Thursday, September 22, 2011

Update on Timeshare Saga

So a little while back I told you that we were applying for a Lending Club loan. I never really gave you a follow up to that though, did I?

Well, the loan went through with a 9.99% interest rate, which is significantly lower than the 17.9% rate it was at! If I solely pay the minimum on this loan (which I will do until the high rate cards are paid off) until the end of the 3-year term of the loan, I will pay $13,937.40 on our $12,000 loan. If I were to pay the minimum on the old loan, it would take 8 years and $19,906 to pay it off!

Now of course, the plan was never just to make the minimum payments, but until I have knocked out my Chase card (read my loathing for it here), I will be paying the minimum. And I can save a LOT in interest just by lowering the interest rate until time to pay more than the minimum arrives!

AND – Now we should be getting the deed in hand soon. Once that is done, we will be calling the manager of sales at the resort and attempting to sell it back to them at a discounted cost just to get out from under it. Whatever we sell it to them for, we will then be rid of it and its maintenance fees and we will apply that amount to our Chase card.

Win-win, right?

I hope so.

I’ll keep you updated on how selling it back to the timeshare company goes….

What do you think? What would you do with the money?

Photo credit: penywise

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