Marriott Grande Vista - I want out

[DazedandConfused]

I own a Marriott Grande Vista 2 bedroom platinum week.

details deleted--advertising not permitted in this forum

What are my options?

Is there any way to sell it for what I owe?
Can I give it back to Marriott and stop paying?
Can I give the deed in leu of foreclosure?

What would "you" advise me to do?

 

[yumdrey]

1) Is there any way to sell it for what I owe? :
I don't think so. 3 bedroom platinum weeks are sold much less than what you owe to Marriott.

2) Can I give it back to Marriott and stop paying? :
You can call Marriott and check. They may not offer to take it back, but you have nothing to lose.

3) Can I give the deed in leu of foreclosure? :
Yes you can, but your credit will hurt badly.


I would suggest you to find a good use out of it.
Grand Vista is a nice resort and has great trading power. Your 2 bedroom lock-off unit can give you two vacations each year.

 

[rickandcindy23]

This reads like an ad, so I am sure a moderator will delete most of the details. Anyway, keep it. We all make mistakes, and I have purchased a couple from the developer and regretted two of them, but we kept them and are now much wiser.

You will be able to get use from your timeshare. You bought it, and you bought it because it made sense at the time. Try to continue to see the good in what you bought.

 

[gnorth16]

Here is one on eBay with 4 days left. It is currently at $610.

http://www.ebay.com/itm/2BR-LOCKOFF...=Timeshares&hash=item20bfbcec42#ht_3936wt_881

Possibly exchanging it in the Florida Club and renting a higher priced rental out could offset at least the MF's. Otherwise use it.

 

[DazedandConfused]

Sorry if I offended anyone, but I did not post this as an ad, I just wanted to disclose all the details that I bought this directly from marriott (for around $24k) and disclose that I still owe a lot of money to Marriott (around $15k).

Obviously the prices have dropped dramatically since I bought this in 2007.

At least I was able to trade it for a week in Mirabella, Aruba, and Boston. I was also able to use my points for a hotel in London.

I (along with probably a lot of other people) simply no longer am interested in owning this timeshare and paying annual dues and having to gamble on my vacations. The double whammy is that I still am paying Marriott each month.

Sure I could keep it an suck it up, but at this point, I would like to unload it and just walk away, but my credit is very good and don't want to harm that.

 

[DazedandConfused]

What is a realistic selling price for a yearly 2 bedroom platinum Grande Vista?

Where is the best place to try to get the most for it?

Is there a resale program with Marriott?

Has anyone had success with asking Marriott to simply take it back and keep the money I already gave them ($10k or so)?

 

[dioxide45]

What is a realistic selling price for a yearly 2 bedroom platinum Grande Vista?

Maybe $2000 MAX.

Where is the best place to try to get the most for it?

You can list it in a number of places, Redweek, My Resort Network, TUG Marketplace. However, given the Ebay effect, it will be hard to get a lot more than it would sell for on Ebay. Your chances of getting enough to payoff the loan of $15K is near zero.

Is there a resale program with Marriott?

Yes, and in the past it was quite good, but now even Marriott isn't selling weeks at the old developer prices. This would be where you could get the most for it, but still probably less than half of what you owe. You can't sell it unless you can payoff that mortgage.

Has anyone had success with asking Marriott to simply take it back and keep the money I already gave them ($10k or so)?

Just like a mortgage on a home, they likely won't do a deed in lieu unless you are seriously delinquent and ready to go in foreclosure. You could call and ask, but chances are they won't take it back. They don't want the inventory and would rather have your $15K plus the interest.

The only chance you have of relieving yourself of the week and keeping your credit clean is to payoff the mortgage. You could pay it off with a private loan, but you would still be paying for it. You would only relieve yourself of the annual maintenance fees.

It seems you have gotten some great usage out of the week. As we have done with our 2BR gold unit.

 

[m61376]

Not sure from your post if it is a question of not being able to afford it in this economy, or of just being frustrated with the planning required to really get usage out of it. I sense it may be the latter, in which case if you stick around (we're a friendly bunch here, btw) you'll get some great tips on how best to use your week and may land up loving it rather than regretting your purchase.

Unfortunately, it is frustrating to learn that you owe more (a lot more) than the unit is worth in the current market. But it is what it is. Looking at it more positively, it seems like you got a few really great trips- and those memories will hopefully offset some of the lost value.

For many of us (probably most on this forum) the larger accommodations have really enhanced our vacation experience, and allowed us to travel with family and friends, taking vacations that we otherwise couldn't afford to take or simply wouldn't spend the $$'s even if we could afford it. While some people look at the planning as an albatross, and clearly simply calling Marriott and reserving a hotel room is easier, others even find fun in the planning and for most of us it has led to more and better vacations.

While I bought my units resale, I paid several thousand more for each of them than I would today. However, the second year I owned it I took advantage of II Getaways and booked a trip to Cancun to celebrate my parents' 60th anniversary. We already had a family trip booked during my daughter's intersession, but because I was able to get a relatively cheap week at a nice place we decided to take an extra trip. Life takes funny turns, and my Dad died suddenly two weeks after their their anniversary and that extra trip has priceless memories. I have never once regretted my decision to purchase when I did, despite being a bargain shopper.

I now I've rambled a bit here, but my point is perhaps if you try looking at your ownership differently you might actually learn to enjoy it.

Good luck, and welcome to Tug

 

[dmharris]

Dear Dazed, I assume this is a lock off? So you get two vacations for the price of one plus exchange and lock off fees. I seldom plan a year in advance and have been very fortunate to snag 2 bedroom units, even with my lock off during off peak seasons at the best resorts Marriott has in the states (I've not tried international yet). I do this mainly through the 59 day window of flexchange. Do you know how to do that on Interval's website?

 

[rickandcindy23]

Yes, you made a mistake buying this timeshare, but I know a lot of people who own Marriott timeshares, my son's in-laws included, who don't have any second thoughts about their developer purchases. These owners love the Marriott Points for the flexibility, and they would never buy a resale because it's not as flexible (no Marriott Points).

You bought it, and even if you think timesharing is a gamble, a lot of us here do not think it's a gamble at all. Sure, if you expected to trade into back-to-back weeks in 2 bedrooms at the Marriotts on the islands during whale season, you might be disappointed, but you have a better chance than I have to do just that. I don't own a Marriott, and the Marriott preference is very desirable.

We don't know your financial issues here, you haven't divulged that much info, nor should you, but if you can afford it, just keep the thing and pay it as you once enthusiastically decided. Signing on the dotted line for a timeshare has its consequences. Walking away from that loan will haunt you for many years. And the resale value of your week is so disappointingly low, you will never recover enough to pay that thing off. If I remember your first post correctly, you still owe around $15K. The week may be worth only $3K or less.

 

[puckmanfl]

good morning....

Just snag week 7 every year and rent it for $1500 on redweek...I am pretty sure you can rent a 2 bedroom at a wonderful place like GV to a northener with kids during Pres week break for about $200/nite. You will make a $500/profit every year...

Otherwise..lock off and get 2 great flexchange trips every year...

 

[DazedandConfused]

Thanks everyone for your valuable input.

We are a family of 3 with our daughter in high school now and we are planning for college.

We have excellent credit and have been paying Marriott regularly, it is just time for us to re-think our priorities as the college tuition is so high.

We cut back on our lifestyle and would simple like to REDUCE our debt and obviously we still owe Marriott $15,000.

We have enjoyed our trades, but it was not a simple or stress free experience. Our pre-timeshare vacations were usually booked at nice resorts within a 2-3 window of travel.

Thus, it appears that, at best, this timeshare is only worth $3,000 ??? If that is correct, then I would rather keep it than loose $12,000, but the annual dues is almost $1k.

Does anyone have any strategies for contacting Marriott and asking them to simply keep the timeshare so I no longer have to make monthly payments and stop annual dues.

Also, we have exactly ZERO desire to rent our weeks via eBay and really have no intention of trying to beat the system or make a profit, we just want to reduce our financial exposure to this purchase.

Thanks again everyone, as I stated, this is NOT an ad, just someone looking for some friendly "good" advice.

 

[puckmanfl]

good morning...

Dazed..

The 12K is gone... and can't be retrieved (as you are upside down on this purchase)... The only remaining question is "Do you want the continued MF's and the cost of using the units (travel etc).. If you don't want the continued costs, just unload cheap...If youwant to keep the units you need to be proactive and put some effort into whatever strategy you choose...

I am sure your daughter would love to take her college friends (soon) to GV over spring break... She will be a big hit with her dormmates...you can get 8 teenages in those 2 bedrooms...

In a few years you may have grand kids... you will look like a rock star taking them to mickey's house every winter break....

 

[yumdrey]

One of good thing of owning GV is, you don't have to go to Orlando every year. You can go to Ocean pointe, BeachPlace towers, Villas at Doral and Legend Edge just like your home resort.

 

[kjd]

This is a new one for me. We're normaily talking about renting for less than the maintenance fees. It now looks like you can buy the unit for less than the maintenance fee. Was this ever discussed in a sales presentation?

In their attempt to punish resale buyers Marriott has killed the resale values of their timeshares. Or, is it just that the timeshare model is broken? One thing is clear. If the resale market stays the way it is, it will be increasingly difficult for Marriott or any company to sell any new products including points. Where will the new buyers come from? Right now it's just cannibaliztion of the old weeks system by selling points to legacy owners.

When (if) the economy turns around the timeshare market will have to be led out of this by the larger companies like Marriott. Right now I don't see any leadership from them. Only VAC, which is no answer at all.

 

[jimf41]

Given the parameters you've set the only way I can see to reduce your financial exposure without immersing yourself in a total financial bloodbath is to reduce your monthly payment. Marriott is hitting you up for 10.99% interest and you have about 5 years left on the loan. I'd try to switch that to a low interest loan or play the 0% interest credit card game a few times.

Tuggers will generally tell you it's not a good idea to use equity in your home to finance a TS purchase. In your case the horse has already left the barn on that one. If you can manage to refinance it for a few years until the economy recovers your chances of selling it at a higher price increases. Even if it doesn't recover in that time period you still can save a bundle on lower interest rates and you will probably be eligible for a tax deduction on the interest you do pay if you go the equity route.

So far your usage seems pretty good. I've been to the places you've mentioned and those are some pretty nice vacation spots. TS's are a long term proposition. Buying from the developer even when the economy was strong is a loser in the short term.

 

[lll1929]

There is really no way to get out of the deed without harm to your credit.

Last year, I was offered a deed in liu of foreclosure with Marriott and I was able to get out of the monthly pymts for my Aruba property. It harmed my credit (a little) but I still have a score well into the 700s.

If you need you credit in the near future for a big purchase, I would encourage you to continue paying and trade for points every opportunity you can and attempt to rent your week for those years you wish to NOT travel.

Good Luck

Forgot to mention that you must be current on your maint fees and at least 3 or months behind on the pymts before inquiring about the deed in liu of foreclosure.

 

[DazedandConfused]

Thanks again to everyone.

I really like the lower interest option, I will look into that.

An incredibly nice person (active poster on TUG, but did not post in this thread) gave me a great tip via PM that I will attempt to do first as this seems to be the best option.

Without giving the details away (the person who sent me an e-mail certainly can if they want to), it involves contacting Marriott and if successful, I will post the results.

I appreciate the advice and don;t want to be evasive, but it appears that the advice I was offered has a window of opportunity and the timing for this is good now.

 

[dmharris]

Good Luck Dazed! Beyond the timeshare issue: College costs are at the stage where the colleges have not been held accountable and saw fit to increase costs beyond the reasonable % rate annually for too long. I don't know who can step in to help with this, the gov't? I hope not! I advise everyone to apply for financial aid no matter what your circumstances. If the college wants your child bad enough, they'll give you 'discounts'.

 

[fillde]

good morning...

Dazed..



I am sure your daughter would love to take her college friends (soon) to GV over spring break... She will be a big hit with her dormmates...you can get 8 teenages in those 2 bedrooms...

Scary thought.

 

[DeniseM]

Caution

You are very likely to be contacted by sales people from "Timeshare Recovery Companies" who are going to tell you that they can get you out of your contract for a large upfront fee - don't do it - it's a scam!

 

[funtime]

Keep coming back to the Tug Board. Also do not discount renting your timeshare. You have a valuable timeshare even if you are not effectively using it at the present moment because you are tired of timeshares. It takes very, very little effort to post your timeshare on Redweek.com for rent and it is recommended rather than ebay for rentals as ebay attracts the cheapsters.
Redweek contacters are familiar with timeshares and probably at least half of the folks that contact you have been to your resort or at least to a Marriott so they know quality. See what the market is on Redweek and snag a week and just do it. There is no need for you to pay maintenance fees on a highly desirable timeshare and not recoup - and get a little something extra. Funtime

 

[rickandcindy23]

We say the timeshare is "valuable," and then we say we can buy the same thing on eBay for < $3K, he still owes $15K, and we wonder why people get confused.

I think of all of the people who bought houses at the peak prices with cheap interest rates, and they walked away when the houses lost value. They didn't want to be "upside down" on their mortgages. I say that because you probably feel you are "upside down" on this ownership.

Your timeshare is a lot more valuable than any of mine, because none of mine would cost $3K. A few of mine to ME are worth much more than $3K, like my oceanfront Maui, even though it's an ordinary supposed Five-Star resort. It's nowhere near Marriott quality, and that's okay by me. But I didn't pay $3K for even that week. I paid $300, including closing costs and transfer fees, and it's a 2 bedroom annual (but MF's are $1,400).

 

[Ron98GT]

It wouldn't hurt to call their Resale Department: https://www.my-vacationclub.com/en-us/contact/resaleOperations.jsp

They seem to be buying back some desirable/in-demand platinum/red week TS's and enforcing ROFR on others, to supposedly resell as points TS's. In your case it wouldn't cost them anything to procure (give them the deed), they write it off the books and take the deduction, and then resell the platinum TS's under points.

Give it a try, you have nothing to lose asking.

 

[DazedandConfused]

It wouldn't hurt to call their Resale Department: https://www.my-vacationclub.com/en-us/contact/resaleOperations.jsp

They seem to be buying back some desirable/in-demand platinum/red week TS's and enforcing ROFR on others, to supposedly resell as points TS's. In your case it wouldn't cost them anything to procure (give them the deed), they write it off the books and take the deduction, and then resell the platinum TS's under points.

Give it a try, you have nothing to lose asking.

Bingo.

I will try that and sell if I get a decent offer, if not, I will keep paying it and try to use it for some nice vacations.