Advice On Getting Rid of Bankable Interval International TimeShare/Info On GMAC TD?

[newbie10 Junior Member Find all posts View Profile Close newbie10]

Hello all!

I'm very new to this, so I apologize ahead of time if my question has already been answered elsewhere/if it's a silly question.

That being said, ANY help or advice would be awesome...

So my parents have a bankable timeshare with Interval International. It's good in theory, 5 weeks banked (meaning you can go anywhere in the world, as long as it's in an Interval resort). Unfortunately, they don't use it NEARLY enough that it's worth it.

My mother was recently approached by GMAC TD. They're asking for $1,000+, saying they work with Travelocity to help rent out the timeshare---now I've done a bit of research and I'm not sure what to think. I've found a few complaints, but I feel like there's always going to be a few unsatisfied ppl. However, from what I understand, it seems like a bad idea to pay upfront.

As of now, my mother has 6 days to get her $ back, and I'm trying to tell her that it's a bad idea, but she thinks it's a gamble-- that in this economy, there's no other way to get rid of it....She also thinks that it will be an easy sell since it's "banked," and can be used at any Interval International resort world wide.

I kind of agree with her, but I feel as though there must be a less risky way to do this.

I know you can post it to be rented on Craigslist.com, etc, but has anyone really had any luck with that?

Does anyone have any suggestions or stories about how they got rid of their timeshare? Ideally, she would like to make SOME money off of it, but I think at this point she is SOL.

Thanks so much for any help!!!!

[SteveChapin Senior Member Find all posts View Profile Close SteveChapin]

My mother was recently approached by GMAC TD. They're asking for $1,000+, saying they work with Travelocity to help rent out the timeshare---now I've done a bit of research and I'm not sure what to think. I've found a few complaints, but I feel like there's always going to be a few unsatisfied ppl. However, from what I understand, it seems like a bad idea to pay upfront.

A good rule of thumb is that, if they demand money up front, it's a bad idea. Think of it from a game theory point-of-view: what do they have more incentive to, sell/rent your mom's timeshare, or move on and find the next person to give them $1,000?

What rights does she give up on the property?

As of now, my mother has 6 days to get her $ back, and I'm trying to tell her that it's a bad idea, but she thinks it's a gamble-- that in this economy, there's no other way to get rid of it....She also thinks that it will be an easy sell since it's "banked," and can be used at any Interval International resort world wide.

Are you renting or selling through TD GMAC? There's no such thing as an easy sale of a timeshare week these days. Just check out all the listings on eBay that don't even get a single bid for $1.

I know you can post it to be rented on Craigslist.com, etc, but has anyone really had any luck with that?

Yes. And on redweek.com. There are other sites, too. Not all are free.

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

GMAC Real Estate Timeshare Division- It is not a licensed brokerage!

The first thing you need to know, is that GMACTD is not a licensed brokerage. Their website will probably mention the word license many times, but it refers to the designation of their call center employees as a LCTS - Licensed Commercial Telephone Salesperson..

In other words, telemarketers!

There seems to be a new trend where the timeshare marketers are now no longer saying they "sell" timeshare, but rather that they "rent" timeshares.. The reason for this, is that short term rentals do not fall under real estate law, and the subsequent violations that can occur from charging advance fees in real estate.

The owner of this company, also owns a true brokerage franchise- which is called GMAC Real Estate Timeshare Resales USA. I'm not sure how they managed to purchase another franchise name to be used as a non-brokerage- but it has really confused many consumers who believe they are dealing with licensed real estate professionals.

And the most amazing part is- they no longer even bother to create a rental ad on their website! If you visit it, you'll find links to book car rentals and airline tickets (which is booked through the Travelocity engine)- but nothing for accommodations!

The idea that there is some secret society of corporations that rent timeshares from individuals and pay much higher than market price is pretty hard to believe! Common sense is very uncommon in today's consumer- but this borders on ridiculous!

What your mother would be paying for is a $1,000 rental ad. And even is she is lucky enough to get a rental, the gross rental price will very likely be less than the cost of the ad! (And this isn't even taking into consideration the maintenance fee which she will have already paid!)..

What the actual chances of renting successfully are, however, I can't say.. Again- I can't find a single ad!

Rentals may be a viable idea for your family, but just a simple google search will find MANY venues that are a fraction of that cost- plus you'll actually be able to see the ad you pay for!

If she simply wants to pay good money for empty air- I'll be happy to send a balloon and an invoice! Hell- I'll even offer a 95% coupon from that $1,000 price!

[aliikai2 Super Moderator Find all posts View Profile Close aliikai2]

The one thing that nobody mentioned yet

Is that once you " Bank" a week with Interval, you can't rent, sell, barter of trade this week for any financial gain.

In plain english, this company can't rent out her weeks so she needs to cancel and get her refund.

Have her do this asap, then call her credit card company and have them reverse this charge. Otherwise, she will just be out another $1000

fwiw,

Greg

[SteveChapin Senior Member Find all posts View Profile Close SteveChapin]

Is that once you " Bank" a week with Interval, you can't rent, sell, barter of trade this week for any financial gain.

Good point. I assumed that she still had an upcoming week that was rentable. That was part of my "are you renting or selling?" confusion, because the banked weeks only make any difference for selling, but the web site talks about renting.

That web site shows an amazing amount of chutzpah---actually claiming that they won't even bother to list your timeshare for rental as if that's some kind of advantage!