Fairshare Plus Questions

[gubala]

Dear Tuggers,

First of all, let me thank you all for creating this wonderful wealth of information about timeshares. For someone like me, who is a newbie there is ton of information to digest and in my short time here, I can see that one can get a lot of help from many many experts.

We were suckered into a Wyndham Fairshare Plus program (154,000 for $17k with 154000 bonus pints and VIP status for first 2 yrs) after attending a sales presentation last weekend. I'm generally very careful before making a big investment such as this; but I guess I fell prey to their selling techniques this time. As soon as we came back home, I looked around on the internet and found this forum. Now I'm convinced that we paid too much and should rescind the contract. Good news is that I'm still in my rescind period.

So, as a courtesy, I called up the sales guy this morning to let him know that we will be rescinding the contract (not sure if it was a good idea). He told me that if I buy fairshare plus points in resale, I have to use it only in the "home" resort and can't use the points on other resorts. He also pointed to me to page 351, para 2 of the contract book as a proof. He said thats' how Wyndham guarantees the value of the program. Is this true?

Also, he claims that Fairshare plus points can be transferred or rented if unused by the purchaser. I thought this was going to change since Match, 2009. Am I wrong?

I still think it is good idea to rescind the contact and have the signed letter and envelope ready to be mailed. Thought I'll get couple of expert opinions...

Thanks for your help in advance,
-SP

 

[massvacationer]

rescind - you can save yourself $16K by buying resale

 

[Jya-Ning]

Also, he claims that Fairshare plus points can be transferred or rented if unused by the purchaser. I thought this was going to change since Match, 2009. Am I wrong?

You are right on this one, since it is not yet 3/1/09, so he just did not tell you it will happen.

So, as a courtesy, I called up the sales guy this morning to let him know that we will be rescinding the contract (not sure if it was a good idea). He told me that if I buy fairshare plus points in resale, I have to use it only in the "home" resort and can't use the points on other resorts. He also pointed to me to page 351, para 2 of the contract book as a proof. He said thats' how Wyndham guarantees the value of the program. Is this true?

What is the exact wording? One of the word Wyndham use called "exchange" means mutiple meaning. In sale contract, it means you can not do an equity exchange out. Unless of course, the Wyndham overwrite it. However, you can always sell it and buy another one if you do resell.

As to use it, no, it is not true.

Jya-Ning

 

[AwayWeGo]

Rescinda-Sinda-Sinda.

We were suckered into a Wyndham Fairshare Plus program (154,000 for $17k with 154000 bonus pints and VIP status for first 2 yrs) after attending a sales presentation last weekend.

Too much.

Get out of it while you can.

Buy timeshares resale.

Save thousands.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[bnoble]

He told me that if I buy fairshare plus points in resale, I have to use it only in the "home" resort and can't use the points on other resorts.

This is false. Rescind while you can.

 

[Conan]

He told me that if I buy fairshare plus points in resale, I have to use it only in the "home" resort and can't use the points on other resorts.

Typical salesman double-talk.

As Jya-Nin says, he's telling you that if you wanted to permanently change home resorts. Say you're on vacation in Hawaii and you decide to buy another 154,000 points in a Wyndham property over there. The points you previously bought from him could be swapped into the new location so you'd have 308,000 points in the Hawaii home resort (an "equity exchange"). Wyndham used to accept resale points into equity exchanges since it gave them a way to try to sell full-price points to people who'd previously bought resale, but they've given that up.

So what! A person who'd been foolish enough to buy his first 154,000 points at full price from Wyndham and then decided he wanted a Hawaii home resort would still be better off selling his old points for the pennies they're worth and buying 308,000 points resale in Hawaii. Better to write off the first mistake than make the same mistake a second time!

 

[dcdowden]

SP,
Rescind before it is too late. You should be able to buy those comparable points on the resale market for a fraction of the price. You didn't mention what resort you were interested in, but I do subscribe to the principle of buying a home resort that you would like to go to frequently. You absolutely can use resale points to exchange to any other Wyndham properties or to deposit in RCI or II for an external exchange. The Wyndham resorts are great and the internal exchange system provides a great deal of flexibility.
Doug

 

[gubala]

Thank you all for your replies to my query. We sent our rescind notice on Friday, still within the rescission period. Now, I hope to become smarter with my next timeshare purchase, again with this forum's help.

thanks again,
-SP