Do you get Marriott Rewards Points for financing a new Marriott Timeshare

[icydog]

Do you get Marriott Rewards for the money used to finance a Marriott timeshare?


Right now if I finance $30,000 (my loan total) for at least 6 months I will get 240K Rewards points from Marriott.

Plus if I pay for the loan using my Marriott Rewards Visa will I get
$30,000 x 5 (5 rewards points to a dollar promotion) = 150K Rewards Points? Will the 5 to 1 promotion be applicable to this type of sale?

 

[LUVourMarriotts]

If you really do get 5 points per dollar, you would really get 268,755 points because you'd be paying $53,751 over the life of a 10 year loan at 13%.

Plus, they will give you 50,000 points for every 6 months you are financing through them, so that is another 1,000,000 points.

If financing, I'd rather pay $41,116 over 10 years with a 6.9% interest, which you could get a HELOC for, or somewhere close (maybe better).

 

[camachinist]

Unless something has changed recently, one can't pay the loan payments with a VISA card. I've never seen that option. You can pay the MF's with the MAR VISA and get up to 5 MRP's/$. Not sure if that applies to some foreign resorts.

Pat

 

[chuck1955]

Use to be 3 months

I think Pat is correct about not being able to make Marriott loan payments with your credit card. With regards to the additional points received for financing thru Marriott, it was a minimum of 3 months 2 years ago. Did that change to 6 months? The trick to minimize your interest cost at 13% was to pay most of it with the 1st payment, and leave enough for the 2nd and 3rd payments to pay it off. Guess Marriott decided they weren't making enough from it....

Chuck

 

[GaryDouglas]

For some locations the minimun is 3 months, others 6 months. As an example, MOC is 6 months but Timberlodge is 3 months. I was told when at MOC that the MRV could be used to make payments, automatically. You may have to contact Marriott on this one directly to be sure.

 

[Zac495]

Unless something has changed recently, one can't pay the loan payments with a VISA card. I've never seen that option. You can pay the MF's with the MAR VISA and get up to 5 MRP's/$. Not sure if that applies to some foreign resorts.

Pat

Yes, i was told that you can set up monthly automatic payments with your Marriott Visa. 25,000 pts per 6 months plus the points for the payment...

 

[icydog]

I didn't know about the automatic payment thing. How do I set that up. I guess they will know. I checked with Visa and as long as it says Marriott on it someplace they will give me the promotion of 5 to 1. I am sending the paperwork in today. Thanks for the replies.

 

[camachinist]

Anyone with experience setting this up? I'll contact finance and see if it is an option for existing loans (not new sales). I just don't see any option for on-demand CC payments, just ACH.

IIRC, when we bought a few years ago, it was possible to put the whole purchase on the Marriott VISA. Too many MRP's must've been flying out the door, because they subsequently killed that program.

If this is a change, IMO it's another signal of a softening market (and the devaluation that I'm often criticized for predicting)......

Pat

 

[potchak]

Unless something has changed recently, one can't pay the loan payments with a VISA card. I've never seen that option. You can pay the MF's with the MAR VISA and get up to 5 MRP's/$. Not sure if that applies to some foreign resorts.

Pat

Actually, according to the presentation I went to last month, this is a new feature that you can make your payments on your MR Visa, but only if you set it up at purchase, and only on the one that is the points every 6 months.

They do offer 2 type of loan programs. The one that you can pay off in 3 months (usually eligible for 150K points at the end of the 3 months of payments) and the one that gives you 50K points every 6 months you hold the loan with them, which is the one you can have your payments set up to your MR Visa.

 

[camachinist]

Sounds like Marriott is seeing an opening, as easy money begins to dry up, to incent more developer purchases. After all, since they essentially hold all the cards, it isn't hard to "foreclose" if someone gets in over their head.

I wonder if this isn't all part of the "taking it internal" strategy. Hmmm...

Pat

 

[icydog]

Actually, according to the presentation I went to last month, this is a new feature that you can make your payments on your MR Visa, but only if you set it up at purchase, and only on the one that is the points every 6 months.

They do offer 2 type of loan programs. The one that you can pay off in 3 months (usually eligible for 150K points at the end of the 3 months of payments) and the one that gives you 50K points every 6 months you hold the loan with them, which is the one you can have your payments set up to your MR Visa.

I am getting 100K points for the loan but it must stay in loan status for 6 months. what you were offered 150K for 3 months is a better deal.
In total they are offering 240K points for the deal with financing. Without financing they'll give me 140K. We made up our minds to finance but to pay it off in one large payment and then 5 smaller payments to keep interest at a minimum. We figured out with the highest downpayment and the highest initial loan payment we will pay over $450 for the interest on the loan.