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[ 2014 ] Just purchased Welks Resort Platinum Program NOT sure about it

BunnyMama

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Hi TUG Members,

My husband and I just purchased the Welks Platinum Program; we signed the contract today 12/14/14. For 240,000 points every other year, we paid about $18,000 (before their 14.9% APR) and $1,223 in yearly HOA fees. We are new to owning a time share and wanted to know what are your thoughts are about the price we paid? Was it a good deal? Did we pay too much?

Current Welks owners: what is your experience with Welks? With using points to book Welks Resorts? With using points to book with II?

What we like about it: the flexibility of being able to book any week with any of the Welk resorts, being able to share it family and friends, ability to use points (plus $174 fee) with II to book outside of Welks, unused points rolling into the next year (but only for one additional year), ability to later upgrade (if we choose) to more points. We're just not sure if we got a good price?!? We live near Lake Tahoe and absolutely loved the tour of the Welks Resort at NorthStar. The gentleman giving our tour stated that this is the beginning phase of their buildings at NorthStar and said that as more buildings are completed it would be more expensive to buy into Welks (we could see 3-4 more buildings being built).

Is there anything else we should know or be aware of?

Also they mentioned that if we take our contract to our credit union; we could try to get it refinanced for a lower rate. Right now they said they heard it's about 3%, which would drop our monthly payments by $100.

We have 7 business days to cancel the contract.

Please share any thoughts or experiences you may have had... Thank you in advance!

BM
 

Karen G

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We have 7 business days to cancel the contract.
If you have any questions whatsoever about what you bought or how the system works, rescind your contract immediately. You'll never have this opportunity again if you let the rescission period pass.

Investigate the resale market for timeshares. Look at the Bargain Deals forum here on TUG where people are giving away their timeshares for free. There are much cheaper ways to get into timesharing than buying from the developer.

If, after you've done a lot more research, you think the deal you got from Welk is right for you, it will still be there no matter what the salesman wants you to believe. But, once you let the seven-day rescission pass, it's gone for good.
 

mjm1

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Like most people here on TUG, I would strongly recommend you CANCEL immediately. Do more research to make sure what you want and which system is best for you and your family.

We own Welk Platinum Program points and like the resorts and the flexibility of their program. They are expanding the number of resorts in their portfolio- Northstar, and bought property in Colorado and Kauai. Hard to say when they will start building the latter two resorts.

That said, you can get a much better deal by buying their points on the resale market. See redweek.com for current owners who are selling. Note that the prices listed are asking prices. The only owner benefit you lose by buying on the resale market is a discount when renting additional nights.

Welk Resorts are very good quality, but not as high quality as Marriott, Disney, Westin (part of Starwood), and Hilton. I may be forgetting others that are generally regarded as the top tier systems. I would say Welk is in the next tier.

To rescind, send in the paperwork exactly how the instructions tell you to do it. If you talk with them, they will definitely try to talk you out of it. Don't worry, if you later decide you want to buy directly from them, the deal will be there for you.

TUG is a great resource to do research, although there aren't many Welk owners on the site. Please feel free to ask additional questions.

Mike
 

theo

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I'll add my voice to the advice already stated. RESCIND. Do it yesterday --- today at the latest.
 

Rent_Share

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Rescind Immediately
 

Passepartout

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Another voice here: RESCIND NOW! Buy resale, SAVE THOU$AND$!

You can have all the benefits you want without the cost. There will be instructions near the end of the contract you signed. Follow them. A simple,
"We wish to cancel contract #________________ dated 12/--/2014"

Signed (Husband)--(Wife)"

It is your right. Exercise it.
Beware, this is a limited time right, so hurry.

Welcome to TUG'

Jim
 

Karen G

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Another item about rescinding: When you mail in your rescission letter, be sure to send it certified mail so that you get a receipt from the post office showing the date you mailed it. That's the critical part--you must mail it within the legal rescission period. The date that you mail it is the key, not the date they receive it.
 

tashamen

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we paid about $18,000 (before their 14.9% APR)

Also they mentioned that if we take our contract to our credit union; we could try to get it refinanced for a lower rate. Right now they said they heard it's about 3%, which would drop our monthly payments by $100.
In general the wisdom here is that it is not a good idea to finance a ts. Another reason to buy for much less on the resale market.
 

Ken555

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Rescind. Buy resale. Save a bundle for the same vacation enjoyment. Don't believe anything the sales dept says...if it's not in writing, it's not true. Only a few resorts are worth $18,000, and Welks isn't one of them.


Sent from my iPad
 

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vacationtime1

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Like most people here on TUG, I would strongly recommend you CANCEL immediately. Do more research to make sure what you want and which system is best for you and your family.

We own Welk Platinum Program points and like the resorts and the flexibility of their program. They are expanding the number of resorts in their portfolio- Northstar, and bought property in Colorado and Kauai. Hard to say when they will start building the latter two resorts.

That said, you can get a much better deal by buying their points on the resale market. See redweek.com for current owners who are selling. Note that the prices listed are asking prices. The only owner benefit you lose by buying on the resale market is a discount when renting additional nights.

Welk Resorts are very good quality, but not as high quality as Marriott, Disney, Westin (part of Starwood), and Hilton. I may be forgetting others that are generally regarded as the top tier systems. I would say Welk is in the next tier.

To rescind, send in the paperwork exactly how the instructions tell you to do it. If you talk with them, they will definitely try to talk you out of it. Don't worry, if you later decide you want to buy directly from them, the deal will be there for you.

TUG is a great resource to do research, although there aren't many Welk owners on the site. Please feel free to ask additional questions.

Mike
We are all recommending that you rescind; Mike is even explaining the reason why. The economics of timesharing are such that you will likely pay 5-25% of the retail price if you buy resale. There is very seldom a reason to pay more than the resale market price.

In addition to www.redweek.com, I would suggest you also look at the TUG Marketplace (link at the top of the page) and www.MyResortNetwork.com to research the resale market.

btw, if you cannot pay cash (either retail or resale), I would suggest that you defer your purchase until you can. There is no benefit to paying 14.9% interest to lock in the price of future vacations, which is what timesharing is really about.
 

BunnyMama

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Thank you everyone for the advice, we will rescind the contract and do more research.

New question: if we do buy on the resale market what are the pros and cons (besides the lower price point)? Are they guaranteed and legitimate timeshares? I just want to make sure we don't get "screwed."

Are there any recommendations on which timeshare to purchase?

Thank you all again, I'm soooooooo glad I found this forum.

BM
 

Passepartout

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A resale timeshare is EXACTLY the same as a retail timeshare. No timeshare is 'NEW'.

There are a few short term perks and bonuses that the salesweasels can throw in, but they are worth nowhere near the price difference.

As to 'which is 'best', there is nothing wrong with what you bought, it's just overpriced, and you should NEVER consider financing a TS.

The best advice we can give is to hang around TUG. Study. Learn. Ask questions. Rent a couple of times at least- maybe anytime you want to vacation. You could do worse.

Get that rescission letter in the mail ASAP.

Jim
 

tschwa2

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A very rough estimate would be on a purchase of $18,000, the developer might throw in perks that may be worth $500-$1000 for the first year or two and then something like $0-$200 annually ongoing. This would be in the form of paid II account, bonus weeks, late check out, etc. On the other hand you would save $16000+ right off the bat by purchasing resale.

In some cases once you spend $50,000-$100,000 more perks kick in and the savings may increase to $2000-$5000 annually but with such a high initial cost you really need to make sure the "perks" are going to be something that would pay off for you and have a clear plan on how to obtain them for the least possible outlay.

Resale is not as easy as buying from the developer and you have to be careful and do your due diligence but it can pay off. On the other hand timeshares aren't for everyone and aren't nearly as easy and carefree as the developer makes it seem. So even buying resale may not work for your travel style. You really need to do research to see if buying is something you want to do.
 

Karen G

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Rent a couple of times at least- maybe anytime you want to vacation.
Excellent advice! You can often rent a timeshare for less than the annual maintenance fee, and you aren't locked into the ownership of it.
 

mjm1

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Thank you everyone for the advice, we will rescind the contract and do more research.

New question: if we do buy on the resale market what are the pros and cons (besides the lower price point)? Are they guaranteed and legitimate timeshares? I just want to make sure we don't get "screwed."

Are there any recommendations on which timeshare to purchase?

Thank you all again, I'm soooooooo glad I found this forum.

BM
Congratulations on making an educated decision. Definitely read about each of the different systems available. Each has advantages and disadvantages. You also need to think about where you like to vacation and when. Also consider your family needs now vs in the future as that may change over time and will impact how you may vacation.

TUG is a great resource for your research. Have fun exploring.

Mike
 

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How to rescind the contract?

Hi TUG Members,

I'm in the process of writing up the letter to rescind our contract and have a couple of questions:

1- Where do I find our actual contract number? Is it the Purchaser Ownership No. xxxxxxx within the "Purchase and Sale Agreement and Escrow Instructions" document? Or is it the Contract P -xxxxxx number listed at the bottom of most of the documents we received?

2-In one of the documents it states to provide notice of cancellation to Welk Report Group, 8860 Lawrence Welk Dr., Escondido, California 92026 Attn: Preview Center or fax to 760-651-3248. Where as there is a "Rescission Rights" document titled "Notice of Cancellation Rights." It's the same address and fax number, but it does not state who's attention to send it to. My question is, if I write a letter and complete the form... should I fax and send it certified USPS to the mailing address twice (one with the attention to and one without)? I don't know if it's an overkill, but I'd rather be safe than sorry.

3- I'm seeing that people stated they sent back the binder and vouchers of gifts... where should I send this to? Should I send it along with the letter?

4 - I searched through the threads and found a this template someone used a few years ago. Is this template still valid to use?

(In Header) Reference: Contract P-XXXXXX (enter 6 digit contract number beginning with P) Intent to Cancel October 16, 2012 (Enter today's date. Ensure that it is the day you plan to drop the letter in the mail).

"Welk Resort Group
8860 Lawrence Welk Drive
Escondido, California 92026
Attn: Preview Center

To Whom It May Concern:

Regarding contract P-152413 for purchase of a Welk Resorts Platinum Program (reference Platinum Ownership Number: XxXxXxX) at Welk Resort in Escondido, California 92026. We, Full Name with middle initial / name (however it's listed in the contract) and Full Name #2 with middle initial / name (however it's listed in the contract), are exercising our legal right to cancel this contract effective Tuesday, October 16th, 2012. We expect a full refund of our deposit of $XXXX.00 onto the VISA credit card belonging to Cardholder Name ending in XXXX. Furthermore, we expect the cancellation of automatic payments from the VISA credit card belonging to Cardholder Name ending in XXXX. Do not make any additional charges to either credit card. We are terminating this contract within our seven-day rescission period (from the day that the contract was signed on October 14, 2012) permitted to us by the State of California [California Business and Professions Code Section 11238]."

Please confirm our legal rescission in writing.

Sincerely,
(Room for Signature)

Name of First Signer
Address as stated on the contract itself
Phone number as listed on the contract

(Room for Signature)

Name of Second Signer
Address as stated on the contract itself
Phone number as listed on the contract

5- Is there anything else I'm missing? I only have to write the letter, complete the form, and send back the binder & gifts... correct?
 
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Karen G

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The template for your rescission letter looks fine. If it will make you feel better go ahead and fax it as well as send it certified mail. be sure to keep your receipt from the post office showing the day you mailed it. As far as returning the voucher for gifts and the binder, if the gifts were in exchange for your attendance at the sales presentation they are yours to keep. You could return the binder by the cheapest method possible. It would not have to be sent with the rescission letter.

Congratulations on your decision to rescind! You are saving a lot of money.
 
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Passepartout

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I usually suggest adding the line, "Promotional Materials to be returned under separate cover." Then send the binder and junk back to the sales office by the cheapest means possible.

Jim
 

mjm1

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How much is the discount? And what are the restrictions?
Per the rental department (800-932-9355) owners get a 10-15% discount on rentals. If you make a reservations within 60 days of check in the small 1BR units in VOG and MV go for $129 and 2BR's within all three sections of the resort in Escondido go for $199 per night. I am not sure what percentage discount that rate represents, but you could compare it to what is posted if you check for online for rentals.

To me, what ever discount you get is not enough to make up for what one would pay for a purchase directly from the developer compared to on the resale market.

Good luck.

Mike
 

sarai

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The template for your rescission letter looks fine. If it will make you feel better go ahead and fax it as well as send it certified mail. be sure to keep your receipt from the post office showing the day you mailed it. As far as returning the voucher for gifts and the binder, if the gifts were in exchange for your attendance at the sales presentation they are yours to keep. You could return the binder by the cheapest method possible. It would not have to be sent with the rescission letter.

Congratulations on your decision to rescind! You are saving a lot of money.



Hi my husband and i just signed our time share contract today. We are currently writing our rescission letter. Besides sending the letter & binder what form do i have to fill out???
I am gonna use the template on this forum. They gave me a $500 credit wich was used to pay part of the down payment. Will my $500 pre approved credit line with them also be cancelled???
Or will i have to fill out a separate form
Please help



Thanks in advance
 

Karen G

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They gave me a $500 credit wich was used to pay part of the down payment. Will my $500 pre approved credit line with them also be cancelled???
Or will i have to fill out a separate form
Please help



Thanks in advance
Is this credit line a credit card? I'm not sure exactly what you mean, but if it is a credit card I think I'd cancel the card. You don't want any additional charges to be made to it.

You should be fine with just a simple letter of rescission stating that you wish to rescind the contract dated today. Be sure that everyone who signed the contract signs the rescission letter. Get a receipt from the post office showing the date you mailed it, and you should be covered. If they did open a credit card for you, notify the credit card company that you are rescinding the contract and close the card.
 

sarai

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Is this credit line a credit card? I'm not sure exactly what you mean, but if it is a credit card I think I'd cancel the card. You don't want any additional charges to be made to it.

You should be fine with just a simple letter of rescission stating that you wish to rescind the contract dated today. Be sure that everyone who signed the contract signs the rescission letter. Get a receipt from the post office showing the date you mailed it, and you should be covered. If they did open a credit card for you, notify the credit card company that you are rescinding the contract and close the card.




It is a visa card. While there filing all the paper work i guess i filled out a credit card approval. I was approved $500 wich was used as a down payment. I will call to cancel that and i will send my rescission letter today. I am so happy i found this forum. You guys are all very helpful. Thank you so much for all the help.
 

sarai

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Is this credit line a credit card? I'm not sure exactly what you mean, but if it is a credit card I think I'd cancel the card. You don't want any additional charges to be made to it.

You should be fine with just a simple letter of rescission stating that you wish to rescind the contract dated today. Be sure that everyone who signed the contract signs the rescission letter. Get a receipt from the post office showing the date you mailed it, and you should be covered. If they did open a credit card for you, notify the credit card company that you are rescinding the contract and close the card.



I just went thru the whole credit card agreement & it does not have a phone number for me to contact them. The credit card was approved thru bank of america. I hate that this packet does not give you an option to contact them.
 
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