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Thread: Can anyone own a timeshare

  1. #1

    Can anyone own a timeshare

    I own a timeshare that I have thought of giving away. One night when I had company over we were talking timeshares(I know....lame) and a friend showed interest. He has heard of all the nice places we've exchanged into and has even joined us on one trip.

    Well the next day he called and told me he wanted it if I still wanted to rid myself of it.

    His credit isn't the best.....lives paycheck to paycheck. Makes good money but not the best at managing money(I'm not speculating, he's a good friend and has told me these things)

    Ok so my question: Do the resorts or management companies check credit? Can they deny him transfer of timeshare?

    I don't want to bother with transfer if there's a possibility it won't happen.....last thing I want to tell him is "sorry you don't quality for a timeshare" haha

    And yes I have mentioned all the pitfalls of timeshare ownership.... and he still wants it.

  2. #2
    They will only check if it is new. You should be good to go
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  3. #3
    Senior Member
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    Even for new ts, they are so desperate to sell it that I think they will close their eyes on about anything.

  4. #4
    Quote Originally Posted by Andy25g View Post
    I own a timeshare that I have thought of giving away. One night when I had company over we were talking timeshares(I know....lame) and a friend showed interest. He has heard of all the nice places we've exchanged into and has even joined us on one trip.

    Well the next day he called and told me he wanted it if I still wanted to rid myself of it.

    His credit isn't the best.....lives paycheck to paycheck. Makes good money but not the best at managing money(I'm not speculating, he's a good friend and has told me these things)

    Ok so my question: Do the resorts or management companies check credit? Can they deny him transfer of timeshare?

    I don't want to bother with transfer if there's a possibility it won't happen.....last thing I want to tell him is "sorry you don't quality for a timeshare" haha

    And yes I have mentioned all the pitfalls of timeshare ownership.... and he still wants it.
    A few resorts do check credit before transferring. Most don't. A few even have provisions these days that the original owner can still be responsible if the new owner defaults on the mf's for the first year or two. I have seen some question the legality of that policy but you would probably have to take it to court to really test it. If it is a high mf and you knowingly transfer it to someone you think won't be willing or able to pay, I am not sure if you should.

    As with all TS's I would think twice before transferring it to family or friend unless I was sure they understood all the implications and would still find it a good value regardless of the resort policy on transferring.

  5. #5
    Sally has it right. some check credit most dont. And Sally is also right; doing business with friends can mark the end of a friendship, especially when its the business of timeshares

    Id sell it to him.......I dont have any friends either...perhaps there is a connection

    I dont want to screw up your sale, but your friend might be better advised to rent from you for a few years. Make the rent equal to your fees. If in a few years he still wants it ...transfer ownership then.

  6. #6
    Please excuse me, I'm a Dick. Not a moron just a Dick
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    I am of the persuasion that if someone offers to unburden you, let them. It is not your concern what their credit score is.
    RCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dick

  7. #7
    Super Moderator Glitter Brunello's Avatar
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    If you have an outstanding loan on it that you want him to assume, then his credit will matter. Less of an issue if you own it outright.

  8. #8
    Please excuse me, I'm a Dick. Not a moron just a Dick
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    I had another thought concerning this.

    Nowadays many timeshares change hands over the Internet, with seller not knowing buyer, and no personal contact. Matter of fact, that's the case with all of ours.

    It is totally unlike the traditional industry's marketing.

    I would doubt that anyone selling their own timeshare (as opposed to agenting someone else's) has any obligation to screen buyers. As one of our resorts told me over the phone, "You can do anything you want with your weeks."

    Well, I don't believe she meant that literally.
    RCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dick

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