Advice please-just bought Wyndham Worlmark-should I rescind?

[juli jams]

I wish I would've found Tugs BBS before last Friday and done my homework.
My husband and I bought a Wyndham Worldmark timeshare last Friday and have until Thursday to rescind.
We bought 10,000 credits for $23,200 with annual dues of $840. Perks include one time 10k bonus credits available in 6 months, "My savings"-discount card, vouchers for 2 RCI weeks at $249, and "bonus time"(discounted last minute rates)". Includes Travelshare, and Silver status for one year. I felt like I negotiated pretty well at the time
When I called my sales rep with questions and a statement of preparing to rescind they offered to refund the $600 commission(may or may not be BS)
We are very interested in the vacation ownership idea but of course don't want to be getting scammed.
From what I've read it seems that we should rescind as there are many options for renting and purchasing resale timeshares. BUT is this really a bad deal-I could really use help from TUG folks.
We plan on using this for the following this year:
-1 week using points in Mexico or Hawaii
-RCI in Europe this summer and likely 3 small getaways
-Bonus time-one or two night getways in the PNW.
Thank you!

 

[DeniseM]

You should absolutely rescind - you can buy on the resale market for pennies on the dollar.

-RCI in Europe this summer

This is a difficult exchange, and it's late to start looking for it. Unless you are willing to go anywhere (primarily rural areas - outside of major cities.)

When you exchange, you are competing with everyone else for a limited number of timeshares in Europe during the summer. There is far more demand than supply, so the best plan is to put in your Ongoing Search (like wait listing) a year or more in advance. In other words, now is the time to plan for summer 2017.

 

[juli jams]

Thanks for your response Denise. What would be a reasonable amount to pay for the 10K points and perks?

 

[Passepartout]

The source for all things Worldmark, including resales, rentals, borrowing points, etc. Is www.wmowners.com go introduce yourselves.

Jim

 

[Tacoma]

From what I can tell resale worldmark points sell for 30-45 cents a point depending on how well you negotiate and how many points exist in the account when you buy it. A fully loaded account has 3 years of points loaded when you buy it. Others may quote slightly different numbers but that is my best guestimate.

Love my worldmark account
Joan

 

[T-Dot-Traveller]

worldmark sold contracts on ebay

Examples sold since Jan 1 2016 approx 25

Jan 14 - $1750 - 7000 credits yr - MF $ 720
closing $ 750 & resort tranfer fee $ 299 ( paid by seller)

This contract had no banked points included ( banked points increase sale price & give additional usage )

I don't own Worldmark but it is well liked by owners for flexability as per TUG posts I have seen.

I have also read on TUG to start with a contract around 7000 credits as you can borrow etc when you need more in a given year and this way your annual MF stays reasonable and you have flexible options to "find and pay for" more in a year in which you need them .

 

[T-Dot-Traveller]

Use in Europe

QUOTE
We plan on using this for the following this year:
-1 week using points in Mexico or Hawaii
-RCI in Europe this summer and likely 3 small getaways
-Bonus time-one or two night getways in the PNW.
Thank you![/QUOTE]

If you want to be in cities in Europe that is not where RCI has resorts for the most part .
AirB&B may be a better option if you want some kitchen and more than a hotel room . We did Madrid , Barcelona , Paris & Cambridge(UK) that way in
April 2014 .

 

[juli jams]

Thank you all for the quick responses. We will rescind and look at resale for domestic/Mexico and other options for Europe. Thank you!

 

[CCR]

Juli I think there is a 10,000 account for sale right now by Surefire priced at about $3500 so 35 cents a credit (which is about the going rate). It should be posted on wmowners.com website right now.

You can book a getaway in Europe for summer through RCI as it might be a little late for an exchange.

 

[LLW]

You may check some of WM's resale prices on wmowners.com's Memberships for Sale forum:

http://www.wmowners.com/forum/viewforum.php?f=71

Welcome to WM. Take several months to read all that you can on wmowners.com. Do your homework, introduce yourself in the Clubhouse, ask questions, and enjoy the journey!

There's no rush to buy - you are too late for booking summer 2016 anyway. Timeshares require much more advance planning than hotels.

 

[LLW]

On the other hand, if you want to book summer of 2017, it needs to be done 13 months before. So you would need to get started.

 

[taterhed]

I wish I would've found Tugs BBS before last Friday and done my homework.
My husband and I bought a Wyndham Worldmark timeshare last Friday and have until Thursday to rescind.
We bought 10,000 credits for $23,200 with annual dues of $840. Perks include one time 10k bonus credits available in 6 months, "My savings"-discount card, vouchers for 2 RCI weeks at $249, and "bonus time"(discounted last minute rates)". Includes Travelshare, and Silver status for one year. I felt like I negotiated pretty well at the time
When I called my sales rep with questions and a statement of preparing to rescind they offered to refund the $600 commission(may or may not be BS)
We are very interested in the vacation ownership idea but of course don't want to be getting scammed.
From what I've read it seems that we should rescind as there are many options for renting and purchasing resale timeshares. BUT is this really a bad deal-I could really use help from TUG folks.
We plan on using this for the following this year:
-1 week using points in Mexico or Hawaii
-RCI in Europe this summer and likely 3 small getaways
-Bonus time-one or two night getways in the PNW.
Thank you!

HI, and welcome....

There are many more experienced WM folks here. So I'll let them give you expert advice. But....
I bought two resale WM contracts this year. I think it's a wonderful product. I have some very current and specific advice about pricing: You should be able to purchase resale WM contracts under $0.40 a point--all in. By that, I mean purchase, transfer and closing. That's for a fully loaded contract. I purchased one via a broker and one via a member resale from WMowners. The owner purchase was far simpler, faster and a better deal.
I would recommend buying a 10k contract. You need to be able to search with 12k points; that's hard with a 7k if you use it at all. I also recommend (eventually) buying a second contract--and keeping it separate. Having a 10K and a 5K gives you lots more options for about a $150 a year. Now if you could just make that 5k a NHK.....
At this time (no guarantees) buying a WM contract is kind of like exchanging money at the airport. You can buy a contract, use it for a while and resale the contract for a fairly small fee (about $299+MF's). If you use the points for a few years (or rent them out) you should easily be able to get that much enjoyment and use out of the contract--with virtually no risk.
It's amazing what I can see in II with a 3br Worldmark float. Great trader--just maybe not on high-season at the tough resorts. In flex, it's like a Marriott, very strong. On RCI, you can also pull some great stuff, including lots of Europe. I just saw a ton of Marriott Marbella and Andalusia units; off season of course.
Hawaii units are there-including exotic bonus time. The only key is this: book early, book partial days and waitlist, be patient, continue to book and knit weeks out of days (and know when exotic bonus opens!).

Good luck and have fun.

 

[juli jams]

Thanks Taterhed, useful info. I'll likely message you separately to ask addl questions. Cheers!

 

[uscav8r]

Not only is resale cheaper, you might have gotten the developer down to about $19-20k. So even from a developer standpoint this is not a good deal.


Sent from my iPhone using Tapatalk

 

[HudsHut]

Hi Juli:
#1 RESCIND by mail - DO NOT CALL! (The salesman's job is to save the sale.)

Welcome to TUG, the best site for all things timeshare and we would also like to invite you to join us at WMOwners.com, the best Owners' site focused on teaching WorldMark owners how to use their timeshare.

We at WMOwners.com have many expert, enthusiastic and helpful owners; we simply love our WorldMark ownership and believe it to be the most flexible timeshare product that exists.

Read, ask questions, learn, then buy resale. There many ethical, helpful resale brokers who post on WMOwners.com.

We hope to welcome you as a new WorldMark owner in the near future.

Cheers,
Maria

 

[VacationForever]

I am a fan of the Worldmark system. Buy resale, of course!

 

[overthehill]

Do buy on the secondary market and save thousands

In 1998 I attended a WorldMark presentation, signed up for 6,000 credits at $1.45 per credit, went home and found Resort Property Marketing offering the same number of credit for 80 cents per credit. Quickly sent a recission and bought my first of five contracts on the secondary market, the last one at about 32 cent per credit. What a disaster that was. I say that because the first four contracts I bought were closed in three to four weeks, not this one.
I bought on ebay from a seller named 'acobbfan'. It took over three months to close and papers I was sent were incorrect, requiring me to respond and tell them how to correct them. (I spent my working career as a mortgage banker during which time I bought t/s paper for the bank and foreclosed on one resort during my years). The seller was acobfan' but the paperwork came from Yourtimeshareservice.com. Some correspondence also came from Legacy Adventures, also in Texas. I was also required to pay as part of the closing costs, dues for that year which were never applied and forced me to contact them seekig reimbursement. I did finally get a refund.
Whatever you do, if you want a closing in less than a month with a company that knows how to process a transfer, please avoid and dealings with 'acobfan'. I have fully documented files of most phone conversation and all corerrespodence supporting the fiasco.
By the way, when I tried to leave feedback on eBay, I couldn't because eBay doesn't allow feedback after 90 days. It took more days than that to close the transfer. The feedback 'acobfan' left for me was that I withdrew and failed to close the deal, totally incorrect.
Again, buy on the secondary but check out the seller as best you can in advance. Most sellers have been using eBay for years and are reputable.
Good luck and I hope you enjoy timesharing as much as we have (been to 49 WM resorts so far).

 

[Buggable1]

I have the 24 month discovery by Wyndham purchased July 19, 2019. Am I "required" to signup for membership in WorldMark by Wyndham My savings program? I really don't want a credit card that charges a yearly fee? I am not renewing my 24 month contract for stays at Wyndham.

In the contract it does say it will be lost if I don't sign up. Quoting a portion of contract.

"If the Member delays activation of the Worldmark by wyndham My savings card, the period of time between the beginning of the complimentary twenty-four month period and the activation date shall be lost."

 

[geist1223]

Ok the only difference between Developer and Resell (other than the price per Point) is with Developer Points you have the ability to use Club Pass and to Book directly into Worldmark South Pacific (WMSP). Every WMTC Member is technically a Member of Club Pass but you have to have Developer Points to Book through Club Pass.

WMSP has expanded to include Bavaria, Tuscany, and Japan. Resell or Developer you get Bonus Time, Monday Madness, and Inventory Specials. With Resell you can always join RCI or II and attempt to trade into Europe, Asia, South Pacific, etc.

By the way you might get more responses if you posted this under Worldmark. Also it is Worldmark by Wyndham. Wyndham is the Developer. "Independently" of this the WMTC BOD hired Wyndham to be the day to day Resort Manager.

 

[sue1947]

I have the 24 month discovery by Wyndham purchased July 19, 2019. Am I "required" to signup for membership in WorldMark by Wyndham My savings program? I really don't want a credit card that charges a yearly fee? I am not renewing my 24 month contract for stays at Wyndham.

In the contract it does say it will be lost if I don't sign up. Quoting a portion of contract.

"If the Member delays activation of the Worldmark by wyndham My savings card, the period of time between the beginning of the complimentary twenty-four month period and the activation date shall be lost."

The Wyndham my savings program is pretty worthless. Don't bother signing up. The credit card isn't worth getting, especially with a yearly fee. They are really good at making it all sound fabulous, but it's all smoke and mirrors.
If you are still within your rescission period for your purchase, then rescind. The timeframe varies by state and 10 days is probably the longest one so you are probably beyond it. You said you aren't going to be renewing so use what you have and then decide if WM is something you want. If yes, then buy resale. Buying from the developer costs 10 times as much and then they add on monthly fees to add insult to injury.

Sue

 

[Buggable1]

The Wyndham my savings program is pretty worthless. Don't bother signing up. The credit card isn't worth getting, especially with a yearly fee. They are really good at making it all sound fabulous, but it's all smoke and mirrors.
If you are still within your rescission period for your purchase, then rescind. The timeframe varies by state and 10 days is probably the longest one so you are probably beyond it. You said you aren't going to be renewing so use what you have and then decide if WM is something you want. If yes, then buy resale. Buying from the developer costs 10 times as much and then they add on monthly fees to add insult to injury.

Sue

Nevada rescind period is 3 days. I was there on vacation and got home 6 days later to really read the documents thoroughly. I am on the 24 month contract. Paying it off and just using it around where I live. I knew better but fell for the 24 month option which I hadn't heard of before. Takes a lot of perks to make up for the $75.00 yearly fee for that credit card. I just wanted to make sure it wasn't a (gonna sue me) thing if I didn't sign up for it. Thank you

 

[Buggable1]

I have searched and finally been given a bank phone number to call to payoff my discovery program loan by Wyndham.
It's an automated system which I do not want to use as I am unfamiliar with Comenity(?) banks. Option to get a live person wasn't available.
I have not received information from this bank regarding payments. I do want to pay this off now. Will I have that option when I get whatever forms or payment books they send in August 2019?

 

[Grammarhero]

Nevada rescind period is 3 days. I was there on vacation and got home 6 days later to really read the documents thoroughly. I am on the 24 month contract. Paying it off and just using it around where I live. I knew better but fell for the 24 month option which I hadn't heard of before. Takes a lot of perks to make up for the $75.00 yearly fee for that credit card. I just wanted to make sure it wasn't a (gonna sue me) thing if I didn't sign up for it. Thank you

Nevada Ts rescission is five days. I’m really sorry you passed the rescission period.

 

[Buggable1]

Can someone clarify Line 5 on this uploaded contract? My question is-----

Does Line 5-- FUTURE PURCHASE. Member agrees to attend a WRDC sales presentation during the first stay at a Resort (Scheduled Sales Presentation)...

Must I make and attend a scheduled sales presentation at each resort I stay at OR
Only if I wish to purchase more credits?

They have been dishonest up front so want to clarify what I am reading. I already have a reservation secured in August of 2020....I paid my contract in full. Figure they will jump me again at my stay in August.

 

[jwalk03]

If you bought a Discovery package you are obligated to attend one sales presentation on your first stay using the package. After one you are not required to attend.