Best way to divest 500K+ Wyndham Points???

[amerikrainian]

This will be my last post about this topic. After a conversation with my brother, we have discovered that:

1. I don't want to inherit 500K Wyndham points, and
2. Neither does he.

So, how should my parents get rid of them now? They are silver VIPs, but I don't know if it's really worth anything, monetarily, when they sell (?) them.

Mostly, it's just my part of the family who uses them, and my parents could do without the $270 per month MFs.

I think somebody had said that if we give (give--not sell, right?) the points back to Wyndham, they cover the MFs for three years. So at least there would be 3 more years of good times. Correct?

What other avenues should I consider? Or what would you do?

Thanks so very much for helping us navigate this issue.

 

[Rolltydr]

This will be my last post about this topic. After a conversation with my brother, we have discovered that:

1. I don't want to inherit 500K Wyndham points, and
2. Neither does he.

So, how should my parents get rid of them now? They are silver VIPs, but I don't know if it's really worth anything, monetarily, when they sell (?) them.

Mostly, it's just my part of the family who uses them, and my parents could do without the $270 per month MFs.

I think somebody had said that if we give (give--not sell, right?) the points back to Wyndham, they cover the MFs for three years. So at least there would be 3 more years of good times. Correct?

What other avenues should I consider? Or what would you do?

Thanks so very much for helping us navigate this issue.

You’re correct abut the 3 years of free use if Wyndham will take it back through their Ovations program. However, I believe only the owners themselves can use it, no guest reservations, so you and your brother could only use it if your parents are able to go. That would be my preferred option. Otherwise, they can post it on TUG as a giveaway in the bargain basement deals and someone will probably take it. Good luck!

 

[amerikrainian]

So Ebay is not an option? And VIP probably doesn't transfer to a new buyer? (Any kind of transfer would be a resale, right?)

 

[scootr5]

Correct, VIP will not transfer. You may net a little money via eBay if they are desirable contracts.

 

[Sandi Bo]

I think they are CWA, no? That should pull in something on eBay? But most likely getting 3 years of use out of it (via Ovations) would be best bang for your buck.

 

[tschwa2]

You might want to see if they can add you and your brother's name at the same time they initiate the Limited Edition process. I saw on a wyndham facebook group that someone was able to do this.

 

[cbyrne1174]

If you pay $270 a month for 500k points, the deeds probably aren't worth anything. I pay $225 for 497,000 points and I only had to pay about $1,000 for my resale deeds. $270 a month is $6.48 per thousand, when I pay $5.45 per thousand with my cheap resale deeds. I would just give back to Wyndham.

 

[amerikrainian]

You might want to see if they can add you and your brother's name at the same time they initiate the Limited Edition process. I saw on a wyndham facebook group that someone was able to do this.

The "Limited Edition" process is the process of giving them back? I thought that was called Ovations.

 

[Skipper Scooby]

Ovations is where Wyndham will just take your deed away and you get nothing in return. Limited Edition is where Wyndham takes your deed and they give you 3 single use years of the points that were on the deed along with its current VIP status. You cannot use a guest reservation with Limited Edition.

 

[SNA27]

Your parents spent a lot to acquire the 500k. It seems such a waste to give it back to Wyndham! As @bnoble wrote on your other thread, as time goes on, it will get easier!

You could easily recover $3240 annual MF by renting 250k points through Airbnb while enjoying the 250K points with your family.

Since becoming an accidental Airbnb host in May 2019, I have made around $3,000 using 162,000 points during the 50% discount window!

Your mileage may vary as a Silver owner! Look at Wyndham listings on Airbnb and understand what's possible and consider whether you're willing and able to put in the effort!

Work out the numbers! Numbers take the emotion and guesswork out of decisions!
Include the amount you would be spending annually on accommodation during your vacations when you no longer have the prepaid accommodations from Wyndham! If that number is anywhere close to $3240, you might want to reconsider the wisdom of giving it back to Wyndham!

Good luck!

 

[SNA27]

I asked my sons and, ascertained their willingness to keep up with MF after we're gone, before I decided to buy up to the platinum level in July 2018! Of course, at 26 and 22 then, I guess they would have gone along with my good or poor judgment!
I wonder if any parents have established a trust and endowed it in such a way as to be self-sustaining in order preclude forfeiture to Ovation! I would like to find out how to set up such a trust!

 

[amerikrainian]

Your parents spent a lot to acquire the 500k. It seems such a waste to give it back to Wyndham! As @bnoble wrote on your other thread, as time goes on, it will get easier!

You could easily recover $3240 annual MF by renting 250k points through Airbnb while enjoying the 250K points with your family.

Since becoming an accidental Airbnb host in May 2019, I have made around $3,000 using 162,000 points during the 50% discount window!

Your mileage may vary as a Silver owner! Look at Wyndham listings on Airbnb and understand what's possible and consider whether you're willing and able to put in the effort!

Work out the numbers! Numbers take the emotion and guesswork out of decisions!
Include the amount you would be spending annually on accommodation during your vacations when you no longer have the prepaid accommodations from Wyndham! If that number is anywhere close to $3240, you might want to reconsider the wisdom of giving it back to Wyndham!

Good luck!

What do you mean that you have made money by renting them during the 50% window? (platinum, right?) You reserve a place within the discount window and then rent it out on short notice?

But can you get anything high demand on short notice? The few articles I've found say to reserve the best week you can for renting. And what if you can't find a renter on short notice?

Also, how do you know whether to reserve a studio, 1br, 2br and whether it should be for a weekend, 5-day week, or whole week? Thanks.


(EDIT: Removed first question as i found where to rent out points on Airbnb.)

 

[SNA27]

What do you mean that you have made money by renting them during the 50% window? (platinum, right?) You reserve a place within the discount window and then rent it out on short notice?

But can you get anything high demand on short notice? The few articles I've found say to reserve the best week you can for renting. And what if you can't find a renter on short notice?

Also, how do you know whether to reserve a studio, 1br, 2br and whether it should be for a weekend, 5-day week, or whole week? Thanks.


(EDIT: Removed first question as i found where to rent out points on Airbnb.)

No, I don't reserve and look for renters. I list on Airbnb. And when I get a request to book, I check to see if it's available! If it is available, I book it and I accept the Airbnb reservation. If not, I decline.

I haven't found a better business model for my particular circumstance. If you do, I would be grateful if you shared it with me. Thank you!

Like I said, do the numbers, leave your emotions and guesswork out of it to reach a rational decision!

 

[amerikrainian]

Thanks. So does your ad just say "Room at DisneyWorld" and the renter tells you the size and dates? Or do you advertise a certain size and/or minimum number of days?

 

[SNA27]

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Thanks. So does your ad just say "Room at DisneyWorld" and the renter tells you the size and dates? Or do you advertise a certain size and/or minimum number of days?

Look at others who have listed on Airbnb and figure it out! It's not that difficult! Imitate them! They won't be flattered by your imitation and they undoubtedly resent your competition! But, do you care?

 

[SNA27]

Your points can be rented on Airbnb and you can look at how others are doing it!

 

[amerikrainian]

So magnanimous, and you even felt so strongly that you had to post essentially the same thing twice. We're grown folks here. If you don't want to tell anything else, then just don't. But I don't need insults. I came here for help and have been helped very much and I appreciate the gracious help I've been given.

(FYI to reader: This was in response to the two previous responses, which have been edited without note, and large portions of text removed... as well as the next two.)

 

[SNA27]

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[SNA27]

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[Grammarhero]

Really think OP should just give back via Ovations. If she doesn't want it, she doesn't want it. If she isn't interested in learning about timeshares, no need for her to get burdened with $270/month in payments.

 

[Sandi Bo]

Really think OP should just give back via Ovations. If she doesn't want it, she doesn't want it. If she isn't interested in learning about timeshares, no need for her to get burdened with $270/month in payments.

I'm almost with you there.... but what if it were Gold? I really think she should pursue getting the Gold status reinstated. And she does seem very interested, asking a lot of the right questions.

That said, the one child of mine that said thanks, but no thanks, paid off her med school debt in 3 years - living life according to the Dave Ramsey rules. What would Dave Ramsey say?

Also, it's great OP is researching now. She does not have to accept it now. She really doesn't have to accept it later (if her parents will it to her). Although if she really, really, doesn't want it - sounds like her parents will stop paying for it now.

I pause when I see people recommending renting. It is time consuming. OP if you have the time to figure it out, and the time to rent, and it's GOLD, you'll likely be okay.

As cbyrne1174 said, the maintenance fees aren't great. But if it's GOLD, that is what makes it worth it. Not only the gold discounts, but the unlimited transactions and house keeping, more liberal point deposit windows. All those VIP perks.[/QUOTE]

 

[amerikrainian]

I don't really care about people who throw away their patrimony because they are too stupid to understand the investment their parents made to acquire the patrimony! Not just material aspects but cultural and spiritual aspects as well! Armenians have suffered and sacrificed so much! Respect your bequest! Don't run for the exit!

Well, bless your heart. You must be a lot of fun at parties. I'll pass on you're offer; something tells me we wouldn't work well together.

Also, it's great OP is researching now. She does not have to accept it now. She really doesn't have to accept it later (if her parents will it to her). Although if she really, really, doesn't want it - sounds like her parents will stop paying for it now.

I pause when I see people recommending renting. It is time consuming. OP if you have the time to figure it out, and the time to rent, and it's GOLD, you'll likely be okay.

As cbyrne1174 said, the maintenance fees aren't great. But if it's GOLD, that is what makes it worth it. Not only the gold discounts, but the unlimited transactions and house keeping, more liberal point deposit windows. All those VIP perks.

Thanks for this. With every opportunity comes responsibility. A key here is trying to decipher whether the responsibility of owning, renting, using, paying for a timeshare will become a burden instead. So, yes, that's why I'm researching while we still have time.

Renting didn't occur to me before this. We have time to learn. And if I find out what I need to know, we could try it for 2020, while the points are still owned. It's still risk-free then.

Somebody else mentioned trying to get the Gold VIP reinstated, maybe even escalating to the head honcho, if necessary. I remember my mother had chased people around about that for a while. She apparently couldn't say "no" to a salesman, but she could be surprisingly assertive when necessary. It wouldn't hurt for me to try, though. Has anybody else around here successfully escalated an issue like this and been rewarded with success?

By the way, I'm not a "she", though you had no way of knowing that. I'm intentionally vague online sometimes, for privacy, but it doesn't feel right for folks to be referring to me with the feminine pronoun. Thanks again very much for your encouragement.

 

[bobinmich]

If nobody wants to pay the 270 MF...I would PROBABLY try to sell it on ebay...if it is ONE contract....if that doesn't work, you can always give it back through ovations...but it IS a shame to have all that investment your parents made go to waste. I would take it in a minute if I was one of you, but we each have to make our own financial decisions. Good Luck! Bob

 

[SNA27]

Airbnb has a learning curve too. Pick a resort that's in demand and to create a listing by imitating others. Do not allow INSTANT BOOKING.

I learned the hard way! Not a big deal but cost me 1 day's rent thanks to beginner's error! ​

Set the Calendar to be available for 3 months.
Once you have a listing, it's quite possible someone will request to book. Communicate promptly. The Airbnb site itself has a lot of information to guide you.
Good luck!

 

[amerikrainian]

If nobody wants to pay the 270 MF...I would PROBABLY try to sell it on ebay...if it is ONE contract....if that doesn't work, you can always give it back through ovations...but it IS a shame to have all that investment your parents made go to waste. I would take it in a minute if I was one of you, but we each have to make our own financial decisions. Good Luck! Bob

Thanks, Bob. I do appreciate the sentiment. Before giving up on this thing, I may try to rent, but I will definitely try to get the Gold VIP back (that was another thread), if it's at all possible. That would probably carry some weight in this issue too.