My Friend Wants to Give Me His Trendwest Timeshare. Do I Have to Take Out a New Loan or Can I Continue Paying?
My buddy has a trendwest timeshare. He bought it five years ago when it was 20k. He financed through Trendwest and has paid down the loan to k. He doesnt want to pay it anymore and says he will give it to me if I’ll just keep making the payments. Is it possible to transfer the title into my name and i keep making payments or do i have to take out a loan and put it in my name. I would prefer not to pull credit and get a loan.
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I have a friend who works in a company that is paid to get people out of their timeshares. From what he tells me, the timeshare business is a pretty raw deal for consumers. I think I would caution you about committing yourself to this purchase.
Secondly, I work for a credit union and am a little more familiar with car loans, but I know that we don’t allow loans to be "assumed". Simply put, we don’t allow other people to take over the payments for a loan. I doubt that it would be possible to get the title put into your name when you are not legally responsible to pay the loan. Regardless of your agreement with your friend, your friend is on the promissory note with Trendwest, not you.
I think the only way for you to get your name on the title is to get a loan, pay off your friend’s loan with Trendwest, and then have the title put in your name. Hope this helps.
You would be getting a raw deal. Do NOT put the timeshare in your name and don’t agree to take it.
Although it might sound like a deal ($20k down to $9k),you need to take a look at the timeshare contract that will obligate you to pay yearly maintenance fees, or for yearly points that you can use for timeshares in the trendwest inventory. This obligation will not go away.
So, by assuming the loan, you’d be obligating yourself to not only the loan payments, but yearly payments typically for decades and decades. (You’ll have to look at the contract for the exact length of time of the contract enforcement.) It’s debt financing more debt, not an asset.