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Is Sumday Vacations doing business under a new name?

csxjohn

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I miss Sumday and am wondering if anyone has noticed any new reseller that could possibly be the same person under a new name?
 

scootr5

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I’m pretty sure the lawsuit against them shut them down completely.
 

dioxide45

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Yeah, it seems they are gone for good. At some point we probably need to start asking ourselves, are we really helping to perpetuate an industry that preys on the uninformed by buying cheap weeks on Ebay and other places? The bulk of these weeks come from Exit companies. That week we bought for $100 cost the owner thousands of dollars to get rid of through the exit company.
 

vacationtime1

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Exit companies exist -- and will continue to exist -- as long as unhappy owners have no other way to dispose of unwanted timeshares.

We can blame developers for selling overpriced units to buyers who cannot afford them, we can blame HOA's for not "creating value" for valueless weeks through a rental program, and we can blame owners for shirking ownership responsibilities (although I don't understand why the owner of a mud week should pay MF's to subsidize my platinum week).

When MF's exceed rental value, owners are going to find a way to no longer be an owner; this problem is systemic in a weeks system where some weeks are undesireable. Unfortunately, it is easier for an HOA to add a few percent to annual MF's and call it an allowance for bad debt than it is to deal with the underlying problem. And until they do, we will have Exit companies, Viking ships, and the like.

Added: I miss Sumday, too.
 
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klpca

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Exit companies exist -- and will continue to exist -- as long as unhappy owners have no other way to dispose of unwanted timeshares.

We can blame developers for selling overpriced units to buyers who cannot afford them, we can blame HOA's for not "creating value" for valueless weeks through a rental program, and we can blame owners for shirking ownership responsibilities (although I don't understand why the owner of a mud week should pay MF's to subsidize my platinum week).

When MF's exceed rental value, owners are going to find a way to no longer be an owner. Unfortunately, it is easier for an HOA to add a few percent to annual MF's and call it an allowance for bad debt than it is to deal with the underlying problem. And until they do, we will have Exit companies, Viking ships, and the like. The problem is systemic.
I agree with everything that you said. And when we buy the "cheap" weeks, at least the maintenance fees are no longer delinquent.
 

Grammarhero

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Yeah, it seems they are gone for good. At some point we probably need to start asking ourselves, are we really helping to perpetuate an industry that preys on the uninformed by buying cheap weeks on Ebay and other places? The bulk of these weeks come from Exit companies. That week we bought for $100 cost the owner thousands of dollars to get rid of through the exit company.
I’d say no. With enough research, Owners could sell for free like on TUG. In fact, 3 of my 7 TS were from other tuggers. One, I got 11 months free usage, although I paid half closing costs. Another, although I paid closing costs, I got 1 year usage. Another, I paid the closing costs, but was a prime summer week.
 

rickandcindy23

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Sumday could start up under another name and leave their old LLC behind. I just wonder why other developers are not going after the exit companies and sellers with all of those cheap weeks found on ebay.
 

dioxide45

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Sumday could start up under another name and leave their old LLC behind. I just wonder why other developers are not going after the exit companies and sellers with all of those cheap weeks found on ebay.
DIamond is trying to snuff out the competition. They charge owners $1000 to exit.
 

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I think exit companies will continue to exist in some form or another as long as owners are trapped into owning something they no longer want. People who don't research their "get out" options don't necessarily know they even have options.

I had this exact discussion the other day about timesharing with friends here. I mentioned about buying for low or no money on the resale market, and how to enjoy ownership without a huge buy-in investment. No difference in timeshares between new and used, and so forth. When I said I had owned about a dozen timeshares over the last ~twenty years, and had given away or sold things for $1 when I was done owning, they looked at me with incredulous expressions. I gave them a Cliff Notes version of what it means to buy, use, and sell on the resale market. The wife looked at the husband in disbelief, and said to him, "You had to file a bankruptcy to get out of your timeshare. I wish we had known about this."

Timesharing banks on ignorance among owners. A "Divide and conquer" sort of thing.

Dave
 

csxjohn

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If I someone else buys from an exit company that unit doesn't go into foreclosure and I am helping the resort.

I understand Sumday was forced to close but with all the money to be made from this, my thinking is someone with their knowledge will start up again under a new name and a little different approach.

I am not going to boycott these companies because they charge people high rates for what they do.

I suspect there are many owners who feel very relieved after paying them so I am helping the ex owner too.
 

rickandcindy23

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If I someone else buys from an exit company that unit doesn't go into foreclosure and I am helping the resort.

I understand Sumday was forced to close but with all the money to be made from this, my thinking is someone with their knowledge will start up again under a new name and a little different approach.

I am not going to boycott these companies because they charge people high rates for what they do.

I suspect there are many owners who feel very relieved after paying them so I am helping the ex owner too.
I agree somewhat. I just think it's sad that people go into a timeshare purchase and regret it but don't regret in time to rescind.

A lot of people here like to say that without developers, there would be no timeshares for us to buy for $1. I get it, and there are better companies for building timeshares that have value, like Marriott, Hyatt and Hilton. So those timeshares have value. But the value is in using what you bought, not getting rid of it for $4-5,000.

Nice to see you here. Haven't seen you around much.
 

csxjohn

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Nice to see you here. Haven't seen you around much.
Thank you, I stalk here every day but post very little lately. I spend a ton of time on FaceBook with a few of the Bluegreen groups. I admin in 5 of them so I feel lucky to find some time to post here.
 

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I had this exact discussion the other day about timesharing with friends here. I mentioned about buying for low or no money on the resale market, and how to enjoy ownership without a huge buy-in investment. No difference in timeshares between new and used, and so forth. When I said I had owned about a dozen timeshares over the last ~twenty years, and had given away or sold things for $1 when I was done owning, they looked at me with incredulous expressions.

Many years ago I decided to divest my Developer purchased Marriott Weeks and replace them with Weeks at 6 HOA Controlled Independents. My expectation was that when the time came to divest these 6 Weeks I would get zero for them. It worked out pretty much as I expected. I paid a total of about $8,000 for the six and realized about $1,000 upon divestiture. So my net cost for the 6 or 7 years I owned and used these Weeks was about $7,000 much of which was offset by the lower MFs I paid during this period. All in all I was happy the way things worked out...

I expect you could get a somewhat similar result today carefully buying resale Weeks of the "Majors". I think the primary difference would be the size of the MFs but for that you would be vacationing at higher quality Resorts...

George
 

DaveNV

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Many years ago I decided to divest my Developer purchased Marriott Weeks and replace them with Weeks at 6 HOA Controlled Independents. My expectation was that when the time came to divest these 6 Weeks I would get zero for them. It worked out pretty much as I expected. I paid a total of about $8,000 for the six and realized about $1,000 upon divestiture. So my net cost for the 6 or 7 years I owned and used these Weeks was about $7,000 much of which was offset by the lower MFs I paid during this period. All in all I was happy the way things worked out...

I expect you could get a somewhat similar result today carefully buying resale Weeks of the "Majors". I think the primary difference would be the size of the MFs but for that you would be vacationing at higher quality Resorts...

George

When I owned Weeks I used a loose mental calculation of including the purchase and sales costs with the ongoing annual cost of ownership. Ball it together, divide by the amount of usage time, and that was what it cost to own that resort. Very sophisticated. :D Divide that usage by the number of days owned, and it worked out to be a daily cost number that could be used to compare renting from another owner, or when checking hotel rates.

Now that all that is done, and I'm in WorldMark only, it's similar, but is mostly the annual maintenance fee costs. My resale buy-in to WM was cheap, and I expect I could sell for the same number when I'm done with it. I might even make a few bucks.

Dave
 

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Of course if all similar developers took the same approach then I believe very few exit companies would have the need to exist.


.

Agree. However these deedback programs are not 100%. For example, it is my understanding that Diamond won't deedback resale, even if it was purchased in another system prior to an acquisition so those owners may be stuck if they cannot give it away or sell.
 

Sugarcubesea

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Thank you, I stalk here every day but post very little lately. I spend a ton of time on FaceBook with a few of the Bluegreen groups. I admin in 5 of them so I feel lucky to find some time to post here.
I miss seeing you as well. Happy that all is well
 

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DIamond is trying to snuff out the competition. They charge owners $1000 to exit.

It is troubling that Developers/Holders are charging owners to exit. It’s that kind of business practice that creates the devastating feeling of being trapped. I signed a contract after hearing and reading how wonderful these properties and benefits were. But feel trapped into something shady when all of a sudden I cannot give away or resale a unit because of new barriers to resale the company put into place.

People feel desperate to get out, so they pay exit companies. Sometimes, like in a major fiscal downturn, you just need to cut your losses, so the time it takes to find a buyer or even to give something away - to smart owners like on TUG who know about value/MFs and cost to own - it’s nearly impossible or takes more time. Let’s face it, the exit companies use the same script as the Developers that caught the majority of us in the first place.

I’ve been watching the Bargain Forum and it is amazing the units available for give away that were touted as “good traders” or “really nice resorts” (we’re talking of the majors: VSN, MVC, HGVC) just a year ago and would have been snapped up within seconds, are now just “sitting”.

HGVC is also manufacturing fees for exiting. Oh, it seems less cruel than Diamond - because the charge is not to the owners, per se, it it to the purchasers of resale weeks. The fees to acquire a resale unit and get into the club are just under $700, tack on the estoppel fee and it is over $700 easy. Add to that increasing MFs and Club Fees - it is a hurdle to give a HGVC unit away these days. Those who do not feel the trap today, if they pay attention, are still seeing a trap closing.


Sent from my iPad using Tapatalk
 

csxjohn

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Once the initial mortgage is paid off I don't understand why more people don't just walk away if the resort won't take it back for just a low title transfer fee?

If it's just the annual fees you owe every year, it's no different than walking away from a gym membership that you agreed to.

I know people have a hard time coming to grips with the fact that something they paid tens of thousands of dollars for is now worth $0 or very close to it, but if no one wants to take it off your hands, why keep paying or why pay thousands more to an exit company?
 

dioxide45

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Once the initial mortgage is paid off I don't understand why more people don't just walk away if the resort won't take it back for just a low title transfer fee?

If it's just the annual fees you owe every year, it's no different than walking away from a gym membership that you agreed to.

I know people have a hard time coming to grips with the fact that something they paid tens of thousands of dollars for is now worth $0 or very close to it, but if no one wants to take it off your hands, why keep paying or why pay thousands more to an exit company?
People fear the credit hit or foreclosure.

You can't really walk away from a gym membership. If you are still inside the term of your contract, they can take it to collections if you don't pay. Even once outside their term, people have trouble cancelling those too. Only because they don't do that the right way either. They key to gym memberships is to keep a copy of your contract. When you are outside the term, look at the contract for the address to mail your cancellation to. Don't drop it off or tell the front desk at your gym you want to cancel. Just like we tell people not to go back to the sales office to rescind a purchase. They have no obligation to your instruction. Mail it to the address in the contract.

Since timeshares are most often deeded real estate, you can't cancel it the same way you can with a timeshare by writing a letter and mailing it. It has to go through a legal foreclosure process. That may or may not have longer term consequences to your credit. People also always hold out hope that they can recoup the sunk cost of a timeshare purchase.
 

csxjohn

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Thank you, I was getting a couple things mixed up here and with deeded timeshares it is harder. I'm so involved with the Bluegreen Vacation Club, which is points and no actual deed going to the purchaser, it slipped my mind about the deeds even though I own three at the present time.
 

chapjim

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Once the initial mortgage is paid off I don't understand why more people don't just walk away if the resort won't take it back for just a low title transfer fee?

If it's just the annual fees you owe every year, it's no different than walking away from a gym membership that you agreed to.

I know people have a hard time coming to grips with the fact that something they paid tens of thousands of dollars for is now worth $0 or very close to it, but if no one wants to take it off your hands, why keep paying or why pay thousands more to an exit company?

That's exactly what I intend to do with the one DRI property I own (in Florida). House is paid for, three cars are paid for, kids aren't kids anymore. I couldn't care less about a hit to my credit score (FICO score today stands at 829, according to Navy FCU).

I asked about turning the week back to DRI and was told I couldn't do that even if I paid $1,000. I've paid the 2021 maintenance fee and have a reservation for a 2021 week but after that, nothing. I tried to do it their way, now we'll do it my way.
 
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csxjohn

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"I tried to do it their way, now we'll do it my way."

Don't forget to file a dispute with the credit reporting agencies stating that is was a timeshare that the company refused to take back. Doubtful there will be any serious damage anyhow.
 
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