HELP!

[jrs2133]

My husband and I bought a timeshare from Capital in August 2019. After much discussion when we got home, we realized this would not be beneficial for our family. We waited to long to rescind our purchase. Any help would be greatly appreciated. We have not used any points or anything. Any suggestions?????

 

[CalGalTraveler]

Why do you want out? You must have had a reason to buy in the first place. Is this buyer's remorse or has your situation changed?

You have two choices with one last resort:
1) Learn to use and maximize what you own. You bought this for a reason...
2) Give it away here on TUG or list with a resale broker. You will likely have to give away a free year of use and pay for buyer fees.

If you cannot give it away, and don't want to keep (last resort):
3) Contact the developer to return it. www.responsibleexit.com Before doing so you need to arm yourself with the following:

In what state is the purchase? Is this a deed or points?

Do you have a mortgage on this timeshare? or do you only owe maintenance fees?

Look at the state law sticky to see if you have any recourse in the state you purchased. If you are in an anti-judicial, anti-deficiency state you are protected and the developer can take back the timeshare to satisfy the foreclosure with a possible ding to your credit.

If not, they can go after your assets for attorney fees and back payments on the mortgage etc.

Do not pay any exit companies up-front

 

[Grammarhero]

This is the state law sticky. Good luck!

Links to Official State Timeshare Laws and Guides/Manuals

What I'm providing in this post is not legal advice, but legal commentary or observations similar from law review or journal articles. I will try to prepare a spreadsheet this coming Sunday night. This spreadsheet will be the accumulation of TUG TS knowledge. I wish to thank: 1) @TUGBrian...

tugbbs.com

 

[Theiggy]

It’s yours now. Unfortunately you will most likely just have to keep it a while as you can’t sell or give it away if you owe any money on it. If it’s paid off you can, but most likely you will lose most if not all of what you paid. You might as well use and enjoy it. If you stop paying your credit will take a hit and collectors will come after you. I’m sorry you regret your purchase but timesharing can be awesome if you plan and maximize what you bought. Good luck.


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[tschwa2]

Unfortunately Capital changed there rules and regardless of how many points you have there is really no good way to use them right now. Basically they took a program that had 25%, 50% and 75 % last minute discounts (for all owners) and discontinued them for everyone and a bunch of other benefits were discountinued and the only benefit they kept was one size upgrade at the same resort for gold members 10 days prior and 14 days prior for platinum members. They basically gutted their program and the only thing you can do is book at full points and 90% of the resorts require way to many points for what you get. They also implemented a bunch of new fees. A one bedroom in an average Branson resort for a week would cost almost $800 in MF's for a platinum owner and up to $1600 for a regular member who would have to borrow or bank to have enough points.

If you pay off the loan you can then pay $450 for Capital to take it back assuming you are also up to date with MF's. Your other option is to not pay. They can and often do ding your credit if you do this.

I knew how to work the system and thought it was decent before but now it isn't even possible to break even. As soon as I use up the majority of my 2020 points I will be paying the $1800 (I have 4 contracts) to get out.

 

[Theiggy]

Unfortunately Capital changed there rules and regardless of how many points you have there is really no good way to use them right now. Basically they took a program that had 25%, 50% and 75 % last minute discounts (for all owners) and discontinued them for everyone and a bunch of other benefits were discountinued and the only benefit they kept was one size upgrade at the same resort for gold members 10 days prior and 14 days prior for platinum members. They basically gutted their program and the only thing you can do is book at full points and 90% of the resorts require way to many points for what you get. They also implemented a bunch of new fees. A one bedroom in an average Branson resort for a week would cost almost $800 in MF's for a platinum owner and up to $1600 for a regular member who would have to borrow or bank to have enough points.

If you pay off the loan you can then pay $450 for Capital to take it back assuming you are also up to date with MF's. Your other option is to not pay. They can and often do ding your credit if you do this.

I knew how to work the system and thought it was decent before but now it isn't even possible to break even. As soon as I use up the majority of my 2020 points I will be paying the $1800 (I have 4 contracts) to get out.

Ooh that’s horrible. It’s crazy that they can just change the rules like that. There is nothing there that protects owners? No one is “grandfathered in” for the old use of points?


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[tschwa2]

Ooh that’s horrible. It’s crazy that they can just change the rules like that. There is nothing there that protects owners? No one is “grandfathered in” for the old use of points?


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No grandfathering. They did say they were re balancing the charts but they actually grandfathered old members into the old charts until 2021 (with no discounts). They are trying to force current owners to buy more if they want the benefit from this. They won't publish the old or new charts so it is hard to say but it looks like they are actually raising the points in the few locations were prime 1 BR ocean view mid week stays were still a decent bargain but with little inventory.

Apollo (Diamonds owners) took over about a year ago and started by instituting guest cert fees, changing the period from when you could cancel without penalty from 60 days prior to check in to 90 days prior to check in and raised the fees and point loss for cancelling within the penalty period. Increased banking fees and changed the date you had to bank by etc. The last straw was the discontinuation of all last minute discounts in August of the 2019.

They also completely gutted the resale market. Before resale couldn't count for elite levels but could be used the same as other points. Now resale points can't get guest certificates and can only book within 60 days of check in.

 

[Theiggy]

No grandfathering. They did say they were re balancing the charts but they actually grandfathered old members into the old charts until 2021 (with no discounts). They are trying to force current owners to buy more if they want the benefit from this. They won't publish the old or new charts so it is hard to say but it looks like they are actually raising the points in the few locations were prime 1 BR ocean view mid week stays were still a decent bargain but with little inventory.

Apollo (Diamonds owners) took over about a year ago and started by instituting guest cert fees, changing the period from when you could cancel without penalty from 60 days prior to check in to 90 days prior to check in and raised the fees and point loss for cancelling within the penalty period. Increased banking fees and changed the date you had to bank by etc. The last straw was the discontinuation of all last minute discounts in August of the 2019.

They also completely gutted the resale market. Before resale couldn't count for elite levels but could be used the same as other points. Now resale points can't get guest certificates and can only book within 60 days of check in.

Sounds like they are heading downhill (for owners) not good news for OP. Hoping it’s still worth using in some way.


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[Grammarhero]

@jrs2133 unless you answer @CalGalTraveler's questions, we cannot really help you further. There are thousands of timeshares in the USA, each with their own rules, state timeshare laws, etc. We don't even know the state in which your TS is deeded.

 

[tschwa2]

On top of that they have been deferring maintenance on resorts and letting them fall into more and more disrepair. MF are all ready high especially if you don't own many points due to a $294 membership fee (which includes II membership) plus a base fee and then a price per point. They didn't raise MF this year (which was a surprise but they didn't mail them out until Dec 5 with a due date of January 1 even though the club requires them to send them out by October 1. I expect fees to go up 20-50% next year depending on how many points you own and that they will change the formula completely so that large point owners won't be paying so much less per point than smaller points package owners.

 

[chapjim]

My husband and I bought a timeshare from Capital in August 2019. After much discussion when we got home, we realized this would not be beneficial for our family. We waited to long to rescind our purchase. Any help would be greatly appreciated. We have not used any points or anything. Any suggestions?????

Read the thread about not paying maintenance fees. It's three or four lines down from the top. Sounds like Capital is on the shark side -- not much into benevolence.

 

[Grammarhero]

Read the thread about not paying maintenance fees. It's three or four lines down from the top. Sounds like Capital is on the shark side -- not much into benevolence.

@chapjim be careful about telling TS owners to consider not paying MF. @Braindead will accuse you of being single-handedly responsible for thousands of TS owners not paying MF. Check out the screenshot. @dgalati

 

[Fredflintstone]

Ooh that’s horrible. It’s crazy that they can just change the rules like that. There is nothing there that protects owners? No one is “grandfathered in” for the old use of points?


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My guess is that your contract has a clause stating the resort can change terms at anytime for any reason. Perhaps re read your contract. I have never came across a contract so far without that clause. Hence, you have agreed through your executed contract to all terms (and this clause).


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[chapjim]

@chapjim be careful about telling TS owners to consider not paying MF. @Braindead will accuse you of being single-handedly responsible for thousands of TS owners not paying MF. Check out the screenshot. @dgalati

Thousands of deadbeats and it's all on you!

Added: Actually, all I did was recommend she read a string about not paying.

 

[jrs2133]

Wow I had no idea I was get so much response in a short time. I purchased my timeshare in Pigeon Forge, TN. The deed to the property is in Missouri. We went to a new owners "workshop". However once we told them we weren't interested in purchasing anything else, the workshop was over for my husband and I. I can't get any help over the phone and if I do get someone they give me another number to call and just so happens it's a non working number......

 

[Grammarhero]

Wow I had no idea I was get so much response in a short time. I purchased my timeshare in Pigeon Forge, TN. The deed to the property is in Missouri. We went to a new owners "workshop". However once we told them we weren't interested in purchasing anything else, the workshop was over for my husband and I. I can't get any help over the phone and if I do get someone they give me another number to call and just so happens it's a non working number......

This is not good news. As attached, Missouri allows deficiency judgments. You seriously need to talk to an attorney. There are no good options.

Defaulting might decrease your credit score by 75 pts.

 

[TheTimeTraveler]

My husband and I bought a timeshare from Capital in August 2019. After much discussion when we got home, we realized this would not be beneficial for our family. We waited to long to rescind our purchase. Any help would be greatly appreciated. We have not used any points or anything. Any suggestions?????

Congratulations; you own a deed to a timeshare. Since you do own it you need to figure the best way to utilize that works for you be it use it, rent it, bank it for trading or liquidating it outright. Did your plans change between August of 2019 and December of 2019....?

Using a Lawyer "could" be a costly way to rid yourself of this, and your credit score "could" take a hit.

I am not sure how much money you owe on this but I would advise getting the loan paid off and then market it (granted it isn't likely worth a lot of money), The bottom line is that you want to get yourself out of a lifetime of maintenance fees.

Welcome to TUG and best of luck!



.

 

[RX8]

Wow I had no idea I was get so much response in a short time. I purchased my timeshare in Pigeon Forge, TN. The deed to the property is in Missouri. We went to a new owners "workshop". However once we told them we weren't interested in purchasing anything else, the workshop was over for my husband and I. I can't get any help over the phone and if I do get someone they give me another number to call and just so happens it's a non working number......

Sorry for your situation. You have been given some great advice already. One last piece of advice - don’t pay some outfit thousands of dollars that promise to get you out of your timeshare and loan, even if they they claim they have attorneys working for them. They have no magic wand to make that happen and will string you along for months.

 

[Grammarhero]

Sorry for your situation. You have been given some great advice already. One last piece of advice - don’t pay some outfit thousands of dollars that promise to get you out of your timeshare and loan, even if they they claim they have attorneys working for them. They have no magic wand to make that happen and will string you along for months.

@RX8 is correct. Lots of attorneys, unfortunately, take thousands of dollars away from you and timeshare owners without even delivering results. It could be more sunk costs.

What I meant was a simple consultation (maybe $400) to get advised of your rights and legal consequences. Do NOT sign a retainer.

 

[jrs2133]

Just to be clear, we have no intentions of not continuing to pay for what we bought. With that being said it's not completely what the salesman made it out to be. Just can't get any help from the company on how to even use the website......

 

[Grammarhero]

Just to be clear, we have no intentions of not continuing to pay for what we bought. With that being said it's not completely what the salesman made it out to be. Just can't get any help from the company on how to even use the website......

Maybe some of the other owners here can help you. Now that we know your position, maybe one of them will DM you.