Should I Wait to Buy Resale Until My Rescission Goes Through?

[Ascd93]

Hi, I’m a timeshare newbie and am sending my rescission letter to Wyndham Resorts today after buying from them a couple days ago. Thanks to this site for saving me $$! And I thought they gave me a good deal..

I am now researching into buying resale as well as keeping an eye on the giveaway thread. My question is- should I wait to buy resale until my rescission is finalized? Or does it not matter?

 

[Passepartout]

We usually recommend that you hang around TUG for a while and educate yourself about TS. It's always good to rent a few times in different systems. There is no hurry, those resales aren't going anywhere. And at this late date, it's unlikely that a new resale purchase would be transferred and you'd have time to make a reservation for this year. But it's your money, and you can spend it if you wish.

Jim

 

[bbodb1]

@Ascd93 - I'll second Jim's comments above but let me add this thought - have you researched enough to know that Wyndham was/is the best choice for you?

 

[TheTimeTraveler]

Do LOTS of homework first. Remember, a few days ago you thought you were getting a great buy!

Step back, take a breath, and study hard prior to forking over any monies. There will always be a great deal tomorrow.





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[Ascd93]

That’s fair, it does seem I have a lot to learn about timeshares. I guess I got excited about the idea of having one already, and I’m still on that hype. I read it can take around 3 months to transfer, so I was thinking to get the ball rolling already.

I was hoping to be able to use it next year for my honeymoon, but that still gives me plenty of time to research.

@bbodb1 - You’re right, i haven’t done nearly enough research to know that. I like the idea of being able to book at different resorts rather than just at one; that was the part of their pitch that got me. But I hadn’t even looked into any other similar type timeshares before that.

 

[DaveNV]

There are a number of systems that will let you book different locations. WorldMark is all points-based, with no underlying deeded resorts (unlike Wyndham) so the costs are fixed. There are over 90 resorts in the WM system, mostly in the western U.S. As you do your research, you may want to look at them.

I owned Weeks ownerships for a long time, but sold off everything and went to WorldMark only, because of the variety of locations, and ability to stay for as little or as long as I want to.

My advice: Research and try before you buy, so you’ll know exactly what you’re getting, and getting into. It’s very easy to get into a timeshare, but can be terribly difficult to get out of one. Patience and knowledge is key.

Dave

 

[Grammarhero]

Hi, I’m a timeshare newbie and am sending my rescission letter to Wyndham Resorts today after buying from them a couple days ago. Thanks to this site for saving me $$! And I thought they gave me a good deal..

I am now researching into buying resale as well as keeping an eye on the giveaway thread. My question is- should I wait to buy resale until my rescission is finalized? Or does it not matter?

If you don’t mind my asking, how much was your rescinded TS?


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[vacationtime1]

Another vote to take your time. Prices are not going up.

Also, another vote to rent a couple of times before you buy. It will help you decide what you like, what you don't like, what amenities you are willing to pay for, and what what amenities you decide you don't really need.

 

[Ascd93]

I will definitely take my time to do the research. I hadn’t realized before that I could rent a timeshare but I will look into that. I’m usually a “try before you buy” kind of person, but I also love a good deal and was naive to believe I had one at the time I bought from Wyndham -.-

@Grammarhero - The price was $19,500 for 126,000 annual points. They also threw in 174,000 bonus points and a bonus RCI week. The price started somewhere around $31k, but after they saw my hard no face, it was mentioned that a 2013 TS was sold back and maybe they could give that to me for cheaper, hence the $19.5k “deal”. Who knows if that was actually true.

 

[DaveNV]

The price started somewhere around $31k, but after they saw my hard no face, it was mentioned that a 2013 TS was sold back and maybe they could give that to me for cheaper, hence the $19.5k “deal”. Who knows if that was actually true.

When you stop to think about it, there is no difference between new and used in timeshares. You’re not buying the building, you’re buying time AT the building. It’s the same location, same rooms, same conditions. Even if you bought at a place before it was built, by the time you get there, someone else has already slept in that bed. So the difference between $31K and $19.5K for the “used” timeshare is absolutely BS. They lied to you.

Dave

 

[Grammarhero]

I bought a 128k pts for free, with half closing and transfer costs paid ($250 value). Take your time. Research TS. Decide if TS is for you.

 

[SteelerGal]

I would wait and keep learning. Our first resale purchase was sold in our first ownership year. We discovered we rather trade into or go the Getaways route. Plus we discovered that the System didn’t work for us.

 

[Passepartout]

It’s the same location, same rooms, same conditions. Even if you bought at a place before it was built, by the time you get there, someone else has already slept in that bed. So the difference between $31K and $19.5K for the “used” timeshare is absolutely BS. They lied to you.

Oh NO! Say it isn't true!!! You mean paying double (or triple, or 10X) and they won't put new furnishings in MY unit? My $30 THOUSAND DOLLAR room will have the same bed and chairs and fridge as the guy down the hall that paid $1!!! Blasphemy!
Hmmmf. Reminds me of a couple years ago at my fixed week at Island Park and the guy next door pulled in next to my old brown pickup with his $200,000 Bentley. He thought he should be able to park in my space next to the door.

Jim

 

[Ascd93]

When you stop to think about it, there is no difference between new and used in timeshares. You’re not buying the building, you’re buying time AT the building. It’s the same location, same rooms, same conditions. Even if you bought at a place before it was built, by the time you get there, someone else has already slept in that bed. So the difference between $31K and $19.5K for the “used” timeshare is absolutely BS. They lied to you.

Dave

I think by selling me a “used” timeshare, they meant that they could sell it to me at the same price it cost the original owner in 2013. Either way, now that I know about resale/renting/etc, the price they gave me is still outrageous. Which is a conclusion I’ve made thanks to this website

 

[Ascd93]

I would wait and keep learning. Our first resale purchase was sold in our first ownership year. We discovered we rather trade into or go the Getaways route. Plus we discovered that the System didn’t work for us.

What do you mean by trade into? My initial understanding for “trading” is that you’d have to own a timeshare to have something to trade, no?

Do you use other owner’s Getaways? I’m very attracted to the idea of using cheap Getaways, my schedule can be pretty flexible so if a cheap availability pops up hey I’ll take it. If I owned a TS, I can see myself using that a lot.

 

[Grammarhero]

What do you mean by trade into? My initial understanding for “trading” is that you’d have to own a timeshare to have something to trade, no?

Do you use other owner’s Getaways? I’m very attracted to the idea of using cheap Getaways, my schedule can be pretty flexible so if a cheap availability pops up hey I’ll take it. If I owned a TS, I can see myself using that a lot.

RCI Getaways is when you purchase a week from RCI at discounted rates, sometimes as low as $400/week. RCI last calls is a similar program, but you can only book two months in advance with Last Calls. RCI is $100 a year or $300 for five years.


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[LannyPC]

I hadn’t realized before that I could rent a timeshare but I will look into that.

Of course the salesperson was not going to tell you that. Although, he might have told you that you could rent out your TS for loads and loads of money.

 

[SteelerGal]

What do you mean by trade into? My initial understanding for “trading” is that you’d have to own a timeshare to have something to trade, no?

Do you use other owner’s Getaways? I’m very attracted to the idea of using cheap Getaways, my schedule can be pretty flexible so if a cheap availability pops up hey I’ll take it. If I owned a TS, I can see myself using that a lot.

Correct you need to own to use the exchange. However once you join, there are Getaways specials for as low as $200/wk that you can purchase. It’s actually how we went on our last vacation.

 

[magmue]

Timeshare rentals can be had here on TUG via the Last Minute Rentals forum.

There's also the main TUG marketplace for more extensive options, as well as redweek

 

[Ascd93]

Correct you need to own to use the exchange. However once you join, there are Getaways specials for as low as $200/wk that you can purchase. It’s actually how we went on our last vacation.

Okay, I do understand how this works then, I think I misread the other comment initially.

My parents own a TS and I’ve used their Getaways a couple times. What I didn’t realize was that I could use that because they are part of an exchange. Cheap Getaways is what I am very interested in. So if I were to get a points TS (for example- I do still need to do my research of course), perhaps I would need minimal annual points, if I plan to mainly use Getaways? From my understanding, MF will be lower for less points. I do plan on traveling a lot.

And if I were to get a TS for a specific location, @Grammarhero, then I could join RCI for the $100/yr you described?

 

[Passepartout]

And if I were to get a TS for a specific location, @Grammarhero, then I could join RCI for the $100/yr you described?

Yes. Those inside 45 day cheap cash rentals are called 'Last Calls', but the caveat here is they are mostly leftovers. 2nd or 3rd tier timeshares, often off- or shoulder season Think ski resorts in mud season, or beach resorts in winter, or units with a view of the parking lot or dumpsters. Occasionally, TS outfits that are in developer sales will release some weeks to RCI for the purpose of generating bodies (of RCI owners) for the sales force to work on during their stay. They make it seem almost a requirement to attend a presentation. A $100 gift card, discounted activities, parking pass, on-site meals, etc. But still, staying in a nice resort for Motel 6 rates has it's benefits.

Jim