Exit plan for Worldmark in some time

[ski_sierra]

My question is slightly different than the ones being asked recently.

Currently, WorldMark has value. But with special assessments and mainteinace dues compouding at a much higher rate than inflation, I think in a few years, WorldMark stays won't be valuable like they are today. I think the dues have gone up by aroudn 50% since I purchased WorldMark in 2019. I have certainly got my money's worth.

When I bought WM, they were taking back contracts if you were done with them. But now they are no longer doing that.

I had also read some discussions about resorts in FL, CA, CO; where if you can't find a buyer or the developer won't take it back, you can default without worrying about your credit history.

I'm not even close to retirement, and I may move and buy another house in the future so I want to maintain my credit. I wonder if I should just return the accounts back when they start accepting again. It just seems too risky with the way Wyndham is managing WorldMark.

 

[CO skier]

1) The WorldMark dues are up 36% since 2019 -- a 4.6% annualized rate of increase. This is in line with the inflation of other accommodations. For 20 years, there have been predictions of WorldMark "imploding" due to dues inflation and "credit inflation." WorldMark is still a good deal compared to comparable alternatives, and will likely remain so for the next 20 years. ymmv

2) WorldMark is a club membership. WorldMark just cancels the membership after 3-6 months of non-payment. If there is no loan, it is highly unlikely to affect a credit rating.

3) I recently advertised a WorldMark ownership on TUG for free (the $399 cost of the transfer). I was surprised at the immediate interest and gave away a second ownership as a result. (Downsizing a little after discovering RCI and Interval International cash getaways,)

 

[ChrisandBeth]

I have owned Worldmark since 2009. Two accounts, both resale, totalling 40,000 points. Until recently I have always been in the "to borrow" column, even while using cash options like Monday Madness and Inventory Specials. Yes, fees have gone up, but if you compare them to hotels + restaurants Worldmark units are still both less expensive and more expansive. When I choose to Stateside travel again I will happily provide an exit venue for unwanted accounts.

 

[VacationForever]

If Worldmark does not have your SS#, can they report you to the credit bureaus for non-payment of dues?

 

[TUGBrian]

based on what ive seen, the reporting of defaults on maintenance fees more often than not comes from a 3rd party collections agency that the debt is sold to or similar....vs the resort systems itself.

every resort/system seems to have a different policy on how they handle defaults.

 

[easyrider]

If Worldmark does not have your SS#, can they report you to the credit bureaus for non-payment of dues

Yes, they can use identifiers like your name, address, credit card info, address, email and phone number to report to cra's.

Bill

 

[daviator]

I called WM today to inquire about their exit program. As most of you probably know, the answer was that they are not currently taking back Worldmark points but maybe they will do so at some point in the future.

They recommended a couple of timeshare brokers, Fidelity Real Estate being one of them. I looked at their website, they have lots of listings, most of which are priced unrealistically high and are never going to sell. Does anyone know if they are actually successful in finding buyers for timeshares which are priced right, and what they charge? (Yes, I could call them, but am loathe to do that without more info.) I'm thinking Worldmark points probably aren't worth more than 10¢ each, maybe less. I'd happily pay them a small commission if they could find me a buyer at almost any price and facilitate a quick transfer. They claim that they don't take any money unless the timeshare sells.

I've gotten a few responses to my TUG ad, but none of them seem to be serious and some of them have probably been scammers.

 

[easyrider]

I called WM today to inquire about their exit program. As most of you probably know, the answer was that they are not currently taking back Worldmark points but maybe they will do so at some point in the future.

They recommended a couple of timeshare brokers, Fidelity Real Estate being one of them. I looked at their website, they have lots of listings, most of which are priced unrealistically high and are never going to sell. Does anyone know if they are actually successful in finding buyers for timeshares which are priced right, and what they charge? (Yes, I could call them, but am loathe to do that without more info.) I'm thinking Worldmark points probably aren't worth more than 10¢ each, maybe less. I'd happily pay them a small commission if they could find me a buyer at almost any price and facilitate a quick transfer. They claim that they don't take any money unless the timeshare sells.

I've gotten a few responses to my TUG ad, but none of them seem to be serious and some of them have probably been scammers.

You might try Timeshare Nation. Worldmark memberships don't last very long on that website. What does take time is the transfer. Our transfer was just over five months.

Bill

 

[mountainboy]

I called WM today to inquire about their exit program. As most of you probably know, the answer was that they are not currently taking back Worldmark points but maybe they will do so at some point in the future.

They recommended a couple of timeshare brokers, Fidelity Real Estate being one of them. I looked at their website, they have lots of listings, most of which are priced unrealistically high and are never going to sell. Does anyone know if they are actually successful in finding buyers for timeshares which are priced right, and what they charge? (Yes, I could call them, but am loathe to do that without more info.) I'm thinking Worldmark points probably aren't worth more than 10¢ each, maybe less. I'd happily pay them a small commission if they could find me a buyer at almost any price and facilitate a quick transfer. They claim that they don't take any money unless the timeshare sells.

I've gotten a few responses to my TUG ad, but none of them seem to be serious and some of them have probably been scammers.

May try the FB WM groups also.
WM xfr's take forever; mine has gone on for 8 months (at least got my account at 6 month mark; some credits are missing & waiting almost 2 months for those); I bought off eBay thru a broker.
Was my 1st TS purchase (before I went deep into HGVC & absolutely love HGVC)!
HGVC xfrs occur within weeks to a month (even though may involve a deed) WM's take forever, even though no deed & a simple vacation club membership, with just a name change, which should only take minutes...
Sorry :-(
Hope you are able to exit soon...

 

[Shiba]

I also recommend you list/post it on wmowners.com. A website for Worldmark owners.

 

[iftravel]

You might try Timeshare Nation. Worldmark memberships don't last very long on that website. What does take time is the transfer. Our transfer was just over five months.

Bill

Has anyone tried giving away on TimeshareNation or got a quote? It’s free for buyers / takers so I imagine they have to charge sellers / givers.

 

[VacationForever]

Has anyone tried giving away on TimeshareNation or got a quote? It’s free for buyers / takers so I imagine they have to charge sellers / givers.

I was told that TimeshareNation charges $3K to take it off your hands.

 

[VacationForever]

I called WM today to inquire about their exit program. As most of you probably know, the answer was that they are not currently taking back Worldmark points but maybe they will do so at some point in the future.

They recommended a couple of timeshare brokers, Fidelity Real Estate being one of them. I looked at their website, they have lots of listings, most of which are priced unrealistically high and are never going to sell. Does anyone know if they are actually successful in finding buyers for timeshares which are priced right, and what they charge? (Yes, I could call them, but am loathe to do that without more info.) I'm thinking Worldmark points probably aren't worth more than 10¢ each, maybe less. I'd happily pay them a small commission if they could find me a buyer at almost any price and facilitate a quick transfer. They claim that they don't take any money unless the timeshare sells.

I've gotten a few responses to my TUG ad, but none of them seem to be serious and some of them have probably been scammers.

I just entered into contract to essentially giveaway my 35K WM contract yesterday and losing $4K worth of available / paid for one-time use credits. I contacted one of the brokers and he said his fees are $1795 on a sale, or if I let him have my contract, with 65+K available credits without borrowing (Sep anniversary), he could get it out of my name by selling/transferring directly to him and it will be out of my name by Sept 30th. He will profit from about $4K of credits but then I won't need to keep paying maintenance fees while I wait for a buyer and for the long transfer process. I am so tired of poor WM customer service and we are so done with WM. It's not about money anymore, we are just done.

If you want more info, you can PM me.

 

[easyrider]

I was told that TimeshareNation charges $3K to take it off your hands.

On top of that, the maintenance fee and the transfer fee do add up after 5 to 6 months. For someone on Tug, the free section would be better, imo. Wyndham does the transfer so there isn't really a need for a transfer company.

Bill

 

[iftravel]

On top of that, the maintenance fee and the transfer fee do add up after 5 to 6 months. For someone on Tug, the free section would be better, imo. Wyndham does the transfer so there isn't really a need for a transfer company.

Bill

You contact Wyndham directly to arrange the transfer when a taker is secured?

 

[daviator]

You contact Wyndham directly to arrange the transfer when a taker is secured?

Yes, there's a form that you fill out and submit, and after several months they produce a Docusign agreement for buyer and seller to sign electronically. Once that’s done, the process is reportedly completed within a few weeks. At least for Worldmark points, they are not deeded real estate and there's nothing to be recorded or transferred except on Wyndham's records.

 

[easyrider]

You contact Wyndham directly to arrange the transfer when a taker is secured?

Yes. It would be easy for most people to do this themselves. Especially here at Tug.

Bill

 

[iftravel]

Yes, there's a form that you fill out and submit, and after several months they produce a Docusign agreement for buyer and seller to sign electronically. Once that’s done, the process is reportedly completed within a few weeks. At least for Worldmark points, they are not deeded real estate and there's nothing to be recorded or transferred except on Wyndham's records.

Good to know it can be done this way. Is Wyndham itself better than WorldMark? I am always holding off for WorldMark because of their operation and IT but might try Wyndham down the road just for fun this way.

 

[daviator]

Good to know it can be done this way. Is Wyndham itself better than WorldMark? I am always holding off for WorldMark because of their operation and IT but might try Wyndham down the road just for fun this way.

I don't have any experience with the Wyndham side of things so I can't really compare the two.

 

[geist1223]

Remember Worldmark Operations and IT is controlled by Wyndumb.

 

[easyrider]

Good to know it can be done this way. Is Wyndham itself better than WorldMark? I am always holding off for WorldMark because of their operation and IT but might try Wyndham down the road just for fun this way.

Worldmark has a large presence on the West Coast with about 100 resorts mostly in the USA. Wyndham has a large presence on the East Coast and about 225 resorts world wide in total. The big appeal for us is being able to drive to the resort so we have Worldmark.

The Wyndham units we have stayed in are a little bit nicer than Worldmark, imo, and you do pay more for Wyndham.

Bill

 

[easyrider]

Remember Worldmark Operations and IT is controlled by Wyndumb.

You would think it would be easy to have a quality experience on the Worldmark website.

Bill

 

[iftravel]

I don't have any experience with the Wyndham side of things so I can't really compare the two.

Just realized that Wyndham has a lot of deeded properties but CWA might work similar to WorldMark.

 

[mountainboy]

I just entered into contract to essentially giveaway my 35K WM contract yesterday and losing $4K worth of available / paid for one-time use credits. I contacted one of the brokers and he said his fees are $1795 on a sale, or if I let him have my contract, with 65+K available credits without borrowing (Sep anniversary), he could get it out of my name by selling/transferring directly to him and it will be out of my name by Sept 30th. He will profit from about $4K of credits but then I won't need to keep paying maintenance fees while I wait for a buyer and for the long transfer process. I am so tired of poor WM customer service and we are so done with WM. It's not about money anymore, we are just done.

If you want more info, you can PM me.

Sorry, you have had such an awful experience.
I will probably use it for a few years (as we just got it) & will likely exit down the road.
Many of the WM locations, are best in class for NPs, where there is no good alternative (No Hilton/Marriott etc closeby): say Estes, Olympic National Park, Seaside/Glenden/Yellowstone etc but their CS is not the best.
I love HGVC but must say, sometimes their CS also makes glitches & their DeX exchange (from Diamond acquisition) makes lots of glitches & is equally awful.
I was worried about terrible CS from Wyndham for WM (from all the posts) but many CS reps were very professional.
(still completely inexcusable delays for just a vacation club membership xfr for WM, very aggressive sales reps etc, so totally understand reasons for exits for many)

 

[easyrider]

totally understand reasons for exits for many

I think many owners are aging out. The last membership we picked up at Timeshare Nation belonged to a single older woman. I could see that the original contract was from the 90's. My buddy's neighbor is about 84 and they gave him a 20,000 credit membership last year because they just didn't have the gumption to go anymore.

I love the locations of many of the Worldmarks. So does my family. I think our memberships, will someday way in the future, transfer to family members.

Bill