IVA Increase affects your timeshare loan balance

[dmwalker]

I paid some extra $$ to trade in and upgrade my Playa Grande unit to a unit in Solmar. They gave me an interest-free loan with a fixed payment amount. I only have a few payments left.

In yesterday's mail, I received my payment statement. It went up by a few dollars. I called resortcom.com to find out what the deal was. Apparently, IVA went up from 10% to 11%. So, the Mexican finance company that holds the note increased the payments to cover the change.

For me, it'll only be a total of $12 difference on my contract since it's almost paid off. But, people holding larger balances on their purchases of timeshares (or real estate) for which a Mexican lender is holding the note may be affected a lot more.

Sigh... I hate being nickled & dimed to death...