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First WM purchase. Did I do OK?

philemer

philemer

TUG Review Crew: Veteran
TUG Lifetime Member
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Location
Intermountain West
Resorts Owned
Maui Schooner; Club Wyndham; Worldmark.
12K credit contract. Credits awarded 5/1. ~8900 credits banked. $1400 all in. Sellers paid all fees. Now the reading and studying begins. :)
 
That's a good deal. Does it have full Housekeeping Tokens and 12K available to borrow?

Dave
 
philemer said:
12K credit contract. Credits awarded 5/1. ~8900 credits banked. $1400 all in. Sellers paid all fees. Now the reading and studying begins. :)
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That is a bit like asking, "What do you think of my new girlfriend?" The only thing that matters is: Do you think you did OK?

This is the place to start studying, and there are online videos available to anyone, not just current owners, through the WorldMark website.

 
DaveNV said:
That's a good deal. Does it have full Housekeeping Tokens and 12K available to borrow?

Dave
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Hmmm, not sure. I do have the estoppel letter. Will reread. I probably won't use until May 1st of next year so it'll have a HK by then.
 
CO skier said:
That is a bit like asking, "What do you think of my new girlfriend?" The only thing that matters is: Do you think you did OK?

This is the place to start studying, and there are online videos available to anyone, not just current owners, through the WorldMark website.

Click to expand...
Thanks. What do you think about about my new "girlfriend"? I'm tickled. :)
 
philemer said:
Hmmm, not sure. I do have the estoppel letter. Will reread. I probably won't use until May 1st of next year so it'll have a HK by then.
Click to expand...

You should be able to see the account status on the WorldMark website. One screen should show how many credits in the current year are available, how many credits from last year are banked, and how many are available to borrow. Same with HKTs. They should tell you how many you have available. There should/could be one from last year, one from this year, and one available to borrow from next year.

Dave
 
It's going to take 3 to 6 months for the transaction to finalize, according to the seller.
 
Ok, I missed that it hadn't transferred yet. So till then, the estoppel should tell you what you need to know. The Seller can also access things and do a screen capture of the status.

Dave
 

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Rough back-of-the-envelope calculation

$2200 all-in minus 24,000 credits available valued at Bonus Time rate ($0.081) equals net cost of $256

$1400 all-in minus 8,900 credits available valued at Bonus Time rate ($0.081) equals net cost of $679.10

so, about average.
 
I was really patient and picked up 14,000 account fully loaded for $1,000. Rented some of the credits to cover the purchase price.
 
philemer said:
It's going to take 3 to 6 months for the transaction to finalize, according to the seller.
Click to expand...
Worldmark is faster because there is no deed to deal with.
 
VacationForever said:
Wyndham transfer company which also processes Worldmark contract is slow. Not having a deed does not matter. They are very slow.
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So slow it makes no sense at all given the minimal paperwork involved in the transfer of a WM contract. IMHO - They do it to discourage resales and I'm sure the trasnfer department is short staffed on purpose to save money. Little profit for Wyndamn in these transaction so little incentive to get the work done with any sense of urgency.
 
Prices have really fallen. When is was looking in 2016 I considered 30 cents/credit plus 6 cents/banked credit fair. I purchased through a broker so didn't get the best price but felt like I got a good deal.

The best deal is the account you will use. Take advantage of the cash programs (inventory special, Monday madness, bonus time, fax time) and learn about making reservations in advance. Make waitlists if you don't get what you want. Research the resorts --many great destinations. I own 12,000 and its been a great amount for our family.
 
In 2013, we bought at 40 cents / credit on a fully loaded 10K contract (2 years + expired credits parked in a reservation). In 2016, we sold the same same account fully loaded at 40 cents / credit. We just bought a 35K contract a year ago and the effective cost was 6 cents per credit naked. We lucked out because the broker got the anniversary month wrong in the listing, and it was fully loaded, so we used 8 cents per available credit to derive value of a naked contract.
 
Mongoose said:
Worldmark is faster because there is no deed to deal with.
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I'm currently waiting for a transfer sent to Wyndham 7/19/2023.

On another contract, the paperwork got to Wyndham May 4 2023, DocuSign came July 17 and the transfer was complete July 18 - but with missing credits which finally came August 15 after some phone calls and emails.

About 10 weeks for a transfer, plus 4 more to get it right.

You would think this could be done in days instead of weeks or months since there is no deed, but, Wyndham is differently abled.

Good providence in your transfer!
 
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Mongoose said:
Worldmark is faster because there is no deed to deal with.
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Unfortunately this is not the case. wmowners sites has many examples of 2>6 month waits. :(
 
philemer said:
12K credit contract. Credits awarded 5/1. ~8900 credits banked. $1400 all in. Sellers paid all fees. Now the reading and studying begins. :)
Click to expand...
That is a good deal on WM. Can you share any info if I want get similar deal? Thx
 
prajora said:
That is a good deal on WM. Can you share any info if I want get similar deal? Thx
Click to expand...
Watch eBay and be patient and use a sniping program to bid at the last second. I bought 14,000 with 28,000 banked for $1100. I then rented some of the banked credits OTU for $1000.
 
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