Time Share info?

[Turt]

Hi,
Anyone here have experience with time shares? I have a friend who got conned into one /ubbthreads/images/graemlins/icon15.gif I've been trying to give him advice about what to do with it. His credit is already bad, so he's thinking about just not paying for the loan payments anymore. I'm not a finance type of guy, so I'm not sure what to tell him. Will they just repo the time share? /ubbthreads/images/graemlins/icon3.gif

Fixed the title-Brock

 

[Eric_M]

Re: Tims Share info?

Have him sell it. He'll take a loss but hopefully won't mess up his credit mor than it already is. How long has he had it?

 

[Darkcobra]

Re: Tims Share info?

I sat in on a time share offer to get $100.
The cost of the time share started at $42,000.
After an hour the price was dropped down to $4000 and will include a "complimentary free vacation" to Cancun. We didn't buy, still got the $100 bill. Can you imagine the person that got had for the Presedential Package for $42,000.

 

[Turt]

Re: Tims Share info?

[ QUOTE ]
Eric Maier said:
Have him sell it. He'll take a loss but hopefully won't mess up his credit mor than it already is. How long has he had it?

[/ QUOTE ]

He's had it for a few years. He's been trying to sell it for whatever amount of payment is left on it. Apparently they are hard to resell because the orginal timeshare sellers make it difficult to do so, so that they can sell their new ones at full price. /ubbthreads/images/graemlins/icon3.gif