Hicoww
newbie
- Joined
- Dec 18, 2020
- Messages
- 9
- Reaction score
- 2
- Points
- 3
- Location
- Arizona
- Resorts Owned
-
Shell Vacation Clubs
Diamond Resorts International
Today, during an owners update (sales pitch), we were informed that since 2016, new purchases/additions of points transfer into a trust held by Diamond as a membership and your old deed/deeds/contract/contracts go away. Out of all the sales pitches we've been to in the last 4 1/2 years, this is the first time we have heard of this. If you bought points in 2016 or later and want to exit Diamond you can either turn it back to Diamond or have them sell your points (at a discounted rate of course) for a fee of $250. Diamond has first right of refusal on the sale. In our opinion, this is a better option than going through the foreclosure process and risking having a collection agency waiting to collect 7 years of past due mainenance fees plus interest. The Transitions Program also works but, it is $1000 per contract if Diamond will accept you into the program. We were willing to do this in order to buy more points, go to gold and still use Diamond for a while longer and then have and easy out with an outside (SLIM) chance of selling our points. We would be happy to just pay the $250 and happily exit. There are some caveats such as not renting out your points. Has anyone had any experience with this? We were told we don't have the 10-day right of recision (AZ) but, in our paperwork it states we do. We need some quick feedback to know if we did the right thing. Thanks in advance for any and all feedback!!