To keep or not to keep...

[HSA]

we just purchased 4k points (with 4k additional points for the next three years). Total cost = 40k and $2125 annual HOA. I am having second thoughts about the purchase. Can still cancel. Understand that I am investing in family memories (have two small children). Looking for some feedback on what others experiences have been...good, bad and ugly. Thanks in advance

 

[Karen G]

we just purchased 4k points (with 4k additional points for the next three years). Total cost = 40k and $2125 annual HOA. I am having second thoughts about the purchase. Can still cancel. Understand that I am investing in family memories (have two small children). Looking for some feedback on what others experiences have been...good, bad and ugly. Thanks in advance

Since you have questions and you aren't convinced that you've bought the best deal for your family, rescind while you still can. Once that rescission period passes, you'll own it whether it's what you need/want or not. Take your time to do some research as you most certainly would do for the purchase of any other item costing $40,000 with an annual fee of $2,125. Check out the resale market.

No matter what the salesman told you, that deal will still be there if you still want it after thoroughly researching this purchase. I'm sure you can do much better.

 

[taterhed]

Alright. Listen closely.

Regardless of whether this is the best deal or the worst deal....you need to rescind and rescind NOW!

Why? Because you are uncertain. Do not spend $40k and $2k a year on something you're 'not sure about.'

You can buy a timeshare or points. You can rent a timeshare or points. You can discover what is the perfect ownership for you!
But, only if you rescind and think about what is right for your families vacation needs, budget and habits.

Once you pass the rescind date, your purchase will we worth less than half of it's value. That's on day one.

So...in summary:

• Rescind now so you can determine what is right
• If you determine that Marriott points are the perfect fit for your family, then you can repurchase. Anything you can buy today can be bought next week or next month...virtually guaranteed.
• If you miss this opportunity to take a 'time out' and think, you won't be able to take that time out--ever. You'll own it.

Be glad to help with some ideas after you get the cancellation/rescission completed.
Welcome to TUG and congrats on saving (potentially) a bundle!

 

[taterhed]

we just purchased 4k points (with 4k additional points for the next three years). Total cost = 40k and $2125 annual HOA. I am having second thoughts about the purchase. Can still cancel. Understand that I am investing in family memories (have two small children). Looking for some feedback on what others experiences have been...good, bad and ugly. Thanks in advance

What state and what date did you purchase? It affects your ability to rescind.

 

[mjm1]

we just purchased 4k points (with 4k additional points for the next three years). Total cost = 40k and $2125 annual HOA. I am having second thoughts about the purchase. Can still cancel. Understand that I am investing in family memories (have two small children). Looking for some feedback on what others experiences have been...good, bad and ugly. Thanks in advance

I agree with others that rescinding your purchase is a good idea.

Marriott has a great program, but you want to make sure that it matches your needs, both from a vacationing and financial perspective. Do more research here on TUG about Marriott and other programs. If you decide you like Marriott’s Program the best you can move forward. Perhaps owning at a specific resort is best. Maybe points. You also may consider buying a hybrid package through Marriott, which is buying a specific resort and a certain number of points. The hybrid method would give the same amount of points but be less expensive.

There is a lot to consider and options are plentiful. But first, rescind by following their directions to the T as long as you are still in your rescission period.

Let us know what you decide.

Best regards.

Mike

 

[TravelTime]

we just purchased 4k points (with 4k additional points for the next three years). Total cost = 40k and $2125 annual HOA. I am having second thoughts about the purchase. Can still cancel. Understand that I am investing in family memories (have two small children). Looking for some feedback on what others experiences have been...good, bad and ugly. Thanks in advance

On the resale market right now, a 4K point contract would probably cost you approx $30,712. The average sales price is $4 per point (4,000 points x $4 per point = $16,0000) plus activation fees of $3 per point ($12,000) = $28,000 plus closing costs (about $500). 4000 points extra points cost 0.553 = $2,212.

 

[Fasttr]

Setting aside the rescind or not question, our experience with both points usage and weeks usage has been excellent. Are there other ways into the system cheaper than your points purchase...yes, but that doesn’t mean that you can’t make the most of your points ownership and enjoy many great years of wonderful family vacations. The most important aspect of any type of ownership is really learning how to maximize what you own and the best place to learn is here on TUG.

 

[cp73]

Rescind while you can. You will not regret that decision!

 

[taffy19]

There are too many changes constantly in "Timeshare World". Rescind while you can and certainly if you have the least little bit of doubt.

 

[vacationtime1]

The people responding here all own timeshares and love them. But that does not mean we love paying retail for them when it is not necessary.

You have $40,000 on the line. You have expressed doubts. You probably bought without doing any advance research. You have the opportunity to rescind. You should.

Then, commence research. There are cheaper ways to obtain top quality timeshares (such as Marriott) for a fraction of what you paid.

 

[Quilter]

I’ll be another who says to rescind while you can. I’m a 7 week owner and use both the weeks and points systems.

$40k plus the m/f is a lot of money if you don’t understand what you’ve purchased.

 

[TheTimeTraveler]

we just purchased 4k points (with 4k additional points for the next three years). Total cost = 40k and $2125 annual HOA. I am having second thoughts about the purchase. Can still cancel. Understand that I am investing in family memories (have two small children). Looking for some feedback on what others experiences have been...good, bad and ugly. Thanks in advance

STOP. Rescind. Take your $40K and place it into a well managed mutual fund. Thank yourself forever!

Why pay retail when you can buy the same product at a fraction of the cost? Think, act, and rescind.




.

 

[cp73]

After reading all these rescind recommendations, including mine, I thought its really sad that Marriott and others can't develop a timeshare system where buyers truly pay the fair market value of them and dont have to worry about losing most their purchase price once they close. And that most buyers are just uninformed and taken advantage of. As much as I enjoy ours (we bought resale) I would never recommend someone go buy one and pay full boat for it. What other product out there is as bad as this?

 

[bogey21]

After reading all these rescind recommendations, including mine, I thought its really sad that Marriott and others can't develop a timeshare system where buyers truly pay the fair market value of them and dont have to worry about losing most their purchase price once they close.

Funny but Marriott had such a system way back when they first entered the TS business. My first Marriott was a Sabal Plams Week pre-construction followed by a Harbour Club Week and a Heritage Club Week both also pre-construction. I then bought a resale Monarch Week. When I decided to go a different direction I sold all four and actually made a small profit. Marriott sold the Sabal Parlms and Monarch Weeks for me both at a profit. Later the bean counters got involved and the rest is history.

George

 

[TravelTime]

Funny but Marriott had such a system way back when they first entered the TS business. My first Marriott was a Sabal Plams Week pre-construction followed by a Harbour Club Week and a Heritage Club Week both also pre-construction. I then bought a resale Monarch Week. When I decided to go a different direction I sold all four and actually made a small profit. Marriott sold the Sabal Parlms and Monarch Weeks for me both at a profit. Later the bean counters got involved and the rest is history.

George

I am interested in the history of how Marriott used to sell timeshares. Can you share more?

 

[Hi I'm new here]

Rescind, then run away from the Destination Club. You are kissing $40,000 goodbye. The points you buy today will be worth little to nothing tomorrow. You don’t need to be in a timeshare program to take vacations with your family. Don’t buy into the timeshare mantra. Not to mention all the hoops you have to jump through to use them. Just read through this board to understand the headaches, hoops, ever changing rules and regulations you are dealing with.
The yearly maintenance fee you pay is at a ridiculous cost. $2140 will allow you to rent a timeshare, condo or villa from a third party, Redweek, EBay, etc. You have no ongoing obligation and you keep your cash.

 

[VacationForever]

I am interested in the history of how Marriott used to sell timeshares. Can you share more?

They sold timeshares as weeks and by seasons. You could only exchange using II and RCI, RCI was for some really old Marriott resorts and are still dual affiliated. There was no internal booking system.

 

[TravelTime]

They sold timeshares as weeks and by seasons. You could only exchange using II and RCI, RCI was for some really old Marriott resorts and are still dual affiliated. There was no internal booking system.

What was the pricing like back then? It seems like people felt the pricing was fair and they could sell and still break even or make a profit.

 

[VacationForever]

What was the pricing like back then? It seems like people felt the pricing was fair and they could sell and still break even or make a profit.

Somewhere between 10K to 20K or so. Do not forget that pricing was from 20 to 30 years ago. We looked at Timer Lodge when it was under construction.

 

[Babbo4]

we just purchased 4k points (with 4k additional points for the next three years). Total cost = 40k and $2125 annual HOA. I am having second thoughts about the purchase. Can still cancel. Understand that I am investing in family memories (have two small children). Looking for some feedback on what others experiences have been...good, bad and ugly. Thanks in advance

Back out if possible. You can do a lot of family vacations with the annual maintenance fees you'd save and with more flexibility.

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[HSA]

What state and what date did you purchase? It affects your ability to rescind.

California - we have 10 days and have cancelled. I feel much better now.


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[HSA]

Thanks all...I appreciate all of the information and feedback. We have cancelled our timeshare. Much appreciated.


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[HSA]

Alright. Listen closely.

Regardless of whether this is the best deal or the worst deal....you need to rescind and rescind NOW!

Why? Because you are uncertain. Do not spend $40k and $2k a year on something you're 'not sure about.'

You can buy a timeshare or points. You can rent a timeshare or points. You can discover what is the perfect ownership for you!
But, only if you rescind and think about what is right for your families vacation needs, budget and habits.

Once you pass the rescind date, your purchase will we worth less than half of it's value. That's on day one.

So...in summary:

• Rescind now so you can determine what is right
• If you determine that Marriott points are the perfect fit for your family, then you can repurchase. Anything you can buy today can be bought next week or next month...virtually guaranteed.
• If you miss this opportunity to take a 'time out' and think, you won't be able to take that time out--ever. You'll own it.

Be glad to help with some ideas after you get the cancellation/rescission completed.
Welcome to TUG and congrats on saving (potentially) a bundle!

Thank you for the insight. We have cancelled as it just didn’t feel right.


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[bogey21]

I am interested in the history of how Marriott used to sell timeshares. Can you share more?

When I bought my first 3 Marriott Weeks all pre-construction the price (best of my reollection) was in the range of $12,000 - $13,000 each. All were floating Weeks. Mine were Red (highest level) Weeks. Other seasons cost less than I what I paid.

The big difference is that Marriott worked to maintain the value of the Weeks with an active Resale Department; i.e. they would sell your Week for you if you listed it with them but only at prices they set that were most often above what you paid for the Week. What happened was that when you listed your Week with them your Week was added to a list of similar Weeks listed with them for sale and they sold from the top of the list down. Because the list contained more Weeks than there was demand for they also had an active Rental Program. The Sales Commissions and Rental Commissions were both 20%.

In the case of my Sabal Palms Week it took almost 3 years for it to get to the top of the list. During each of those 3 years the Rental Department helped me select a Week that was high in demand for rental and in fact each year while I was waiting for my Week to sell they rented the full 7 days for me. The Rental Income I received after paying them their 20% commission was greater than my MFs in all 3 years. This all worked like a charm if you could be patient enough to let it all play out.

I sold my Harbour Club and Heritage Club Weeks using a broker on HHI and pretty much broke even. I had Marriott sell my Monarch Crown Suite Week that I had bought resale using that same broker on HHI for $25,000. Marriott sold it about 5-6 years later within 6 months of listing for $42,000 so even after their 20% commission I made a profit

George

 

[JIMinNC]

Thank you for the insight. We have cancelled as it just didn’t feel right.


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That is a good call. Most of us on TUG have learned how to use our timeshares to save a lot of money on our vacation lodging. Most of us love the Marriott system, but there are other quality systems such as Hilton Grand Vacations and Vistana/Westin/Sheraton. Once you learn about each system, you may find that one works better than the other for your vacation style. Maybe it's Marriott, maybe not. Once you pick the best system for your needs, you will then find there are many ways to acquire ownership at less cost than buying direct from the developer.

Some will tell you to rent from Redweek, VRBO, eBay, etc. because that's what works for them. But that approach also comes with a lot of risks, caveats, gotchas, etc. So while that person-to-person rental, pay-as-you-go approach works for some, it doesn't work for everyone. It may work for you, or it may not. Same with timeshares. They work well for us, but they are not for everyone. Take your time now to research and learn what is right for you. Bought and used properly, timeshares can indeed lead to a lifetime of wonderful vacations.