Resale Question

[Ghung37]

Hello I'm a newbie, need some help:

Timeshare: Orlando: Westlake Resort and Spa

1. We bought a timeshare for 20k, doing 60month plan w/ APR(interest) at 17.99%, which cost about 10k. So total including interest is about 30k. If we paid off the timeshare completely (20k), do we still need to pay off the APR (interest, 10k)?

2. Redweek.com, MyResortNetwork.com and Transaction Realty, which one is better? are they a broker?

Thanks for y'all help!

 

[gmarine]

Before paying off the total you need to get a payoff amount on the day you want to pay off the loan. The total interest is based on the entire term of the loan. Assuming there is no prepayment penalty you would pay interest only for the time you had the outstanding loan.

Now the bad news. Your Westgate Lakes timeshare is only worth a few hundred dollars on the resale market. Unfortunately any Westgate property in Orlando sells for a fraction of the developer price. Many get no bids at all on EBAY. There is no easy answer for selling a week an outstanding loan.

 

[Bill4728]

1. We bought a timeshare for 20k, doing 60month plan w/ APR(interest) at 17.99%, which cost about 10k. So total including interest is about 30k. If we paid off the timeshare completely (20k), do we still need to pay off the APR (interest, 10k)?

Most loans are what is called simple interest. Which mean you pay the interest only for the time it takes you to pay off the loan.

BUT, There are loans out there which the interest is added to the loan the minute you take it out. So if you got one of these loans, you'd own the full interest amount even if you pay the loan off early.

Hope that helps

 

[Ghung37]

ouch

thanks for the prompt reply, geez....dat doesnt sound good, but are you referring to the sale for one year or the whole deed? anyone knows good broker?

 

[gmarine]

thanks for the prompt reply, geez....dat doesnt sound good, but are you referring to the sale for one year or the whole deed? anyone knows good broker?

I'm referring to the sale of the deed. Check Westgate completed sales on EBAY. One recent sale was $711 for a two bedroom every other year but included a banked week with no reimbursement of fees for that week. Considering maintenance fees of around $600 it makes the selling price almost nothing. I bought by Westgate Villas two bedroom annual week 30 in 2001 for $2000. I'd be lucky to get $400 now.