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Did we make a mistake-Wyndham?

coffeyka

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Did we make the right choice?
So my husband and I went to a timeshare presentation for Wyndham resorts this weekend with no intention on buying anything. Of course the idea of locking in our travel rates for the rest of our life seemed appealing. Right now we do not have any kids and travel at least twice a year. Long story short for the grand total of around $18,000 we ended up with 105,000 points, and they are giving us enough points for 2 years to make us VIPs. We are also able to have as many RCI trips as we want for the rest of our lives (able to get a deal that wasn’t a part of “phase 2”). Sounds great and all but after signing we realized that 105,000 points are not able to buy hardly anything. We thought that maybe the RCI deal would make up for it but then we are still buying the RCI deal based on the bedroom size AND having to pay the maintenance fee every month (55x12=660 per year).

My question to the pros on here, did we make the right decision despite a low point number? Will the unlimited RCI trips every year make up for it? Should we go cancel? I keep seeing information on the site about buying points on ebay and not buying during presentaitons. Any guidance is appreciated.
-Signed really bad buyers remorse!
 

SmithOp

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Rescind as quickly as you can, resale prices are pennies on the dollar!

All the experts here will tell you it's never a good idea to pay developer prices because a lot of us did before we found TUG! :)
 

ronparise

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You answered your own question with your signature:
Signed really bad buyers remorse!

Rescind and buy on the resale market

You did not lock in your travel rate for the rest of your lives. I bet that worksheet they used to make that point(lie) didnt include maintenance fees. Maintenance fees get paid every year. and usually go up each year. In your case over $500 and you dont event get a week in most places for that

Wyndham is a great system. I own a lot of it and the maintenance fees are reasonable, but just dont pay developer prices
 

theo

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Rescind NOW!

<snip>....for the grand total of around $18,000 we ended up with 105,000 points, and they are giving us enough points for 2 years to make us VIPs. <snip>
As a point of comparison, I gave away for free a 182,000 Wyndham points ownership -- and was glad and grateful to even find a willing taker at all. I had paid next to nothing for that ownership (in the resale market) in the first place. Do you really want to part with $18,000.00 for considerably fewer points? :eek:

Take a look at "Bargain Deals" on TUG. I'm betting that on any given day you'll find several Wyndham points packages (with more points than you've just purchased) being offered for little or nothing (i.e., for free) --- with the "seller" often even offering to pay all of the closing costs and transfer fees to "shed" the ownership.
All I can say in summary is that this is definitely not $18k well spent. It's a serious mistake, but it's still "reversible error". I'd rescind immediately, personally, then buy only in the resale market --- if at all.
 
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One other point no one brought up... you do NOT get "unlimited" RCI stays. You MUST have a minimum number of Wyndham points to deposit, and you MUST pay the transfer fee for each stay. Your "Program Fee" (which is included in your MFs) pays the monthly RCI fee.

TS
 

Rent_Share

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Did we make the right choice?
So my husband and I went to a timeshare presentation for Wyndham resorts this weekend with no intention on buying anything.
Without reading any farther

YES YOU DID

RESCIND NOW
 

csxjohn

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Yes, you did make a mistake, an $18,000 one.

Please rescind now then come back to get more knowledge before you consider buying.

Welcome to TUG.
 

timeos2

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Did we make the right choice?
So my husband and I went to a timeshare presentation for Wyndham resorts this weekend with no intention on buying anything. Of course the idea of locking in our travel rates for the rest of our life seemed appealing. Right now we do not have any kids and travel at least twice a year. Long story short for the grand total of around $18,000 we ended up with 105,000 points, and they are giving us enough points for 2 years to make us VIPs. We are also able to have as many RCI trips as we want for the rest of our lives (able to get a deal that wasn’t a part of “phase 2”). Sounds great and all but after signing we realized that 105,000 points are not able to buy hardly anything. We thought that maybe the RCI deal would make up for it but then we are still buying the RCI deal based on the bedroom size AND having to pay the maintenance fee every month (55x12=660 per year).

My question to the pros on here, did we make the right decision despite a low point number? Will the unlimited RCI trips every year make up for it? Should we go cancel? I keep seeing information on the site about buying points on ebay and not buying during presentaitons. Any guidance is appreciated.
-Signed really bad buyers remorse!
No, you did not make the right decision. You bought a good system as others pointed out (Wyndham) but you are buying it wrong. In 7-10 days (when the right to rescind with no financial obligation ends) you will have committed to paying $18,000 (plus interest if you are financing that) for 105,000 points (not enough!!) that you can get for free. Yes free. That small amount of points is virtually useless for use or resale value.

You can find what you'd really need to own - 225,000 to 280,000+ - fr a few hundred dollars to maybe $1500 tops at resale. Everything else you'd get with your current purchase would also be in your resale purchase EXCEPT the bonus points "to make you VIP temporarily". You'll pay the same annual fees (but for more points if you decide to buy more) and you'll get to use the same resorts & RCI just like the retail points. You just pay less. MUCH less.

You picked a good system now rescind and buy it right. Or research more to make sure that is the best system for you (it IS a good one & I have no problem recommending it for you as a new timeshare owner). It is a TERRIBLE system (as in poor value) at reatil. I cannot recommend it to anyone if they plan to pay retail.

Good luck - I hope you take the advice & you are lucky to have found TUG in time!
 
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hjsweet2002

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Wyndham

We made the same mistake summer of 2011. We were going to pay about 18,000 for 126,000 points. We were told that this was plenty of points for what we needed. When we got back to the hotel, we read the material and found out that that wasnt even enough points for one week where we wanted to be. I noticed a resale place not to far from where we bought from Wyndham. He told us he could get us twice the points for less than a third of the cost. He advised us to rescind immediately. We did and bought the points from him. When we got back home, I found TUG. I realized that even what I paid him was too much. I have bought over 500,000 points on Ebay for less than $1500. Follow the advice given above.

Thank God for TUG!
 

coffeyka

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Thank you all!!

Whew! I'm so glad that I found TUG in time. You all are such a great help. I came home from work and my husband and I were amazed at how many responses we had. You were correct that the maintenance fees were not apart of their calculation. When you add that in it really is a killer.

So next question...I will call them to resend the contract (I assume the customer service number in the book). Buying points resale sounds like a much better option. Do we cancel everything? How are we able to buy points from others if we are not "owners" through them or do we not need to be in order to buy and use points from others? Just want to make sure that I follow the next steps correctly so that I can still buy and use points appropriately.

Thanks again!
-Feeling much better!
 

timeos2

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So next question...I will call them to resend the contract (I assume the customer service number in the book). Buying points resale sounds like a much better option. Do we cancel everything?
NO CALLS!!! Find the instructions to rescind n your paperwork and follow it EXACTLY. You will write a very simple letter with the contract number & stating you are exercising your legal right to rescind. You will sign it with the same mames that appear on the purchase and send it USPS receipt requested (to prove you mailed it on time & that they got it).

How are we able to buy points from others if we are not "owners" through them or do we not need to be in order to buy and use points from others? Just want to make sure that I follow the next steps correctly so that I can still buy and use points appropriately.
!
If you buy points you get your own account when they are transferred to you. If you want to try it by renting (good idea) then you use the other account for that trip.

Congratulations! You nearly made a huge error!
 

csxjohn

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Whew! I'm so glad that I found TUG in time. You all are such a great help. I came home from work and my husband and I were amazed at how many responses we had. You were correct that the maintenance fees were not apart of their calculation. When you add that in it really is a killer.

So next question...I will call them to resend the contract (I assume the customer service number in the book). Buying points resale sounds like a much better option. Do we cancel everything? How are we able to buy points from others if we are not "owners" through them or do we not need to be in order to buy and use points from others? Just want to make sure that I follow the next steps correctly so that I can still buy and use points appropriately.

Thanks again!
-Feeling much better!
DO NOT CALL THEM!!!

Follow the rescind instruction in your paper work and follow them exactly.

Also do not accept any calls from them once you send your letter.
 

coffeyka

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How to cancel with Wyndham? Just signed yesterday.

I'm posting a lot today :) Yesterday my husband and I bought a Wyndham package and realized after signing that we made a mistake (and had it confirmed thanks to the fine folks on TUG).

So, how do we go through the process of rescission with Wyndham? Does anyone know of a phone number or who we contact? I know the clock is ticking and we want to make sure that we do this right. Thanks for your help and we look forward to buying points and doing timeshare...the right way!
 

csxjohn

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I'm posting a lot today :) Yesterday my husband and I bought a Wyndham package and realized after signing that we made a mistake (and had it confirmed thanks to the fine folks on TUG).

So, how do we go through the process of rescission with Wyndham? Does anyone know of a phone number or who we contact? I know the clock is ticking and we want to make sure that we do this right. Thanks for your help and we look forward to buying points and doing timeshare...the right way!
You did not need to start a new thread. You are getting good info in your other thread.

The best way is to read your contract and follow the instructions. They are most likely near the end in small print.

If you don't have your contract or really can't find the info do a search here on TUG as others have printed the address out before. The problem is that if the address has been changed, the old info is of no use to you.

Again, do not call them.
 

timeos2

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There is a sheet in your paperwork with the instructions to rescind. Follow that exactly. Do not call - that does no good and only lets them try to prevent you from rescinding. You will write a simple letter with the contract number stating you are using your legal right to rescind. You will be mailing it with proof of delivery both to establish your mailing date and to prove they got it.

Congratulations on acting in time. Far too many find out too late.
 

coffeyka

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more great advice!

DO NOT CALL THEM!!!

Follow the rescind instruction in your paper work and follow them exactly.

Also do not accept any calls from them once you send your letter.
Thank you! I looked frantically through my paper work and found the right to cancel. We have five days to do it and will send certified mail.

I'll be sure not to answer any calls from strange numbers :)
 

AJFLo

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I'm so glad I found Tug before I decided to buy more points for my timeshare. I pad too much to begin with but it wasn't a huge amount. Live and learn.

Excellent advice in this thread.
 

taffy19

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Whew! I'm so glad that I found TUG in time. You all are such a great help. I came home from work and my husband and I were amazed at how many responses we had. You were correct that the maintenance fees were not apart of their calculation. When you add that in it really is a killer.

So next question...I will call them to resend the contract (I assume the customer service number in the book). Buying points resale sounds like a much better option. Do we cancel everything? How are we able to buy points from others if we are not "owners" through them or do we not need to be in order to buy and use points from others? Just want to make sure that I follow the next steps correctly so that I can still buy and use points appropriately.

Thanks again!
-Feeling much better!
You have a reason to feel much better. :) I am so happy for you that you found TUG before your right of rescission period ran out.
 

LannyPC

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Of course the idea of locking in our travel rates for the rest of our life seemed appealing.
When you buy a timeshare, whether retail or resale, the only thing you "'[lock] in...for the rest of [your] life" is the payment of ever-increasing maintenance fees.

Even if owning a timeshare did "[lock] in...travel rates", at best, all you would be "locking in" would be the cost of your accommodations. It does nothing to protect you from the increase in airfares, car rentals, luggage fees, gasoline, cost of activities on your vacation, etc.

I take it the salesperson somehow forgot to factor in those points when calculating how much you would pay for a vacation by owning a timeshare.
 

LannyPC

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Oops! I neglected to read your post stating that you would rescind. Good on ya! Once the rescission is official, the general mantra here on TUG is to take a few months to read on these boards the ins and outs of buying and owning a timeshare before you decide to buy.

Another possibility (again, one I'm sure the salesperson neglected to mention) is to rent from owners at that place. If you look, you just might be able to find rentals for less than what the owner is paying (and what you would be paying of you owned) in MFs.

You'll also have the option of "try before you buy" and, if you wish to vacation at a different place, you'll probably be able to find a rental there more easily (and economically) than exchanging through an exchange company.
 

Jaybee

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Coffeeka, I, too, am so happy that you found Tug in time to rescind. You're luckier than a lot of us, who over paid, (Some more than once) before finding our way here.
Now that you have saved all that money, you can relax, and look through the threads here. There is a wealth of information, and go to the Lounge, where we discuss many different subjects.
Welcome to Tug. Finding it was a lifesaver for us. It's another built-in family. :)
Jean
 

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Why does it matter where you buy if you are just going to vacation at different places using points?? I was thinking LV due to low MF's and plan on staying at different places all the time...??:doh: If Wyndham has a place where I want to go, I guess I figured I would just stay there.....no trading required!!
 

ronparise

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Why does it matter where you buy if you are just going to vacation at different places using points?? I was thinking LV due to low MF's and plan on staying at different places all the time...??:doh: If Wyndham has a place where I want to go, I guess I figured I would just stay there.....no trading required!!
The reason to buy points deeded at a certain resort is because of the advanced reservation priority. For example, Glacier canyon and Myrtle Beach are difficult reservations without ARP.

If you don't have needs like these buy where you get the best mf at the best price
 
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