Governing documents for Trust?

[Fasttr]

Am I right to assume that I could just trade/transfer my trust points to someone like Greg so that he could make a reservation using only trust points and he could book what I needed using his legacy points since most reservations it does not matter which type of points are used?

That could be a win-win. He gets his much coveted Trust Points to book his target week, and assuming you are not Premier Plus like it sounds like Greg is, you could benefit by him booking early reservations for you using his Legacy points (assuming the reservation you are looking for is available to be had with Legacy points in the 13 month window).

 

[StevenTing]

Greg would also get the benefit of the nights being credited to his account.


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[GregT]

Greg would also get the benefit of the nights being credited to his account.


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Steven, theoretically yes, but I think it more likely that the person who checks in gives their MR number, and they get the nights credited.

I do like the creativity that NightSky and Fasttr are showing -- interesting stuff.

Best,

Greg

 

[m61376]

Just shows it pays to have friends . Seriously, though, it does open interesting loopholes, which can be maximized to be mutually beneficial.

Reading this thread and another one about an invitation in Houston for a presentation wherein the reps were insisting that going forward a point is a point is interesting. Clearly today a point is closer to being a point than it was last year, but still isn't quite the same for certain high demand, low availability weeks in the Trust between 12 and 13 months. I wonder if that will stay the way it is, or will the two pools be effectively and completely co-mingled? Of course, legally they are two separate entities, but can effectively be the same IF Marriott immediately dumps all Trust units into the exchange pool.

What I don't understand is why Trust units may or may not be available at exactly the 13 month mark. I understand if they're taken before 13 months by a consecutive point reservation, but not how they can first be added at 12 months and 28 or 29 days. Marriott knows which trust reservations are available and which aren't; availability is not dependent on an owner depositing his/her week, which could of course cause fluctuations in the exchange inventory throughout the year (at least during the first half of the year, wherein an owner can elect to exchange for points for the following year). It makes me wonder if there is some other internal mechanism we're not aware of.

 

[Fasttr]

What I don't understand is why Trust units may or may not be available at exactly the 13 month mark. I understand if they're taken before 13 months by a consecutive point reservation, but not how they can first be added at 12 months and 28 or 29 days. Marriott knows which trust reservations are available and which aren't; availability is not dependent on an owner depositing his/her week, which could of course cause fluctuations in the exchange inventory throughout the year (at least during the first half of the year, wherein an owner can elect to exchange for points for the following year). It makes me wonder if there is some other internal mechanism we're not aware of.

This is more of a question for Greg, as he had the conversation with the VOA's, but is the issue with 12 months and 28 or 29 days a result of the points owners availability chart rolling over to new dates each Wednesday? As an example, If I wanted to book June 30, 2015 (a Tuesday), that is available in the 13 month window on May 27th, 2014 (a few days more than 13 months), but if I want to book July 1, 2015 (the next day...a Wednesday), that is available in the 13 month window on June 3rd, 2014. So June 3rd would be at 12 months and 28 days. Just tossing it out there.

 

[GregT]

This is more of a question for Greg, as he had the conversation with the VOA's, but is the issue with 12 months and 28 or 29 days a result of the points owners availability chart rolling over to new dates each Wednesday? As an example, If I wanted to book June 30, 2015 (a Tuesday), that is available in the 13 month window on May 27th, 2014 (a few days more than 13 months), but if I want to book July 1, 2015 (the next day...a Wednesday), that is available in the 13 month window on June 3rd, 2014. So June 3rd would be at 12 months and 28 days. Just tossing it out there.

This is a good question, and I do not yet know the answer. I will play with the system a lot, that's for sure, but the comment from the VOAs was more like inventory typically is released at 13 months out, but they've noticed a few instances where it didn't load at 13 months, and was there a few days later.

I took this more as similar to AA frequent flier awards, which typically release at 331 days before the day of flight, but there have been a couple of times where I've called at 331, then 330, then 329, and only 328 days before flight did it load. More of a glitch than a policy.

I will definitely report back to TUGgers if I can detect a trend. I have booked inventory 13 months out exactly on release day without incident on three occasions, so hopefully they are noting only an occasional glitch.

Best,

Greg

 

[taffy19]

Greg- Just trying to understand not only your reservation issue but get a grasp of how things really work- and certainly don't trying to be difficult. However, for argument's sake- and because the ultimately flexibility of the points system, especially with relatively rare units, but since the fixed units are also a set arrival day (I am assuming Sat.), what happens if someone reserves 8 days, or 10 days, or whatever, starting during week 25 for unit 3206. I assume that even though it's a single reservation, they'd have to move, unless unit 3206 wasn't sold as a fixed unit? Also, that would mean that they might be reserving a full week, or part thereof, before you could at 13 months, assuming the inventory was in the system- which is also why I'm not getting that the inventory appears at some random date.

All three bedroom condos at both new towers are sold as fixed week/units.

When we stayed in March, our studio (part of our fixed week condo) was standing vacant several days during the week. It was rented over the week-end, we assume, and the week was broken. I believe that it was used one extra day during the week. Someone may have been moved over there because they had rented more than 7 days on points. It is a week lost to Legacy week owners, IMHO.

 

[Fasttr]

One thing I'm learning from reading this document is the initiation fee.

Quote:
Each New Member will be required to remit to the Association an initiation fee; provided, however, an initiation fee shall not be required to be paid by an existing Member.​

So it sounds like, if you are already a Trust owner, if you buy resale, you avoid the $200 per interest, $2000 Minimum Initiation fee. That makes buying resale more appealing now on the point side. .

Steven...this "find" has been haunting me for awhile now, and I finally got a solid answer out of a gentleman with the title: Manager, Customer Care at MVC. I interpreted that excerpt as you did when I read it in the Exchange Documents of the DC, but as he pointed out to me, if you read further, it tacks on some important additional information. For clarification sake, here is the entire section from VII D of the Exchange Docs.

D. Effect of Transfer of Member’s Interest. Unless otherwise agreed to in writing by the parties to a sale, assignment, or transfer, if a Member ("Selling Member") sells, assigns, or transfers the Selling Member’s Interest to another party ("New Member"), the Selling Member will lose any and all rights to utilize the Exchange Points associated with such Interest to reserve the use of a Use Period or to use any previously-reserved Use Period. Each New Member will be required to remit to the Exchange Company an initiation fee; provided, however, an initiation fee shall not be required to be paid if the New Member is an existing Member or a Family Member of the Selling Member. (The current initiation fee is $200 per Interest with a $2,000 minimum initiation fee; however, Exchange Company reserves the right to adjust the amount of the initiation fee from time to time and to waive the initiation fee on a case-by-case basis in Exchange Company’s sole discretion.) Exchange Company will, within ten (10) business days of receipt from a New Member of the initiation fee, if required, and a certified copy of the recorded deed transferring an Interest to the New Member, change Exchange Company’s official records to reflect such transfer of an Interest from a Selling Member to a New Member. Further, with respect to Trust Members, until payment of any required initiation fee is received (or waived by Exchange Company), the New Member may not be entitled to Base Plus Exchange Benefits or Special Benefits in Exchange Company’s sole discretion; however, payment of the initiation fee (or waiver by Exchange Company) will allow access to the Base Plus Exchange Benefits. With respect to Exchange Members, until payment of the initiation fee, the New Member will not be entitled to participate in the Program. If the purchase of an Interest is not made from an Approved Broker, then the owner of such Interest(s) may not be entitled to Special Benefits in Exchange Company’s sole discretion, even if the initiation fee is paid. Unless otherwise agreed to in writing by the parties, all existing reservations previously made by the Selling Member will be cancelled. The New Member will also be given possession of the Selling Member’s Exchange Points remaining as of the date of Exchange Company’s recognition of such transfer. Exchange Company shall, from time to time, within ten (10) business days after receipt of written request from any Member execute, acknowledge and deliver to such Member or to any existing or prospective purchaser or mortgagee designated by such Member, a certificate stating the number of Exchange Points that the Member has used and/or has available for use during the current Use Year, any borrowed Exchange Points, and the details of any reservations currently held by the Member. Exchange Company may charge a fee in connection with providing such a certificate.​

You and I were only reading the red text as stand alone text, without reading the purple text which is providing additional clarification. In the definitions section of the Exchange Docs, an existing "Member" can either be a Trust Member or an Exchange (i.e. Legacy) Member. What the MVC rep was saying is that the purple highlighted excerpt means that although an existing Trust points owner does not HAVE to pay the $200/BI, if they do not, their usage of the resale purchased points in the Exchange program will be restricted to the 60 day prior to check in window. For a Legacy Points owner, unless the $200/BI is paid, you cannot use the resale purchased points in the Exchange program at all.

 

[Quilter]

I'm rather lost with all the details that have come up in this thread. Would someone be so kind to give me the pertinent cliff notes?

 

[jimf41]

I'm rather lost with all the details that have come up in this thread. Would someone be so kind to give me the pertinent cliff notes?

Essentially it's a discussion about the usefulness and limitations of Trust points bought resale as opposed to buying them direct from MVCI. GregT wants a specific week that appears to be in the Trust inventory and he wants to get it 13 months out rather than wait till 12 months. He wants to know if resale trust points can access the week 13 months out.

He hasn't bought anything yet so we are all kind of waiting to see how it turns out. If it makes you feel better most of it is deep into the weeds and way over my head also.

 

[Quilter]

Thanks Jim. I hope when there's a final conclusion there will be a post with an easy to understand outline.

As I've mentioned before I don't own Trust points and when the discussion heads in the direction as to what resorts have so much inventory conveyed to the Trust or what units at what resorts are conveyed to the Trust I'm standing out in the dark. But there may come a time it will be something I will need to take into consideration so it's good to understand the flow for future reference.