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Bought retail....

Mjlajl

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Hubby and I just went to a Wyndham timeshare Presentation this weekend and bought 105,000 points, and of course they tell you you have to buy then or there all these extra yearly fees you have to pay if you go a different time to purchase. Now after researching I am worried we are overpaying by a lot.

What are your thoughts?

The main things we liked about the program are:
1. Flexibility of location/ time to use
2. Only fees after mortgage is paid is the maintenance fees

Anyone with insight to give would be great, I read we should have 6 days to cancel, so hoping we can decide soon.

My concerns with buying from e-bay, I want to make sure we can use the whole wyndham/rci without paying additional fees, and not sure who I am buying from.

Thanks for the help.
 

Rent_Share

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There is nothing included in your retail package that is worth the price diferential you were charged for retail.

Rescind, research and buy resale points based on any Advanced Reservation Priority you might want at the optiimal maintenance fess
 

Passepartout

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Others will chime in, but I will first say, Welcome to TUG. We're glad you found us.

Second, and most important, rescind ASAP! You can buy a larger points package for much much less and have exactly the same benefits. Except VIP status, which I understand is worth nowhere near the price difference.

You will be able to use your resale points in exactly the same way- only you'll have more of them, won't have a mortgage, and will be able to travel more often,

So time's a wastin'. Get that rescind letter written and save yourselves thousand$! Follow the instructions and address for where to send it that can be found in your contract.

Here's a link to another thread started by another newcomer just a few days ago. Read through it and get some ideas. http://www.tugbbs.com/forums/showthread.php?t=168917

Jim Ricks
 
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momeason

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Rescind and then research and buy and enjoy. I own Wyndham. After you rescind, ask lots of questions. Many Tug members will sell cheap and some offer free Wyndham contracts. 105000 is not enough points.
 

ronparise

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I bought a 168000 eoy contract...with $700 down I owed over $12000...I rescinded and took that $700 and bought 385000 points with it on ebay

The points work the same

Look for an ebay seller with high positive ratings...I have my favorite and will tell you who it is if you pm me....but rescind first

Do it now,
 

vacationhopeful

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Save yourself a load of money and rescind TOMORROW.

I have brought a few points off ebay along with a few FIXED DEEDED WEEKs at Wyndham Resorts. Those extra fees are chump change compared to buying direct from Wyndham. And by the way, for the limited number of points you brought from them, YOU would/will have the SAME chump change fees. Fees like Reservation Transactions, Guest Certificates and Housekeeping fees don't go away til after you have brought 400-700,000 points from Wyndham (based on the new point level required for Gold VIP status).

As for what Wyndham most likely charge you for 105K in points ($15-17,000), you would save in interest NOT paid over $1800 per year for that loan - enough to pay the MFs on over 300K in resale points. That relates to 2 weeks in a 1 bdr in most resorts for PRIME season or 2 week in a 2 bdr for VALUE season. The 105K would have gotten you 1 week in a 1bdr for VALUE season.
 

vacationhopeful

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In less than 20 minutes, you have gotten some BLUE RIBBON advice and NONE of us are trying to take even 5 cents from you. Look at the post counts for these answers - look how long we have been members - look at what we own.

You can PM any of us and we will be happy to tell you HOW much we own and how much we all enjoy our RESALE Wyndham points.
 

megan_rose5

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reseller

That is quiet a price for a reseller, going directly from wyndham will save you some pocket change and they got some decent perks too.
 

massvacationer

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very simple advice:

1. rescind

2. research for awhile...read all you can here on TUG

3. buy resale
 

Mjlajl

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Thanks everyone! Planning to figure out how to recind ASAP, but going to have to scour the contract to find that information!

My husbands concern is that we were told old points go by a different book and the contract we have is included RCI so we could stay more places and points are on a different system, does anyone know how to tell which points I would be purchasing?
 

pacodemountainside

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Go with Linda!

Get that recission done tonight and be at Post Office first thing Monday and sent certified to Vegas. Do not contact sales person, they will just try and stall until too late to rescind. Follow instructions explicitly. Wyndham abhors recissions.:cheer:

Read many other posts here on this subject.

Do the math! I think you financed at around 16% but following is easier to understand.

Purchase price, say $16K cash if you hung tight for third salesman. Figure $16K at 10% average return on diversified stock investment of last 100 or so years.

That is $1,600 a year you are losing.

Take that $1,600, buy resale for around $1K and you have enough to pay MF for this year. Next year you pay say $600 MF you have $1K left to pay plane fares, entertainment, etc.

Plus you still have $16K in bank for retirement! No brainer!
 

massvacationer

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My husbands concern is that we were told old points go by a different book and the contract we have is included RCI so we could stay more places and points are on a different system, does anyone know how to tell which points I would be purchasing?


The above is sales BS

resale points work 99.5% the same (that's what I own)

Get your money back and do some reading and research

If you really want to buy retail direct from Wyndham, you can get the same deal later - after you do your research (but I bet you will conclude that resale is the way to go)
 

Rent_Share

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Thanks everyone! Planning to figure out how to recind ASAP, but going to have to scour the contract to find that information!

My husbands concern is that we were told old points go by a different book and the contract we have is included RCI so we could stay more places and points are on a different system, does anyone know how to tell which points I would be purchasing?

Wyndham timeshare salesmen LIE period
 
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That's the point... if you have 500000 retail points, you get VIP. If you have 500000 points Resale, no VIP. VIP benefits are pretty weak, most people don't care if they get those advantages.

TS
 

pacodemountainside

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Thanks everyone! Planning to figure out how to recind ASAP, but going to have to scour the contract to find that information!

My husbands concern is that we were told old points go by a different book and the contract we have is included RCI so we could stay more places and points are on a different system, does anyone know how to tell which points I would be purchasing?


******

"He told me resale reservations are basically worthless. He said resale reservations could be cancelled at anytime, without notice. So basically you could fly your family across country for $2000, and when you show up at the resort be turned away because a regular owner needed a room, and stole your reservation.
He said he SAW(emphasis added) at least 5 families turned away on Easter Sunday."




To deal with salespeople you have to be armed and apply common sense.

My first question to salesman would be what were you doing hanging at the check in desk Easter watching people check in? Why weren't you scamming the warm bodies the parking pass scammers sent you?

This lie/scam has been around since the day of the great flood.
Resale points can only be used at home resort
Resale points cannot be used at new resorts
Resale points can only be booked 60 days out
Person with Developer points can bump/trump resale purchaser reservation every time
Resale points don't get any benefits and worst rooms

Of the hundreds of posts I have read here and on Wyndham Form have never heard of the above being true.

*******

Salesperson probably told you that you get a free RCI membership which is blatant lie. All UDI purchases/ownerships have resort HOA fee AND POA fee which covers RCI membership , reservation system. etc.This comes with all UDI deeds.

Definitely need to do homework.

Remember salesperson has to make a commision to pay his rent. People here just want to help you make an informed decision!

Ask salesman to show you written policy. Only reference is page 287 of Club Wymdham Directory! Will he include in written contract?

No need to rush! The last Wyndham plane is not leaving in 30 minutes.
 
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pacodemountainside

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In what way do they function differently at a quantity less than 500,000 points

At 300K Developer points you get silver VIP. See pages 288-289 of Club Wyndham Directory!

Yes, VIP benefits are of dubvious value. Audited VOI Trust Financials show Wyndham sales reimbursed it around $12 million in 2010(last year available) for providing benefits.

Best estimate of VIPs I have is about 15% pernament and about 5% temporary due to 2 year bonus up sales incentive. Taking 20% of 500K UDI points owners gives about 100K VIPS Dividing this into $12 million gives about $120 per VIP. Do I believe , no way? If I book 200K reservation for 150K points the 50K points at $5.00/1,000 equals $250.

Isn't it great we have three dedicated Wyndham executives running Trust and looking out for our best interests. See Bill Spearman article in April 2010 Timesharing Today for the gory details.

I wonder, does USA Today give resort news papers for VIPs or do they (HOA) just eat that expense, albeit a small one?:shrug:
 
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Passepartout

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OP, once you buy resale points, and they are registered in your account, they are exactly the same as any points you'd bought from Wyndham. The reservations people have no way of knowing who bought resale, and all Wyndham accounts get the included RCI membership, so tell your Husband that you can book any of those RCI vacations the same as if you'd kept the retail purchase.

Only difference is you'll pay less for the whole cost than just your interest payment on the retail purchase.

Jim
 

ESCHWEGE

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Recind

If I remember correctly you have seven days from the day you signed the contract. Call Wyndham:

By Telephone

Call us at 1-800-251-8736 within the US and Canada.



Press 2 for Financial Services and Title/Ownership Changes

Financial Services: Monday through Friday 8 a.m. - 7 p.m. ET

Title: Monday through Friday 8 a.m. - 5 p.m. ET

(except for major holidays)

They can see your account by the contract #


Ask for the Fax # to send your cancellation too, and just give a reason i.e. second thoughts salesman too pushy whatever. You can Fax it I did and make sure you have the confirmation that the fax was received. Then Follow up the next day asking about your Fax and the status of your cancellation.

Resale is the way to go. I made this mistake and I just barely caught myself in time. Just get you request faxed in before midnight of that last day.
 
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vacationhopeful

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If I remember correctly you have seven days from the day you signed the contract. Call Wyndham:

..... <CLIP> .....Ask for the Fax # to send your cancellation too and just give a reason..i.e. second thoughts salesman too pushy whatever..

Resale is the way to go. I made this mistake and I just barely caught myself in time. Just get you request faxed in before midnight of that last day.

What are you recommending --- do YOU WORK for Wyndham? To rescind LEGALLY and where Wyndham MUST HONOR your cancellation, is what is DETAILED in the original contract and MUST be sent via CERTIFIED MAIL to the address in the paperwork. NOT FAXED, NOT via A PHONE CALL, NOT via a note stuck under or on the DOOR, not by mental telepathy ...

In Writing via Certified Mail - as written in your contract to that address. All you have to say is "I am exercising my right to rescinding the contract #12312345 signed on xx/yy/zzzz. Please REFUND all monies immediately and cancel the loan application for this purchase."

Keep a copy for yourself and the little GREEN Certified Mail receipt that the post office will stamp.

I would also add, "Do NOT CALL ME to ask why or to talk me out of this decision to cancel this contract.".

If you and your husband BOTH signed this paperwork, you MUST BOTH sign this cancellation notice.
 

ronparise

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Somewhere in the pile of paper you have is a purchase and sale agreement...above the signature block, probably in bold lettering is the right of rescission statement and directions.
 

ronparise

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Thanks everyone! Planning to figure out how to recind ASAP, but going to have to scour the contract to find that information!

My husbands concern is that we were told old points go by a different book and the contract we have is included RCI so we could stay more places and points are on a different system, does anyone know how to tell which points I would be purchasing?

Points are points..they use the same book in the same system, you use the same phone numbers and websites to make reservations and for your fees you get the same RCI account included

If you doubt this ok but you should still rescind....If it turns out we are all wrong just go back and buy from that wonderful salesman...the "deal" they offered you will still be available.

You came here because you had second thoughts...listen to that inner voice and listen to us..rescind and put that mortgage money into your kids college fund
 

massvacationer

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In what way do they function differently at a quantity less than 500,000 points

Plus Partners: you get this with a retail purchase and not with a resale purchase (you can use points for other stuff like hotels and cruises and you can use the RCI nightly stay feature......IMO these are obviously not worth buying retail)
 

Mjlajl

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Thank you for posting what the letter should include. I found the area in my contact that says I can send a letter, but it didn't state what the letter should say so this helps!! And I didn't think to have both of us sign it! Thanks again for your help, it is saving us a lot of money!!

What are you recommending --- do YOU WORK for Wyndham? To rescind LEGALLY and where Wyndham MUST HONOR your cancellation, is what is DETAILED in the original contract and MUST be sent via CERTIFIED MAIL to the address in the paperwork. NOT FAXED, NOT via A PHONE CALL, NOT via a note stuck under or on the DOOR, not by mental telepathy ...

In Writing via Certified Mail - as written in your contract to that address. All you have to say is "I am exercising my right to rescinding the contract #12312345 signed on xx/yy/zzzz. Please REFUND all monies immediately and cancel the loan application for this purchase."

Keep a copy for yourself and the little GREEN Certified Mail receipt that the post office will stamp.

I would also add, "Do NOT CALL ME to ask why or to talk me out of this decision to cancel this contract.".

If you and your husband BOTH signed this paperwork, you MUST BOTH sign this cancellation notice.
 

rrlongwell

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Thank you for posting what the letter should include. I found the area in my contact that says I can send a letter, but it didn't state what the letter should say so this helps!! And I didn't think to have both of us sign it! Thanks again for your help, it is saving us a lot of money!!

Depends on your finacial situation. If you can afford to go to Gold VIP or higher and like to travel a lot over the years. I would not recend, what you agreed to buy are VIP eligable points and can be supplemented later on to get the status. I would also just observe, some of the people saying recend are VIP status owners. Make you own decision. Also, you may want to bear in mind re-sellers have a vested interest in the sales pitch to recend and buy retail, this increases the pool of re-sale buyers. I feel sorry for people that follow that line and end up getting caught up in the timeshare re-sale world of problems. You may want to review threads on TUG where people have shared their problems in this regard.

Here are a few threads of many that you might want to review. The first one is of particular interest.

http://tugbbs.com/forums/showthread.php?t=168495
http://tugbbs.com/forums/showthread.php?t=167502
http://tugbbs.com/forums/showthread.php?t=169018
 
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