A timeshare paid for with a loan when paid off. Who owns it, the loan company or the ‘purchaser’. That is, is the seller paid for it upfront via the loan company, so the seller no longer owns it? So then who does? The purchaser with the contract with the seller or the loan company? Thank you.
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A: Dear Maria,
When you purchase a timeshare and sign up for a loan to assist with the purchase they are classed as 2 separate entities, very much like buying a car with a loan, the car is yours and you can sell it later on but you are still responsible for the loan.
So to answer your questions, the loan company is never the owner of your timeshare you simply owe them money that is due to them. From the day of purchase, you are officially the owner not the loan company. The loan company are entitled to money from you as per their agreement.
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