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Re: Getting rid of a time share. (by R Argh R.):

Carvana, in the US, ceasing payment will typically result in more than just a ding on your credit rating. The company owed money could engage the services of a debt collection agency, for a fee of perhaps 25-35% of the amount eventually collected. The collection agency's usual tactics would include reporting the delinquency to credit reporting agencies. The timeshare company could increase the debt owed annually. Eventually the amount could be high enough that the timeshare company or collection agency would consider it worthwhile to take legal action, attempting to place a lien against your home or other property. The lien could also include interest, late fees, legal fees, collection fees, and other incidental costs.

Here is part of Florida's title XL statute on timeshares (721.15.3), and while your timeshare is in Colorado, it may be similar in other states: "Delinquent assessments may bear interest at the highest rate permitted by law or at some lesser rate established by the managing entity. In addition to such interest, the managing entity may charge an administrative late fee in an amount not to exceed $25 for each delinquent assessment. Any costs of collection, including reasonable collection agency fees and reasonable attorney's fees, incurred in the collection of a delinquent assessment shall be paid by the purchaser and shall be secured by a lien in favor of the managing entity upon the timeshare interest with respect to which the delinquent assessment has been incurred; however, in the event that a managing entity turns the matter over to a collection agency, the managing entity must advise the purchaser at least 60 days prior to turning the matter over to the collection agency that the purchaser may be liable for the fees of the collection agency and that a lien may result therefrom."

It's all a rather bleak prospect, and this may be approaching a worst case scenario; perhaps the company would instead just say "aw, screw it." However, I would consider these possible downsides, or consult an attorney for advice specific to your contract, before ceasing payment.

You didn't mention if you tried donating the timeshare to donateforacause or another liquidate-for-free service. I would certainly give it a go. While it wouldn't necessarily benefit any charities, it would be cheaper than paying closing costs on a $1 sale. Their marketing clout may enable them to sell it for $1 more easily than you can.

Failing that, and if the $1 ads continue to garner no interest, you could also consider listing the timeshare for a negative price - that is, you'll pay a person $500 plus pay closing costs to take it. If the ad is cheap, it might be worth a try; it would be better than paying another $1000 in fees while you try and sell it for $1.

Note: I am not an attorney, nor in real estate or finance, and I might be entirely wrong in everything I said. I would absolutely NOT rely on any advice given by laypeople like myself given on the internet.