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Buyer Guide [Rescinding Developer purchase]

jcarter.jc8

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Hello,

Me and Wife bought 7000 credits for $15,000 + ~$600/yr maintenance fee, 2 days ago. I'm trying to find out if we should rescind within the 5 day we have. I think the answer is definitely yes.
My wife still thinks the program is good, mainly because they included 2 week long "fantasy trips" (costing about $250/per).
I was on sellmytimesharenow dot com and see WAY better deals for timeshares that have a "home resort" but similar prices i.e.http://www.sellmytimesharenow.com/timeshares/index/content/details/AdNumber/2082181/sale/ for timeshare that dont have a home resort ("Multi-Destination")

I believe we dont have a home resort, therefore is the deal we got really bad. How can we get a good deal on vacation ownership, because we really like the idea? My wife was concerned about the process of buying resale and about the safety in buying resell.

Thank you all so much for this forum it is going to save us if we dont have a good deal.

Edit: its a Worldmark timeshare. I think that makes a difference. I see there is a sub forum for worldmark, so please move thread if it should be.
 
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DaveNV

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Rescind while you still can. It will save you THOUSANDS. Everything they promised you can be found on the resale market for pennies on the dollar - and sometimes even for free. Follow the directions to the letter, so you're sure the rescission is done correctly. Don't delay, time's counting against you.

If you later decide you REALLY want to spend $15K for what they promised, you can always buy it again. But once you are educated about your choices, you'll see that it's a fool's errand.

Good luck!

Dave
 

ronparise

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Worldmark is not free.

You will pay under 50 cents a a credit for what Wyndham is selling for over $2
 

jcarter.jc8

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Thank you so much everyone. $15k+ is a lot of money. I mailed the termination form and a letter 1 day express with signature required. I will give a follow up call Monday to verify they got it and find out how long till we get confirmation that it was cancelled.
If there is anything else someone can think we should do let us know. Or what we should expect to here from Wyndham.

Now time so find an account for resale. The wife really likes the program..
 

ronparise

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Thank you so much everyone. $15k+ is a lot of money. I mailed the termination form and a letter 1 day express with signature required. I will give a follow up call Monday to verify they got it and find out how long till we get confirmation that it was cancelled.
If there is anything else someone can think we should do let us know. Or what we should expect to here from Wyndham.

Now time so find an account for resale. The wife really likes the program..

It really is a great system
 

DeniseM

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Thank you so much everyone. $15k+ is a lot of money. I mailed the termination form and a letter 1 day express with signature required. I will give a follow up call Monday to verify they got it and find out how long till we get confirmation that it was cancelled.
If there is anything else someone can think we should do let us know. Or what we should expect to here from Wyndham.

Now time so find an account for resale. The wife really likes the program..

DO NOT CALL - that is exactly what they want you to do so they can go into overdrive and convince you not to rescind. The sales person will say whatever it takes to save their commission, so calling them and opening that door is a big mistake.

There is zero reason to call - a telephone call has no legal standing, so no matter what they tell you - IT DOES NOT MATTER. Rescinding is a legal right, established by state law, and if you rescind in a timely manner - they have to comply.

Assuming that you used a trackable method to mail your letter, all you should do now is file your copies and WAIT, for the refund, which may not come for 30 days or so.

A few months ago, we had a guest who insisted on calling their sales person, who lied to them, told them they could not rescind, they still owed the money, etc. etc. Although we advised them that calling was the wrong thing to do, and that they had been lied to, they got totally drawn into the trap, and kept calling - only to be lied to and mislead some more - until the person was a miserable, confused, wreck.

DO NOT CALL!
 
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sue1947

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You were correct to rescind. Now take your time and research to sort out what you want. Timeshares come in lots of variations. Some are week based with a specific 'home' resort, some are points based where you spend your points from a choice of resorts and some are a combination.

Based on your answers in your other thread, WM may not be a good fit. I am a Worldmark owner and like it alot. However, it is mid-range in quality; 3* not your desired 5* resort. It is a very good trader, but the places you want to trade into don't have many timeshares so the trades will be tough. This is especially true if you want to travel in summer when all the other US timeshare owners want to travel as well. WM is mostly a Western US timeshare so your desire to have a Miami location is a non-starter.

WM is a points based timeshare and doesn't have a home resort. You get credits each year and spend those on whichever resorts you want within the system. However, you are competing with all the other WM owners who want those same locations at that time. With your stated desire to travel mostly in the summer, you will find it difficult to make a reservation at some popular spots. I bought my first WM account from a co-worker who was very upset that he couldn't get his desired summer week on the Oregon Coast anymore. That was over 10 years ago and the competition has gotten worse.

If you want to pursue WM, then wmowners is the best source of information on that system. However, if you are on the East coast, then I suggest you look at other systems. It will boil down to what is most important to you; saving money or the high quality plus locations.

Sue
 

Marathoner

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Worldmark is a great system

I agree that Worldmark is a great system. I also own timeshares in Starwood, Hyatt, and Marriott. And they each have their different strengths and weaknesses. But I probably value my Worldmark ownership more than the others due to its flexibility to get the most out of the specific vacations that I am seeking.

WMOwners, WMTSInfo, and the Facebook WorldmarkTheClub sites are all very useful sites for more information on Worldmark.

I agree that buying resale is the way to go.
 

jcarter.jc8

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10-4, I WILL NOT CALL thanks. I sent the letter 1 day express certified, so I will just wait for my refund and keep researching. Looks like VM is definitely not the best/first choice, maybe it could complement another timeshare.

We do want 4-5*, but if 3-4* timeshare = 4-5* hotel then...

Sent from my SAMSUNG-SM-G900A using Tapatalk
 

DeniseM

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We do want 4-5*, but if 3-4* timeshare = 4-5* hotel then...

A 3-4* timeshare will not equal a 4-5* hotel room.

If you want consistent 4-5* quality, you will need to go with one of the hotel affiliated timeshare systems like Marriott, Starwood, Hilton, Hyatt, etc.
 

sue1947

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10-4, I WILL NOT CALL thanks. I sent the letter 1 day express certified, so I will just wait for my refund and keep researching. Looks like VM is definitely not the best/first choice, maybe it could complement another timeshare.

We do want 4-5*, but if 3-4* timeshare = 4-5* hotel then...

Sent from my SAMSUNG-SM-G900A using Tapatalk

Rent at various places before buying to sort out what you want. Timeshares are all condos which, to me, trumps any motel room of any quality. However, if you want high end finishes and a resort feel, then you want the name brand high end timeshares. If you want a place to stay while you explore on your own, then you can lose a few stars. Worldmark has condos with a full kitchen and washer dryers in good locations, but they have formica countertops and don't have activity directors or lots of resort activities. They have a pool and usually a room with some video games or a pool table, but they are a base from which you explore outside of the resort. The Marriotts etc will have high end finishes but also more of a resort feel with multiple pools, an activity area for kids and will be a place you can go and relax and spend your time at the resort.
Rent at a couple of resorts in different systems to sort out what you want. Timeshares come in a lot of variations from old and tired to new and fancy, from a condo complex in a neighborhood to a purpose built resort etc.

Sue
 

sparty

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Rent at various places before buying to sort out what you want. Timeshares are all condos which, to me, trumps any motel room of any quality.

Sue

Yes - but some are regular Town homes and some are fully detached single residences or chalets.. Marriott has experimented somewhat with this - Lakeshore Reserve for example which is Townhouse "like".

I find the varied style of residences with some timeshare systems to be very appealing.
 
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LLW

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Welcome to WM!

WM itself may not have many 5-star resorts (it does have some, but not many), but it gives you access to many 5-stars via exchanges, at low cost. There is a learning curve, because the program is so flexible. But there are lots of fellow owners willing to help and teach, as you may see on Wmowners.

But it is better/easier to own where you will use. For that objective, WM has over 80 resorts itself, that you may book directly. Quite a few of those are in the Eastern half of the country. Most of those resorts are clean, strong resorts - they just don't have granite counter tops, stainless steel appliances, or various resort activities (somehow I doubt that those are what you are primarily looking for).

The only time I would almost advise "don't buy WM" is when you only travel in the Eastern half of the country. Otherwise, WM is a great program that
1. is much more reasonably priced than some of the more higher-end brands
2. is more flexible and you may start out small and add on or rent credits if desired
3. has many strong owner education web sites and communities

Here's a previous post of mine on "why Worldmark"
http://tugbbs.com/forums/showpost.php?p=1725311&postcount=7

P.S. WM has no home resorts, period. Some resale ads advertise a home resort, only because of ebay requirements. "No home resorts" does have pros and cons, however.
 

presley

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If you truly like 5 star hotels, you need to buy a timeshare that is affiliated with a 5 star hotel brand.

Just some info on stuff that you can get at a 5 star hotel that you can't get at most timeshares:

Housekeeping
Valet parking
Bell Hop/Luggage assistance
Room service
Concierge ( a real one and not the fake ones that are just there to book timeshare presentations)
Bar/lounge
Restaurant

While Worldmark is a good system with many great locations, if I wanted any of the above, I'd avoid Worldmark like the plague. Even most hotel chain timeshares don't have most of the above.
 

LLW

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:whoopie:
10-4, I WILL NOT CALL thanks. I sent the letter 1 day express certified, so I will just wait for my refund and keep researching. Looks like VM is definitely not the best/first choice, maybe it could complement another timeshare.

We do want 4-5*, but if 3-4* timeshare = 4-5* hotel then...

Sent from my SAMSUNG-SM-G900A using Tapatalk

If you truly like 5 star hotels, you need to buy a timeshare that is affiliated with a 5 star hotel brand.

Just some info on stuff that you can get at a 5 star hotel that you can't get at most timeshares:

Housekeeping
Valet parking
Bell Hop/Luggage assistance
Room service
Concierge ( a real one and not the fake ones that are just there to book timeshare presentations)
Bar/lounge
Restaurant

While Worldmark is a good system with many great locations, if I wanted any of the above, I'd avoid Worldmark like the plague. Even most hotel chain timeshares don't have most of the above.

I agree - most 5-star hotel chain timeshares don't have most of the above listed amenities. I think we need Mr. Carter to specify what it is that is "5-star" that they want. I am not sure if it's not something the salesperson described as 5-star service that a WM timeshare would have that they can't get from a 3-4 star hotel. Now that they have rescinded, they would have the time and space to do the needed research.
 
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