Not sure what to do

[amk1444]

I bought a time share a few years ago. I really didn't want to since back in 1987 i was taken when I bought a timeshare. But after numerous hours and then being sent to a supervisor I caved. I was hoping things have changed. In retrospect I can see I made a mistake. I bought one with Sheraton/Vistana thinking with the name behind it I'd be safe. To be fair we have had a couple of amazing vacations (one in Hawaii right after COVID for very few points). Here is my dilemma, I bought an odd year timeshare. I have to pay a maintenance fee every year. Basically I am paying over $1600 over the two years of maintenance fees. My loan was for $11,000 and it is almost paid off. I only have 67,100 points which doesn't get me much. I have tried to exchange through Interval but there is very little within my points range. I paid the club fee with Vistana and when I go to reserve through Interval am being charged an exchange fee. I have tried with both Vistana and Interval to rectify this but it has not bee resolved. The supervisor I purchased from said that after I pay off the loan (which isn't far away) I can walk away from my timeshare. That they'd be happy to take it back. I am just very disappointed. What do people think?
;

 

[WorldT]

Pay the 11k, give us the unit so we can sell it to another unsuspecting person for another 11k. Wow, what an offer.
Hopefully our Vistana experts here can help you make the most of your situation.

 

[DaveNV]

The exchange fees are normal charges everyone pays.

The maintenance fees you're paying are also normal - all of it every year or half of it each year for every other year use - the fees are the same.

My two cents: The damage has been done - the loan is nearly paid off. You are not alone, and many people bought from a Developer. Rather than walk away from this, figure out how to make the most of it. If you don't have enough points to book what you want, you can buy RESALE points to add to things, to give you enough to get what you want. But you have to learn how to properly use the system to your advantage - it's not the bed of roses the salesweasel told you it was. Timeshares can be fun and fine to own, but you have to work at it.

Do the homework, learn how to maximize what you have, add to it if needed to increase your portfolio, and stick around. It can be great, but nobody will do the hard work for you - you have to do it for yourself.

Good luck,
Dave

 

[TUGBrian]

Welcome to TUG!

wish we had better news for you but sadly it appears you have a pretty good grasp on your options.

it is correct that if its paid off you can give it back to vistana directly.

its also correct that the only way you will extract/recover any value from it moving forward is to learn to use it! the TUG vistana forum can certainly help with that!

 

[rickandcindy23]

If you can go to Hawaii on your timeshare, even every-other-year, you didn't get such a terrible deal on it. That is my 2 cents.

We bought our first timeshare in the 1980's in our mid-twenties. We regretted it, absolutely, even tried to rescind the first ripoff week we bought. Those places are dumps today, and we overpaid.

Vistana is never going to let your timeshare become a dump. That's a good thing.

If you cannot afford it, that's one thing, but if you can afford to keep it and use it for now, I suggest you continue doing just that. Hawaii airfare from just about anywhere is expensive, so use your SO's closer to home.

Later on, you can add to your ownership with resale. You already know how to use Staroptions, so use them each year, which is the only way to get any value out of what you bought. Then later on, when you feel you can afford it, buy a resale, specifically I would buy Westin Kierland Villas, platinum lockoff for 148K Staroptions. That would cost about $15K.

 

[Dardan]

Enjoy Maui every other year. Then rent other places here from TUG users. That's what we do.

 

[Venter]

I bought a time share a few years ago. I really didn't want to since back in 1987 i was taken when I bought a timeshare. But after numerous hours and then being sent to a supervisor I caved. I was hoping things have changed. In retrospect I can see I made a mistake. I bought one with Sheraton/Vistana thinking with the name behind it I'd be safe. To be fair we have had a couple of amazing vacations (one in Hawaii right after COVID for very few points). Here is my dilemma, I bought an odd year timeshare. I have to pay a maintenance fee every year. Basically I am paying over $1600 over the two years of maintenance fees. My loan was for $11,000 and it is almost paid off. I only have 67,100 points which doesn't get me much. I have tried to exchange through Interval but there is very little within my points range. I paid the club fee with Vistana and when I go to reserve through Interval am being charged an exchange fee. I have tried with both Vistana and Interval to rectify this but it has not bee resolved. The supervisor I purchased from said that after I pay off the loan (which isn't far away) I can walk away from my timeshare. That they'd be happy to take it back. I am just very disappointed. What do people think?
;

Did you buy Westin Flex or Sheraton Flex?

 

[Venter]

Are you looking for a family or 2 people?
Are you flexible and can you book short notice?

 

[trexmdr]

When I look at the maintenance fees I’m flabbergasted especially since I bought wkorv in pre construction but when I look at booking a week in a small room at the black rock Sheraton I’m so happy I have the timeshare. And when I look at all the pictures from all the years of family vacation's, well that’s priceless. So yes if you can use it and afford it then keep it.

 

[daviator]

When I look at the maintenance fees I’m flabbergasted especially since I bought wkorv in pre construction but when I look at booking a week in a small room at the black rock Sheraton I’m so happy I have the timeshare. And when I look at all the pictures from all the years of family vacation's, well that’s priceless. So yes if you can use it and afford it then keep it.

Me too… IIRC the early MFs for a two bedroom lockoff there were less than $1400 per year. Of course, that felt like more money then. But it’s nearly tripled in 20 years.

 

[tamu_bu]

We all have a healthy dislike for rising maintenance fees. But in comparison, a general rule of thumb is that your investments (during the growth phase of life) should roughly double in value every 7 years.

 

[dioxide45]

If you bought directly from Vistana there should be no exchange fees through II.

 

[LeslieDet]

If you bought directly from Vistana there should be no exchange fees through II.

Unless the OP is trying to exchange into a brand outside of Westin, Sheraton or MVC.

 

[daviator]

We all have a healthy dislike for rising maintenance fees. But in comparison, a general rule of thumb is that your investments (during the growth phase of life) should roughly double in value every 7 years.

Gosh, that means my "investment" in my first timeshare week at WKORV is now worth over $400,000! I'm happy to sell it for only half of that price. Please form a single line at the door, no pushing please.

 

[amk1444]

Did you buy Westin Flex or Sheraton Flex?

Sheraton

 

[amk1444]

Enjoy Maui every other year. Then rent other places here from TUG users. That's what we do.

Honestly I got lucky with Maui. It was in 2021 and COVID was still an issue. I got the week for 52,000 points. I still have no idea how I was able to get it for so low. Unfortunately it will never be that low again. I loved Maui, one of my favorite places!

 

[DavidnRobin]

Honestly I got lucky with Maui. It was in 2021 and COVID was still an issue. I got the week for 52,000 points. I still have no idea how I was able to get it for so low. Unfortunately it will never be that low again. I loved Maui, one of my favorite places!

If I understand correctly - you bought EOY 67,100 Sheraton FlexOptions, and you are paying $1600 every 2 years.
67.1K FlexOptions (StarOptions at 8 months) is equal to a week in a studio at WKORV/N.

First, Pay off the loan - you have more flexibility in getting rid of it if needed. The bad news that 67.1K Sheraton FO has no value (to negative) on resale market.

Personally, I would use the EOY 67.1K FOs either within the Sheraton Vacation Club Flex resorts, or at 8 months expanding into Westin Vacation Club resorts. $1600 for a week in Maui studio is not awful. I think you can get an off season studio at Westin St John for 67.1K SOs, but do not track anymore.

Or pay off loan and give away.

Do not buy more, or pay anyone to get rid of your timeshare.
Good luck.