48 hours after purchase ... rescind and rebuy?

[WeFinishEachOthers]

Hi everyone, newbie here, nice to meet you!

My wife and I purchased a 4,000 Abound point package on April 17 (2 days ago), direct from Marriott Vacation Club (onsite at Westin Kā'anapali Ocean Resort Villas). This is our first timeshare purchase, though we've been through a bunch of presentations and done some Encore packages. Yes, we should have done more exhaustive research beforehand, but here we are

We're not feeling regret about owning the 4,000 point package, but we are specifically questioning whether we took the right path to get there. We've read a lot on these forums in the last 2 days, and learned more about the resale markets. Just from browsing here, it looks like we could pick up a 4,000 point package on Redweek and other marketplaces for something in the range of $7 per point (purchase price that has to clear ROFR, $3 per point MVC junk fee, education fee etc.)

So, we are looking for guidance on a couple questions.

• Recommended path to get to 4,000 points per year? Sit tight? Rescind and rebuy?
• If the right answer is to rescind and rebuy, any guidance on how we tactically go about that?

I'm sure these questions have been asked many times, sorry, but we wanted to share our specific situation: A few details for context:

• The 4,000 point package was just over $51k all-in including closing costs
• 8,000 point signing bonus
• TOA $3,390
• We initially imagine using the points for trips to Hawaii every other year, for example a 2BR at Nanea for a week, though there are lots of other properties that look compelling.
• We travel with our 2 kids (both under 8) and sometimes we bring along grandparents

Thank you!

 

[WeFinishEachOthers]

Ah, and we applied the cost of our last Encore package ($2,400) which isn't coming back to us otherwise, so our all-in purchase including closing costs is about $48,500 in cash.

 

[claraj]

Welcome to Tug! You will save money by rescinding and buying on the resale market. I'm curious to hear thoughts from others about trading into Hawaii. You might be able to save even more on annual fees that way.

 

[jp10558]

I don't know Marriott specifically, but I can't imagine it wouldn't make a lot of sense to rescind and rebuy. Resale is always cheaper, and I know in HGVC you could get a lot more than one week for $48,500 resale. Actually, while you're here, I'd "cross shop" some of the other systems also, especially if you haven't actually looked into HGVC or Wyndham or the like. Not saying Marriott isn't great, but just that you should make sure you're going to get the most bang for your buck while having the sort of locations you want.

 

[Hindsite]

Given you know you can buy for half of what you are paying MVC and don't have regret?
Here is the Nanea points chart so you can see if you can get what you want when you want it, subject to there being any availability in the club points inventory.
If Nanea is your aim, look at buying a resale week there so you can actually get what you want.
Rescind, do more research and compare the maint fees of the points needed vs the resale week, as well as they capital cost.

 

[Pamplemousse]

Yes of course rescind. Your contract has specifics as to how to do that.
Up next is lots of research.
If you buy 4000 resale points, bank 1 set a year (that’s all you can do) and combine with the next year does 8000 get you what you want or do you still need to borrow a year ahead? If you add the 2 years+ of maintenance fees do you come out ahead of renting a week off redweek or using cash to book your stay?
I also wonder how long your kids will they be happy with HI EOY and if you travel elsewhere will you end of with too many points? Realize too that once you own some points you can rent more as needed on occasion.
Resale weeks are another good option- to stay in what you purchase or exchange on interval.

Congrats on finding tug early enough to rescind and enjoy your research and finding the best path for your family.

 

[TheTimeTraveler]

Hi everyone, newbie here, nice to meet you!

My wife and I purchased a 4,000 Abound point package on April 17 (2 days ago), direct from Marriott Vacation Club (onsite at Westin Kā'anapali Ocean Resort Villas). This is our first timeshare purchase, though we've been through a bunch of presentations and done some Encore packages. Yes, we should have done more exhaustive research beforehand, but here we are

We're not feeling regret about owning the 4,000 point package, but we are specifically questioning whether we took the right path to get there. We've read a lot on these forums in the last 2 days, and learned more about the resale markets. Just from browsing here, it looks like we could pick up a 4,000 point package on Redweek and other marketplaces for something in the range of $7 per point (purchase price that has to clear ROFR, $3 per point MVC junk fee, education fee etc.)

So, we are looking for guidance on a couple questions.

• Recommended path to get to 4,000 points per year? Sit tight? Rescind and rebuy?
• If the right answer is to rescind and rebuy, any guidance on how we tactically go about that?

I'm sure these questions have been asked many times, sorry, but we wanted to share our specific situation: A few details for context:

• The 4,000 point package was just over $51k all-in including closing costs
• 8,000 point signing bonus
• TOA $3,390
• We initially imagine using the points for trips to Hawaii every other year, for example a 2BR at Nanea for a week, though there are lots of other properties that look compelling.
• We travel with our 2 kids (both under 8) and sometimes we bring along grandparents

Thank you!

Rescind while you legally still can. Read up on TUG for a bit and then make an informed choice as to what you really want to do.

My advice for the best bang for the dollar? Buy a resale week and use Interval International for all your trades when not staying at your home resort.

If you're not into using a full week for your vacation then buy Marriott resale points instead. The savings are instantaneous.

Best of luck!








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[WorldT]

I could add something but you have already read what you need to know for now by the time you are reading this.
RESCIND!

 

[vacationtime1]

Rescind while you legally still can. Read up on TUG for a bit and then make an informed choice as to what you really want to do.

My advice for the best bang for the dollar? Buy a resale week and use Interval International for all your trades when not staying at your home resort.

If you're not into using a full week for your vacation then buy Marriott resale points instead. The savings are instantaneous.

Best of luck!

This. ^^^^^^

Timeshares are much easier to buy than to sell; you want to make certain that you buy the best unit (or points) for your intended vacations.

Take your time and research before buying anything. Don't worry; resale prices are not going up.

 

[WeFinishEachOthers]

Thank you to everyone who responded, this forum is really an awesome place! We just rescinded, well within the window to do so. Hopefully no unexpected hiccups or red tape along the way, surely I'll be back here if we run into that.

We'll chalk this up as a learning moment that sets us off on a much longer learning journey, before we make another move. On quick glance, there is so much complexity in how to optimize buying and trading resale weeks. We won't do the long glance right now since we're still in Maui, but any links to good primers or historical threads are certainly appreciated!

 

[TUGBrian]

congrats on finding TUG in time to save $51 grand!

can still enjoy every bit of that marriott vacation ownership you wanted to buy for a small fraction of that after just a bit of reading on TUG!

 

[davidvel]

Thank you to everyone who responded, this forum is really an awesome place! We just rescinded, well within the window to do so. Hopefully no unexpected hiccups or red tape along the way, surely I'll be back here if we run into that.

We'll chalk this up as a learning moment that sets us off on a much longer learning journey, before we make another move. On quick glance, there is so much complexity in how to optimize buying and trading resale weeks. We won't do the long glance right now since we're still in Maui, but any links to good primers or historical threads are certainly appreciated!

Congratulations. You can buy the EXACT SAME thing for about $28k, saving you $20k. You could then use that to buy a few great Hawaii weeks in the Marriott systems.

 

[Hindsite]

On quick glance, there is so much complexity in how to optimize buying and trading resale weeks.

The complexity arises from the problem of getting right to the heart of what your vacation lodging requirement are and trying to second guess where and when you'll want to go for the next 10-20 years.

People's solution to that problem varies wildly: Some buy and sell weeks/points for next to nothing frequently to explore different systems and places. Some go with the approach you had and put down a lot of money with a big brand to buy direct with a feeling of "confidence" that they will have a good amount of "flexibility" about how to use their ownership. There is then every possible combination in between, including people who never buy, but rent from other owners.

Don't get too consumed by the difficulty of finding "The" answer, as there isn't one single answer. Do something that is prudent, useable and you can afford without financing, then start to use it and learn what does and doesn't work for you. Ensure you look at the ongoing costs of maint fees and other charges as they can drive a decision one way or another.

Enjoy!

 

[Dean]

Thank you to everyone who responded, this forum is really an awesome place! We just rescinded, well within the window to do so. Hopefully no unexpected hiccups or red tape along the way, surely I'll be back here if we run into that.

We'll chalk this up as a learning moment that sets us off on a much longer learning journey, before we make another move. On quick glance, there is so much complexity in how to optimize buying and trading resale weeks. We won't do the long glance right now since we're still in Maui, but any links to good primers or historical threads are certainly appreciated!

Just spend some time exploring options, buying points may not be your best option.

 

[Huskerpaul]

We'll chalk this up as a learning moment that sets us off on a much longer learning journey, before we make another move. On quick glance, there is so much complexity in how to optimize buying and trading resale weeks. We won't do the long glance right now since we're still in Maui, but any links to good primers or historical threads are certainly appreciated!

At the top of each of the timeshare system forums there are threads that explain each system. These are usally called a guide or a FAQ. Read through a few of the major systems to compare and then you can ask questions about things you don't understand. I find the folks here are very helpful. Members may not always agree, but it is good to hear diverging opinions and in the end you will get some great guidance.

 

[kc01075]

Resale points will cost much less, and you should consider rescinding your purchase and buying resale. Review the parent company and how they handle exchanges within their system, can you exchange into another system, priority of locations, are resale handled the same as purchasing from the parent company. Another major consideration is their annual assessments and a thorough understanding of their restricted reserves.

 

[ace1birdie]

I have owned Vistana (Westin Mission Hills) since 2001 back when it was Starwood. I have exchanged into one of their 3 Maui properties every single year since then, often for 2-3 weeks at a time. It is not a problem doing so if you plan ahead AND are not expecting to go there during Christmas break.
The sales teams at WKORV tout how difficult it is for non-owners to exchange into the Maui properties and it is patently untrue. The maintenance fees there are also much higher than other properties in their portfolio.
My advice is to rescind ASAP, research and buy a resale week.