[2016] Account review email [Accts. suspended]

[foundyoubyaccident]

I believe Ron alluded to it a bit - You own a 2 million point contract, you buy 2,000,000 points, credit pool all future year points in the contract you just bought, and sell the contract with no points remaining in it for 3 years. You now own 2,000,000 points, but you have 8,000,000 points available to reserve.

It would definitely look odd at first glance when looking at account totals.

Has this been done before? Does the new owner, know this when purchasing ?

 

[Ty1on]

Has this been done before? Does the new owner, know this when purchasing ?

Yes and yes.

 

[scootr5]

Yes and yes.

If they've done their due diligence.

 

[raygo123]

Has this been done before? Does the new owner, know this when purchasing ?

In fact, Ron had sold Canterbury that way. He offered it for free with the understanding that the buyer was getting it for the cost of the yearly MF.

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[foundyoubyaccident]

Yes and yes.

Well, hummph. Who would want to buy a ts they couldn't use for 2/3 years. and pay 12k a year.

Edited: you ansered that question.

 

[raygo123]

Well, hummph. Who would want to buy a ts they couldn't use for 2/3 years. and pay 12k a year.

Edited: you ansered that question.

Maintainence fees! Are not $12k. I think it was somewhere around $1200/yr.

It more like a lay away plan. If you want Canterbury, and can't afford $7000 to buy it

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[ronparise]

Well, hummph. Who would want to buy a ts they couldn't use for 2/3 years. and pay 12k a year.

Edited: you ansered that question.

It wouldn't be $12000 a year
500000 Canterbury would be about $2000 a year

But the point so many miss is you don't have to wait 2 years to make a reservation.

I might buy a contract today that would settle in two or three months. Let's say that was a million point contract. When it settles I could credit pool 2017 2018 and 2019 points. And then put all those points into reservations and then sell the contract. It would settle in 3 months

So I got the benefit of 3 years of points for only 3 months of maintenance fees (plus the purchase price)

And the buyer will pay fees the rest of the year. Let's say 5 months. Then in Jan 2018 he can credit pool his
2020 points and make a reservation

So it's not true he has to wait 2 0r 3 years

*****************************

there was a strategy with Worldmark that could be worked to accomplish the same thing, Wyndham stopped that by not allowing stripped contracts to be transferred. I have no doubt they will do the same thing with club wyndham

 

[foundyoubyaccident]

 

[Ty1on]

If they've done their due diligence.

I know in Ron's case he has been crystal clear whenever he's offered this.

 

[ronparise]

deleted post,

 

[raygo123]

He he he

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[T-Dot-Traveller]

Ron's famous Canterbury " free bargain " was IMO a great opportunity for someone who,was a few years from retirement and was willing to pay monthly MF "now " to own a 400,000 point contract with a reasonable cost per point that would be very usable at lower point Wyndham resorts for multiple weeks when retired .

FYI - this thread just past 100,000 views
Jan 27 2017 - just past the 5 month mark .

 

[happyhopian]

Well I need to do more research because I was told, and had it happen, that pooled points transfer with the contract. One of the contracts I purchased in August transferred over and my credit pool went up substantially. I had no idea of the reason or even the relationship as I had no reason to think this would happen. I called Wyndham OC emailed me back explaining that the points came from the purchased contract which had a pool balance and the current use year and the credit pool balance. Maybe they only had one contract or maybe this is something new and maybe the difference is where ron pointed out that he booked reservations with the points before selling the contract. Either way I am not confused as to whether credit points transfer with the sold contract.

 

[ronparise]

Well I need to do more research because I was told, and had it happen, that pooled points transfer with the contract. One of the contracts I purchased in August transferred over and my credit pool went up substantially. I had no idea of the reason or even the relationship as I had no reason to think this would happen. I called Wyndham OC emailed me back explaining that the points came from the purchased contract which had a pool balance and the current use year and the credit pool balance. Maybe they only had one contract or maybe this is something new and maybe the difference is where ron pointed out that he booked reservations with the points before selling the contract. Either way I am not confused as to whether credit points transfer with the sold contract.

My experience is that points associated with a contract in the credit pool transfer to the buyer upon sale.

Reservations on the other hand stay in the account upon sale of a contract (as long as it's not the last contract in an account)

 

[asreiter]

Well, hummph. Who would want to buy a ts they couldn't use for 2/3 years. and pay 12k a year.

Edited: you ansered that question.

It actually was me who purchased that contract and it was an amazing deal.......do you know how often a Canterbury contract comes available? or did you know they have some of the lowest fees in the system?? I knew there were no points available but as of January I was able to credit pool and book a vacation. Thanks Ron!!

 

[foundyoubyaccident]

It actually was me who purchased that contract and it was an amazing deal.......do you know how often a Canterbury contract comes available? or did you know they have some of the lowest fees in the system?? I knew there were no points available but as of January I was able to credit pool and book a vacation. Thanks Ron!!

Honestly, No, No, and I was thinking it was like 3 years you wouldn't even be able to use it. Who would do something like that. I am still new to ownership, and still learning how to buy and where. Also, I thought it was a 2 million point contract. There is a big difference from 2000 a month to 2000 a year for maintenance fees.

 

[CO skier]

Has this been done before? Does the new owner, know this when purchasing ?

Yes.

and ...

No, not necessarily. Some very experienced Club Wyndham owners have been burned by this scam.

http://tugbbs.com/forums/index.php?...-no-points-for-2016-2017.240273/#post-1872088

 

[CO skier]

It wouldn't be $12000 a year
500000 Canterbury would be about $2000 a year

But the point so many miss is you don't have to wait 2 years to make a reservation.

I might buy a contract today that would settle in two or three months. Let's say that was a million point contract. When it settles I could credit pool 2017 2018 and 2019 points. And then put all those points into reservations and then sell the contract. It would settle in 3 months

So I got the benefit of 3 years of points for only 3 months of maintenance fees (plus the purchase price)

And the buyer will pay fees the rest of the year. Let's say 5 months. Then in Jan 2018 he can credit pool his
2020 points and make a reservation

So it's not true he has to wait 2 0r 3 years

When I read this, I get the same feeling I get when in a timeshare presentation -- just enough truth to make the sale.

The costly part remains untold.

 

[asreiter]

When I read this, I get the same feeling I get when in a timeshare presentation -- just enough truth to make the sale.

The costly part remains untold.

That may be true in some instances but Ron was completely upfront with me.........

 

[CO skier]

That may be true in some instances but Ron was completely upfront with me.........

That is good for you.

By transferring stripped accounts, Wyndham allows other, uninformed purchasers to get ripped-off.

 

[raygo123]

That is good for you.

By transferring stripped accounts, Wyndham allows other, uninformed purchasers to get ripped-off.

No! That's fraud. Full disclosure up front is not fraud. By making that statement how many personal experiences are you basing that on?

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[asreiter]

That is good for you.

By transferring stripped accounts, Wyndham allows other, uninformed purchasers to get ripped-off.

Then those purchasers only have themselves to blame for being uninformed, IMHO

 

[CO skier]

Then those purchasers only have themselves to blame for being uninformed, IMHO

No, even those buyers who do as much due diligence as they can by requesting an estoppel, have Wyndham and the scamming seller to blame, because the estoppel does not include any reference to the stripped points.

 

[ronparise]

When I read this, I get the same feeling I get when in a timeshare presentation -- just enough truth to make the sale.

The costly part remains untold.

the pros and cons are always laid out for the buyer,(by me) and if I dont think the buyer understands, I dont sell to them. and with this deal part of my offer was if they changed their minds, Id take it back. as asreiter said, she was able to make her first reservation within just a few months after settlement

even if she had to wait 2 years, this would have been a good deal.

heres a couple of hypothetical million point deals to compare

possible contract 1)
cost to purchase = $5000, amortized over 5 years = $1000 per year
mf per year at $6/1000 points = $6000/year
annual cost first five years is $7000
assuming 10 vacations out of the million points each year we get a cost of $700/vacation

possible contract 2
cost to purchase = $1500 amortized over 5 years = $300/year
mf per year $7/1000 points or $7000/year
annual cost over 5 years $7300/year and
assuming the same 10 vacations per year the cost is $730/vacation



Now lets put the Canterbury deal in the mix

cost to purchase = $500 closing costs only
mf per year $4000 (5 years = $20000)
total 5 year cost is $20500

now remember we are assuming no vacations for 2 years so at 10 vacations per year we will get 30 vacations in the first 5 years.. $683/vacation

but the real test comes after the 5th year
in example
1) the 10 vacations per year will cost $600 each
2) $700
Canterbury $400


Interestingly it was the reaction to that Canterbury contract offered on the bargain deals forum that caused TUG to change their definition of "bargain" Now bargain means free and real bargains like mine are no longer allowed.

 

[CO skier]

the pros and cons are always laid out for the buyer,(by me) and if I dont think the buyer understands, I dont sell to them. and with this deal part of my offer was if they changed their minds, Id take it back.

The cons are significantly absent from your previous postings but good for you and your buyer; it does not change the fact that unscrupulous sellers can take advantage of unsuspecting buyers using the stripped accounts scam -- aided and abetted by the Wyndham transfer department.

The very simple solution is to require that all transferred contracts be paid up to date for the usage -- the seller cannot sell until they have paid for what they have reserved and/or used. I have no idea why this is not Wyndham policy.