Hello,
I am a new participant here and really appreciate all that this site has to offer. I have an urgent situation which is very time sensitive.
I committed today by signing an Agreement to Purchase and Loan Application at Marriott Surf Club ("MSC"), both of which I believe are non-binding. I was able to convince the MSC sales team to allow me to come and sign the contract tomorrow.
I really started to sweat after thinking about what I had just done. I've researched several of the excellent threads here, and am trying to wrap my head around all the terminology, and piece together what I have found.
I greatly appreciate any assistance or advice any of you pros can suggest.
First, some facts:
The agreement is to purchase the following:
MSC
2 BR, 2 BA
Ocean View
Platinum Availability, 1 week's equivalent timeframe
Two offers were made by MSC:
1) Points basis
Price offered was $40.6K, discounted 20% for "January Promo" and 10% for renting my current week through RedWeek.
2) Weeks basis
Price offered was $33.3K, discounted by the same factors as above. they said they have a very limited inventory of weeks left, and everything else going forward after this inventory was depleted, The finance manager indicated this was the lowest he could go, and it was only good if I signed today! After pushing him, he said he could wait until tomorrow AM.
The unit would be guaranteed in this option to be available from January-April only at MSC except for Week 7 and Week 14. Availability would be possible but not guaranteed any other time of the year.
In this scenario, if I choose not to use a week for a given year, I can convert it into points (4,075), which could then be used throughout the Marriott point system. This is of interest, as my family and I (wife, two adult children ages 25/21), as we like to trade off every other year or so to other destinations. We could also "borrow" points from future years if sufficient points were not available for the current year's destination (like if we wanted to transfer to Maui for example).
Of the two options, Option 2 definitely makes more sense to me, assuming either makes sense versus door #3, which is neither and buy resale.
Some of the questions I have are as follows:
1) Does this deal make sense or should I purchase via resale? I have looked on Red Week, and there are platinum weeks available for $15-20K.
2) The MSC sales people told me I would lose access to the point system, and I would only get the week in Aruba if I buy via resale. Is this true?
3) What other things would I lose by buying resale? Are there workarounds and what are the trade-offs?
4) Is there a right of rescission in Aruba? If so, should I sign tomorrow and that would give me a few days to get more input here before making a final decision?
Appreciate your reading this lengthy note assuming you've made it this far and any thoughts or additional questions.
Thanks very much!
I am a new participant here and really appreciate all that this site has to offer. I have an urgent situation which is very time sensitive.
I committed today by signing an Agreement to Purchase and Loan Application at Marriott Surf Club ("MSC"), both of which I believe are non-binding. I was able to convince the MSC sales team to allow me to come and sign the contract tomorrow.
I really started to sweat after thinking about what I had just done. I've researched several of the excellent threads here, and am trying to wrap my head around all the terminology, and piece together what I have found.
I greatly appreciate any assistance or advice any of you pros can suggest.
First, some facts:
The agreement is to purchase the following:
MSC
2 BR, 2 BA
Ocean View
Platinum Availability, 1 week's equivalent timeframe
Two offers were made by MSC:
1) Points basis
Price offered was $40.6K, discounted 20% for "January Promo" and 10% for renting my current week through RedWeek.
2) Weeks basis
Price offered was $33.3K, discounted by the same factors as above. they said they have a very limited inventory of weeks left, and everything else going forward after this inventory was depleted, The finance manager indicated this was the lowest he could go, and it was only good if I signed today! After pushing him, he said he could wait until tomorrow AM.
The unit would be guaranteed in this option to be available from January-April only at MSC except for Week 7 and Week 14. Availability would be possible but not guaranteed any other time of the year.
In this scenario, if I choose not to use a week for a given year, I can convert it into points (4,075), which could then be used throughout the Marriott point system. This is of interest, as my family and I (wife, two adult children ages 25/21), as we like to trade off every other year or so to other destinations. We could also "borrow" points from future years if sufficient points were not available for the current year's destination (like if we wanted to transfer to Maui for example).
Of the two options, Option 2 definitely makes more sense to me, assuming either makes sense versus door #3, which is neither and buy resale.
Some of the questions I have are as follows:
1) Does this deal make sense or should I purchase via resale? I have looked on Red Week, and there are platinum weeks available for $15-20K.
2) The MSC sales people told me I would lose access to the point system, and I would only get the week in Aruba if I buy via resale. Is this true?
3) What other things would I lose by buying resale? Are there workarounds and what are the trade-offs?
4) Is there a right of rescission in Aruba? If so, should I sign tomorrow and that would give me a few days to get more input here before making a final decision?
Appreciate your reading this lengthy note assuming you've made it this far and any thoughts or additional questions.
Thanks very much!