New to Timeshares

[FamilyVac]

I see the value, but every time we try to use, we are running into roadblocks. We are a Capital Vacation deeded member with payments on the deed and maintenance costs.

Question 1: We were told we have 12 go weeks that we could sell for normally between 1600-1800 for each go week. Is this accurate and if so, how do we start?
Question 2: Do we have to transfer points into an RCI program first?
Question 3: Will we have to pay off the loan for the deed before we can capitalize on selling go weeks, as a couple of companies have told us, we buy the 299.99 week and transfer it to them and they have corporate buyers waiting to purchase weeks around the of an expo event in Las Vegas and once purchased they send us the 1600-1800 in return for the go week.

Thanks for all your help! I am looking at the top 99.99 purchase here just to be able to ask questions I felt were never truthful. Like the Blake the "Capital Vacation Manager" at the last dinner that stated he was a salaried member of the home office, and do not get a commission? Like c'mon bro just be honest.

 

[sue1947]

we buy the 299.99 week and transfer it to them and they have corporate buyers waiting to purchase weeks around the of an expo event in Las Vegas and once purchased they send us the 1600-1800 in return for the go week.

Flat out lie. This is a long time and well known scam. There are no 'corporate buyers waiting to purchase weeks'. Those who organize corporate conferences book blocks of rooms at/near the place where they are holding the conference; they don't wait for random timeshare weeks.

If you are still within the rescission timeframe, rescind immediately.

 

[FamilyVac]

Flat out lie. This is a long time and well known scam. There are no 'corporate buyers waiting to purchase weeks'. Those who organize corporate conferences book blocks of rooms at/near the place where they are holding the conference; they don't wait for random timeshare weeks.

If you are still within the rescission timeframe, rescind immediately.

Oh yes, I found Tug because none of what he was stating made sense to my mind. However, I do feel there is a way to utilize our 1.2 million points by sending guests and getting kickbacks. I am looking for the maximum value for the wife locking us in to traveling in the future. I do feel timeshares will be a hedge to the inflation of the future. Just needing some help getting started.

 

[bnoble]

I do feel there is a way to utilize our 1.2 million points by sending guests and getting kickbacks.

This is possible but it is definitely not easy. Renting is a lot of work, and renting well takes time to learn how to do. If it were easy, the developer would be doing that instead of selling timeshares.

 

[Hindsite]

Its against RCI terms and conditions to rent out their exchanges, so if you can rent out using your core ownership, great, otherwise you've been duped in a scam into thinking you can do it via RCI.

 

[sue1947]

This is possible but it is definitely not easy. Renting is a lot of work, and renting well takes time to learn how to do. If it were easy, the developer would be doing that instead of selling timeshares.

AND, and this is the big one, it is hard enough to make a profit if you bought resale for next to nothing. If you bought from the developer and paid tens of thousands of dollars more, it is very difficult to recoup that initial investment.
Again, if you can, rescind and research what system is best for you. I know little about Capital, but there have been quite a few threads recently from unhappy owners.

 

[Patri]

Rescind. There is no time to monkey around. Whatever ts you buy, you will vacation. 1.2 million points sounds like way too many to manage, especially for a newbie.

 

[claraj]

Sorry posted in wrong thread.

 

[jeffox]

I do feel timeshares will be a hedge to the inflation of the future.

The annual maintenance fee increases are greater than inflation and they continue forever.

 

[Fido Chuckwagon]

As others have said, rescind immediately. Buying from a developer is always the incorrect choice. If you really want to own a timeshare, do some more research and purchase it resale for pennies on the dollar (literally).

 

[FamilyVac]

Rescind. There is no time to monkey around. Whatever ts you buy, you will vacation. 1.2 million points sounds like way too many to manage, especially for a newbie.

Yes we are outside there window, however apparently with the new Trust ownership we are under with Capital it is supposed to have an exit package that is not as bad as the typical timeshare...

 

[FamilyVac]

As others have said, rescind immediately. Buying from a developer is always the incorrect choice. If you really want to own a timeshare, do some more research and purchase it resale for pennies on the dollar (literally).

Agreed, however we are outside of the rescind timeframe. We bought from Capital Vacations, which as I understand it is different then purchasing from the developer. Appreciate your info.

 

[easyrider]

Agreed, however we are outside of the rescind timeframe. We bought from Capital Vacations, which as I understand it is different then purchasing from the developer. Appreciate your info.

Couldn't anyone rent a unit from Capitol Vacations ? I looked at their website and I have no membership. I can book Maui in a 1 bed unit for about $3200 a week.

Bill

 

[FamilyVac]

Couldn't anyone rent a unit from Capitol Vacations ? I looked at their website and I have no membership. I can book Maui in a 1 bed unit for about $3200 a week.

Bill

Yes that same unit I get for about 45k in points or I can send a guest for 299.99 for that week at the resort. If I could sell that guest pass for 1k I would be able to recoupe my maintenance fee by selling 2 rooms. This is ultimately why I went against my better judgement.

 

[HedonisticEpicurean]

Yes that same unit I get for about 45k in points or I can send a guest for 299.99 for that week at the resort. If I could sell that guest pass for 1k I would be able to recoupe my maintenance fee by selling 2 rooms. This is ultimately why I went against my better judgement.

Good luck. Hope the investment and hard work pays off.
Don't forget you will be responsible for transient taxes and have to report your rentals as income at the end of the year. Don't want to be caught for intentional fraud.
Also, make sure it is done in an LLC or make sure you are protected legally from errors and omissions as well as any disgruntled renter.
I'm sure there are wise individuals on here who can help you with all the legal aspects of managing your rental. There are some experts on TUG who rent numerous units yearly and have been successful. I would suggest taping into their expertise.

 

[FamilyVac]

Good luck. Hope the investment and hard work pays off.
Don't forget you will be responsible for transient taxes and have to report your rentals as income at the end of the year. Don't want to be caught for intentional fraud.
Also, make sure it is done in an LLC or make sure you are protected legally from errors and omissions as well as any disgruntled renter.
I'm sure there are wise individuals on here who can help you with all the legal aspects of managing your rental. There are some experts on TUG who rent numerous units yearly and have been successful. I would suggest taping into their expertise.

Thank you for your insights. Yes we have an LLC and very careful with our taxes. Again appreciate your encouragement. Just trying to make lemonade out of lemons!