• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

Need advice to sell or donate my timeshare [Westgate]

M

minime

newbie
Joined
Jan 20, 2008
Messages
2
Reaction score
0
Points
1
HI, i am new to this forum, but i am needing some really good advice. i purchased a timeshare back in august 2oo6 in myrtle beach, SC. it cost $5000 and i financed it for 10 years at $10,973.60. i want to get rid of it, what is the best way for me to do this thanks
 
Last edited by a moderator:
DeniseM

DeniseM

Moderator
Joined
Jun 6, 2005
Messages
57,752
Reaction score
9,152
Points
1,849
Resorts Owned
WKORV, WKV, 2-SDO, 4-Kauai Beach Villas, Island Park Village (Yellowstone), Hyatt High Sierra, Dolphin's Cove (Anaheim)
Unfortunately, since you owe money on it, there is virtually no way to sell or donate it, because you owe more than it's worth. Timeshares are like used cars, they depreciate as soon as you "drive them off the lot." Even the top timeshares sell for 30% less on the resale market and the bottom feeders sometimes have no resale value. Your best bet is to continue to make your payments and learn how to use your timeshare, so at least you get some enjoyment out of it.

What's the name of the resort?

Good luck!
 
Last edited:
M

minime

newbie
Joined
Jan 20, 2008
Messages
2
Reaction score
0
Points
1
the resort is westgate myrtle beach. thanks for the advice
 
DeniseM

DeniseM

Moderator
Joined
Jun 6, 2005
Messages
57,752
Reaction score
9,152
Points
1,849
Resorts Owned
WKORV, WKV, 2-SDO, 4-Kauai Beach Villas, Island Park Village (Yellowstone), Hyatt High Sierra, Dolphin's Cove (Anaheim)
Thanks - hopefully some Westgate Owners will pop in and make some suggestions. If you have questions about using or exchanging your timeshare, you can post them.

And I'm going to move your post to the Westgate Forum where you'll get help from the experts!
 
Last edited:
timeos2

timeos2

Tug Review Crew: Rookie
TUG Lifetime Member
Joined
Apr 11, 2005
Messages
11,183
Reaction score
5
Points
36
Location
Rochester, NY
minime said:
HI, i am new to this forum, but i am needing some really good advice. i purchased a timeshare back in august 2oo6 in myrtle beach, SC. it cost $5000 and i financed it for 10 years at $10,973.60. i want to get rid of it, what is the best way for me to do this thanks
Click to expand...

You are not going to get anywhere near the total you owe. You'd be lucky to see $3000 so the balance due on your loan - while not the full $10,000 - would still be far more than you get. No one will accept a donation of a unit that has a loan on it. It must be paid off in order to donate it.

Call / write the resort and see if they will accept a deed back. Call / write the loan company and get a buy out price. Advertise on low cost resale sites with an aggressive (low) price. Plan to make up any difference owed. You aren't going to get out of a purchase this recent cheaply if you sell.
 
You must log in or register to reply here.
Top