Did you know that purchasing a timeshare is how you can save money on vacation expenses? It’s true! All around the world travel costs are increasing, so it makes sense to lock in low rates for future trips like you can when you buy a timeshare. Plus, when you invest with a reputable company you will always love the accommodations and amenities? After all, who wants to have another vacation ruined by lackluster hotels and resorts? Instead, why not purchase a timeshare in Mexico where you are guaranteed to have amazing accommodations and amenities? Every timeshare owner will sign a contract that will cover the cost to join, the monthly fees, and maintenance dues. It’s important to note that if you don’t pay your timeshare dues, you will not be able to use your vacation unit and also face major consequences. Meanwhile, read below about buying a timeshare in Mexico.
Timeshare Dues – What If You Don’t Pay?
Firstly, timeshare ownership is an investment which allows owners to prioritize their responsibilities so that they never let too much time pass without taking an amazing vacation with loved ones. As a timeshare owner, you can spend quality time with your loved ones at a luxurious vacation unit for a set amount of time each year. To become a timeshare owner, you will have to pay a deposit, sign the timeshare membership contract, and make regular timeshare payments. If a timeshare member breaks their contract and defaults on their payments, then many severe consequences can happen. For instance, your credit score will be impacted negatively which will affect you later down the road when you want to get a loan. Legal action could also occur that can majorly affect your financial health and overall wellbeing. To avoid serious mistakes, always stay on track with your payments so you don’t default.
Timeshare Payments, Dues & Maintenance Fees
Secondly, while each and every timeshare will have a different payment plan, all timeshares will require that members pay regular maintenance fees as these are used to keep the property in excellent condition. If you want to invest with one of the most reputable timeshares in Mexico, you can’t go wrong with Garza Blanca Residence Club. Part of the Tafer Hotels & Resorts which is an award winning resort provider and vacation club, Garza Blanca Residence Club members rave over the outstanding beachfront suites and luxurious amenities that make every vacation fabulous. No matter which provider you invest with, if regular dues and maintenance fees are not paid, then you will be in default with your timeshare. Fees and interest fees will be added to your account along with reinstatement fees. You will lose your rights to use your vacation unit as well. Many timeshare providers will sell the debt to a collection agency, and you don’t want that to happen.
Negative Credit Score and More
Thirdly, you probably already know that having a great credit score is so vital and very important. For instance, if you decide to purchase a house, car, boat, or furniture and you need a loan, your credit score will be checked. A good credit score is earned by individuals who are responsible with their money and always make their payments on time. However, if you default on your timeshare payments, then your debt may be sold to a collection agency which will report it for your credit score, which will be affected negatively. The collection agency can also sue you along with filing a foreclosure. Having a foreclosure on your credit history can haunt you for many years causing problems down the road. To avoid these costly issues, always stay up to date and current on your timeshare dues and required payments.
Mexico Timeshare Cancellation Scams
Fourthly, if you’re not careful as a timeshare owner, you can easily put yourself at risk of a timeshare scam. For example, there are fraudulent timeshare cancellation companies that claim they can cancel a timeshare legally, but that is not true. The truth is that the only time a timeshare membership contract can be canceled is during the rescission period, which is just a few days after you have signed the contract. Also known as the cooling off period, it is a short time frame where brand new timeshare owners can legally rescind and cancel their timeshare without penalties. Despite this fact, fraudulent companies exist that try to dupe unsuspecting timeshare owners into believing they can cancel their timeshare. Then, they will charge the member a large upfront fee and disappear without providing any service. Stay away from any third-party companies because they will only scam you!
Was this article about timeshares in Mexico helpful? Remember, if you don’t pay your timeshare payments and dues as promised, you can lose using your vacation unit, face having a negatively impacted credit score, and even possible foreclosure. Make sure you stay current on your payments so you and your loved ones can enjoy wonderful vacations together. If you want to invest in the best timeshare in Mexico, check out Garza Blanca Resorts! Part of the Tafer Hotels & Resorts collection of luxury properties, Garza Blanca Resorts offer gorgeous beachfront suites in some of Mexico’s best beach towns like Cabo Sn Lucas, Cancun, and Puerto Vallarta. Their exclusive vacation club, Garza Blanca Residence Club, is extremely popular with upscale travelers who want to always have first class vacations. Contact them today to book an all-inclusive vacation, and remember to attend a Garza Blanca timeshare presentation to learn more about timeshare ownership!
