When to finance a timeshare?

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Original Message:

When to finance a timeshare? (by KC):

The answer is very simple and straightforward --- NEVER !!

It saddens me greatly to read the seemingly endless posts by people who fell for the pitch of deceitful, lying sales weasels at a timeshare presentation and then financed that ridiculously overpriced purchase with a high interest rate loan.

Many such people later discover that they are trapped if or when they cannot afford (or simply no longer want to make) the loan payments --- not to mention the annual maintenance fee bills that usually arrive shortly before Christmas and usually MUST be paid in full by 01 March. These people next learn that they cannot re-sell the timeshare at ANY price while there is still a loan attached. Last but not least (and perhaps worst of all), they next discover that even if fully paid off, their timeshare may be worthless in the resale market (e.g., Westgate or Wyndham) or maybe, *IF* they are lucky, it's worth somewhere between 3 to 15% of the obscene, grossly inflated developer price on their legally binding purchase contract.

The bottom line is this:

1. If you want to buy a timeshare, avoid ALL developer sales presentations. Don't get lured in by gift cards, lodging discounts or a free lunch; this is a serious matter potentially involving tens of thousands of dollars. Buy ONLY in the resale market. Do so only AFTER spending the time and making the focused effort to carefully research and learn ALL details about whatever it is that you are considering buying.

2. If you have to take out a loan to purchase a timeshare, don't buy one at all --- you probably can't afford it. Timeshare ownership is a luxury, not a necessity. You can rent a week wherever / whenever you want, WITHOUT any "buy in" cost OR the eternal burden of maintenance fees. Don't unwisely dig yourself into a hole of debt.

Just my own personal opinion and advice, to adopt or ignore as you may see fit. Please just remember that old saying that "A fool and his money are soon parted". It's your own personal choice and decision whether or not to become someone who proves that old saying to be absolutely true. Use your head and be smart!