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Combined my points at Bonnet Creek

Wynfield

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I just got back from Bonnet Creek and combined all of my Bentley brook points into bonnet creek points and ended up buying 231,000 more points at Bonnet Creek. I did this to try and lower my MF. Do you think that this was the right decision? Should I rescind? Whats the best way to lower mf? TYIA
 

Caius

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I just got back from Bonnet Creek and combined all of my Bentley brook points into bonnet creek points and ended up buying 231,000 more points at Bonnet Creek. I did this to try and lower my MF. Do you think that this was the right decision? Should I rescind? Whats the best way to lower mf? TYIA
Short answer: Rescind now. Follow the instructions in your contract to the letter, including the way they want to receive it (i.e., if it says USPS, don't FedEx it).

Long answer: MFs will go up everywhere. Since Bonnet Creek is still in sales, the developer may be subsidizing the MFs, in order to make the points easier to sell. Once the resort is sold out, expect a jump. There's an example often quoted about someone who fell for the sales tactic of buying into a lower MF resort (Atlantic City), only to have the MFs there jump 30% the next year. Also ask yourself: how many years at the lower MF (assuming it stays lower, which it will not) will it take to recoup the tens of thousands of dollars I'm sure it cost you for those additional 231K points?

If you feel you need more points, do some research and buy a resale deed--by all means take your time and wait for one at a low MF resort. If you're chasing lower MFs, buying more points is not the way to do it.
 

lprstn

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Rescind. The only reason I would consider doing an equity transfer, is to get into the Hawaii resorts Outrigger club, because you have to have tons of points to use in that subsystem, and I go to Hawaii A LOT...also, when I was there (I didn't upgrade or do an equity transfer -- thanks to tugger's advice), but they offered the equity transfer if I only bought 105,000 points which cost about $15,900.

Sooooo, again, rescind, there is always time to do an "equity transfer", but doing it to save on mf's is not really a savings at all, not when you can purchase more points for dirt cheap, and still pay less per month that you would pay on a loan with Wyndham for the $15K-$25K that they are charging you with interest....When you do the math...you are really paying more... for a "fake paying less for MF's .. bull that the sales team is telling you."
 

bnoble

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Do you think that this was the right decision? Should I rescind?
No, yes. The savings in MFs is going to be way more than offset by the loss you take on that developer purchase once the ink dries.

Whats the best way to lower mf?
Get rid of the deed you have, and buy a lower-fee one from someone else resale. Depending on what you own and how high your MF/K ratio is, this could be tricky, but not impossible.
 

Wynfield

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I was told that they were cutting me a deal at $40k, saying it was originally $133k but that there was a glitch in the system and that we should have been offered this years before, hence the "locked in low price...". What is the going rate for 231k at Bonnet Creek via developer?
 

bnoble

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My understanding is $175/K is right around the current price. Or, just about $40,000.

You should never, ever attend an owner update meeting again.

Ever.

It's for your own safety.
 

Jya-Ning

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You are BC owner, you should have your MF and property tax already. Isn't property tax is close to $1 per 1K? You currently has 578.5k already. By adding 231k, you add your point total almost by 40%. Of the 578.5k, 194k is already in BC, so IMHO, you actually need to have BC tax + MF lower than 50% of your other properties, before you can actually say you pay less in the total MF, and that does not even consider you have to pay the purchase price.

And not to consider BC's MF could go up the same rate or higher than your other properties in next year. IMHO, unless currently BC's MF is free, and purchase price is $30 per 1K, I will rescind on this.

Jya-Ning
 

Caius

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I was told that they were cutting me a deal at $40k, saying it was originally $133k but that there was a glitch in the system and that we should have been offered this years before, hence the "locked in low price...". What is the going rate for 231k at Bonnet Creek via developer?
231 x $175 = $40,425...you fell for a sales lie. Developer going rate is irrelevant anyway, market price for 231k points will be around $2,310 or slightly higher if you really want BC.

My advice is to rescind this contract immediately and do some more research before making another purchase. And realize that sales will stoop to any low to get you to sign.
 

timeos2

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Weasel Lie Alert! SPEND to save. Yup, makes perfect sense

I just got back from Bonnet Creek and combined all of my Bentley brook points into bonnet creek points and ended up buying 231,000 more points at Bonnet Creek. I did this to try and lower my MF. Do you think that this was the right decision? Should I rescind? Whats the best way to lower mf? TYIA
???? Buying more ($40,000 "bargain deal") will LOWER your costs? Re-read that a few times and seriously consider what you are saying.

If you NEED more points, buy them resale (a TRUE bargain deal). Need to lower maintenance fees? Sell some (and find out why any retail purchase is no "bargain deal"). There is no guarantee that fees at BC are going to remain steady. In fact its nearly a guarantee they will go up to equal or more than you pay now as the resort starts to age.

This whole plan makes ZERO sense. Rescind now and really lower your costs. Then think about what you want to do with your current points.
 

AwayWeGo

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[triennial - points]
Forty Grand? For A Timeshare? No Way José.

I was told that they were cutting me a deal at $40k
I would have to be out of my helmet to pay $40,000 for a timeshare -- anybody's timeshare, anywhere.

Buy resale.

Save thousands.

Those saved thousands, BTW, will cover years & years of maintenance fees & still leave us well ahead.

For timeshares, resale is the only way to go.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

Wynfield

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Thanks everyone. I rescinded today. I know about resale, but i really wanted to combine all of my point contracts into one. My wife and I have discussed doing this for years, and just found that the time was right.
 
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