Help! I think we made a big mistake - Westin Princeville

[larryallen]

I agree about rescind. After doing your research if you decide it's worth it to you to pay extra to buy from the developer then you can do that. I am confident they will still give you a bazillion bonus points and whatever other "expiring" deal they offered.

 

[Run Fat]

The cancellation letter is in the U.S. mail (certified with delivery receipt)!! The form said the cancellation will be processed in no more than 15 business days -- and in the meantime I'll do a little more research (Although based on what I have learned so far, I would need to get a mandatory TS, which really limits the options. Based on our usage it seems like Kierland would be a logical choice... but first more digging around!)

If I haven't said it often enough, Thank you for all the guidance!!!

Cheers,
John

 

[DavidnRobin]

The cancellation letter is in the U.S. mail (certified with delivery receipt)!! The form said the cancellation will be processed in no more than 15 business days -- and in the meantime I'll do a little more research (Although based on what I have learned so far, I would need to get a mandatory TS, which really limits the options. Based on our usage it seems like Kierland would be a logical choice... but first more digging around!)

If I haven't said it often enough, Thank you for all the guidance!!!

Cheers,
John

The resale SVN mandatory VOI (TS week) does not limit your options (as you can still use II), but expands your options - and that comes with a premium purchase price.

Congrats.

 

[LisaRex]

The resale SVN mandatory VOI (TS week) does not limit your options (as you can still use II), but expands your options - and that comes with a premium purchase price.

I took "limits the options" to mean that because he should target a mandatory resort, it limits what resorts he can buy. IOW, he can't buy Princeville.

 

[SMHarman]

The cancellation letter is in the U.S. mail (certified with delivery receipt)!! The form said the cancellation will be processed in no more than 15 business days -- and in the meantime I'll do a little more research (Although based on what I have learned so far, I would need to get a mandatory TS, which really limits the options. Based on our usage it seems like Kierland would be a logical choice... but first more digging around!)

If I haven't said it often enough, Thank you for all the guidance!!!

Cheers,
John

It limits the resorts you can buy into.

• WKORV/N
• WKV
• SVV Bella or Key West
• WSJ Hillside
• HRA

Then if you are planning to be a regular user of points not the destination you likely back out

• WKORV/N
• WSJ Hillside
• HRA

As the MF$2500-$3500 MF for a 2BR LO (or points equivilant) make them often better to rent than use II or SO to trade.

So that leaves

• SVV Bella or Key West and
• WKV

Then you balance your guesstimated ownership timeline and the buy in cost vs the MF. The longer the planned ownership (and remember the average home ownership is 7 years).
Paying $20k upfront and then $1400 (and escalating) per year for 148k options or buying Two units at SVV to get to the 148k options for a few k and then having a higher annual MF bill instead.

Both have their plusses and minuses (disclosure I went for WKV option).

In your situation (as described in the thread of posts - I know nothing more abbout you). You can easily add WKORV/N into the mix as you like the HI option(s) and like the Princeville destination. HI is likely not a bad purchase location for you. You can get 12 month booking preference at WKORV/N and an exchange into Princeville at 8 months would not feel like a bad deal as the MF on either is similar.

 

[ChrisandBeth]

One more note of caution. You may well get a phone call (perhaps starting with a phrase like helping to process your cancellation) that is in reality a last stab at saving the sale. Be firm, be polite and just say no. Unless your letter specifically stated a reason or a reason is required, say you are cancelling for personal reasons and prefer not to discuss it. You might imply you had recent health news.....hey they use BS why shouldn't you! If you say financial reasons they may lower the price (still not worth it). If you say you would prefer to buy resale they may offer more BS why thats not a good idea.

 

[larryallen]

One more note of caution. You may well get a phone call (perhaps starting with a phrase like helping to process your cancellation) that is in reality a last stab at saving the sale. Be firm, be polite and just say no. Unless your letter specifically stated a reason or a reason is required, say you are cancelling for personal reasons and prefer not to discuss it. You might imply you had recent health news.....hey they use BS why shouldn't you! If you say financial reasons they may lower the price (still not worth it). If you say you would prefer to buy resale they may offer more BS why thats not a good idea.

I disagree. Don't lie to them. Why stoop to their level!? Two wrongs....

 

[Karen G]

No explanation of rescission is required when one is within the time frame specified by law. One can just say "I'm exercising my legal right of rescission" and leave it at that.

 

[okwiater]

I agree -- don't explain anything. I've found that giving a reason to a salesperson is actually an invitation for he or she to try to explain why your reasoning isn't valid. It's your right to rescind, so leave it at that.

 

[LisaRex]

In your situation (as described in the thread of posts - I know nothing more abbout you). You can easily add WKORV/N into the mix as you like the HI option(s) and like the Princeville destination. HI is likely not a bad purchase location for you. You can get 12 month booking preference at WKORV/N and an exchange into Princeville at 8 months would not feel like a bad deal as the MF on either is similar.

WKORV/N is not as easy as it used to be because SVO is exercising its ROFR. MFs are also ~$2400, so high to use as an exchanger.

The best reason, IMO, for owning one of the top tier resorts is because you want the best shot at securing the week of your choice during high season and/or if you want to secure a better view. For those who want to exchange to other resorts often, it still makes much more sense to target either WKV (long term ownership potentional) or SVV (short term ownership potential or if you don't have an extra $20k sitting around).

 

[SMHarman]

WKORV/N is not as easy as it used to be because SVO is exercising its ROFR. MFs are also ~$2400, so high to use as an exchanger.

The best reason, IMO, for owning one of the top tier resorts is because you want the best shot at securing the week of your choice during high season and/or if you want to secure a better view. For those who want to exchange to other resorts often, it still makes much more sense to target either WKV (long term ownership potentional) or SVV (short term ownership potential or if you don't have an extra $20k sitting around).

Yes, that was a heavily caveated purchase for HI as clearly the OP has some sembelence of cash floating around as they just rescinded Princeville. Now if they want to travel to HI regularly they have 12 month window for booking into Maui and 8 month exchange for Princeville. The MF for both is similar so the MF differentiation on exchange is not in the same league as say using your 148k $2400 HI SOs to exchange for WLRs $1300 148k week.

It was a suggestion specifically targeted at the OPs situation, not a general 'buy HI and use the SOs to travel the world' salesperson suggestion.

 

[toxicesq]

When I asked the salesman at Princeville why he wasn't telling me it was a voluntary resort, he said he doesn't mention it because it doesn't matter to most new owners and by the time that the know the difference, they have already bought. Ha Ha.

As for the value of star options, I'm using my Desert Willow points in July for my second visit to Princeville.

 

[DavidnRobin]

When I asked the salesman at Princeville why he wasn't telling me it was a voluntary resort, he said he doesn't mention it because it doesn't matter to most new owners and by the time that the know the difference, they have already bought. Ha Ha.

As for the value of star options, I'm using my Desert Willow points in July for my second visit to Princeville.

This is quite true - TUG only represents a very small percentage of SVO Owners - ignorance can be bliss.

Nice exchange - WPORV is a great resort and north Kauai is a special place on earth.