Our worst financial decision of 2010

[MamaBird06]

Our big mistake was caving in and buying a sampler package at a time share resort, we are not owner's but pretty much we have until memorial day to use up all our vacation time and now we are stressing about it. We are expecting #2 in April so pretty much we have until March to use it up. Since we are not owners we cannot rent out our time although we can take guests with us. We have one that is a 4 hour drive and dh thinks that me and ds should just go down there 15 times and use up the points, but that takes gas and money too, while i would like to save up for a bigger trip in a few months. We went our first time this week and dh was acting kind of stingy with the money, we didn't spend much oop besides gas and dinner for a couple days, but even that adds up. And as bad as it is, I am so glad we didn't actually buy the time share, i think we would have regretted that way more, but we didn't want to get financed and all we could afford was the trial package. So how can we right this wrong? Does it seem more logical to try to save up for a nicer vacation in the winter instead of taking a dozen mini trips to the same spot? Even if we did go on a bigger trip we would still have some time left to use maybe at the local spot. I mean who resents going on vacation? Dh and I are both feeling like that i guess. When we bought it we were convinced we would be getting his settlement from his accident by now, but that still hasn't happened yet. We initially planned to use it for when his parents come to visit from out of country but now we don't forsee having much money for their visit so that has been postponed until further notice. I know both dh and I are silently resenting the purchase of this package, probably both wishing one of us would have objected when we bought it, but now we are pretty much stuck into vacationing or losing our money all together.

[CW&M Mom]

Not sure that I have any advice.

We have one now...that was my FIL's...so luckily we didn't actually pay for it up front. We have a crazy amount of banked hours that we need to use or loose. So I think we are going to Branson around Christmas time to use some up. They are nice in that they are affordable when you are already planning on going...as it's cheaper than a motel. But I can totally see your delima when budgets are tight.

Bummer they won't let you rent it out. Guess they made there money so they don't care?

[joshmamabear]

I haven't heard of this sampler package, can you elaborate what it is? is it one of those they offer that is like good only for X years, no season black-out, go anytime you want kind of thing?

DH and I have attended a lot of timeshare presentations, there are a dozen in Branson and we do not take ticket discount offers but instead take cash, usually $110 (they'd offer a lot less but when we say we're not interested, they start increasing it like deal or no deal ) we give them 90 minutes of our time; we don't talk much, say a FIRM NO at the end and we're out of there. we make sure there is a form signed by the person who invited us that ONLY 90 minutes is required of us, IOW, they cannot go on and on and hold us hostage there till we agree to buy

if you said you didn't purchase the timeshare deed or something like that, then you're not paying the outrageous maintenance fees, right? if that is the case, then the deal you got may just be one of those use this in X number of years just to try it out and if you like it, buy the full package.

we'd rather pay as we go since there are a lot of offers on the net for something like $89 for 3D2N stay in a resort with access to all amenities. many resorts do this when they have a lot of rooms laying around for occupancy. when I get those offers via email, I check fine print details if there's a catch and if there's no hidden fees, we book for a quick get-away.

[MamaBird06]

I haven't heard of this sampler package, can you elaborate what it is? is it one of those they offer that is like good only for X years, no season black-out, go anytime you want kind of thing?


if you said you didn't purchase the timeshare deed or something like that, then you're not paying the outrageous maintenance fees, right? if that is the case, then the deal you got may just be one of those use this in X number of years just to try it out and if you like it, buy the full package.

yeah that's pretty much what it is. In theory it was a good idea for when dh's parents came to visit, but since that wasn't secured, that's why we're a bit stressed. Yeah, we had been to a time share presentation before and we're gung ho about not buying, but then at the end they rolled out this sampler package and somehow we caved, gah, my dh is a salesman for goodness sake and I am really hard to sell to, so I am still wondering how we ended up taking the bait on this one. After we signed the paperwork we both talked about it, dh said he did it for me and ds and I said okay because I was thinking of his parents coming to visit. But yes, we do have the option to buy and convert over our time if, and when we do, but we won't be buying.

[joshmamabear]

don't beat yourself too much, at least you didn't buy the whole thang

I know what you're saying, we've been to one of those where they start out at $50K for the whole shebang and dwindle to as low $597 for 3 yrs, with option to buy. no maintenance fees for those 3 yrs while we're trying it out. NO WAY! we're better off finding vacation deals just by surfing and don't have to worry about maintenance fees to cover property taxes.

[susysnshn]

Timeshares are hard to get rid of in this market so be glad that you didn't make the full purchase.

If your "trial" period is short and you can't use it up, just reread what I said above. Although I bought mine in the resale market for $750, I did pay a few years of maintenance fees when I couldn't use it (my grandkids like to be born that week . . . go figure/two of them). I usually traded them on CraigsList for some handyman work, but I never got the real value.

This year I actually sold the unit to another owner. He bought it for $300, and I had already paid the $500 maintenance fee. But I was just glad to be rid of it forever. Timeshares are really forever commitments. People don't always recognize that. Short of bankruptcy, they can truly last forever.

So do what you can with the "trial" package, and be glad it is only that. If you don't get your money's worth, you haven't commited forever.

[3beeboys]

We ALL make financial goofs. Every single one of us! So try to use what you can without spending more money than you normally would on a vacation, take the loss on what you can't use, and move on. It's not worth beating yourself over. You've learned your lesson and as the PPs have said: at least it wasn't a lifelong commitment. Those timeshare salespeople can be ruthless!!

Congrats on a new baby coming!

[notsyourbeezwax]

We ALL make financial goofs. Every single one of us! So try to use what you can without spending more money than you normally would on a vacation, take the loss on what you can't use, and move on. It's not worth beating yourself over. You've learned your lesson and as the PPs have said: at least it wasn't a lifelong commitment. Those timeshare salespeople can be ruthless!!

Congrats on a new baby coming!

I second this. Use what is available in a manner which you will enjoy, forget about the rest and go forward. The money is spent either way, don't throw more after it.

[vjanened]

How far is the timeshare from your home and where is the location? Can you sell it out right to another?

[judymd]

We actually have 2 timeshares.

We bought a time share in Orlando and found out that a tradeshow we attend will be in Orlando for the next 10 years.

You better believe I beat the heck out of the sales people on that one oh, and the attitude!!! I said, "we're buying a time share on this trip, it can be from you or someone else." Did I have their attention then...
Went from $35k down to $7500 with free financing for 24 months. New construction too!

2nd timeshare picked up at an auction in Las Vegas - where we go every year for another tradeshow. I over paid a few $, I think $4.xx less than $5 over the asking price.

Timeshares are great if you KNOW you are going to use them. Those timeshare sales folks are hungry these days.

Sorry you feel like you've been taken. I've walked out of a few time share sales pitches and just felt raw afterwards. I know you can't get your money back, buy see if you can trade for another place.