Am I screwed?

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

Ok did probably the worst thing ever while i was on my honeymoon in las vegas. Someone asked us if we wanted free show tickets and it was a bribe for the timeshare. It was all well and good. Sadly I got suckered into thinking it would be a great idea. It sounded well and good. We got a RCI starter pack and the option to upgrade to a house with like 33k points a year.

We have been talking about it for a while now. What would be the best thing to do to get out of it before we really start paying anything. We have had to pay some down, but are looking to get out of this thing, or are we just totally stuck with it? Do i call who we bought it at or do we call RCI? Any helpwould work wonders. thank you.

[fishingguy Member Find all posts View Profile Close fishingguy]

You didn't say how long ago, you signed the paper work. Each state allows a recinsion period that you get to change your mind. Once you are out of the recinsion period you are out of luck and stuck.

So look at your contract for a section that discusses recinding the contract. Unfortunately, if it was more than 10 days ago, you are probably stuck.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Even so, even after the rescission period, if you absolutely do not want and cannot get any benefit out of whatever you got snookered into, consider not paying another cent, take your "bad credit" lumps, and get on with your life.

Bad credit can be restored, but living with a bad timeshare purchase seems to go on forever.

& don't rely on advice from strangers on the Internet.

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

Yeah it has been more than 10 days ago. So yeah looks like we are stuck with it then. Bad thing about paying is it comes onmy debt card every month. Guess i will just be stuck with it and hope that what it costs in the long run will give a decent vacation.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Yeah it has been more than 10 days ago. So yeah looks like we are stuck with it then. Bad thing about paying is it comes onmy debt card every month. Guess i will just be stuck with it and hope that what it costs in the long run will give a decent vacation.

Consider what I already said.

& don't rely on advice from strangers on the Internet.

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

Even so, even after the rescission period, if you absolutely do not want and cannot get any benefit out of whatever you got snookered into, consider not paying another cent, take your "bad credit" lumps, and get on with your life.

Bad credit can be restored, but living with a bad timeshare purchase seems to go on forever.

& don't rely on advice from strangers on the Internet.

Just my opinion....but I think this could be the worse advice I have ever seen here.
Bad Credit COSTS money to.
The mortgage you can't refinance because your credit score is too low.
The car loan you have to pay a higher rate for.
Credit card companies increasing your rate because you now risky.

The advice that most will give you here.....
You own it, if you can afford it, then stick around and learn how to use it.
Even if you don't think you will be heading to Vegas every year and might not be able to fly to your vacations due to cost. Learn how to use the exchange companies to trade it for a local vacation.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

"don't rely on advice from strangers on the Internet."

Only time will tell which course should have been followed.

Report back in about 10 years.

I checked, and stopping payments on a developer-bought timeshare adds 100 point to your credit score, cuz the formula assumes the borrower has acquired common sense & nads and has eliminated frivilous spending.

If one would save money they are paying for a timeshare by stopping payments on it, and then use that saved money as an increased down payment on a house, they may be able to prequalify for a home loan easier, and at a lower rate. Credit score is one factor, income is one factor, amount of current monthly payments is one factor, cash on hand for a down payment is one factor.

Whether a mortgage interest rate would be lower than someone with a better credit score, but little cash to put down because they have not saved or have a high percentage of monthly payments, is rhetorical.

Credit score is one factor, income is one factor, amount of current monthly payments is one factor.

or, like appears to be the case, just keep paying for the unwanted purchase, and deal with the remorse for as long as the payments . . . forever.

PS: Personally, I am paying for unwantyed tiemshares and have an excellent credit score, so, like I said, not paying is rhetorical, just another option. Not paying for things that cannot be afforded is fairly common nowadays, and, likely, not as punitive as when our parents were young.

PPSS: We have been Florida househunting the last two weeks and the first question has been, "Will this be a cash sale?", followed by "How much would you put down?, not "have you ever not paid your bills."

& don't rely on advice from strangers on the Internet.

JMHO

[PortableTech Member Find all posts View Profile Close PortableTech]

"don't rely on advice from strangers on the Internet."

Only time will tell which course should have been followed.

Report back in about 10 years.

I checked and stopping payments on a developer-bought timeshare adds 100 point to your credit score, cuz the formula assumes the borrower has acquired common sense & nads.

& don't rely on advice from strangers on the Internet.

If only it really worked like that. But sadly credit scores don't take common sense into account. If they did, how would half the Timeshares get financed in the first place.

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

Just my opinion....but I think this could be the worse advice I have ever seen here.
Bad Credit COSTS money to.
The mortgage you can't refinance because your credit score is too low.
The car loan you have to pay a higher rate for.
Credit card companies increasing your rate because you now risky.

The advice that most will give you here.....
You own it, if you can afford it, then stick around and learn how to use it.
Even if you don't think you will be heading to Vegas every year and might not be able to fly to your vacations due to cost. Learn how to use the exchange companies to trade it for a local vacation.

I agree Nate - you will have a big problem with your credit for the next 10 years.

Keep up your payments - if you financed the timeshare, see if you can find another way to pay it off that has less interest.

And yes, learn HOW to use your ownership.
There are several companies you can exchange thru that do not have a yearly fee to belong to - you only pay the exchange fee.

SFX Preferred Resorts - Quality Timeshare Exchange Services
Trading Places International - Home
The Holiday Property Owners' Club - Dial An Exchange
Platinum Interchange Timeshare Vacation Rentals and Exchanges

[Georgia632 Junior Member Find all posts View Profile Close Georgia632]

"don't rely on advice from strangers on the Internet."

Only time will tell which course should have been followed.

Report back in about 10 years.

I checked, and stopping payments on a developer-bought timeshare adds 100 point to your credit score, cuz the formula assumes the borrower has acquired common sense & nads and has eliminated frivilous spending.

If one would save money they are paying for a timeshare by stopping payments on it, and then use that saved money as an increased down payment on a house, they may be able to prequalify for a home loan easier, and at a lower rate. Credit score is one factor, income is one factor, amount of current monthly payments is one factor, cash on hand for a down payment is one factor.

Whether a mortgage interest rate would be lower than someone with a better credit score, but little cash to put down because they have not saved or have a high percentage of monthly payments, is rhetorical.

Credit score is one factor, income is one factor, amount of current monthly payments is one factor.

or, like appears to be the case, just keep paying for the unwanted purchase, and deal with the remorse for as long as the payments . . . forever.

PS: Personally, I am paying for unwantyed tiemshares and have an excellent credit score, so, like I said, not paying is rhetorical, just another option. Not paying for things that cannot be afforded is fairly common nowadays, and, likely, not as punitive as when our parents were young.

PPSS: We have been Florida househunting the last two weeks and the first question has been, "Will this be a cash sale?", followed by "How much would you put down?, not "have you ever not paid your bills."

& don't rely on advice from strangers on the Internet.

JMHO

JMHO, but none of us know how high or how low the OP's credit score already is. Let's ASSUME he has EXCELLENT credit scores, I doubt he would even consider having his credit score drop because of this.

I posted a couple weeks ago I was considering purchasing a TS through RCI. Well, I did it and I live next door to Ron Jon's Caribe Resort, so I kept it as my base. That way, I don't have to travel to another area or country to keep abreast of what's going on.

I'm VERY new at this, and we purchased a week every other year for $10,000 and we started there because we figured it is not that much of a hardship should it be a bad deal, and we considered Cocoa Beach, FL because we also figured it would be easier to trade or learn from.

Perhaps the OP might consider something another poster suggested...get involved with it and learn how it operates and have some fun with it. Maybe the OP is right now having "buyer's remorse", but maybe also, he could educate himself on it and it might and probably will turn out to be "lemonade".

I feel, and the OP might feel that if he and his new spouse are going to travel anyway, it could be less expensive than spending thousands of dollars a year in hotel rooms.

This is just my possibly "ignorant" opinion, but, still something to think about.

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

Right now it is just a starter pack with 30k points with the option to upgrade after we pay for it. The upgrade is to a place in VA, which I will proably never see as there isnt much there that i want to see. It will total the same cost that we paid for the trip and flight to vegas, so I am just hoping when it is paid for we can look and see what it is that we really got for the money and then see if it saves money.

I know there are good timeshare and there are bad ones. My old boss has a great deal with his, who it is I do not know. I know he uses it to go about everywhere for 2weeks at a time. Maybe I got lucky and it will be a good thing.

Thanks for all the advice. I will look at the links posted and see what we can do and all that. Is there anything else that we should know. Oh ya we also got a free week ticket with it too. So who knows it may work in our favor.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

If you will google complaints about Westgate (or even Wastegate), you will see your future.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

only time will tell which course should have been followed.

. . . . . . . . . .

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

Ok did probably the worst thing ever while i was on my honeymoon in las vegas. Someone asked us if we wanted free show tickets and it was a bribe for the timeshare. It was all well and good. Sadly I got suckered into thinking it would be a great idea. It sounded well and good. We got a RCI starter pack and the option to upgrade to a house with like 33k points a year.

We have been talking about it for a while now. What would be the best thing to do to get out of it before we really start paying anything. We have had to pay some down, but are looking to get out of this thing, or are we just totally stuck with it? Do i call who we bought it at or do we call RCI? Any helpwould work wonders. thank you.

For a start don't call RCI, they are an exchange Company and have nothing to do with your purchase.
You don't say where you bought into but the most active Timeshare facility in Las Vegas at the moment is the Grandview. I'm an owner there and other than paying full price to get my timeshare I have Zero regrets. I love the Timeshare experience and the options it gives me for vacations. Providing you are not going to go bankrupt to pay the money, bite the bullet, and enjoy. You are no different to 85% of people on this forum, we all learnt the hard way, by paying full price.
There is no way I would risk my credit rating, as you have just recently got married, you will need the best credit rating you can get.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Now I'm wondering . . . is it better to have a little ding on your credit rating (assuming it is the only one) and a little cash in the bank, or a slightly better credit rating, no money, and a timeshare you do not want and will have to pay for the rest of your life (or until you finally unload it, if you can, and at a big loss).



Funny, we started with a little teaser with Wastegate, and bought a little more the next year, and it took it us several more years of wasted Wastegate fees and payments to finally get rid of them.

How 'bout the rest of youse giving advice . . . ever own with Wastegate?