Get Out of a Timeshare and Find Down Payment Help to Buy a Home
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Today's episode is brought to you by Vinted.
Sean, do you have clothes in your trunk that you've worn but have no idea what to do with?
You know what? I do not because my car is super clean right now. But I'm betting that you do, Elizabeth.
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And it helps the planet too. And we care about the planet, don't we, Sean?
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Getting into a timeshare takes an afternoon, but getting out of one can take years and also thousands of dollars. Today we answer a question about how to get out of a timeshare when it's no longer financially beneficial. Welcome to NerdWallet Smart Money Podcast, where you send us your money questions and we answer them with the help of our genius nerds. I'm Elizabeth Ayola. In case you're wondering where Sean is, he's going to join us later in the show. But today we're going to be discussing a question about timeshares. Here it goes. How do I get rid of a timeshare that my parents own but no longer use? They pay yearly fees and have access to a property every two years, but are not able to make use of it due to age and also travel.
I am not interested in the property which is in Orlando, Florida. We live on the West Coast. Thank you, Inca, longtime listener. Well, thank you first of all, Inca, for being a longtime listener. Value your listenership. Is that a word? It is. All right. So we have fellow nerd Craig Joseph here to help answer Inka's question. Welcome to Smart Money, Craig.
Hey Elizabeth, thanks for having me. Hopefully we can help ink out.
I think we can. All right. So, Craig, when we got this question, I was like, you know what? Craig is going to be the perfect person to answer it. And why is that? Because you've written quite a bit on timeshares already. So let's start with the basics. What is a timeshare, Craig?
So timeshare is a type of vacation property with a leasing or ownership model where you pay an upfront purchase price to access a property or a collection of properties along with other owners who can also use the property for a set amount of time each year. And that can be up to a few weeks per year or another duration, depending on what the contractual obligation is. The timeshare industry sometimes now uses the term vacation ownership or vacation club instead of timeshare, where you can access more than one property under your contract, but the concept is much the same, and that industry is massive.
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