Got it, great advice! Lots to work on as I await response to rescission letter.
One decision point on a path forward I’m grappling with is whether it’s better to simply pick up one or two larger points resale contracts with lower MFs and simply start using the points system and then, at a later point, after actually proving out our usage of the Wyndham system, consider a developer purchase for VIP status. Bypass the whole PIC option for now and just use points.
Then again, we could pick up two PIC units for 508k points and we would already qualify for VIP Silver straight out of the gate. But we would have to purchase a minimum of 98k points (59k for each PIC week) which would still require roughly 20k up front for the developer points.
Decisions decisions...
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Lets examine first option. Both are not bad, but just wanted to throw in yet a few more points to consider. If we compare apples to apples, we have to assume you are getting equal amount of points on either ebay or retail. So two PICs plus minimum purchase is 606,000 points. We are going to assume national harbor since the rate is low. A 1.29 million point contract went for $10k. So approximately $11 per 1,000 points give or take. So a 606,000 point contract would run you about $6,666, and you do not get VIP. Maintenance fees would be $2,860 a year of $238.36 a month based on the current $4.72 per 1k points.
Short term (upfront) costs: $6,666 (assuming you pay no closing or transfer costs)
Long term costs: $2,860 per year in maintenance fees (not including future years increases)
10 year cost (not including MF increases): $35,266
Second option:
98,000 point National Harbor contract that retails at $190 per 1k points. That would cost you $18,620 retail. Maintenance fees $462.56 per year or 38.54 per month based on a rate of $4.72 per 1,000 points.
Then lets say you do, what i did, but twice. Buy (2) three bedrooms for $28 each. Total $56. Maintenance fees for both, plus the Wyndham program fee $1,992 a year or $166 a month for 508,000 points. If you want to compare apples to apples on maintenance fees, the maintenance fee rate for those 508,000 pic points is $3.92 per 1k points.
Short term (upfront costs): $18,676
Long term costs: 2,454.56 (not including maintenance increases)
10 year cost: $39,346
Not a huge price difference in the long term. We are not accounting for the VIP benefits of Silver. Some say Silver is worthless, others say VIP in general is worthless. Only you can put a dollar amount on the VIP benefits. Will you actually use them and will it be worth the extra $4k? At the 20 year mark, the cost of resale becomes more then retail so:
Resale 20 year cost: $57,200
Retail 20 year cost: $49,091
If you have your time share for 20 years, the $4k difference goes away and you actually save money by going retail IF you do PIC. If you go straight points, resale is always cheaper.
As Brainddead said, if you are elderly, never buy from Wyndham. It will be harder for you to get 20 years, then someone who is in their 30's and 40's