Timeshare has become a financial burden..

Hey TUG.

First of all, I want to say that I'm so glad I discovered this forum!

For the past 5 years, I have been limited to paying monthly payments for a timeshare that I've only used once. Please don't ask for details on why I signed up, my situation should sound familiar as I was caught in the moment and it seemed like a good idea at the time. Funny thing is that I work in advertising and marketing, so I'm trained not to fall for things like this but I somehow did.

I read through the Advice guides supplied by Tug, but wanted some real life experience and advice from the Forum community. I will also try to be as transparent as possible to get the best advice.

I began my Timeshare in 8/31/2009, with Bluegreen Vacations. My original Loan Amount was $12,340 and my current Principal Balance is $6,743 and I've been making monthly payments of $183. My maturity date is 08/03/2018 and I have 7,000 Annual points with a "Vac Club" ownership level.

I would love to just get rid of the timeshare and be done with it, making monthly payments is becoming too much of a pain. Some advice I heard was to let it default, however this isn't an option because I have a great credit score and would like to keep it that way. I've seen eBay listings that are selling a huge number of points for almost the price of a salad. If I go this route, is it safe to say that the money I've already paid off on the loan (roughy $6k) would go to waste? Is it reasonable to assume that I can make something back close to what I paid off so far on the loan?

Thanks!

It's even worse than you thought. Timeshares with outstanding balances are impossible to sell. Those you saw for about the price of a salad were paid off and frequently the seller is paying all the transfer expenses to a new owner. It's possible- though not likely- that if you contact the BOD or HOA of your resort, and plead your case, perhaps they'll accept a 'deed back'. You relinquish whatever you've paid, and they take back the deed. As long as you are paying payments and MF, though, they would MUCH rather have the payments and interest.

The best way to lighten your load would be for you to learn to use what you own, and either take the vacations yourself, or book great summer or Spring break weeks at desirable resorts and rent them to family/friends/whomever.

Best Wishes, and Welcome to TUG.

Jim

Hi and welcome to TUG!

Unfortunately, Jim is correct - your timeshare has no resale value, so if it was paid off, you might be able to give it away, but no one will be willing to take over your payments, because they can acquire the same thing on the resale market for free.

Why don't you use it? We can help you with that. You will feel a lot better about it if you are taking some great vacations.

mosster said:

....I would love to just get rid of the timeshare and be done with it, making monthly payments is becoming too much of a pain. Some advice I heard was to let it default, however this isn't an option because I have a great credit score and would like to keep it that way. .....

Click to expand...

Okay ...I get it. You rather have a new car or cycle or do cruises .... I guess it really does not matter WHAT, YOU would RATHER HAVE .... what you OWN is a 7,000 Bluegreen points timeshare which has a credit bureau reporting score if you stop paying on the loan.

DeniseM is absolutely correct - learn how to USE your 7,000 Bluegreen points ... it is really not a BAD system or set of resorts Bluegreen has resorts in Myrtle Beach, Daytona Beach, Aruba (beaches), mountains (Aspen is one), cities and many other highly visited places (Florida Keys, Orlando, NYC, Hawaii, New Orleans).

I did not learn how to use my timeshare without asking questions, being brave, and getting off the sofa. One of my very smart friends SAW how much FUN I was having and brought himself a bunch of timeshare points from the developer --- and then WHINED without taking any trips, it required too much work and planning. I own 20 times as many points and timeshares over him ... he simply REFUSED to learn jack squat or the first time about using his ownership. He even OFFER to GIVE me his timeshares points (but I also know I would NEVER hear the END of that whine). PS I did tell him from the very first, DO NOT go to timeshare presentations or owners updates - and again, he did NOT listen which is how he end up with 2 (two) different developer purchases.


People here - on the TUG BBS - can help answer your questions about the Bluegreen points system and locations. But your effort in deciding WHAT and WHERE to go, is really your call. Little effort and at the very last minute --- you might get leftovers at resort and off season times (we call them MUD WEEKS).

So starting learning the lingo --- booking windows, high seasons for your favorite activities, acquiring FF points for flying ....

It is NOT a bad way to travel ... there are lots of different people and ages.

PS I travel alone most of the time. Timeshares are great as I always met people at the pool or the Tiki bar who suggest local place to eat or visit ... plus the many resort activities and trips have other friendly people to interact with. I always have a great vacation - even if it rains all week. I make an effort - meeting other people - some I see for multiple years at the resorts. And I regularly run across other TUG members, too.

pss... The photo under my name (handle) is from one of my very first timeshare stays -- I invited all my siblings to a resort (area) I have never been to. OCEANFRONT unit (boy, did I luck out) was just a drop dead killer view from every room in the 2/2 condo. My other trips with my siblings have included NYC, Chicago, FLL, spring training PHX, Biketoberfest Daytona, Kauai, Atlantic City, Olde Town Alexandria, National Harbor, Myrtle Beach, New Orleans, etc).

Good afternoon and welcome to the Tug forum. I hope and pray we can help you with some sound timeshare advice and suggestions.

You will never recover what you've paid so far and if you continue to pay on the loan you will never recover any of that either.

Have you talked to Bluegreen about taking back your ownership and calling it even? If you really hate it you are just sending good money down the drain.