Trendwest finance option -- somebody trying to exit

Here's a listing from Bidshares for an unfortunate person trying to sell WorldMark South Pacific units:

I am currently paying the following in fees:

AU$375.00 annual maintenance fees. (This years maintenace fees are already paid up)

AU$197.00 monthly payment for the 6000 credits I have purchased.

The 6000 credits I have purchased are locked in at a price of AU$2.05 which means for the entire credit points I will be paying AU$12,300.00.

Since I have taken a finance option to pay these over 7 years it will mean that if you bid and win these you would have to take over the AU$197.00 monthly payments + the 10% advance that I have already paid (AU$1321.00).

The finance scheme is at a fixed interest rate so even after a few years you will still be paying the same monthly installment. I am happy to negotiate a price as well.

I also have a 1 year (paid up) membership with ICE cruises and Interval exchange which I will throw in for FREE!

I also have a Cruise for 2 (Only 1 pays the 2nd person is free) which I can offer for FREE! Both these free offers are subject to Trendwest agreeing to transferring them to your name.

I do not want to make anything out of this but simply put I need to cover what I have paid or will end up paying for this.

Do the math -- $197/month x 7 years + 10% advance ($1321) = $17,869

PLUS the yearly maintenance of $375.

That means he's paying about $3,000/year over the first 7 years, for a measly 6000 credits/year. If you calculate what 6000 credits is worth, it's only about $1500/year in accommodation, which means it will take a long time until this person is financially ahead for their holiday. And I bet they never spent $3000/year holidaying previously!

The fact that he's offering free ICE and Interval suggests that he just bought his units within the last year, so it hasn't taken long for him to realise what trouble he got into.

I like his words at the end -- "I need to cover what I have paid or will end up paying for this". Oh yeah -- you'll be paying for it!

Tags: trendwest worldmark