confused Grandview in Vegas ts owner

Baffled,Like so many others, bought a 1 bedroom, week 24, deeded week ts in 2014 with hopes of traveling the world with the boyfriend. Fast forward, boyfriend leaves, single mother of our pre-schooler, can't afford ts alone or if I keep it, would have to travel on a real tight budget. Called Grandview to see my options, of course they mentioned a Deedback but only if it's paid in full and they still have to review it so no guarantee. My question is if I pay it off using my low interest credit card saving half the interest of what they are charging, what will my return be if any at all if I go that route? I'm reading these extremely helpful posts as I'm a new user, 1st time poster. My maintenance fees are paid, Rci membership paid with 2 extra bonus weeks. I don't know if I should forfeit it out of pure frustration or travel very frugally. Had many sleepless nights over this and the stress is affecting my health. Please, any advise, suggestions will ease some anxiety.

Welcome to Tug. You're in the right place to learn how best to use what you've purchased. Others here will certainly chime in with their own opinions of things, but here's a few things for you to consider:

The first thing to accept, even if it seems hard to do, is that your timeshare on the resale market has little to no value. Timeshare salespeople are notorious for saying anything and everything to make a sale, and they are known around here as "sales weasels." So even if you paid off your timeshare and did a deedback with Grandview, you'd get virtually nothing for your trouble.

With that in mind, since you're already on the hook for your ownership, I'd say to try and use it before you throw it away. As an owner, you can stay at the resort, you can try to rent it out to cover your fees, or you can try and exchange it through RCI or one of the other exchange companies, to try and find another resort to visit that suits your schedule and budget.

Part of the issue you'll find is your exchange value on the week you deposit. Las Vegas has a lot of timeshares, and the value of your exchange is tied to supply and demand. Not all weeks and all resorts have the same value to exchangers, so you'll have to figure out what you can get for what you're willing to deposit. Reserving the right week (that maximizes your exchange TPU value with RCI), and then depositing that week into your account with RCI, will give you the best return on your investment.

Take a breath, keep reading the Tug forums, and ask any questions you may have. There are a lot of folks here who have done the same thing you did. It's best to learn how to make the best of it, and then making smart choices once you know what to expect.

Good luck!
Dave

Thank you Dave, I will continue researching this wonderful site. What a relief to know I have help before making hasty decisions. Absolutely wish I knew this before.

I just checked RCI's deposit calculator, and your Week 24 has a maximum exchange TPU (trade power unit) value of 16. A Week 52 deposit (generally Christmas week) has a maximum value of 21 TPU. Those numbers are actually not bad. If your needs aren't too high, you should be able to find a reasonable exchange for that.

If you have the ability to reserve the more valuable week (like Christmas) and deposit that, you can get a higher TPU for it. That higher value will give you more options for exchanges you may choose to make.

Since deposits last for several years, you can add up the accumulated TPU for a couple of years of your deposited weeks, and end up with more TPU to work with, to have a better vacation.

There are options, you just need to figure out how to work with it.

Dave

mariad said:

Thank you Dave, I will continue researching this wonderful site. What a relief to know I have help before making hasty decisions. Absolutely wish I knew this before.

Click to expand...

I completely understand. Nobody likes to feel like they were taken advantage of, but in the timeshare industry, it happens all the time. I can't imagine how those sales people can live with their own conscience. But you can't blame yourself for what happened. All you can do is figure out what to do with what you own.

And remember, what you bought isn't bad. Las Vegas is a popular destination, and the Grandview is a nice place. I've sent a coworker there two years in a row on an RCI Extra Vacation purchase, so he and his friends could attend a major car show at the Convention Center. He said the Grandview was a really pleasant place to stay, and he'd be happy to stay there again. Yes, it's not in the middle of the Strip activities, but sometimes that's not such bad thing.

Dave

mariad said:

My maintenance fees are paid, Rci membership paid with 2 extra bonus weeks. I don't know if I should forfeit it out of pure frustration or travel very frugally. Had many sleepless nights over this and the stress is affecting my health. Please, any advise, suggestions will ease some anxiety.

Click to expand...

How much do you owe on the mortgage of your timeshare? How long have you been paying on it?

I owe a little over 13,000 at their high rate of 17.90%, paying since July of 2014. If I forfeit it, I lose the 4,000 plus I have put into it and haven't even used it. I just deposited my deeded week with Rci. If I'm going to keep it, I should pay it off with my credit card at 9.30%. I dread another bill but I also don't want to hurt my good credit. I don't plan on making major purchases in the near future if my credit gets pinched. I was reading many threads about forfeiting them but does it really hurt your credit badly? shame on these salespeople who take advantage of unknowledgeable persons only going to the presentations for a freebie. I feel ashamed I fell in their trap.

mariad said:

shame on these salespeople who take advantage of unknowledgeable persons only going to the presentations for a freebie. I feel ashamed I fell in their trap.

Click to expand...

What are they supposed to do? Educate potential 'marks'? Not gonna happen, because if they do, no one will buy. Fortunately, the LAW gives you and other buyers somewhere between 3- and 10 das to educate themselves, read and/or have a trusted person or advisor review the contract they signed- unencumbered by the B.S. told them by the salesweasels. After all it's what is in the contract that counts, not the lies they are told.

As the membership here will attest, I almost never come down on the side (if there is such a thing) of the sellers. I shout from the rooftops for people to RESCIND, and post sample letters people can use to do so. But after that lawful rescission period when people can undo their financial obligation, and reset their purchase back to what it was before they even met that salespeople, I REALLY have a hard time being too sympathetic.

I know that your life situation and finances changed after you and your boyfriend split up. They can change again, but until then, if you can refinance at a lower rate, that would be great, but short of royally screwing up the credit that as a young person, you will need, I won't advocate defaulting. So tighten your belt, get a second job if you can, pay extra on the principle of your loan and pay it off as quickly as you can. Meanwhile, hang around TUG, and learn to use what you have.

You might possibly be able to book vacations at the resort where you own and rent them out to family and friends who want to help you over this rough patch. It may not fully pay for the annual nut, but will make a serious dent in the charges.

Best wishes, and I really wasn't being personal with my earlier chastisement. Timeshare salesweasels piss me off too. It's why I'm here. Really, I have other things to do too.

Jim

Thank you Jim. Your honest advice is truly appreciated. I just joined as a member and will be on these 2 sites quite often. A million thanks to the members and guests who care to reach out and help others on these sites. I hope one day I can do the same.

mariad said:

I owe a little over 13,000 at their high rate of 17.90%, paying since July of 2014. If I forfeit it, I lose the 4,000 plus I have put into it and haven't even used it. I just deposited my deeded week with Rci. If I'm going to keep it, I should pay it off with my credit card at 9.30%. I dread another bill but I also don't want to hurt my good credit. I don't plan on making major purchases in the near future if my credit gets pinched. I was reading many threads about forfeiting them but does it really hurt your credit badly? shame on these salespeople who take advantage of unknowledgeable persons only going to the presentations for a freebie. I feel ashamed I fell in their trap.

Click to expand...

There are a few companies such as Lightstream (https://www.lightstream.com/timeshare-loans) which will allow you to refinance your timeshare loan for a much lower interest rate. Personally, I think its a better deal than using your credit card and certainly better than 17.9%.

mariad said:

Baffled,Like so many others, bought a 1 bedroom, week 24, deeded week ts in 2014 with hopes of traveling the world with the boyfriend. Fast forward, boyfriend leaves, single mother of our pre-schooler, can't afford ts alone or if I keep it, would have to travel on a real tight budget. Called Grandview to see my options, of course they mentioned a Deedback but only if it's paid in full and they still have to review it so no guarantee. My question is if I pay it off using my low interest credit card saving half the interest of what they are charging, what will my return be if any at all if I go that route? I'm reading these extremely helpful posts as I'm a new user, 1st time poster. My maintenance fees are paid, Rci membership paid with 2 extra bonus weeks. I don't know if I should forfeit it out of pure frustration or travel very frugally. Had many sleepless nights over this and the stress is affecting my health. Please, any advise, suggestions will ease some anxiety.

Click to expand...

Since this is a fairly new purchase, it seems strange that you do not have RCI Points, I thought that they quit selling TPU weeks years ago. What does your contact say. When you log into RCI, do you sign into a RCI Points account, or a weeks account? If your getting points, it could be 49K or 61K.

Grandview weeks accounts have no resale vale and are only good to you for stays at the GV (1-week) or for RCI TPU exchanges (1-week). A GV in RCI Points could be worth a few hundred dollars, but you could use the RCI Points in RCI for exchanges, which would be more beneficial. With RCI Points, you can stay for less than a week. With RCI Points you could possibly squeeze out 2-weeks, especially if you borrow from the following year. And then you might even get a 2-bedroom.

As long as you have to pay-off the TS to give it back to the GV: you might as well keep it and use it. For a 1-BDRM, your MF's should only be about $368/year. You can easily pay that for 1 or 2 nites in a hotel room. Check out the exchanges for Hawaii, especially in April/May when Hilton/HGVC does there bulk deposits for the following year. But from what I saw, you could easily stay in Hawaii for 2-weeks in a studio and possibly 2-weeks in a 1-BDRM: that's a lot of Hawaii for $368. Or SW Florida, like the 2-BDRM HGVC TS's on Marco Island, where we've stayed. Las Vegas over New Years Eve. And don't forget NYC, that's another way to bet a bang for your dollar.

Thank you Benny. I am looking into this right now.But I still have the question of the deed back option. If I pay the loan off, the loan office says I can submit a request for this. Does this imply that I can basically give it back to them, if they accept? I know I won't get anything back from them but will I have to pay more money to do this?

Ron98GT said:

Since this is a fairly new purchase, it seems strange that you do not have RCI Points, I thought that they quit selling TPU weeks years ago. What does your contact say. When you log into RCI, do you sign into a RCI Points account, or a weeks account? If your getting points, it could be 49K or 61K.

Grandview weeks accounts have no resale vale and are only good to you for stays at the GV (1-week) or for RCI TPU exchanges (1-week). A GV in RCI Points could be worth a few hundred dollars, but you could use the RCI Points in RCI for exchanges, which would be more beneficial. With RCI Points, you can stay for less than a week. With RCI Points you could possibly squeeze out 2-weeks, especially if you borrow from the following year. And then you might even get a 2-bedroom.

As long as you have to pay-off the TS to give it back to the GV: you might as well keep it and use it. For a 1-BDRM, your MF's should only be about $368/year. You can easily pay that for 1 or 2 nites in a hotel room. Check out the exchanges for Hawaii, especially in April/May when Hilton/HGVC does there bulk deposits for the following year. Or SW Florida, like at the HGVC TS's on Marco Island. And don't forget NYC.

Click to expand...

The OP mentioned that it was week 24 which equals 49k points IF it's in points.

Regards

[]Since this is a fairly new purchase, it seems strange that you do not have RCI Points, I thought that they quit selling TPU weeks years ago. What does your contact say. When you log into RCI, do you sign into a RCI Points account, or a weeks account? If your getting points, it could be 49K or 61K.

Sorry, didn't see this response. I have 3 weeks currently deposited with RCI with trading power of 34. I just deposited these last week.

Life Thoughts- for your pre schooler

mariad said:

Baffled,Like so many others, bought a 1 bedroom, week 24, deeded week ts in 2014 with hopes of traveling the world with the boyfriend. Fast forward, boyfriend leaves, single mother of our pre-schooler, can't afford ts alone or if I keep it, would have to travel on a real tight budget. . I don't know if I should forfeit it out of pure frustration or travel very frugally. Had many sleepless nights over this and the stress is affecting my health. Please, any advise, suggestions will ease some anxiety.

Click to expand...

Dear Mariad,
You are getting good advise on how to best $ value manage your ownership

.I will focus on your family .You mention a preschooler . Kids love vacations and pools and all the fun . This purchase that was " boyfriend" focused can now be repurposed as "a family special fun time " purchase . Timeshares have kitchens
and I am sure you eat everyday - so no extra expense there . Timeshares have more room than hotels and so you probably can bring a girlfriend ( perhaps one with a preschooler ) and split some costs .
Kids do not know Mom is travelling on a tight budget - all they remember is the fun memories at the pool and how good the hot dogs ( you grilled in the TS kitchen) tasted .

Figure out how to reduce the interest rate on the loan - the best you can - and pay it off as soon as you can . The dollar amount is about that of a car loan . Think of it as a car that will give you and your child some great special time together .
Other ideas to save $ - ( this is one I use / so it is only a suggestion - but works)
You live in The Chicago area . If you are paying for cable TV - look into OTA ie
Over The Air TV also known as an antenna . In Chicago You can probably get 25 channels of TV for FREE this way . 12 months x $49.95 = $ 600
This can pay your Maintenance Fee at the Grandview every year and the groceries and a dinner or something else while on your family vacation .
There are resorts you can drive to from Chicago and use your TPU's efficiently .
Since you have a preschooler you can even potentially go in June or Sept when the weather is nice but school is in session so more availability .
If winter is too long in Chicago go to a non AI in Mexico or go to Orlando .Both are doable with your TPU range PS - Frugal means going to Orlando and not going to Disney etc . Your child as a preschooler will love the pool and not even miss Mickey .
( just DO NOT go to any"presentation"/or get told they will take your trade in of the Grandview )
From what I have read on TUG the Grandview is a decent resort with low MF costs. Your frugal choice one year could be to use your week there and thereby pay no RCI exchange fee . Just go to the pool and have fun with your child .
He or she will remember the( no extra cost ) fun time with mom .You will love it too and will remember the great memories not your frugal choices . ( or you will remember it all happily)

I think you can make this work .

Maria:
Whether you keep your TS really depends on your situation.

If your credit is already bad, then the TS company cannot really harm you if you choose not to pay them. Their main weapon is to destroy your credit.

This is horrible to say to someone like you (with kids and on a seemingly tight budget), but imagine a salesperson came to you and told you could save real money by purchasing a Costco/Sams club membership? You'd probably say, that sounds like a reasonable investment of the annual membership, which in this case is your maintenance fees.

The catch with timeshares is that, if you buy from the developer, they will charge you a really large fee for the privilege of belonging to the club.

It really should be illegal, mainly because if you go try and sell your timeshare in the resale market, everyone in the resale market will ask: why did you pay extra money for your timeshare, instead of just taking over someone else's timeshare?

So there, you agreed to pay for something that you could have gotten free, and the law protects those scumbags who sold it you.

mariad said:

Thank you Benny. I am looking into this right now.But I still have the question of the deed back option. If I pay the loan off, the loan office says I can submit a request for this. Does this imply that I can basically give it back to them, if they accept? I know I won't get anything back from them but will I have to pay more money to do this?

Click to expand...

Whether you refinance the mortgage into a loan from Lightstream or you use your credit card, you are paying off the mortgage as far as Grandview is concerned. You could then deed back the timeshare. However, you would still be responsible for paying off the new loan or credit card bill and now have no timeshare to show for that money.

Lots of people have posted good advice on how to use your timeshare. I would seriously consider that option before you give the deed back to the resort and still have to pay off the debt. If you refinance into a lower interest rate, the lower payments would likely more than cover the cost of the annual maintenance fees, and you'd still have a play to enjoy year after year with your child.

Thank you all for the best advice. I just have to learn how to use it efficiently to make it work. I see my options now and will keep these all in mind.

Long shot but... Do you have a credit union? Probably much better interest rate. Or if you own your home try a home improvement loan.

Refinance Option

There are a lot of online lenders clobbering each other for business - apply at Lending Club, Prosper, so many others. Guaranteed to be lower rate than 17%, and unlike a CC, will have a set long term, low monthly payment. Most will go 5 years, and you can pay ahead/prepay if/when your situation improves.