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66K for MVC is it worth it?

Nolathyme

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I copied the below from another forum that I am a member of. I don't know much about Marriott, can anyone help answer the post?




We have a client who purchased a $66k "time-share" last week and has 10 days to rescind his decision. I am not familiar with the Marriott Vacation Club, but it provides points that can be used for airfare, resorts, Ritz Carlton, Marriott Hotels, etc. The points can be rolled over or converted to Marriott Rewards points if not used during the year. Annual cost is $3,200 per year. I'm trying to determine what dollar value the 6,500 annual points give him. These are not 6,500 marriott rewards points. Client is wealthy and has hard time spending money on he and wife and family, so the intangible benefit of taking great upscale vacations is appealing to both he and I from a holistic planning perspective.

Curious if anybody has any experience with this new twist on a "time share" type of purchase. Thanks.
 

Bill4728

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YES Rescind

BUT if he does want to join MVC I'd buy just enough point to get into the club (1500 pts) then add points as needed by renting points from other owners. You can rent points for one time use for just a little more than the annual fees and have no up front cost and no ongoing annual MFs.

Example; Buy 1500 MVC pts (~$15K) then rent from a current owner another 1500 pts (~$900 (1500 pts *$0.60/pt)) and use the 3000 pts (your 1.5K & the rented 1.5K) to reserve a week at Newport Coast almost any time from late Sept to mid May.

He can also buy a resale week from the Marriott resale dept and buy pts at the same time. Doing so will get him a lot more pts for less money and the MFs will also be a lot lower.
 
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Rescind immediately. The strategy of establishing a small 'base' account and renting points from other owners as pointed out is an economically wise proposal.
 

Nolathyme

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I copied the below from another forum that I am a member of. I don't know much about Marriott, can anyone help answer the post?




We have a client who purchased a $66k "time-share" last week and has 10 days to rescind his decision. I am not familiar with the Marriott Vacation Club, but it provides points that can be used for airfare, resorts, Ritz Carlton, Marriott Hotels, etc. The points can be rolled over or converted to Marriott Rewards points if not used during the year. Annual cost is $3,200 per year. I'm trying to determine what dollar value the 6,500 annual points give him. These are not 6,500 marriott rewards points. Client is wealthy and has hard time spending money on he and wife and family, so the intangible benefit of taking great upscale vacations is appealing to both he and I from a holistic planning perspective.

Curious if anybody has any experience with this new twist on a "time share" type of purchase. Thanks.

So what type of trip could they get for 6,500 points during prime time?
How many points is Newport Coast in July?
 

Passepartout

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As others have said, $66,000 is WAAAY too much money to spend on any timeshare today. Even if this client is beaucoup wealthy, I never met a wealthy person who was against getting a deal... I agree with rescinding this 'deal' then contacting the Marriott or Starwood resale department. They will pay more than they would scrounging here or on eBay, but it would likely close more quickly and give the satisfaction of buying from the source. There may even be some additional perks thrown in.

One argument we hear, and you may too, from your client is the "But this is for a 'NEW' one, not second hand". Trust us, ALL timeshares are used. There is no such thing as a new one after it's been open for a day. Someone slept in the bed the night before even a retail buyer arrives, and somebody else will be in the unit after he leaves. So the mantra here is, BUY RESALE, SAVE THOUSANDS!

Jim
 

BocaBoy

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Client is wealthy and has hard time spending money on he and wife and family, so the intangible benefit of taking great upscale vacations is appealing to both he and I from a holistic planning perspective.
I think most of the responses to your question ignored this point. People here are so programmed to automatically reject any approach that is not the most cost conscious. If your client is wealthy and the points program is appealing, I would not necessarily fool around with the hassle of buying resale, renting points, buying a resale week in tandem with points, or any of that stuff. Sometimes the most simple approach is the best. It is certainly the easiest.

This statement does not mean I disagree with the advice you have received. I don't. It just means that there is a type of buyer out there who might find buying points direct from MVCI to be attractive. And that person might be your client. Kind of like a jewelry buyer who prefers to buy from Tiffany's.
 

CO skier

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So what type of trip could they get for 6,500 points during prime time?
How many points is Newport Coast in July?
According to page 37 (Newport Coast) of this:

http://tug2.net/timeshare_advice/2013-14chart.pdf

- a prime summer week would cost 4725 points (4725/6500*$3200=$2326)

- a July 4th week would cost 5675 points (5675/6500*$3200=$2794)

-a prime winter week (December) would cost 4950 points (4950/6500*$3200=$2437)

A Marriott Newport Coast Platinum summer floating week recently sold on EBay for about $6700, including closing and transfer costs. Maintenance fees are quoted as $961.

http://www.ebay.com/itm/MARRIOTT-NEWPORT-COAST-VILLAS-CALIFORNIA-PLATINUM-TIMESHARE-/151164396359?pt=Timeshares&hash=item233219a347

A Marriott weeks owner can join Interval International for $89/year plus approx. $150 for an exchange. Marriott owners also enjoy a preference period in II for other desirable Marriott exchanges.

I would recommend the holistic approach of rescinding and saving $60,000 plus more than $1000/year compared to Destination Club points and buying a (resale) weeks ownership with Marriott to take some great upscale vacations.
 
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GaryDouglas

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Cash, the ultimate freedom

I'd rather use the money on going where I want, when I want, not having to worry about whether I can get into a particular resort for a particular week. That $66k would get you 16 years worth of one week stays at Maui Ocean Club at current rates (Redweek), and the $38K+ you'd save in maintenance fees (maintenance fees only go up through time) during that time can be used to keep on going for another 10 years. More feedom and 26 years of vacations. If he has enough money to burn and not missed, that's one thing, will he mind lossing his freedom?
 

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I'd rather use the money on going where I want, when I want, not having to worry about whether I can get into a particular resort for a particular week. That $66k would get you 16 years worth of one week stays at Maui Ocean Club at current rates (Redweek), and the $38K+ you'd save in maintenance fees (maintenance fees only go up through time) during that time can be used to keep on going for another 10 years. More feedom and 26 years of vacations. If he has enough money to burn and not missed, that's one thing, will he mind lossing his freedom?
I so agree with you. Cash is king and owning or buying an expensive timeshare or points today is a risk if the economy will go down from here.

It may be different for a young family who have many years ahead of them or a wealthy family that do not have to worry about money at all. JMHO.
 

mjm1

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I think most of the responses to your question ignored this point. People here are so programmed to automatically reject any approach that is not the most cost conscious. If your client is wealthy and the points program is appealing, I would not necessarily fool around with the hassle of buying resale, renting points, buying a resale week in tandem with points, or any of that stuff. Sometimes the most simple approach is the best. It is certainly the easiest.

This statement does not mean I disagree with the advice you have received. I don't. It just means that there is a type of buyer out there who might find buying points direct from MVCI to be attractive. And that person might be your client. Kind of like a jewelry buyer who prefers to buy from Tiffany's.
I agree with BocaBoy on this. While I look for the most cost effective deals, I know some very wealthy people who don't want the real or perceived hassles of buying from alternative sources. They have the money for these luxury purchases and don't spending it to get what they want.

Marriott has high end resorts and nice locations, so I can easily see this working out for them if that's what they want.

All of the feedback should be considered and then make a decision that works best for the OP. The memories and experiences are priceless.
 

Nolathyme

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What are some other examples of vacations going through Marriott Vacation Club direct can they get for 6,500 points during prime time?
 

m61376

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There are several different things to consider here, besides whether or not it makes financial sense to buy 6500 points directly. Where is your client looking to go? Was 6500 a random number, or were they buying with the idea that they'd like to go someplace specific? For example, if they have in mind a Christmas week skiing or lying on the beach in the Caribbean, for example, they may find it hard to reserve those weeks because many are owned and not in the trust, and many legacy week owners will use or rent them rather than exchange them. So before they make that kind of a purchase, if we knew more about their general travel goals it might make it easier to advise.

If they have any doubts, they should rescind now, learn a bit more about things, and then proceed. They can always buy next week or next month, but have 10 days to rescind, and 65K is a lot of money for most people.

The other issue is how much do they want to be bothered? Planning and using 6500 points requires more work than simply booking on Marriott.com. And points, while increasing one's flexibility, also come with the baggage of having to try to figure out how to best utilize them and not have points lying fallow every year. So a buyer needs to be prepared for some effort, and be aware that it requires pre-planning and possibly wait lists or multiple calls, etc., juggling points usage and banking and/or borrowing to achieve what you want. Not that it's hard, but it's not cut and dry like he/she may be used to. I'm not sure that those who are in the position to shell out 65K are necessarily prepared for the accompanying hassle.
 

StevenTing

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Coincidentally there is a person on VPE that is trying to sell their points for medical reasons. Appears they paid the same price. Unfortunately for them they have it on a loan.

My guess is that 6500 points is probably a package deal that is advertised.
 

Passepartout

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I have no quarrel with a person of means buying at full-bore retail if that's what they want to do. But if the objective is to be able to just pick up the phone, call Marriott and book a location of their choosing at last minute using their retail points, it just won't work. Those retail points are worth exactly the same as a bunch of points bought for 1/10th as much on eBay. There is no priority for either scenario. There is a learning curve to know how to use these in any efficient way.

If instant luxury vacations is the objective, $66,000 will buy either a fractional, or a heckuva lot of great weeks at www.vrbo.com.

Jim
 

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No, it's not worth it. This person would be much better off buying "weeks" re-sale for that kind of money. I think the points system works much better for Legacy owners than I do for new points buyers. The combination of weeks and points makes the Marriott system extremely flexible to use.
 
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nakyak

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I copied the below from another forum that I am a member of. I don't know much about Marriott, can anyone help answer the post?




We have a client who purchased a $66k "time-share" last week and has 10 days to rescind his decision. I am not familiar with the Marriott Vacation Club, but it provides points that can be used for airfare, resorts, Ritz Carlton, Marriott Hotels, etc. The points can be rolled over or converted to Marriott Rewards points if not used during the year. Annual cost is $3,200 per year. I'm trying to determine what dollar value the 6,500 annual points give him. These are not 6,500 marriott rewards points. Client is wealthy and has hard time spending money on he and wife and family, so the intangible benefit of taking great upscale vacations is appealing to both he and I from a holistic planning perspective.

Curious if anybody has any experience with this new twist on a "time share" type of purchase. Thanks.
There is no doubt to rescind this purchase until the buyer can ultimately determine if he/she will get the value from the purchase.

Wealthy or not there is a heck of a lot better that you can do for 65,000 than a Marriott Vacations Club Point ownership.
 

Nolathyme

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Thanks for all the great insight.

I don't know the buyer , I'm just trying to help someone out on another forum.

Can anyone give me ball park MVC points needed for Hawaii prime time? Park City ski prime time? Aruba prime time? Costa del Sol prime time?
 

bastroum

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Thanks for all the great insight.

I don't know the buyer , I'm just trying to help someone out on another forum.

Can anyone give me ball park MVC points needed for Hawaii prime time? Park City ski prime time? Aruba prime time? Costa del Sol prime time?
I am staying at the Maui Ocean Club, in the older section, 1BD Ocean View, for 13 nights beginning 12/20/13 for 9,300 points.
 

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csxjohn

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Thanks for all the great insight.

I don't know the buyer , I'm just trying to help someone out on another forum.

Can anyone give me ball park MVC points needed for Hawaii prime time? Park City ski prime time? Aruba prime time? Costa del Sol prime time?
Why not direct that person here and cut out the middle man?
 

aka Julie

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I did, but as you see they did not post the question. I have sent them a link to view all the great replies.
IMO if they are not willing to do their homework regarding their purchase, they won't be willing to "put in the time" to maximize their timeshare purchase (either points or weeks). There is a learning curve and it takes time and patience.

If money is not an issue, why don't they just pay the price for whatever vacation they want to take at the time and forget any timeshare purchase.
 

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one million rewards

I am curious what did they get as a purchase incentive? My brother in law purchased the same amount and he received close to a:shrug: 1,000,000 rewards. Of course he had to use the Marriott visa to get some of that. I think the potential value of that many rewards to use could reduce a big chunk of that $66k! Anyone who really knows how to use rewards such as for travel packages flying first class feel the same?
 

Passepartout

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I did, but as you see they did not post the question. I have sent them a link to view all the great replies.
Just advise them not to wait beyond the rescission period if that's what they deem wise. The $66,000 'deal' will always be available- regardless of what a salesperson tells them. But they only get a chance to back away and 'learn the ropes' before buying for a short time.

Jim
 
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