Downsizing ?

[BamaBlue]

I have been thinking about downsizing and getting out of debt...
I found this site too late to save a ton of money by buying resale. Anyway, I purchased 512K CWA from Wyndham (Grandfathered Gold VIP) and still owe around 9K on it. Do you think Wyndham would possibly take a trade in of the 512K CWA points for say a 308K Panama City deed and wipe out some of the 9K debt? I know on the resale market, 204K points would only bring 1700 to 2000, but Wyndham prices would be much more... Just wondering your thoughts?

 

[ronparise]

I would wait a couple of months. If CWA points go back to where they were last year you may be able to sell them for the 9k you owe

 

[am1]

I doubt Wyndham is in to exchanging a larger contract to a smaller one and wiping out the debt. They want you to keep paying.

 

[vacationhopeful]

I have been thinking about downsizing and getting out of debt...
.... Anyway, I purchased 512K CWA from Wyndham (Grandfathered Gold VIP) .....trade in of the 512K CWA points for say a 308K Panama City ....

BIG THOUGHT ... you would LOSE ALL YOUR VIP .. as that is below the NEW 400K points brought directly for Silver VIP when you traded for the 308K Panama City.

So out 9K of debt ... but paying for RTs and HKs AND all GCs after the first one.

9K in debt is 6 rented reservations at $1500 per week.

As for dropping the GOLD VIP to nothing ... prior money spent will NEVER come back. It is sunk cost.

As for the remaining $9,000 loan balance ... you get 9 additional Guest Certificate per year as a GOLD member ... $900. You get unlimited HKs and RTs yearly .... those are USED more when doing short term stays over the 7 night stays ... getting close to retirement? Using midweek stays or travelling down the road? Have family members joining you for a few day? Plus the GOLD has discounted stays at 35% off at 60days before check in and free unit upgrades at 45 days of checkin ... those are points stretchers and VALUE enhancers...

Giving up a lot of retirement VALUE after paying MOST of the cost of this product.

Basicly, could the GOLD VIP benefits pay off more than $190 per month for the next 4 years? $9000 paid out over 48 months. Lower the interest rate that Wyndham is charging you.

Now, if you can't afford the MFs .... either get a partner (a family member to be a joint owner), rent the membership to a points broker or DUMP the WHOLE idea & bail out of timeshare ownership ... RENT a vacation once a year off the LMR thread.

 

[OutSkiing]

BIG THOUGHT ... you would LOSE ALL YOUR VIP .. as that is below the NEW 400K points brought directly for Silver VIP when you traded for the 308K Panama City.

So out 9K of debt ... but paying for RTs and HKs AND all GCs after the first one.

9K in debt is 6 rented reservations at $1500 per week.

As for dropping the GOLD VIP to nothing ... prior money spent will NEVER come back. It is sunk cost.

As for the remaining $9,000 loan balance ... you get 9 additional Guest Certificate per year as a GOLD member ... $900. You get unlimited HKs and RTs yearly .... those are USED more when doing short term stays over the 7 night stays ... getting close to retirement? Using midweek stays or travelling down the road? Have family members joining you for a few day? Plus the GOLD has discounted stays at 35% off at 60days before check in and free unit upgrades at 45 days of checkin ... those are points stretchers and VALUE enhancers...

Giving up a lot of retirement VALUE after paying MOST of the cost of this product.

Basicly, could the GOLD VIP benefits pay off more than $190 per month for the next 4 years? $9000 paid out over 48 months. Lower the interest rate that Wyndham is charging you.

Now, if you can't afford the MFs .... either get a partner (a family member to be a joint owner), rent the membership to a points broker or DUMP the WHOLE idea & bail out of timeshare ownership ... RENT a vacation once a year off the LMR thread.

I agree that keeping the VIP Gold status you've almost paid for is far better than 308000 points as a non VIP member. The 35% discount gives you the equivalent of 787k points (if you could discount all stays which you can't realistcally) and if you take advantage of some upgrades from 1 bedrooms to bigger units you are getting more value. We overpaid for Gold like you and would never give it up. We've since bought resale and all the resale points still take advantage of the VIP status you already paid dearly for.

1 and 2 night stays on the way down to Panama Beach and the way back really make you feel like a king. Often we get discounts and upgrades more easily on the short stays.

And CWA gives you ARP at 75+ resorts. CWA maintenance fees are not bad either.

Bob

 

[BamaBlue]

Thanks for the replys... gives me lots to think about...

 

[Ty1on]

BIG THOUGHT ... you would LOSE ALL YOUR VIP .. as that is below the NEW 400K points brought directly for Silver VIP when you traded for the 308K Panama City.

So out 9K of debt ... but paying for RTs and HKs AND all GCs after the first one.

9K in debt is 6 rented reservations at $1500 per week.

As for dropping the GOLD VIP to nothing ... prior money spent will NEVER come back. It is sunk cost.

As for the remaining $9,000 loan balance ... you get 9 additional Guest Certificate per year as a GOLD member ... $900. You get unlimited HKs and RTs yearly .... those are USED more when doing short term stays over the 7 night stays ... getting close to retirement? Using midweek stays or travelling down the road? Have family members joining you for a few day? Plus the GOLD has discounted stays at 35% off at 60days before check in and free unit upgrades at 45 days of checkin ... those are points stretchers and VALUE enhancers...

Giving up a lot of retirement VALUE after paying MOST of the cost of this product.

Basicly, could the GOLD VIP benefits pay off more than $190 per month for the next 4 years? $9000 paid out over 48 months. Lower the interest rate that Wyndham is charging you.

Now, if you can't afford the MFs .... either get a partner (a family member to be a joint owner), rent the membership to a points broker or DUMP the WHOLE idea & bail out of timeshare ownership ... RENT a vacation once a year off the LMR thread.

This advice is spot-on, imho.