Sell it for $0.01 or die with no heirs.
Great episode with John Oliver about this. My in-laws paid $1500 to sell it to someone else.
this post was submitted on 29 Jan 2024
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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
Arson.
Edit: oh like, legal ways. Sorry about that. Ignore me.
My parents bought into Wyndham but luckily were able to get out of it by contacting the AG (attorney general), I think of our home state - iirc they got conned into it when visiting vegas.
I just stopped paying everything. The balance and the dues/fees. They threatened lawsuits and never did anything. They put debt on our credit report, waited 10 years for it to go away.
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.
Best way to get out of a Timeshare?
Have you tried the door?
Why are timeshares so bad? Never looked into it but the concept seems to make sense on the surface.
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].
- Plus 700 a month for maintenance.
- No, you don't own a stake in the unit.
- If you book between the previous solstice and the closest new moon to your preferred holiday time.
- Online booking only available in the pro package or beyond.
- No guarantee we will buy it.
- A fee equal to 2 years worth of maintenance costs will charged on dissolution of the contract.
- You receive no proceeds from sales to third parties
Holy shit I never knew they were that bad.
The idea sounds great, but the implementation is shit and the fiduciary duty isn't for those who bought the timeshare.
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.
Is there not a contract to read? Sorry if that sounds unhelpful but that's the first place I'd check.
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.
I'm a lawyer. I'll gladly read over the contract and advise you how to resile.
Just move to an alternate reality where you never bought the timeshare to begin with.