What can be done with 6000 WM credits?

[CO skier]

The ad was very basic, stating it was 12K annual credits "available for use as soon as the transfer is complete." I take that to mean things are all intact.

That could mean you have only the 12,000 "To Borrow" credits available. Even if this proves to be the case, you still scored an excellent deal.

I read somewhere that transfers are currently taking a minimum 4 months. You will want to be sure that the purchase contract clearly states that you will not have to begin paying maintenance fees until the transfer is complete. The longer the transfer takes, the better the deal that you won.

While you wait, check out the WM Resort Gallery to choose where you want to book your first trip. You can get some advise on how difficult it may be and if you need to be ready at 6 a.m. 13 months in advance. (Hawaii, and a number of other resorts, are very popular during the summer months. I would not recommend trying for one of these for your first shot out of the gate).

These are the WorldMark Guidelines, if you have not already seen them, to give you an idea what you have ahead of you. It took me more than a dozen readings over the course of a month for them to really sink in, but I am a bit slow. WorldMark is a lot of fun, because it is so flexible.

https://www.worldmarktheclub.com/board/info/pdfs/WM_Club_Guidelines.pdf

 

[DaveNV]

Your collective comments are well considered. We'll see how it all plays out. Even if I have to start from scratch, I figure I'm good to go. The auction did say maintenance fees won't start till things are transferred.

I've always believed the best knowledge comes by owning something. My first Weeks purchase (in 2005 or so), sight unseen, was a *terrible* studio in Hawaii, that proved to be a completely awful place to stay. But in RCI pre-TPU, I exchanged it for the Manhattan Club in NYC. That was a total score.

Dave

 

[taterhed]

AS mentioned, you don't need any points in the account to book WM. Just money. So, you'll be able to book from day one.

Three things you should really study up on:

1. Waitlist: understand how to use it, how many you can have and what you expect to see (nothing) while it's running. It's your best tool, and the hardest to monitor IMHO.
2. Linked reservations: for both multi-resorts and independently booked days (from waitlist usually), know how to combine/link/plan for reservations to maximize booking, minimize HKT charges and know which day you can book (and cancel)
3. Cancellation guidelines: The most generous cancellation policies on the planet (IMO). But, useless unless you understand them.

Some light reading after you've mastered the above? Bonus time, Exotic Bonus and inventory specials. Especially (pardon the pun) the "madness" specials that periodically run.

Enjoy

 

[DaveNV]

Ok, I received some details on the purchase. The document I'm being asked to sign and return for submission to WM has a letter from WorldMark attached. I'm taking it to be an estoppel, of sorts. It is undated, but sounds like it would have been written prior to August of this year. It says the following:

"The vacation ownership consists of 12,000 annual WorldMark credits. There currently are 24,000 credits available with the next award occurring the first day of the anniversary month, which is August. Additionally, there currently are 12,000 credits available for use in 2018 and 12,000 credits available for use in 2019.

There is no loan balance on the account.

The quarterly dues payment amount is $234.85. Currently the dues amount that is due is $0.00, which includes a special assessment amount of $0.00, and the next due date is 12/01/17. Please note that the special assessment amount of $0.00 is applicable for the following years: N/A."

For those of you who understand this better than me, what does this mean?

Am I correctly understanding that while there are 24K points already in the account, (2015 and 2016?), the August 2017 anniversary deposit of 12K more going in forces the expiration of the oldest 12K points, (2015?), leaving only 24K in the account (2016 and 2017?) after August 2017? Or does it mean there will then be 36K available to use? Don't they expire after two years?

Then, since they say there are 12K available for each of 2018 and 2019, does that mean nothing has been borrowed? And since they don't mention HKT at all, but all the credits going forward are available, am I to presume that means the HKT are all there?

And calculating this all out, it seems like I did better than I expected. Do you folks see something I don't?

Dave, learning fast.

 

[taterhed]

SO......credits could be moved from the account almost instantly. Your contract would need to specify the accumulated points (2016,2017) and available to borrow (2018) plus the number HKT's accumulated and available to borrow. Fully loaded would be 24K accumulated and 12 available to borrow with 2 HKT's accumulated and 1 HKT available to borrow.

You would need to verify the account information immediately before payment and receipt of the documents and instruct WM that a transfer (sale) is in progress (fax copies) and that the account should be frozen to prevent transfer of the credits out of the account.

You and the current owner/agent can call WM and talk to the representative to confirm the information.....



Hows that?

 

[DaveNV]

Finally got the official word on the points: I'll receive everything from 2017 and onwards. Previous owner is keeping 2016 and prior. Since the paperwork likely won't close till after the first of the year, and the anniversary date isn't till next August, I'm fine with that. Nothing has been borrowed.

Dave