Why the complaining about MF and Exiting?

[gpj555]

DVC is one of a kind time share!

 

[paxsarah]

The part that's new to me is the idea that DVC owners would just let their ownerships default instead of selling it, since they could actually get real money on resale.

 

[dioxide45]

The part that's new to me is the idea that DVC owners would just let their ownerships default instead of selling it, since they could actually get real money on resale.

They still lose quite a bit of value the day you buy it. So if you want out soon after purchasing and still owe on a loan, you may have to default.

 

[CO skier]

Facebook is wild, lol.........saw one guy try telling people he could 'take multiple vacations anywhere in the world' for the cost of his MF fees, lol. Guessing most MF fees are around $2k, and I can't go to Wildwood Beach for a weekend on that, lol.

The guy on facebook is correct. A Club Wyndham owner with 300,000 CWA points, just as an example, could use the points for 3-4 weeks in Club Wyndham Value Seasons 1 bedrooms, then spend the other 48 weeks of the year "most anywhere in the world" using RCI Extra Vacations for about $2,000/month accommodations cost.

There are about 500 units available at the moment in just Europe, Africa and Brazil (not all of them are $500 or less per week). It just takes a lot of flexibility on travel dates.

 

[CO skier]

 

[Floridaman76]

I get the impression that either DVC is extremely lenient or forgiving to their deadbeat owners who default on their ownership or the OP doesn't know what that process really looks like.

Who knows, maybe the optics of "Disney" going around foreclosing on people has more negative impact than a financial one, so they can make the decision to absorb it. Disney is also selling the "Disney experience", which to me, looks a lot like a cult, but who am I to judge.

Also to be clear, all the other timeshare systems (except, apparently DVC) do the same things as Wyndham when people stop paying their bills. There's no free ride.

Believe it or not, some other timeshare systems don't even have processes in place like Wyndham's Ovations/Certified Exit that allows people to give back their timeshares. Sometimes that process is extremely cumbersome and costly. Just ask Westgate owners. Or there is a right of first refusal, like Bluegreen, Diamond and HVC. Let alone non-affiliated timeshares not in a "system" who have a vested interest (survival) of keeping existing owners paying their MF to stay solvent.

Wyndham is not perfect, don't get me wrong. They do some things quite badly (like their IT Department), but they are also pretty fair and a good value to an educated owner.

 

[Fido Chuckwagon]

I don't disagree.........just more or less asking what happens if you just 'stop' paying the MF's.

They will foreclose eventually. There’s a possibility that there could be a credit impact but that possibility is pretty remote if all you owed was maintenance fees (as opposed to a loan).

 

[Fido Chuckwagon]

Can you just stop paying your mortgage, insurance, taxes? We both know the answer to that.

The answer is yes, you can. The result of that is foreclosure, either by the bank that owns the note, or the county to whom the taxes are owed, the same as a timeshare.

 

[Fido Chuckwagon]

Yes you completely misunderstood lol. I was just comparing it to Disney (which I've now learned is different) in the fact when people default, disney just comes in and scoops it back up

You’re actually not correct about DVC here either. That is also deeded real estate (well maybe not CFW), and DVC has to foreclose on that as well. In fact, you can purchase DVC contracts at foreclosure auction.

 

[Fido Chuckwagon]

The part that's new to me is the idea that DVC owners would just let their ownerships default instead of selling it, since they could actually get real money on resale.

There’s some level of ingorance I’m sure, but there are also plenty of DVC direct purchasers who are “underwater” on their contracts given the delta between DVC direct and DVC resale pricing.