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Wyndham Buyback in the works?

Discussion in 'Wyndham Vacation Resorts' started by 2tall, Jan 21, 2009.

  1. 2tall

    2tall TUG Member

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    My wife and I just got back from Wyndham Westwinds at North Myrtle – beach resorts in the offseason are so relaxing! At the "ownership update," during which we were told that we didn't have enough points to fully use the program and would we like to spend about $30,000 (even though he wasn't going to try to sell us anything!), we mentioned that we'd be happiest simply unloading it at this point in our lives.

    The responses were typical, except for one that surprised us: The salesperson said that Wyndham was considering a program that would purchase timeshares back from its owners to (more or less) relieve them of the burdens of paying their maintenance fees. The way he explained it – let's say you pay X amount for maintenance fees over the next 10 years, we can look at the number and come to an agreeable figure – made it sound like Wyndham wants to get in on the action those other companies are doing at hotel ballrooms: Pay us $3995 and we'll take the timeshare off your hands forever...

    Anyone else gotten wind of this in a recent meeting or elsewhere?

    Steve
    High Point, NC
     
  2. shinagirl

    shinagirl Guest

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    timeshare byuouts

    I have heard something similiar... but have not idea of how it will work, I wonder how soon it will be implemented... Interested in knowing.....
     
  3. AwayWeGo

    AwayWeGo TUG Review Crew: Expert TUG Member

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    (1) You Have The Money. (2) We Want The Money. (3) You Give The Money To Us.

    While vacationing (Last Call) at Vacation Village At Parkway, we met a couple of timeshare enthusiasts who said they were staying there 4 straight weeks as a perk of their multi-week ownership. The Chief Of Staff, sensing that the couple had sprung for their many timeshare weeks at full freight, tactfully shushed me when I started going on about buying resale timeshares for nickels on the full-freight dollar.

    Later that week, we met a guy who said that he owned 1,000,000 Wyndham FairShare Plus timeshare points, & also that he had recently consolidated all his Wyndham points via Equity Exchange so that now all his ownership is at Wyndham Bonnet Creek Resort in Florida. I had the tact that time not to say anything about resale timeshares. I'm pretty sure the million-point guy had sprung for his timeshare points at full freight, then paid even more big bux for his equity consolidation.

    Even though I am a major serious proponent of buying timeshares resale, I certainly do not want to spoil anybody's enjoyment by talking up resales to anyone who already took the timeshare plunge at full freight.

    I now believe that -- TUG & TUG-BBS notwithstanding -- only a tiny minority of timeshare buyers catch on to resales before taking the plunge.

    So it goes.

    -- Alan Cole, McLean (Fairfax County), Virginia, USA. ​
     
  4. vacationhopeful

    vacationhopeful TUG Member

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    Rumor has it the Washington National Harbor Resort has on line 17 or 19 of the purchase contract "ROFR" ....

    as of heard by persons sitting at the next table while a couple were signing away. Was also told this by the salesman of the this resort.

    Anyone else been party to either the line 17 or 19 of that resort retail purchase contract?
     
  5. AwayWeGo

    AwayWeGo TUG Review Crew: Expert TUG Member

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    Magic Marker.

    What happens if, before signing, the would-be full-freight buyer whips out a felt-tip permanent marker & inks out line 17 or line 19 or both ?

    After all, ROFR = ROFL.

    -- Alan Cole, McLean (Fairfax County), Virginia, USA.​
     
  6. Bill4728

    Bill4728 Moderator

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    Just because Wyndham hasn't had ROFR in their eariler contracts doesn't mean that they haven't added it to their current contracts.

    But what DRI did over the summer makes more sense to me. "Diamond buy back" started to buy all the super cheap ebay resale of DRI resorts this summer. Since DRI didn't have ROFR, they just when out a snapped up all these super cheap resale.

    Maybe Wyndham should do the same?
     
  7. BocaBum99

    BocaBum99 TUG Member

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    Wow. Is Wyndham seriously considering the idea of becoming a post card company? That would be something. I must admit that at this point, nothing surprises me anymore.
     
  8. dcdowden

    dcdowden TUG Member

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    In January, 2008 a sales agent showed us a piece of paper that announced a person at Wyndham Resorts that would be in responsible for their resale buyback program. In January, 2009 nothing further was said about resale buyback during our most recent 'update'. This year I wound up walking out due to other outright fabrications by the sales agent before we got to the point where I normally have brought up my total dismay over the diminishing value of my Wyndham properties in the resale market. Just think what a complete rip off this 'buy back' program would be if Wyndham ends up asking you to pay them to 'take your timeshare off your hands'. It would absolutely drive the value of Wyndham T/S to zero on the resale market. I just don't understand how Wyndham could possibly have thought through the impact on their retail sales.
    Doug
    Naperville, Illinois
     
  9. bnoble

    bnoble TUG Member

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    I've said this before, but it bears repeating: It's already the case that anyone with even a half-clue would never, ever buy retail from Wyndham. It takes literally an hour with google to discover that pionts can be had for a nickel on the dollar, or less. So, by definition, Wyndham's target market are the clueless.

    Once you've accepted that, what difference do even lower resale values make? None.
     
  10. karentrimmer

    karentrimmer TUG Member

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    What will happen to our MF if they buyback?

    If they start this then what happens to those of us that own there and the maintance fees that we will have to pay? I am willing to bet that if they buyback points they "corporate" will be paying less in maint fees then those of us that actually still own there. They could run us right out of our ownership by higher MF.

    Also interestingly enough, I was at Bonnet Creek just last week and they have slowed down the construction on the last 2 towers because they are not selling what they have in inventory currently.
     
  11. rickandcindy23

    rickandcindy23 TUG Review Crew: Expert TUG Member

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    NO KIDDING! Sell the product, then charge people to take it off their hands at some later date to resell it to some other sucker! OH MY GOSH!

    Talk about a total and complete opposite sales pitch. The personality of that salesperson who is asked to do both pitches.......I am just imagining that person. :rofl:
     
  12. vacationhopeful

    vacationhopeful TUG Member

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    Think of it as career enrichment for the average Wyndham salesman. Plus, in their new career, they can sleep in late, spend less money on fancy clothes, nail salons & cars, get fat, and leave work just when the night clubs are opening their doors.:ignore:

    I believe PCCs work the late afternoon and up to 9PM hours.

    JMHO,
     
  13. PerryM

    PerryM TUG Member

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    Shame on you...

    Wyndham would be very smart if they offered to allow owners with paid-in-full weeks/points to turn them over to Wyndham no cost to the owner!

    This would be great PR - allowing the owners the ability to "walk away" and Wyndham starts paying the hefty maintenance fees. Wyndham pays the closing costs too.

    For those making monthly loan payments to pay off the loan Wyndham would take back the week/points and start paying the MFs. Of course the owner would have to continue paying off the loan that was sold to another company and Wyndham has no control over. There's only so much Wyndham can do for their owners.

    Hey, you guys keep saying that the developers have no heart; shame on you.
     
  14. Sean Austin

    Sean Austin Guest

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    Owner's Updates

    Take it form me. I used to be a sales rep and there is no such thing as an owner's update, dinner party, or transition events. They are all opportunities to get owners in the sales department to get them to buy more points. If you notice, every problem only has one solution. Buy more points. Another thing that they will tell you is that with the newest program out, Club Wyndham Access, you will be able to qualify for a buy back. This is a total lie and sales reps were told not to use this as part of their sales presentations.
    Again, let me repeat, there is no such thing as an owner's update. They just want to sale you more points and get a commission. There is no such thing as a counselor, advocate, or program agent.
    Comment deleted; advertising not permitted on this forum.
     
    Last edited by a moderator: Feb 7, 2009
  15. Don40

    Don40 Tug Review Crew: Rookie TUG Member

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    Thanks for confirming what we should have already known. Hopefully everyone on TUG is aware of this already. It is fun to take my $100 after a little chat with sales for 30 to 40 minutes of my time. Just say no!!
     
  16. RIMike

    RIMike TUG Review Crew: Expert TUG Member

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    Agree 100%

    I could not agree more with this statement. Now that I own five different Timeshares...great ones too...like the Royal Islander in Cancun, I would say that very few people actually buy through resales. I have been very fortunate in that I have only bought one time from the Developer, that being DRI to get the points. Even that I consider a mistake.

    The others came from clients and friends who wanted to sell their timeshares. My first purchase was the Royal Islander...and it has been a great trader and is a great location for when I want to go to Cancun during the winter. My second resale purchase was also the Royal Islander, after talking extensively with my II contact who gave me ideas as to what kind of property I should consider if I were to purchase again. When I got the opportunity for Christmas week at the Royal Islander he encouraged me to pick it up. The difference between the two as far as renting is amazing. Week #4 I can get about 1,500 if I do it and about 900 if they rent it. RI week#51 I can get about 3,000 if I do it and about 1,500 if they rent it for me.

    Those are great, but made better by the fact that I got top rated properties on the resale market. While neither of these were what I would say is cheap, they are nonetheless, great holdings.

    Then using the information I found on Tug2.net, I decided to buy Wyndham Points. And later because I really enjoyed the Canadian Rockies and St Maarten, I bought individual Timeshares in those locations. Those are the only two that I actually think I will personally use on a regular basis.

    The last two I paid less than 2K (total costs) for either. Both are highly rated on here vs peers in the area. The St Maarten Timeshare I have actually traded into it, so I knew it from experience.

    So, I would say that because my total investment in Timeshares is less than the Developer's price for one of my Royal properties, surely make me a happy timesharer person. And the industry would have much happier people if MORE people went the Resale Vs. Developer route.
     
  17. Don

    Don TUG Member

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    We were at Olde Town Alexandria for two days last week. Its a nice place and the several small problems we had were quickly resolved. However the parking situation is atrocious. It appears that Wyndham got "stuck" with the worst places in the underground facility. Finding a parking place without having to bend your car around a support column was a challenge. getting in/out of one of the partially blocked spaces was an even bigger challenge.
    Getting back to the point... We went to the owners update (for the $100 cash) and the big push was to consolidate our deeds from Orlando into National Harbor and stop paying the separate Fl tax and lower my MF's. All we had to do was buy an equal or more number of points at Nat'l Harbor. And the lower MF's would pay for our mortgage?????? (That was almost quoted.) Now let's estimate, 1 Orlando MF plus one more = 100%. Consolidate them =75% (WOW! I can save 25%, but wait) I have to buy at least an equal amount of points, right? 75% X2 = 150%. That's half again as much as I'm paying now. Where's the MF savings that are suppose to be paying my new mortgage? Its in Wyndham's pocket along with the $371 or $512 @ 2.99% (depending on the offer we chose) mortgage payments for ten years if I fell for it. And I would still be paying state taxes only they would be built into the MF's instead of being separate.
    I guess we looked like we just fell off the turnip truck. But then $100 an hour is pretty good wages.
     

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