Spinnaker resort buyback program

[Tammy creasy]

I have considered the buyback program. It is my understanding that the timeshare will go to my children and they have no choice but to take it. Thus is with my current deeded property. I have been told it is hard to get out of spinnaker timeshare. They offered a guarantee to give back the timeshare, I will be trading a 2 2br weeks for a 2br/1 br lockout plus 6k this omes with cheaper MFs and I can add my kids so the have the guaranteed buyback too. Is this worth it? I currently have palace view heights and will get the regular palace view.

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[Tammy creasy]

I do not want my children stuck with a timeshare. Has anyone else delt with spinnaker and tried to get out of the timeshare or been offered there RTDB program.

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[TUGBrian]

a "trade in" is not a give back at all! do not exchange something you dont want, with something else you dont want....all while paying them for the privilege!

your children are not obligated to inherit your timeshare, period!

 

[jules54]

No one is obligated to inherit a timeshare. Even if it is a bequest in a Will. The way your heirs are required to take a timeshare is if their name is on the deed. DONT PUT THEIR NAMES ON THE DEED PERIOD. When I first started aquiring timeshare in 1994 I only put my name on the deeds as my Children were not of majority age. Around 2005 I started adding their names to Wyndham point contracts so I would not have to buy guest confirmations. Also to 2 out of 12 contracts at Sunset Fishermens Resort in Playa Del Carmen. Peak 7 Breckenridge. Now many years later I’m starting to worry about what I might have saddled one of our sons with. I’m not looking for advice I know the ways to handle it. We love our timeshares and the issue is picking the right time to dispose of the property right before I drop dead.

 

[dioxide45]

If they are telling you that if you buy more you are guaranteed to be able to give it back later, it is a 100% lie to get you to buy more. 100% LIE. I believe @dougp26364 was told something similar at a Spinnaker presentation.

 

[dougp26364]

If they are telling you that if you buy more you are guaranteed to be able to give it back later, it is a 100% lie to get you to buy more. 100% LIE. I believe @dougp26364 was told something similar at a Spinnaker presentation.

Almost. Spinnaker wasn’t selling me additional time. They were only selling the right to deed our existing ownership back.

Essentially it was an agreement that I’d keep the unit for a certain number of years and they’d take the unit back for the small sum of nearly $8,000 (if I remember correctly). It was one of the most idiotic proposals we’ve ever seen.

 

[dougp26364]

I have considered the buyback program. It is my understanding that the timeshare will go to my children and they have no choice but to take it. Thus is with my current deeded property. I have been told it is hard to get out of spinnaker timeshare. They offered a guarantee to give back the timeshare, I will be trading a 2 2br weeks for a 2br/1 br lockout plus 6k this omes with cheaper MFs and I can add my kids so the have the guaranteed buyback too. Is this worth it? I currently have palace view heights and will get the regular palace view.

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DON’T DO IT!

NO ONE is ever forced to accept an inheritance. If your kids don’t want it, they don’t have to take it.

 

[pedro47]

If they are telling you that if you buy more you are guaranteed to be able to give it back later, it is a 100% lie to get you to buy more. 100% LIE. I believe @dougp26364 was told something similar at a Spinnaker presentation.

Dioxide45, your tone was so harsh and authority. I liked it because you told the truth.

 

[Tammy creasy]

I am still using the timeshare. I took a picture of the agreement you sign . It look legit to me. I know it's not easy to get out of a timeshare, I've heard it can cost 5 to 10k with a lawyer. This is the only reason I would consider it.

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[falcon]

we went through a closure of our timeshare and those contracts are legal and binding and stay in your estate. We saw second generations saddled with it

 

[The Colorado Kid]

we went through a closure of our timeshare and those contracts are legal and binding and stay in your estate. We saw second generations saddled with it

Wanting to learn...I have also read that timeshares can be refused by heirs? Not sure how that occurs.

 

[falcon]

Wanting to learn...I have also read that timeshares can be refused by heirs? Not sure how that occurs.

The way contracts are written (at least ours which I believe is standard) is that the timeshare is "in perpetuity" and becomes part of the estate. The estate is responsible for the ongoing fees. You can't accept a partial inheritance, because everyone would just accept the assets and decline the liabilities. We had people talking about liquidating all of their assets in order to leave their estate essentially empty to get out of it. When our timeshare dissolved we had several owners dealing with this. I don't think it's as simple as some people believe. The other issue is that if I go into delinquency, ALL the other owners pay my share. The MF's then get more expensive for the remaining owners and that starts the downward spiral. It depends on if there is a viable resale market for the resort. If the developer/manager thinks they can resell, they may have times when they deedback (out of sheer benevolance of course LOL). That was not the case in our situation and deliquent accounts were sent to collections. It has been years of court cases but we are finally almost wrapped up.

 

[falcon]

a "trade in" is not a give back at all! do not exchange something you dont want, with something else you dont want....all while paying them for the privilege!

your children are not obligated to inherit your timeshare, period!

I have heard mixed things about this. A deeded timeshare is an "asset". My understanding when our resort closed was that owners were unable to tie up estates because of timeshare. I am assuming that deeded timeshare contracts are all the same? Maybe ours was different. But when people walk away, the remaining owners pay their bills, fees go up and then more deliquencies occur. We got sucked into a 1 bedroom every other year at Branson Spinnaker. We are currently using it for exchange, but I'd love to walk away and hand it back. When I heard they do deedbacks, I was really surprised. When I read this scheme of theirs, I was not at all surprised. I hate this company and want to walk away.

 

[TUGBrian]

deedbacks are a thing, but only when dealing directly with the resort.

there are no "3rd party" deedback programs.

 

[falcon]

deedbacks are a thing, but only when dealing directly with the resort.

there are no "3rd party" deedback programs.

But if the resort does not allow deedbacks, as was our case, the owner is stuck with them in perpetuity

 

[TUGBrian]

spinnaker may not have an official deedback program, but they have taken them back on a case by case basis for years.

it can always be given away, or defaulted on as a last ditch option if there is no success in negotiating a surrender.