Rescinding should not be automatic response

[Big Matt]

The value is being a certain level. You can rent points from others, but getting stays you want may be more difficult. My level gets me 1 day 13 months out. Stuff gets picked over once you get under 12 months.

 

[csalter2]

What's the value of owning Marriott points if you can consistently rent them from points owners for about $0.60 - $0.65 per point, which is close to the maintenance fees? Why buy when you can rent?

I have come to realize that when you look at the Destinations Program, that you have to look at it in its totality and not just through one element. First of all I have looked at this stuff in a lot of ways to see the value of owning. I went through the own vs rent dilemma. However, even with the upfront cost, if you live a little bit and use the program wisely, you can really get a lot out of it. I have gotten a chunk of money back from my original purchase just through the incentives I received. Plus, I still go own vacations. I also see the big benefits on hotel savings being at a higher level. You can slowly but surely get back your original purchase, but it takes use of them and time to achieve that.

 

[TheTimeTraveler]

so i need your help. this post, along with another one from Feb 2017, has brought me to ask it here - i fall into the area between the "hey, i went to a presentation on a marketing trip and bought without knowing anything" and the "knowledgeable after doing some research" range. my wife and i have attended numerous presentations over the years, declined all of them, but finally decided to buy, and signed, last friday, for 4k points of MVC. we financed it to get discounts and the additional points offered (4k match for 8k now and 4k more at 18 months) and will pay it off after month 18 when we get our final point bonus tranche.

but in reading on this site almost exclusively since Friday pm i've learned more than i thought there was to know! we don't want to cancel our purchase - we like the idea of the MVC, the flexibility available to us, the destinations, etc, all the reasons why people buy points. but in looking at what i've learned i want/need to know more about the hybrid option and determine if it's worth rescinding and asking for something more like that. i am open to cancelling but want to keep b/c my wife and i aren't too comfortable dealing in the aftermarket resale world of p2p purchases. i like scheduling direct with MVC and leveraging the flexibility that i'd get from that thru banking points while finalizing our vacationing strategy for the upcoming year.

when i will talk to our rep about this hybrid option what are the things i need to know about and ask for? my understanding of the hybrid option is that i'd be buying a set and fixed week at a specific location that i'd be able to convert to points if i did't want to use it (and use those points elsewhere or bank them for later use), trade it for another destination, or use it as scheduled.

can i get some guidance on what to ask for/discuss with my sales rep? @JIMinNC - you've posted heavily and in @GoldenVIKE 's post about his purchase being a good idea (from 2/17) you laid out what i want to accomplish with my points and, to butter you up, have become an informal mentor to me without even knowing it...

looking forward to everyone's input - thanks!

Do you want to pay retail or pay wholesale? If you want to save some big dollars then you may want to rescind now while you still can, and then buy off of the resale market.

Work the numbers. I'm confident you'll make the decision that works for you.







.

 

[csalter2]

Do you want to pay retail or pay wholesale? If you want to save some big dollars then you may want to rescind now while you still can, and then buy off of the resale market.

Work the numbers. I'm confident you'll make the decision that works for you.







.

Sometimes depending on the deal being offered the retail discounts that Marriott can offer are cheaper than resale. It all depends on the special at the time. Remember, Marriott has been utilizing right of first refusal. Even if a person buys points resale at $3.00 per point, they still have to pay Marriott's $3.00 per point fee to enter it into Destination program. My last purchase from Marriott was under $6.00. If I would have bought these resale I would have paid more and not gotten my valuable gifts.

 

[Renoom]

rescinded earlier today - decided that it wasn't time for us to purchase. @HitchHiker71 helped push me past the tipping point. it needed to be done. we'll try renting at some point but, for now at least, we're postponing our purchase.

in many threads, however, i see language about how the offer will be available for us down the road. this - clearly - contradicts the hard sell that MVC does when we were told that this is a one time, yada yada, we track who you are and won't get this ever again, etc. are there real life examples of this not being the case and offers still available down the road?

 

[StevenTing]

It's not documented but everytime I attend a presentation, I am offered a package. Sometimes they are more generous that the previous. In reality, you should expect all future offers to be slightly more expensive than the previous because points to increase in price. Even with a bundle/hybrid purchase, you'll still save some money, but it's likely more than the previous time.

 

[HitchHiker71]

rescinded earlier today - decided that it wasn't time for us to purchase. @HitchHiker71 helped push me past the tipping point. it needed to be done. we'll try renting at some point but, for now at least, we're postponing our purchase.

in many threads, however, i see language about how the offer will be available for us down the road. this - clearly - contradicts the hard sell that MVC does when we were told that this is a one time, yada yada, we track who you are and won't get this ever again, etc. are there real life examples of this not being the case and offers still available down the road?

Most of the timeshare companies use that same approach. Back of the napkin math combined with spending tens of thousands of dollars -with no cooling off period or common sense one page mathematical summary - which is required for any actual real financial transaction like a mortgage. It's pure lunacy when you really think about it pragmatically.

EDIT: I just realized this thread exists in the Marriott timeshare section, so apologies in advance on using a Wyndham timeshare real life example.

My example can serve as a real life example. I initially bought a 126k CWA package with 174k of bonus points at Wyndham Ocean Blvd in Myrtle Beach at $155/1000 points for around 20k. Rescinded, found two PICs, went back 30 days later via telesales, purchased 210k CWA points for $134/1000, along with 508k PIC points, and 590k of free bonus points. I heard the same thing from the sales people, one time deal, never sell CWA this cheap ever.

Bigger picture, sure prices go up over time, but with the corrupt sales model used, coupled with the lack of transparency on pricing and market data, you never know what an actual good deal is at the table at any one time unless and until you've done due diligence and have wised up to the corrupt sales practices.

 

[csalter2]

rescinded earlier today - decided that it wasn't time for us to purchase. @HitchHiker71 helped push me past the tipping point. it needed to be done. we'll try renting at some point but, for now at least, we're postponing our purchase.

in many threads, however, i see language about how the offer will be available for us down the road. this - clearly - contradicts the hard sell that MVC does when we were told that this is a one time, yada yada, we track who you are and won't get this ever again, etc. are there real life examples of this not being the case and offers still available down the road?

In your case, I feel this was a very wise move.

 

[m61376]

Interesting thread, with lots of great advice. In general, I think a "newbie" who posts wondering if he/she did the right thing or if it was a good price, etc., is best served by the advice to rescind immediately and then take the time to explore. Before any purchase is made, the buyer should understand what timeshares offer- both the benefits and the negatives (such as maintenance fees, time constraints for scheduling and availability, and differences from a hotel stay, etc.). We love having a larger space and kitchen facilities, but others miss room service, daily housekeeping and other traditional hotel amenities, so a prospective buyer needs to fully understand not only the costs but the difference in their actual vacation experience.

There's a natural tendency to assume that what we like is what's best for everyone, but clearly that's not the case. In general, more options- whether it be for larger spaces, differing destinations or more flexibility in scheduling, come at a cost. I think it's in everyone's best interests to advise a new purchaser to fully understand the options and figure out what will suit their needs the best, and then make suggestions as to how to accomplish their goals at the lowest price; that said, we also need to respect that the convenience and/or security of buying direct (in this case, from Marriott) imparts a comfort level that many people feel warrants a surcharge.

So, while the OP is right that we shouldn't jump down the throats of someone who clearly has made an informed and thoughtful purchase. I do think that anyone who asks whether or not they got a good deal or made the right choice should be advised to rescind and take the time to make sure what they're doing is right for them, and almost always will be able to replicate the offer in the short term. The truly informed and confident purchaser might post what they bought, but not inquire as to whether or not they made the right purchase.

We need to remember that even those of us who consider ourselves great shoppers (and take this from a consummate shopper ;-)) will sometimes decide that sometimes it's worth paying more to buy at one place over another, whether for convenience, warranty or just being sure of the quality, and as long as the buyer is informed we shouldn't assume we know better than they do as to what's best for them.

 

[HitchHiker71]

Here's what I think is a good article on the steps to consider specific to rescission. The site is geared toward Wyndham timeshare ownership, but it's still a good article: http://wyndhamexperts.org/index.php/2019/10/10/i-did-the-wrong-thing-what-do-i-do-now/

 

[csalter2]

Interesting thread, with lots of great advice. In general, I think a "newbie" who posts wondering if he/she did the right thing or if it was a good price, etc., is best served by the advice to rescind immediately and then take the time to explore. Before any purchase is made, the buyer should understand what timeshares offer- both the benefits and the negatives (such as maintenance fees, time constraints for scheduling and availability, and differences from a hotel stay, etc.). We love having a larger space and kitchen facilities, but others miss room service, daily housekeeping and other traditional hotel amenities, so a prospective buyer needs to fully understand not only the costs but the difference in their actual vacation experience.

There's a natural tendency to assume that what we like is what's best for everyone, but clearly that's not the case. In general, more options- whether it be for larger spaces, differing destinations or more flexibility in scheduling, come at a cost. I think it's in everyone's best interests to advise a new purchaser to fully understand the options and figure out what will suit their needs the best, and then make suggestions as to how to accomplish their goals at the lowest price; that said, we also need to respect that the convenience and/or security of buying direct (in this case, from Marriott) imparts a comfort level that many people feel warrants a surcharge.

So, while the OP is right that we shouldn't jump down the throats of someone who clearly has made an informed and thoughtful purchase. I do think that anyone who asks whether or not they got a good deal or made the right choice should be advised to rescind and take the time to make sure what they're doing is right for them, and almost always will be able to replicate the offer in the short term. The truly informed and confident purchaser might post what they bought, but not inquire as to whether or not they made the right purchase.

We need to remember that even those of us who consider ourselves great shoppers (and take this from a consummate shopper ;-)) will sometimes decide that sometimes it's worth paying more to buy at one place over another, whether for convenience, warranty or just being sure of the quality, and as long as the buyer is informed we shouldn't assume we know better than they do as to what's best for them.

‘As the OP, read my remark that is right above your post.

 

[Dean]

Interesting thread, with lots of great advice. In general, I think a "newbie" who posts wondering if he/she did the right thing or if it was a good price, etc., is best served by the advice to rescind immediately and then take the time to explore. Before any purchase is made, the buyer should understand what timeshares offer- both the benefits and the negatives (such as maintenance fees, time constraints for scheduling and availability, and differences from a hotel stay, etc.). We love having a larger space and kitchen facilities, but others miss room service, daily housekeeping and other traditional hotel amenities, so a prospective buyer needs to fully understand not only the costs but the difference in their actual vacation experience.

There's a natural tendency to assume that what we like is what's best for everyone, but clearly that's not the case. In general, more options- whether it be for larger spaces, differing destinations or more flexibility in scheduling, come at a cost. I think it's in everyone's best interests to advise a new purchaser to fully understand the options and figure out what will suit their needs the best, and then make suggestions as to how to accomplish their goals at the lowest price; that said, we also need to respect that the convenience and/or security of buying direct (in this case, from Marriott) imparts a comfort level that many people feel warrants a surcharge.

So, while the OP is right that we shouldn't jump down the throats of someone who clearly has made an informed and thoughtful purchase. I do think that anyone who asks whether or not they got a good deal or made the right choice should be advised to rescind and take the time to make sure what they're doing is right for them, and almost always will be able to replicate the offer in the short term. The truly informed and confident purchaser might post what they bought, but not inquire as to whether or not they made the right purchase.

We need to remember that even those of us who consider ourselves great shoppers (and take this from a consummate shopper ;-)) will sometimes decide that sometimes it's worth paying more to buy at one place over another, whether for convenience, warranty or just being sure of the quality, and as long as the buyer is informed we shouldn't assume we know better than they do as to what's best for them.

OTOH, we don't know what we don't know. There is a current thread from someone that thought they were informed and realized they were not nearly as informed as they thought they were. We should never jump down anyone's throat but given a negative though honest opinion can be helpful even if it's not what one wants to hear. One should also consider the context in which the information is being provided. Walking up to someone in the parking lot you don't know who just leased a car talking about how bad car leases are (they are) would be inappropriate but if one were on a car oriented site and posted they were consider a car lease, it could very well be appropriate to post the information.

 

[JIMinNC]

What's the value of owning Marriott points if you can consistently rent them from points owners for about $0.60 - $0.65 per point, which is close to the maintenance fees? Why buy when you can rent?

Here are a few reasons why someone might want to own versus rent:

1) Rented points can't be banked/borrowed, so if you have to cancel, you could wind up with points that you can't re-use

2) There have been a couple times when I was thinking of renting points when there was nothing available on VPE for the use year I was looking for

3) If Owner Loyalty level benefits are important (like Executive Level ability to book less than 7 nights at 13 or 12 months), then you must own enough points

4) To rent points in the least-risk manner you need to own some points so you have a points account for the points owner to transfer points to. Otherwise, the points owner has to hold the reservation for you until check-in, with the risk of fraud or owner error causing your reservation to be invalid; also in this case, a cancellation would result in the reservation being lost; - basically the same risks as renting a week from an owner.

5) Some people may ben be so uncomfortable with P2P transactions that even the small risk in a points transfer from an owner into your account is unacceptable. There have been fraudsters on VPE.

These are some of the reasons why we have chosen to own the points that we are sure we can use each and every year, and to only rent when our needs in a given year exceed this baseline dependable point need.

 

[JIMinNC]

so i need your help. this post, along with another one from Feb 2017, has brought me to ask it here - i fall into the area between the "hey, i went to a presentation on a marketing trip and bought without knowing anything" and the "knowledgeable after doing some research" range. my wife and i have attended numerous presentations over the years, declined all of them, but finally decided to buy, and signed, last friday, for 4k points of MVC. we financed it to get discounts and the additional points offered (4k match for 8k now and 4k more at 18 months) and will pay it off after month 18 when we get our final point bonus tranche.

but in reading on this site almost exclusively since Friday pm i've learned more than i thought there was to know! we don't want to cancel our purchase - we like the idea of the MVC, the flexibility available to us, the destinations, etc, all the reasons why people buy points. but in looking at what i've learned i want/need to know more about the hybrid option and determine if it's worth rescinding and asking for something more like that. i am open to cancelling but want to keep b/c my wife and i aren't too comfortable dealing in the aftermarket resale world of p2p purchases. i like scheduling direct with MVC and leveraging the flexibility that i'd get from that thru banking points while finalizing our vacationing strategy for the upcoming year.

when i will talk to our rep about this hybrid option what are the things i need to know about and ask for? my understanding of the hybrid option is that i'd be buying a set and fixed week at a specific location that i'd be able to convert to points if i did't want to use it (and use those points elsewhere or bank them for later use), trade it for another destination, or use it as scheduled.

can i get some guidance on what to ask for/discuss with my sales rep? @JIMinNC - you've posted heavily and in @GoldenVIKE 's post about his purchase being a good idea (from 2/17) you laid out what i want to accomplish with my points and, to butter you up, have become an informal mentor to me without even knowing it...

looking forward to everyone's input - thanks!

Sorry not to reply sooner since your post last Wednesday was sort of directed at me. We were in Palm Desert and I wasn't checking the board very often.

Glad to see that others stepped in and helped you. Given your questions, I think rescinding was correct unless you were 100% sure you were buying what you wanted.

The hybrid bundles combine a resale week sold by Marriott, with a matching number of Trust points. These generally give you more useable points for less cost per point than a straight points purchase from Marriott. There are other options though, such as pure resale points, so you should read more and make sure you know what is best for you before going further.