Best way to get out of a Timeshare?

I regularly show this episode when anyone I know starts talking about timeshares. He does really good write ups and I highly suggest everyone watch this one, even if you already are on the Timeshare hate train, it’s a good watch.

Link for the lazy.

https://www.youtube.com/watch?v=Bd2bbHoVQSM

Damn. It made a new industry of exiting timeshares but those were also a scam. That's brutal. Imagine getting duped twice.

I feel like you might get away with creating a corporation, selling it to that for 1 cent, then stop paying dues. Might give some protection? Idk

My father did the same with a timeshare in Mexico. Every time he called to book a room they were full, even booking 8 months out. So he just stopped paying for it. They got mad and called him several times over the years.

Finally he said 'Fine, I want a room in 3 months time for 2 weeks. I'll even be pay all the owed fees.' "sorry we're full then" 'Ok, well then I'm never paying you a dime, stop calling me.' that was that.

As far as I know his credit was never hurt, but he's also got amazing credit so maybe it was enough to offset that hit.

Getting a hold of her agent has been an issue.

They are amazing, for only 12K [1] it is like owning [2] a place in the resort. You can book any time [3] on our easy to use site [4]. Once you have had enough you can simply sell your timeshare back to us [5,6] or to someone else [7].

1. Plus 700 a month for maintenance.
2. No, you don't own a stake in the unit.
3. If you book between the previous solstice and the closest new moon to your preferred holiday time.
4. Online booking only available in the pro package or beyond.
5. No guarantee we will buy it.
6. A fee equal to 2 years worth of maintenance costs will charged on dissolution of the contract.
7. You receive no proceeds from sales to third parties

The idea sounds great, but the implementation is shit and the fiduciary duty isn't for those who bought the timeshare.

https://moneywise.com/investing/real-estate/why-buying-a-timeshare-is-a-bad-idea

For vacation properties and stuff, it’s sometimes far from worth it. Some timeshares work for people, though. For example, it’s common for aspiring pilots to own a timeshare on an airplane so they can fly on their own and log hours without actually owning a plane of their own. If it’s something you’re actually going to use, it can be ok. I went on a trip with a family who owned a timeshare on a giant houseboat in Lake Powell. It was pretty freaking awesome, actually. Each year, the family members pitch in to help pay for the trip, and you can fit a lot of people on a houseboat. Nobody wants to actually own a houseboat and deal with all the bullshit that comes with something like that. A boat is a money pit to begin with, so a timeshare on one actually looks much more desirable to some people.

That being said, the sales tactics some companies use are designed to fool people into buying something they won’t get the value out of. They don’t care. I’ve always imagined that those little seminars they give to get you to buy one have another table right out the back door when you’re leaving that will sell you help to get rid of it. There’s NO WAY there’s not people covertly playing both sides of that.

It's like a plane where they've way overbooked the flight, yet everyone still contractually obligated to pay the full fare regardless of whether they're allowed to board the flight or not.

Apparently the scammers will rush you through so you miss the nuances in the very finely-crafted contract -- they're professionals at this. I think John Oliver did a thing on the whole seedy setup.

resile?

Sat through a pitch. Their last ditch "Alright, I got special permission from my manager for this" price was like 1/4 their initial price, and even then just the additional maintenance fees alone was more expensive than just booking a room once a year.

Yes, take the special offer to hear the pitch, and never buy.

They're that bad. Maybe there's a good one out there, but why risk it

It's heavily dependent on the specific contract, but if you like to Vacation at the same location every year or most years it can work out better than having the even greater cost of owning a full blown vacation home. You can also iirc rent out your slice of the time share if you don't or can't make it a specific year (Contract dependent, you really have to read the contract you sign if you even want a sliver of hope of getting a decent value out of it)

It generally isn't. The few that are worth it are places you will visit over and over again for the next generation.

Some people who are stuck with timeshares will book rentals and resell them just to recoup some losses.

I forget the site but there's one where you can basically sublet a rental. I've never done it cause it seems sketchy AF

I have two weeks at a good one I'm super happy with.

We use it to snow ski. The yearly maintenance fee for a weeks use is equivalent to a single night accommodations at the same time. Cost me $4k to buy. I've used it for a decade so far.

I bought into a thing that's kinda like timeshares, but it's through the company that runs most of the resorts. You get like 2 weeks a year for $300/week as long as you book within 45 days of the stay. Plus discounts on hotel rooms, flights, etc.

Basically it's where they rent rooms they're not likely to be able to on those days, so they're at least making some money.

So, if you like to travel in the off seasons, it works out really well.

It was only like $6k and $300 a year in maintenance fees.

It's pretty cheap to buy off of ebay.

Doubt that's gonna help since she's a widow.