In case you didn’t know, there are many benefits that come with owning a timeshare in Mexico. Firstly, vacation club members love having the guarantee that they will always love the accommodations, amenities, and services at their timeshare resort. In addition, it’s nice knowing you are saving money on travel expenses over time since timeshare owners get to prepay for future vacations at set rates that are locked in. That way, despite the rising cost of travel they get to save money on travel costs in the long run. As a timeshare owner, it’s also important to know the risks that come if you don’t pay your timeshare dues and maintenance fees. The financial commitment to pay your dues as promised in your membership contract is legally binding, so don’t create long term financial stress because of missed payments. Keep reading below to learn about timeshare default risks.
Mexican Timeshare Info
To start with, Mexican timeshares in 2023 and 2024 are a great investment. As long as you stick with a genuine provider that has a great reputation like Garza Blanca Resorts owned by Tafer Hotels & Resorts. They offer vacation club members a chance to always have fabulous accommodations and the best amenities for every vacation. Plus, vacation club members save money over time because the timeshare ownership program known as the Garza Blanca Residence Club uses a points-based system that locks in a low rate for future getaways. Timeshare owners sign a membership contract, pay an initial deposit, and pay regular dues and maintenance fees. Dues prepay for your incredible vacations and the maintenance fees help keep your vacation unit and the resort in tip top shape all year long.
Timeshare Default Info: Read This
Next, as a timeshare owner, members sign a legally binding contract to pay regular payments to enjoy use of their vacation unit for a set amount of time each year. Regular dues must always be paid on time as well as maintenance fees. If you break your contractual responsibility and default on making your payments as expected, serious financial consequences and repercussions will come your way. There are both immediate and long term consequences that are worth avoiding by always staying current with your timeshare payments. You can ruin your credit, face foreclosure, and so much more. Also, vacation club members that are not in good standing on their payment are unable to use their vacation unit. Therefore, you won’t be able to use your vacation unit to enjoy amazing vacations to create cherished new memories with loved ones if you are late on your payments.
The Importance of Credit Scores
Next, do you know how important a good credit score is? If you want to buy a home, car, or even furniture on loan, companies will evaluate your credit score in order to determine whether or not they think lending you money is a good idea. Likewise, a good credit score is earned by paying your debts on time. On the flip side, if you earn a bad credit score by not paying your timeshare or other payments, your credit score will be negatively affected. Remember, your credit score is always checked when you purchase any large items on credit. As a result, you will probably be denied a loan if you have a bad score. To prevent issues like these, stay on top of your timeshare payments to ensure your credit score is always good. If not, you may also have to deal with collection agencies or credit collectors.
As you can tell from the above timeshare default information, it’s very important to honor your financial obligations as a timeshare owner in Mexico. If not, you run the risk of damaging your financial reputation, losing money, and creating added stress to your life. Instead, focus on enjoying your decision to buy a timeshare and start planning your next vacation to Mexico today. In terms of the best company to buy with, check out Garza Blanca Resorts. They are a genuine timeshare ownership provider and exclusive vacation club that is managed by Tafer Hotels & Resorts. They have luxurious accommodations, outstanding amenities, and premiere staff as well. If you only want to provide the best vacations for your family, contact Garza Blanca Resorts today to learn more and remember to save current on your dues and fees, too!
