How do I get out of this timeshare?

[questions]

Hello!! This summer my husband and I stayed at one of my in-laws timeshares and we got roped into buying one ourselves. We originally "bought" the timeshare in which we were staying at. After sleeping on it, I told my husband that I thought it was a bad idea. So, we went back the next day and the "manager" talked us into buying a cheaper timeshare in a different location. I was still skeptical about it, but I knew my husband was really interested, and thought maybe it was a good idea at the time.

Our living/working situation right now: We live with my parents. I graduated with a masters in education back in December 08 and I'm still waiting for a FT job (#1 reason I thought the timeshare was a bad idea at the time). Unfortunately, I haven't found a FT job yet, but once I do, we want to start looking into buying a house. I don't like the idea of this extra monthly payment, plus maintanence dues in June.

Our RCI timeshare has not kicked in yet. We gave a downpayment, but will not start paying our monthly payment until November. I'm wondering if it would be easier to get out of since we haven't even started paying. I'm expecting to lose all the money we put down on this timeshare, but know it will be a good idea in the long run (once we get rid of it (if we can)).

Please help with any suggestions or advice you can give us!!!

[olga1311]

As far as I know its very hard to get rid of timeshare once you buy it. Thats the reason I will never buy one. Check your contract maybe you can "return" witihn a certain time period. If not your only other options I am aware of are to try and sell to somebody else.

[disneysteve]

Originally Posted by questions

I'm wondering if it would be easier to get out of since we haven't even started paying. I'm expecting to lose all the money we put down on this timeshare, but know it will be a good idea in the long run (once we get rid of it (if we can)).

You are absolutely right. If you can sell it, and that's a big if, you will likely lose pretty much everything that you paid.

You can try selling it on ebay. You can also go to the timeshare users group at tug2.net. Lots of helpful folks there.

[gemologist]

Yeah, unfortunatly most timeshares are pretty much 100% lose-lose the salespeople who marginalize the "maintenence fees" get paid the most.

Does anyone ever ask themselves how this math works? 1 week timeshare X $300 per one year (read week) X 52 weeks = $15,600 How can you possibly spend $15,600 for a one or two bedroom apartment on maintaining it?

Plus you have to pay for the timeshare... which I am guessing is all profit. The maintaince pays for everything, building, electricty, housekeeping, land, taxes. that way it's assured they can't lose money.

Before you EVER go to a timeshare presentation, look at the actual market value $100-$1000 per property is the norm, not $10,000 or $30,000 that they are going to want to charge you.

How else would they be able to pay for your hotel stay and other incentives?

[segmond]

you have a bigger problem than getting out of that timeshare. if you and your husband could so easily be talked into buying something like that so fast, then the both of you really need to gear up to be able to resist such impulse buys in the future.

[LuxLiving]

Wait another minute - somebody should be calling you wanting to talk to you about buying it on the phone! They call me about 5-6 times a week. But I'm happy with ours so it's a no sale.

[AtlantaLife&Health]

They tried sticking me with a $500 payment. I ended up getting a biannual timeshare in Lake Buena Vista, FL just 5 minutes from downtown Disney. I pay $140/month. That's very affordable. Paid like $7500 for it. The $30K timeshares scared me.

[disneysteve]

Originally Posted by AtlantaLife&Health

They tried sticking me with a $500 payment. I ended up getting a biannual timeshare in Lake Buena Vista, FL just 5 minutes from downtown Disney. I pay $140/month. That's very affordable.

I don't consider $140/month to be at all reasonable considering that for under $100/night, you can rent a 3-bedroom house in the same area. You will pay $1,680/year while I can get accommodations as nice or nicer for 16-18 nights for the very same price and not have all the hassles associated with a timeshare.

[fivepennies]

If you haven't started paying on it, I suggest trying to get out of it ASAP, especially in light of your financial situation, not yet having a full-time job. You should use the money you were going to be putting toward the timeshare and instead put it toward a house so you don't have to live with your parents. There are legit companies out there that can help you, but you should definitely check them out with the Better Business Bureau to make sure the companies is not a scam. Have you heard of Timeshare Relief. Google them, that was the first one that popped up in my head, but there is a lot more companies out there like them. Whatever you do though, make sure they aren't a listing company (cos you can easily do that yourself on eBay) and also ask about their track record. Oh, and don't sign anything unless the company displays total transparency and explains everything. If they are vague about anything and you feel uneasy or just get a bad vibe, do yourself a favor and walk away. Ultimately, you will save so much more money without the timeshare. Get rid of it if you can. Hope this helps.