posted 05-25-2005 19:00               

quote:

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Originally posted by KevinandChristie:
Mostly I want to know, do you think this was a good investment overall?

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No. Not considering the price and 20% financing charge.

Take this into account. My last 3 trips to Las Vegas I have traded into the HGVC at the Hilton, the Fairfield and the Grandview using weeks that cost me less than $1,000 and MFs around $400. Before those of you who love the Marriotts get all reved up. The HGVC was only a one bedroom; the others two. I also agree that the Marriott will be nicer and have a better location (nothing wrong with the quality of the others though). But for the money I'll do it my way!!

posted 05-25-2005 19:56            

quote:

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Originally posted by KevinandChristie:
I just bought a 2BR/2BA lock-out timeshare at the Marriott Grand Chateau and am having qualms about the purchase. What gets me boiling is that they financed me at over 20% and assured me that I could refinance it at my local credit union at a lower rate! Hah! There was no such thing. Please let me know. Mostly I want to know, do you think this was a good investment overall?

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The finance APR sounds odd to me. Typically, it's around 12-13%.

If your local credit union will finance the deal, go for it. Their rates, even on an unsecured personal loan, are usually much, much lower. Also, with such a loan, the asset will then be liquid. But, if applicable, the interest will no longer be deductible. Most folks who don't pay cash usually use a home equity loan, so the interest remains deductible in most instances.

I'm curious, your location is listed as Las Vegas. Did you list that because of the timeshare being there, or are you residents? If the latter, what was your impetus for purchasing in your home town?

Numerous TUG'ers have bought MGC from the developer (I recall one resale in process recently) and are quite satisfied. You'll have to decide for yourself. You own a high-quality timeshare and there are many options for your use. Spend some time here and explore them.

Good luck!

posted 05-25-2005 20:37               

First, I'm one of the very satisfied GC owners here. I bought a 3-BR lockout at GC from Marriott last summer. It's not my first purchase from Marriott, even knowing that resales, when available, are always cheaper than buying from Marriott. I'm a happy camper!

posted 05-25-2005 22:30               

I encourage you to write Marriott and complain about the inacurrate information you were given. If Marriott know about the problems, they can't fix them. Unfortunately they were less than responsive to my complaints and have lost some of my respect. The sales staff at GC has none of my respect and if I exercise an additional purchase option, it won't be through the LV office. I don't trust what they tell me. I'll either go through the sales person I had at Ocean Pointe or through telesales.

In short very few, if any, loan companies will refinance a TS with the TS being used as colateral. You can always put it on a credit card that has a lower rate of interest if you have that much of a credit limit. You can also take out a second mortgage on your home if you have equity that can be used. Otherwise, I don't know of any other way to refinance a TS.

posted 05-26-2005 07:12               

At a 20% interest rate, if you financed $20k of the purchase price, you are paying at least $5,000-$6,000 annually on your loan, plus your maintenance fees, for a total of $6,000-$7,000 or more per year! That makes for one very expensive vacation each year!