• Unit Size: 2BR for 1 week (or 1BR for 2 weeks)
• Season Owned: All Year (no restrictions)
• Biennial - Even Years
• Maintenance Fee: For 2016, it was USD 832 MF + USD 159 Tax
• Payment Scheme: USD 280/month for 120 months, now on its 24th month
• Weeks were carried over to 2017, never been used
• Selling Price: Potential buyer would have to take over the monthly payments and maintenance fee

 

[TUGBrian]

ouch, im sorry to read this as you arent going to like the answers

from the description above, it appears you still owe on the loan/mortgage taken out to buy the timeshare? if so you are going to have to pay that off to even have a hope of even giving it away on the resale market because in most cases westgate timeshares have zero resale value and are regularly offered for free by owners who just want out. Thus, when competing with those ads, noone is going to assume your loan payments when they could simply take over another town center interval from another owner for free.

alternatives do include renting it out if you are not going to use it, you should be able to recover at least some of your annual maintenance fees doing this to make it much less expensive to own until you have the loan paid off and thus can give it away!

here is our how to rent guide if that interests you http://rent.tug2.net

 

[DenBF]

Brian - thank you, very enlightening and helpful. I needed that. (I need to be punched as well. )
Very thankful I found TUG... how I wish I found it much sooner!! It would have saved me money and heartbreak BIG TIME!

To the admins and creator of TUG - thank you for creating this site! Simply amazing.

 

[AwayWeGo]

Nothing that the timeshare companies sell at full freight is worth the money, so when you borrow money to buy 1 at full freight you're under water from the get-go.

Shucking off a paid-for timeshare that's free & clear is tough enough.

Trying to find a buyer for 1 with money still owing on it will be lots tougher.

Maybe the least worst option at this point is just to use it for vacations, or maybe rent it out as a way of recovering some of the ongoing ownership expenses (i.e., maintenance fees).

Good luck -- & keep up contact with TUG & TUG-BBS to learn more about timeshares & timeshare vacationing.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[DenBF]

Alan - agree to everything you said. Too bad I'm only learning and realising all these now. BIG SIGH!!! Tad depressing.

Now I'm scared to even check if I can exchange my week in Interval International (that was the selling point the saleslady gave me). I used to convince myself that I made the right decision in purchasing the TS... but the more I learn about how the industry really works, the more I realise how awfully wrong I was.

Thanks for the advise! Love your signature -- Married to The Chief Of Staff since 1964.

 

[VacationForever]

Alan - agree to everything you said. Too bad I'm only learning and realising all these now. BIG SIGH!!! Tad depressing.

Now I'm scared to even check if I can exchange my week in Interval International (that was the selling point the saleslady gave me). I used to convince myself that I made the right decision in purchasing the TS... but the more I learn about how the industry really works, the more I realise how awfully wrong I was.

Thanks for the advise! Love your signature -- Married to The Chief Of Staff since 1964.

If you give it a try, you will be surprised at the possibilities of getting good exchanges to places like Hawaii and you will be making lemonade out of lemons! Stick around and read through various sub forums on TUG and you will learn alot about the ins and outs of timesharing.

 

[TUGBrian]

you can most certainly exchange within interval!

in fact our best advice is to learn to make the most of what you bought if your financial situation does not require you to sell or otherwise dispose of it!

you wont ever make your money back that you paid for it originally, if you dont want to write it off completely learning how to enjoy some great vacations it can provide is a wonderful alternative!

 

[Passepartout]

If it's any consolation, fully half of TUGgers bought their first TS from the developer, just like you did. And the reasons it seemed like a good idea at the time, family memories, forced vacations, beautiful resorts, possibilities for travel, are all valid. You just were sold a bill of goods and paid more than you could have. You just didn't know. So buckle down and work some overtime to pay it off and go on vacation

Jim

 

[bogey21]

Nothing that the timeshare companies sell at full freight is worth the money, so when you borrow money to buy 1 at full freight you're under water from the get-go.

Oh so true, but how times have changed. I bought 4 Marriott Weeks about 30 years ago (3 directly from Marriott and a Gold Crown Monarch Week resale) and sold them all within 5 years, three at about break even and the fourth, the Monarch Week, at a large profit.

George