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Did we make a mistake with upgrading Sheraton TS based on the expectation that it’s easy to recoup $ based on renting out a week?

M

merlin803

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My wife already had a Sheraton TS which gave her basically a full week at locations that we normally use, using a 81,000 option plan. At an owner update meeting today, they were very convincing in explaining how their offer of .48 cent/option price could be used to convert to 4,360 Marriott points and easily rent out a week/year to use the money to cover our maintenance fee costs.

The bottom line is our annual cost (assuming renting out a week) would be about the same and we would end up with double the points left (basically two weeks of vacation instead of one).

So, I guess my question is, is this something that you guys commonly do? Redweek was used as an example of a site to use (expecting at least $250 in fees).

TIA
 
merlin803 said:
My wife already had a Sheraton TS which gave her basically a full week at locations that we normally use, using a 81,000 option plan. At an owner update meeting today, they were very convincing in explaining how their offer of .48 cent/option price could be used to convert to 4,360 Marriott points and easily rent out a week/year to use the money to cover our maintenance fee costs.

The bottom line is our annual cost (assuming renting out a week) would be about the same and we would end up with double the points left (basically two weeks of vacation instead of one).

So, I guess my question is, is this something that you guys commonly do? Redweek was used as an example of a site to use (expecting at least $250 in fees).

TIA
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Rescind immediately. You have a small number of days as stated in the contract to cancel. Do that.

If you need more vacation days, how you achieve that will vary depending on where you already own.
Paying the developer a bunch of money with the plan to rent out some days is not the way to do it. If it was that great, the developer will do it themselves instead of paying people to sell it to you.
 
You need to buy resale. The "options" they sell now can be had for free because they aren't worth much.

If you were going to spend $20K on that, consider a Westin Kierland Villas platinum season 2 bedroom with 148K Staroptions that are worthy of the $15-17K you will pay. Spend your money wisely, if you are going to buy more timeshare. Renting is never a guarantee.
 
Yes you made a mistake. You can correct that mistake immediately by rescinding immediately.
 
congrats on finding TUG in time to rescind and save 20 grand
 
We are actually still on site at the Sheraton until tomorrow afternoon, is it possible to do it here in person or is what I am reading about a formal mailed letter the only way?
 
The sales people have no authority to process a rescission, and in fact, they will try to undermine your efforts to save their commission. The safest way to rescind is by registered US Mail, following the instructions in your purchase Docs EXACTLY.

FYI: The last Vistana week I purchased was an every-other-year Westin Kierland Villas, high season, 2Bdm, purchased for $5,000 on the resale market (148,100 Staroptions every-other-year.)
 
Thanks you all, going over the contract now to understand the rescinding process, I assume this will also revert us back to our contract that we had prior to this upgrade.
 
merlin803 said:
Thanks you all, going over the contract now to understand the rescinding process, I assume this will also revert us back to our contract that we had prior to this upgrade.
Click to expand...
Yes
 
merlin803 said:
We are actually still on site at the Sheraton until tomorrow afternoon, is it possible to do it here in person or is what I am reading about a formal mailed letter the only way?
Click to expand...
Sheraton usually has an email address in the contract to rescind. If that is in there, do that. Then also follow it up with a USPS First Class letter (stamp) and add a Certificate of Mailing. Costs $3 at most at the post office. If you want some kind of tracking, then you want to consider USPS Certified Mail, but it can be slow.
 
dioxide45 said:
Sheraton usually has an email address in the contract to rescind. If that is in there, do that. Then also follow it up with a USPS First Class letter (stamp) and add a Certificate of Mailing. Costs $3 at most at the post office. If you want some kind of tracking, then you want to consider USPS Certified Mail, but it can be slow.
Click to expand...

Thanks, they did have an email, so we will email then follow up with the first class letter.
 
If you can email, cc: a few people you know.
 
You can even CC yourself or your wife's email or if your wife is sending it, CC yours.
 
merlin803 said:
My wife already had a Sheraton TS which gave her basically a full week at locations that we normally use, using a 81,000 option plan. At an owner update meeting today, they were very convincing in explaining how their offer of .48 cent/option price could be used to convert to 4,360 Marriott points and easily rent out a week/year to use the money to cover our maintenance fee costs.

The bottom line is our annual cost (assuming renting out a week) would be about the same and we would end up with double the points left (basically two weeks of vacation instead of one).

So, I guess my question is, is this something that you guys commonly do? Redweek was used as an example of a site to use (expecting at least $250 in fees).

TIA
Click to expand...
You made a mistake and this voodoo math. Rescind immediately.
 
JohnnyO said:
You are gonna make the tracking thread!!!! Congrats.

Hundreds of Timeshare Owners have found TUG & saved Millions of dollars cancelling timeshares!

8/2024 UPDATE: PASSED 23 MILLION DOLLARS IN CONFIRMED CANCELLATIONS! 1/2024 UPDATE: PASSED 22 MILLION DOLLARS IN CONFIRMED CANCELLATIONS! 8/2023 UPDATE: PASSED 21 MILLION DOLLARS IN CANCELLATIONS! This sticky will serve as a reference for threads from folks who found TUG in time to rescind...
tugbbs.com
Click to expand...
They did already. This goes to the post showing this thread.

Hundreds of Timeshare Owners have found TUG & saved Millions of dollars cancelling timeshares!

2/25 - HGVC - $15K https://tugbbs.com/forums/threads/just-bought-hgv-did-i-get-a-good-deal.371742/
tugbbs.com
 
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