[2008] rent out points through GMAC

jz2008 · Sep 15, 2008

Hi, I'm new to timeshare and I own some Wyndham points. I just got a call from someone from GMAC timeshare division. He said he can help me rent out my points with quite attractive price. But I need to pay $1,000 fee upfront to get in their system.

Does anybody have experience with this company? Is this just another scam, or they actually help you? Because I found that there is no way to make sure they are helping you renting out the point. They can just take your money and sit there.

Thank you in advance for any advice.

JZ

Jya-Ning · Sep 15, 2008

jz2008 said:
Hi, I'm new to timeshare and I own some Wyndham points. I just got a call from someone from GMAC timeshare division. He said he can help me rent out my points with quite attractive price. But I need to pay $1,000 fee upfront to get in their system.

Don't do that. Join http://forums.atozed.com and rent it yourself. The site is free, no cost. It does require registration.

Unless you have quite large points, current pure point renting rate is from $4.5 to 6.5 per 1K. To make 1,000, you need to rent out over 1,M points just to recover your MF and their charge.

If they make reservation and rent it out, consider now is at the end of year, unless your point is start next July, they may have tough chance to rent out all your points, plus, it does not really get better than just rent out your point.

Jya-Ning

kkcarlton · Sep 26, 2008

hi - I wish I had found this thread a few months ago. GMAC approached us with the $1000 fee thing - said in return they would try to rent or sell our timeshare points for life any year we don't need the points (or when we want to sell for good). I was hesitant and finally they dropped the fee to $695, I did some research and couldn't find anything negative about them and signed up. That was in May. They assured me that properties, especially Wyndham, get rented within the first 90 days but so far nothing.

I am not sure what to do. Should I try to dispute the charge and get my money back? I feel like an idiot for signing up because that's $695 we really could use right now. Of course if they really try to rent it out lifelong from now on it's a good deal provided they find someone.

Any thoughts?

jdb0822 · Sep 26, 2008

dispute it and get your money back. They won't rent it. Use TUG, wyndhamowners.org, etc to rent your points. Always people willing to take points.

MaryH · Oct 3, 2008

I had gotten a number of those calls from brokers to rent my timeshare for an upfront fee.

I am not sure if they got my contact from TUG or one of the groups. I basically tell all I am not interested and some got really huffy about it that I want to hang up on them and should but knows that if I do, they will keep on calling so told them NO very firmly until they get the point.

kkcarlton · Oct 10, 2008

Unfortunately my credit card company will not dispute the charge after 90 days have passed. I can send them a written request but since I signed a contract with GMAC I doubt I will get that money back. I could SO kick myself. We really needed some money and I foolishly believed they would rent it. I can call GMAC but doubt they will give me my money back. Not only that, we have 126,000 points and I am not sure what to do with them. Our use year ends on December 31st, 2008. UGH!

kkcarlton · Oct 10, 2008

anybody working with GMAC

Hi,

As I commented in another thread stared by someone else, I paid a $695 sign up fee to GMAC Timeshare division who said they would try to sell or rent (which ever I want) our points every year for life. They said points are usually rented within 90 days - that was May 1st and so far nothing.

I am currently trying to get my money back from them but doubt I will be successful. Since I signed a contract, and they are fulfilling their end of the contract, I doubt I will be successful in disputing the charge.

So my questions - has anybody signed up with them and actually seen their points rented out? Or has anybody signed up with them and then was successful getting their money back after several months?

Thanks,
Kristina

Zac495 · Oct 10, 2008

I did get my money back from them after I sold my timeshare on my own. It wasn't easy -I had to pester, pester, pester. Never pay upfront fees!

Bill4728 · Oct 10, 2008

kkcarlton said:
Hi,

As I commented in another thread stared by someone else, I paid a $695 sign up fee to GMAC Timeshare division who said they would try to sell or rent (which ever I want) our points every year for life.

There are many companies which use the name GMAC. BUT I assume by saying GMAC you mean Timeharses Only & Vacations Only?

PS I merged these thread togther, Per BBS rules we try and stay away from multiple threads on the same subject.

kkcarlton · Oct 10, 2008

Hi - yes it is the GMAC Timeshare Division.

irish · Oct 10, 2008

to put it in a new york context

fagedaboudit

richardm · Oct 10, 2008

Bill4728 said:
There are many companies which use the name GMAC. BUT I assume by saying GMAC you mean Timeshares Only & Vacations Only?

PS I merged these thread togther, Per BBS rules we try and stay away from multiple threads on the same subject.

Bill- You know what they say about "assumptions".....

GMAC Timeshare Division is not the brokerage affiliated with Timeshares Only (That is International Properties/GMAC Real Estate by the way).

This company is a new GMAC franchise owned by the Levene's, who also own Timeshare Resales USA.. You have to give them credit for picking a great franchise name- but there seem to be some BIG problems with how they go about their business.....

There have been numerous complaints received about GMAC Timeshare Division, and many unanswered questions about their business model since their employees are not even licensed real estate agents, but rather are licensed as telemarketers....

Another bad sign is that they seem to be one of those companies that can magically charge you whatever amount you can pay.. Hopefully the state will investigate this company in the VERY near future..

krissydee · Oct 10, 2008

If you have a complaint against a GMAC Real Estate office that hasn't been resolved, you can contact the main GMAC Home Services office in Oak Brook, Illinois, their number is 630-214-1600. I believe they have a department called Voice of the People that can assist when you have a problem with one of the franchises

loco legs · Oct 6, 2009

Sorry for your bad experience

You are all crazy! I don't work for GMAC and this is not a fake testimonial. I do believe in GMAC as far as marketing my timeshare goes. I paid the fee of $1599 for my three timeshares with Wyndham. I was very successful at renting because I took it upon myself to book big events coming to certain areas ie.. I booked the Daytona 500 wk for the past 2 yrs and it rented out no problem. If you have the resort booked yourself then GMAC would be the most successful at renting it. Take it upon yourself and book time at popular locations and it is a guarantee that GMAC will be able to rent it out. This year they actually partnered up with Travelocity which is another great thing. HELLO!! do you really think they would have such a great partnership if they were a scam?

BevL · Oct 6, 2009

loco legs said:
You are all crazy! I don't work for GMAC and this is not a fake testimonial. I do believe in GMAC as far as marketing my timeshare goes. I paid the fee of $1599 for my three timeshares with Wyndham. I was very successful at renting because I took it upon myself to book big events coming to certain areas ie.. I booked the Daytona 500 wk for the past 2 yrs and it rented out no problem. If you have the resort booked yourself then GMAC would be the most successful at renting it. Take it upon yourself and book time at popular locations and it is a guarantee that GMAC will be able to rent it out. This year they actually partnered up with Travelocity which is another great thing. HELLO!! do you really think they would have such a great partnership if they were a scam?

You will be very hardpressed to find anyone who agrees that a company that charges $1,000 upfront for renting out a week is a good thing on this board. I'm not impugning bad motives, but as this is your first post, you'll hopefully forgive us if we're not quite converted yet.

That being said, I sincerely welcome you to TUG. If you own and rent timeshares, I'm sure you can contribute to and benefit from the experience here.

DeniseM · Oct 7, 2009

loco legs said:
You are all crazy! I don't work for GMAC and this is not a fake testimonial. I do believe in GMAC as far as marketing my timeshare goes. I paid the fee of $1599 for my three timeshares with Wyndham. I was very successful at renting because I took it upon myself to book big events coming to certain areas ie.. I booked the Daytona 500 wk for the past 2 yrs and it rented out no problem. If you have the resort booked yourself then GMAC would be the most successful at renting it. Take it upon yourself and book time at popular locations and it is a guarantee that GMAC will be able to rent it out. This year they actually partnered up with Travelocity which is another great thing. HELLO!! do you really think they would have such a great partnership if they were a scam?

Why are you responding to a thread that's a year old? Did you search for it for any particular reason?

biskits · Oct 9, 2009

Can no longer not rent points

Not only is original post a year old, but as of March 2009, Wyndham points can no longer be" rented"....

AuggiePCB · Dec 30, 2009

biskits said:
Not only is original post a year old, but as of March 2009, Wyndham points can no longer be" rented"....

How do you figure? Last I knew, Wyndham offered a system called “Extra Holidays” for their owners to rent out unneeded points. My understanding of this was to sell points bought back by the company, to rent timeshare to people who aren’t owners (and who they will probably put the sales presentation on for). Perhaps it was a different program, but either way they wanted something like 40% of the sale, and they weren’t asking terribly high prices for the rooms, IIRC.

I, have been contacted by TBO and GMAC as well. The GMAC guy has been persistent as of late, calling at least once each month. I haven’t taken or returned his calls, but sooner or later I’m going to get tired of it & tell him to stop calling. I’m unemployed right now, and I could use the money without putting down $1k that I don’t have.

You can also just do a guest confirmation, but the legal side of such rentals is tricky. That is, if your lessee destroys the room, you need to make them legally responsible - or so I understand. Granted, that’s just one reason I don’t rent out to people I don’t know.

Don't do that. Join http://forums.atozed.com and rent it yourself. The site is free, no cost. It does require registration.

Is this forum operated BY Wyndham? I find it hard to believe they’d do so, because I was told that while they can’t do much about it, they don’t like the idea of people renting their points out. I suppose it keeps them from pitching / pressuring the sales thing to legit “guests” as opposed to people who are stumbling in after buying a $200, 4-night “vacation" to X resort.

DeniseM · Dec 30, 2009

Please see this thread for all the details.