Leaving the Vacation Club (Help)

[rpolivka626]

Hello. I joined Sheraton Vacation Club about a month ago.

I have not made any monthly payments or paid any fees yet (outside of a down payment). And I have not used any of their services yet.

What would be my best option to exit if possible? (Talking to my salesperson. Defaulting. Or resale?)

 

[chris1278]

Well if it was a month ago, you would be past the rescission period. It would be incredibly difficult to resale anywhere close to the price you paid. Defaulting would probably be your only option to get out but that would work against your credit.

What did you get? Sheraton Flex?

Others will likely have more input.

 

[Passepartout]

Hello. I joined Sheraton Vacation Club about a month ago.

I have not made any monthly payments or paid any fees yet (outside of a down payment). And I have not used any of their services yet.

What would be my best option to exit if possible? (Talking to my salesperson. Defaulting. Or resale?)

Sorry you didn't find us before the rescission period expired.

Sorry to be a kind of badass be about this, but the reason every state has put in a cooling off period so that people who make an unresearched, pressured purchase have a chance to review the details, find some answers and make an informed decision.

One assumes you are an adult. Able to make reasoned decisions, and commitments. You attended a sales presentation, and saw value in what you were offered. That you chose not to research the product, and the sale for a month, is not the problem of the seller. YOU made the commitment to continue with the purchase.

At this stage, I'd encourage you to carry on with the purchase. Buckle down, borrow if you must, get a side hustle if needed, but work hard, pay it off. Then after it's yours, free and clear, you will have learned a valuable lesson and can sell, or gift it away. Your call.

Your credit will be intact, and you will have learned one if life's lessons.

We wish you well.

Welcome to TUG. Had we heard from you a month ago, we could have helped more, but that's the way it goes.

Jim

 

[rpolivka626]

Sorry you didn't find us before the rescission period expired.

Sorry to be a kind of badass be about this, but the reason every state has put in a cooling off period so that people who make an unresearched, pressured purchase have a chance to review the details, find some answers and make an informed decision.

One assumes you are an adult. Able to make reasoned decisions, and commitments. You attended a sales presentation, and saw value in what you were offered. That you chose not to research the product, and the sale for a month, is not the problem of the seller. YOU made the commitment to continue with the purchase.

At this stage, I'd encourage you to carry on with the purchase. Buckle down, borrow if you must, get a side hustle if needed, but work hard, pay it off. Then after it's yours, free and clear, you will have learned a valuable lesson and can sell, or gift it away. Your call.

Your credit will be intact, and you will have learned one if life's lessons.

We wish you well.

Welcome to TUG. Had we heard from you a month ago, we could have helped more, but that's the way it goes.

Jim

This sounds more like morality advice vs. what is the most financially viable. I think Marriot/Sheraton will be fine taking back their product (with myself giving them about 1000$ upfront with a mislead product)

Just looking for information on what would be the most financially viable if I'm not worried about my credit for the next 4-5 years. From what I've seen. It's defaulting. 20,0000$ over the course of 5 years in payments and fees is much more valuable to me than my credit for the short term. Just making sure I won't face Jailed Legal Action or Legal Action that could give access to my bank account.

 

[dioxide45]

This sounds more like morality advice vs. what is the most financially viable. I think Marriot/Sheraton will be fine taking back their product (with myself giving them about 1000$ upfront with a mislead product)

Just looking for information on what would be the most financially viable if I'm not worried about my credit for the next 4-5 years. From what I've seen. It's defaulting. 20,0000$ over the course of 5 years in payments and fees is much more valuable to me than my credit for the short term. Just making sure I won't face Jailed Legal Action or Legal Action that could give access to my bank account.

They will be fine taking it back, through foreclosure. They will not agree to take it back simply out of good will. Sorry for the harsh reality that some have stated here, but it is true.

You won't go to jail and any legal action will be limited to foreclosure proceedings. If you bought Sheraton Flex, that is based in Florida which is a anti deficiency and non judicial state. Which means the most they can do in the event of default is take back the timeshare. They can't come after you for any additional monies they can't get from foreclosure sale but the default and foreclosure can impact your credit. Sometimes mistakes have consequences.

 

[timsi]

Sorry you didn't find us before the rescission period expired.

Sorry to be a kind of badass be about this, but the reason every state has put in a cooling off period so that people who make an unresearched, pressured purchase have a chance to review the details, find some answers and make an informed decision.

One assumes you are an adult. Able to make reasoned decisions, and commitments. You attended a sales presentation, and saw value in what you were offered. That you chose not to research the product, and the sale for a month, is not the problem of the seller. YOU made the commitment to continue with the purchase.

At this stage, I'd encourage you to carry on with the purchase. Buckle down, borrow if you must, get a side hustle if needed, but work hard, pay it off. Then after it's yours, free and clear, you will have learned a valuable lesson and can sell, or gift it away. Your call.

Your credit will be intact, and you will have learned one if life's lessons.

We wish you well.

Welcome to TUG. Had we heard from you a month ago, we could have helped more, but that's the way it goes.

Jim

I think you are a bit harsh with the OP. Anybody who has been at a sales presentation knows that they are experts in misleading people. Unless you have spent a lot of time on the timeshares forums ALREADY, it is very hard to discern between facts and fiction. The cooling off period is nothing. In many states it is 5 days. Even when it is 10 days, because people are on vacation when they sign, in practice they have a lot less time to research when they get home. Not to mention, upon return, many have to deal with more work problems then before they left.
Do you know how good the sales people are? Even if the new buyers post in the first day after they signed, it takes 30 other people to paint the real picture and only then they rescind. Truly remarkable IMO. Marriott has a great name and very few understand Marriott is the quality of the resorts not the value of the product or the services they buy.

 

[CalGalTraveler]

They will be fine taking it back, through foreclosure. They will not agree to take it back simply out of good will. Sorry for the harsh reality that some have stated here, but it is true.

You won't go to jail and any legal action will be limited to foreclosure proceedings. If you bought Sheraton Flex, that is based in Florida which is a anti deficiency and non judicial state. Which means the most they can do in the event of default is take back the timeshare. They can't come after you for any additional monies they can't get from foreclosure sale but the default and foreclosure can impact your credit. Sometimes mistakes have consequences.

This is true for Florida deeded timeshare weeks. It is not known or proven whether land trusts based in Florida like Sheraton Flex which hold deeds inside and outside of Florida fall under this protection. Would love a lawyer to weigh in on this.

IMHO...This is why trust points are not ideal and why I avoid this game. Mandatory resale deeds with points enrollment are the best option.

If the OP decides to walk, please report back and help others to know what happens.

 

[dioxide45]

This is true for Florida deeded timeshare weeks. It is not known or proven whether land trusts based in Florida like Sheraton Flex which hold deeds inside and outside of Florida fall under this protection. Would love a lawyer to weigh in on this.

IMHO...This is why trust points are not ideal and why I avoid this game. Mandatory resale deeds with points enrollment are the best option.

If the OP decides to walk, please report back and help others to know what happens.

Perhaps, but there has been a lot of foreclosures filed against Sheraton Flex. I am sure we would have heard something if these all went through with deficiency judgements.

 

[Passepartout]

This sounds more like morality advice vs. what is the most financially viable. I think Marriot/Sheraton will be fine taking back their product.....

No morality advice from me. Absolutely no skin off my nose one way or another.

Most financially viable advice would be to have you either pass on the presentation to begin with, or, absent that, you had roughly a week to have come to the decision that timeshares was not for you and your family, and mailed a short letter saying that you are no longer interested. Now that that legal rescission period has passed it becomes more complicated. They hold all the documents that go to the county to register a deed until that time passes, then it becomes a legal issue.

Nobody is going to throw you in jail, but there may well be costs involved with unwinding this failed sale.

 

[CalGalTraveler]

That is good news. Is there a way to start collecting datapoints about this similar to deeds?

Perhaps, but there has been a lot of foreclosures filed against Sheraton Flex. I am sure we would have heard something if these all went through with deficiency judgements.

 

[DanCali]

If the OP defaults, the consensus here that they will eventually take it via foreclusure. The OP loses the entire amount paid + would have adverse consequences on the credit history.

Isn't a better option to just sell it or give it away for free? Financially it's the same outcome, maybe even better, without the impact on credit history.

Just last week, there was a poster who was inquiring whether Sheraton Flex was a good fit for his travel needs (it sounded like it might be). May be a good idea for the OP to contact him via DM.

Does Sheraton Flex retail make sense for me?

Looking for advice. We vacation 2-3 times a year exclusively in Orlando and Myrtle Beach. Mostly we do a 1 week stay in either place and then throw in a couple of shorter, long weekend/short mid week type trips. I've been looking at the 6 resorts within the Sheraton Flex program and they would...

tugbbs.com

 

[dioxide45]

If the OP defaults, the consensus here that they will eventually take it via foreclusure. The OP loses the entire amount paid + would have adverse consequences on the credit history.

Isn't a better option to just sell it or give it away for free? Financially it's the same outcome, maybe even better, without the impact on credit history.

Just last week, there was a poster who was inquiring whether Sheraton Flex was a good fit for his travel needs (it sounded like it might be). May be a good idea for the OP to contact him via DM.

Does Sheraton Flex retail make sense for me?

Looking for advice. We vacation 2-3 times a year exclusively in Orlando and Myrtle Beach. Mostly we do a 1 week stay in either place and then throw in a couple of shorter, long weekend/short mid week type trips. I've been looking at the 6 resorts within the Sheraton Flex program and they would...

tugbbs.com

I think by mentioning "monthly payments", I think the OP financed it through Vistana.

 

[DanCali]

I think by mentioning "monthly payments", I think the OP financed it through Vistana.

My bad - so by defaulting he'd presumably save much of the purchase price while taking a hit on the credit...

Not an easy choice, imo - if it was such an easy call, I guess lots of people would be doing that with student loans too.

 

[rpolivka626]

I will get back to everyone as months unfold. To me. Not having to pay 20,000$+ over the course of 5-6years is worth more to me than my credit history for the next 7. I rent only. And have a line of credit with my bank for any car purchases if absolutely needed. I also have parents and a long term partner to co-sign with me for any future rental agreements that may be needed.

That money I was planning on paying yearly to Vistana was our hotel money for each and every year for vacation. If I pay that. We won't be vacationing or traveling for 6 years. I know there will be a trade off and possibly some form of restitution owed. But I'm gonna see where that takes me. I was mainly worried about jail time or car repossession.

 

[CalGalTraveler]

FWIW...I am not a lawyer but I don't believe anyone has gone to jail for bad debts since the Middle Ages.

The key question is whether they can attach the debt onto your other assets. If you owned a timeshare deed in Florida the answer would be no. However you own a real estate trust and the question is whether Florida real estate law for foreclosure applies to this.

It sounds like there are datapoints that they won't go after a real estate trust points ownership but YMMV. What bodes in your favor is that Florida is a non-judicial, anti-deficiency state. Suggest that you find a real estate lawyer in Florida who specializes in timeshares or multi-property real estate trusts on Avvo or Lawyer.com and pay for an hour or two for advice to potentially save $20k. But don't spend money on a exit company which will tell you the same advice you get here. Keep it to $500 or less for their time.

Good luck and please report back on your outcomes.

 

[Limace]

I will get back to everyone as months unfold. To me. Not having to pay 20,000$+ over the course of 5-6years is worth more to me than my credit history for the next 7. I rent only. And have a line of credit with my bank for any car purchases if absolutely needed. I also have parents and a long term partner to co-sign with me for any future rental agreements that may be needed.

That money I was planning on paying yearly to Vistana was our hotel money for each and every year for vacation. If I pay that. We won't be vacationing or traveling for 6 years. I know there will be a trade off and possibly some form of restitution owed. But I'm gonna see where that takes me. I was mainly worried about jail time or car repossession.

The other option-and I know all the other options suck-is to use this as intended, suck up the loss, and take those vacations with this membership.


Sent from my iPhone using Tapatalk

 

[SmithOp]

FWIW...I am not a lawyer but I don't believe anyone has gone to jail for bad debts since the Middle Ages.


Good luck and please report back on your outcomes.

I'm no historian but I recall England emptying debtors prisons and sending them to the colonies long after the middle ages , but yeah, it's been a long time...

Edit: I looked it up:

When did debtors prison end in the UK?

1869

Over half the population of England's prisons in the 18th and early 19th centuries were in jail because of debt, and during the same period, some 10,000 people were imprisoned for debt each year. Imprisonment for debt only ended in 1869.

 

[EnglishmanAbroad]

I'm no historian but I recall England emptying debtors prisons and sending them to the colonies long after the middle ages , but yeah, it's been a long time...

Edit: I looked it up:

When did debtors prison end in the UK?

1869

Over half the population of England's prisons in the 18th and early 19th centuries were in jail because of debt, and during the same period, some 10,000 people were imprisoned for debt each year. Imprisonment for debt only ended in 1869.

We get the blame for everything