I recently purchased a timeshare at Vida and as part of the deal I signed 2 Equity Value Agreements for each of my other timeshares for trade in.
Once I returned home I was contacted by Timeshare Resale Market and they gave me 2 options. Pay $1879 per time share to transfer them out of my name, total of $3758. Or pay $4,505 (calculated percent of value) and I can keep the timeshares.
They say if I do not take one of these options I will owe the applied equity given during the new timeshare purchase which was $5002 & $16,900. Could this resale company or Vida really come back to claim this money from me?
I realize the trade-in value that was applied to my purchase is just a slick sales tactic and really does not matter because I paid the same as someone who would not have traded-in any other timeshares.
My ultimate goal is to eliminate the 2 timeshares I have and get rid of the yearly maintenance fees which continue to rapidly increase every year.
So my question is should I go ahead with the trade-ins and pay the $3758 to get rid of the 2 timeshares? Has anyone used this option with success? Another thought. Both of my timeshares are paid in full so what if I just stop paying the maintenance fees?
Here is some of the statements on the Equity Value Agreement I signed for both timeshares:
This Agreement is subject to the following binding terms and conditions:
The property or membership ("Interval") described below shall be provided an Equity Value ("Applied Equity Credit" or "Equity Credit") in exchange for the Intervals authorized and legal owner(s) ("Owner(s) engaging TRM") to market and engage the appropriate parties to complete the transfer of said Interval contemplated under this agreement. Owner will cooperate with and provide all documents requested by closing agent for transfer of the Interval and Owner will keep current all assessments that are billed within 150 days of the delivery of the last of said documents to the closing agent.
Once I returned home I was contacted by Timeshare Resale Market and they gave me 2 options. Pay $1879 per time share to transfer them out of my name, total of $3758. Or pay $4,505 (calculated percent of value) and I can keep the timeshares.
They say if I do not take one of these options I will owe the applied equity given during the new timeshare purchase which was $5002 & $16,900. Could this resale company or Vida really come back to claim this money from me?
I realize the trade-in value that was applied to my purchase is just a slick sales tactic and really does not matter because I paid the same as someone who would not have traded-in any other timeshares.
My ultimate goal is to eliminate the 2 timeshares I have and get rid of the yearly maintenance fees which continue to rapidly increase every year.
So my question is should I go ahead with the trade-ins and pay the $3758 to get rid of the 2 timeshares? Has anyone used this option with success? Another thought. Both of my timeshares are paid in full so what if I just stop paying the maintenance fees?
Here is some of the statements on the Equity Value Agreement I signed for both timeshares:
This Agreement is subject to the following binding terms and conditions:
The property or membership ("Interval") described below shall be provided an Equity Value ("Applied Equity Credit" or "Equity Credit") in exchange for the Intervals authorized and legal owner(s) ("Owner(s) engaging TRM") to market and engage the appropriate parties to complete the transfer of said Interval contemplated under this agreement. Owner will cooperate with and provide all documents requested by closing agent for transfer of the Interval and Owner will keep current all assessments that are billed within 150 days of the delivery of the last of said documents to the closing agent.
Time Share Trade In ? Equity Value Agreement
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