Very NEW to timeshare [Tahiti Village - past rescission]

Lborneke · Aug 22, 2014

Thank you again to everyone for your replies. The points we bought are RCI points. Right now, I am just going to sit back and try to learn about RCI and what I have. I bought a timeshare and it may be expensive but I am now an owner and that is that. I have plenty of other battles going on in my life right now and I can't take on another one. So the price may be a negative. The unit we bought will only sleep 4 so that is a negative. We may need more points to do what we want, like trade into Disney-that is a negative.

BUT- Since I have more than enough drama in my life, I have to look at what is POSITIVE. 1. I have a timeshare so there are no excuses to not go on vacation. 2. They are RCI points so I am not restricted by time of year or location, I have the freedom to choose when and where. I do not need to make deposits, I can just watch and buy with my points. 3. I can use my points for a unit that WILL sleep 5 people, I am not stuck with staying in the smaller unit. 4. The resort we bought into is a beautiful resort. 5. And from what I understand, RCI points all bank into the same pool so that is a positive if/when I decide to buy more. 6. If I need help, I am sure I can find the help somewhere.

Right now, I am just going to wait for my welcome package that will have my membership information. Then I am going to take the time to learn about what I have and how to make it work to my best advantage and to actually get into the RCI site and explore it better. I am hoping That if I learn to use it right, that 40,000 points odd years will be enough. If, not, then I guess I will have to figure out how to get more.

Thank you again to everyone for your comments.

clotheshorse · Aug 24, 2014

Lborneke said:
Thank you again to everyone for your replies. The points we bought are RCI points. Right now, I am just going to sit back and try to learn about RCI and what I have. I bought a timeshare and it may be expensive but I am now an owner and that is that. I have plenty of other battles going on in my life right now and I can't take on another one. So the price may be a negative. The unit we bought will only sleep 4 so that is a negative. We may need more points to do what we want, like trade into Disney-that is a negative.

BUT- Since I have more than enough drama in my life, I have to look at what is POSITIVE. 1. I have a timeshare so there are no excuses to not go on vacation. 2. They are RCI points so I am not restricted by time of year or location, I have the freedom to choose when and where. I do not need to make deposits, I can just watch and buy with my points. 3. I can use my points for a unit that WILL sleep 5 people, I am not stuck with staying in the smaller unit. 4. The resort we bought into is a beautiful resort. 5. And from what I understand, RCI points all bank into the same pool so that is a positive if/when I decide to buy more. 6. If I need help, I am sure I can find the help somewhere.

Right now, I am just going to wait for my welcome package that will have my membership information. Then I am going to take the time to learn about what I have and how to make it work to my best advantage and to actually get into the RCI site and explore it better. I am hoping That if I learn to use it right, that 40,000 points odd years will be enough. If, not, then I guess I will have to figure out how to get more.

Thank you again to everyone for your comments.

Great way to look at it. We too bought at Tahiti Village (8 years ago - I thought it was six, but I checked our paperwork today).

It took me 8 years to find TUG to find out that our unit - same one you bought every-other-year was being sold for $1. We couldn't believe it, but now we are educated. We have enjoyed our timeshare (even if we overpaid for it), we have stayed at Tahiti Village, traded to Maui and Palm Springs.

From a financial viewpoint, I look at it as the same situation as buying a new vs used car. We all know new cars lose their value the moment you drive it off the lot, but yet people still buy new cars when they can buy a late model used car and save thousands. Same as shopping at a Mall vs. an outlet mall. Why pay retail? But we all learn and enjoy our retail purchases.

Guess what, we bought the $1 Tahiti Village Timeshare as well to add to our existing Tahiti Village for added exchange opportunities. We will be visiting the property soon to learn about their RCI point conversion (we own weeks and not points, sounds like it is worth 42K RCI points), I already know we will pass since we can trade RCI through our Hilton and Wyndham timeshares.

At the end of the day, pay it off as soon as you can if you financed it and enjoy your vacations.

Welcome to TUG!

czar · Aug 24, 2014

When I think of things I've overpaid for over the years, $12k isn't the end of the world. Could have been much worse. On my last sales presentation they offered me a $99k week

So good attitude to have. Make the best of it and plan some fun vacations!

Lborneke · Aug 24, 2014

Thank you! Tahiti Village does look to be a nice resort and my husband does enjoy Las Vegas so we may go back a few times. We are also thinking that we are going to want more points because we will want to exchange for places like Disney. I am assuming that to keep things simple, we will want to stick with RCI points. Beyond that, does it really matter which resorts we get the points from? Is it best to look for home resort points or someplace else entirely? I obviously have to wait until I get my RCI number, but I have been looking to get an idea of what is out there. Is it wrong of me to expect to get a high number of points for a buck and low MF, like $3-400/year? What clues do I need to look for to make sure the deal is legitimate and how do I know for sure if the deed is still under a contract and if there are hidden costs?

pacodemountainside · Aug 24, 2014

General rule is lower MF higher up front cost. Look at over 10 years.

MF $600 a year equals $6,000 but free.

MF $500 a year equals $5,000 and $1,000 upfront cost.

You pays your money and takes your choice.

Obviously other variables such as location, ARP, is parking free, possible day use, amount of reserves, etc. but one has to zero in on a specific resort to make a decision.

suzannesimon · Aug 24, 2014

Don't feel bad - we've all been there. My developer purchase was $107,000 for 2 weeks - yikes$. Still, if you are one of the purchasers and you didn't sign the contract, you don't have a contract.

I would be very surprised if they would sue you for specific performance. The legal expense is more than the sale price. Before you give them the rest of the money, you might want to check how much it would cost you for a resale. If that amount plus the deposit money is less than your current purchase price, I would walk away. They will take your money and sell it to someone else.

pacodemountainside · Aug 24, 2014

suzannesimon;1666132 I would be very surprised if they would sue you for specific performance. The legal expense is more than the sale price. Before you give them the rest of the money said:
You are assuming Developer is financing. If a "non recourse note" to a third party "holder in due course" then they will be after them with a vengeance.

suzannesimon · Aug 24, 2014

That is true but did they already sign financing paperwork? Has the sale closed? Possibly they paid cash and it hasn't't closed yet.

Lborneke · Aug 24, 2014

We both signed with 10 years to pay off. We decided to just go ahead with the deal and do a better job of thinking things through in the future.

CURIOUS1 · Sep 1, 2014

Lborneke said:
We both signed with 10 years to pay off. We decided to just go ahead with the deal and do a better job of thinking things through in the future.

Hi Laura, we have owned at TV for years. We converted from weeks to points in 2012 and love the flexibility! We own a Royal Tahitian and a Moorea every year. We have used our points to stay 2 weeks at different locations in Mexico giving us a total of 4 weeks in Mexico! The points give you so much flexibility. You do have to pay the exchange fees before you can reserve through RCI. I'm not sure if this was explained to you or not.

There are benefits to being an RCI member. We have the Platinum plan and receive a $25.00 gift certificate for restaurant.com every month.

Also, the timeshares that are listed on E-Bay don't guarantee that you will receive the same benefits as the original owner enjoyed.

Mary Ellen

Lborneke · Sep 2, 2014

Hi Mary Ellen, thank you for your reply. What do you mean by exchange fee? Are you referring to the $159.00 fee for reservations? We are also platinum members, or will be when our information comes sometime in the next couple of weeks. TV does look to be a nice resort. But I am assuming that 42,000 points odd years won't get me very far with a family of 5. :/ thanks again, Laura

CURIOUS1 · Sep 3, 2014

Lborneke said:
Hi Mary Ellen, thank you for your reply. What do you mean by exchange fee? Are you referring to the $159.00 fee for reservations? We are also platinum members, or will be when our information comes sometime in the next couple of weeks. TV does look to be a nice resort. But I am assuming that 42,000 points odd years won't get me very far with a family of 5. :/ thanks again, Laura

Laura, yes, I'm referring to the exchange fee for reservations. We haven't used our points for vacationing in the US. We use our points to travel outside the US and our exchange fee has been $209.00.

TV is a nice resort and there have been many upgrades interior and exterior. If you are on FB, there is a TV fan page. If you are interested, please email me and I can give you the web address. My email is medanuser1949@aol.com.

I just checked the RCI points grid and it will depend on the unit size and geographical location as to how many points you will need to reserve a unit that will accommodate your family of 5. I've been told by RCI that if you book closer to your desired vacation time, the points are less and also, being an RCI member, you are offered getaway prices which you could use to reserve accommodations for 5 people. These extra vacation offers will cost you extra money but nice vacations don't come cheap.

Once you receive your welcome package---take your time and look over the site. There is so much information to absorb but it will be worth it.

Mary Ellen