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Help! Just purchased points to transfer from Bonnet Creek to Panama City is this wise

domingo

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Here is my story my wife and I are classified as timeshare suckers. We might as well have easy mark stamped on our foreheads every time we use our timeshare we get sold. There is a new product that Wyndham is offering it is called Presidential Reserve. With Presidential Reserve you get a conceirge for a fee of course. My wife and I signed up for Presidential Reserve, but cancelled before our ten day cancellation period was up because another Wyndham employee at another resort told us it was not a good idea. So we were happy with that decision, but we just signed up to transfer our Home resort from Bonnet Creek to Panama City. Here was the sales pitch, maintenance fees are cheaper at Panama City and Bonnet Creek is part of a Development and annual assessments are going to be a recurring factor. My wife and I bought it hook line and sinker and purchase another 154,000 points for 20 grand. I'm still in the 10 day cancellation period, but I'm unsure if I should cancel this. Here is the reason, I'm afraid that my maintenance fees and annual assessments will cost me that 20 grand with nothing to show for it. At the same time I do not need anymore points, I wish Wyndham would just let us transfer our Home Resort for a one time fee without purchasing more points. If anyone out there could give my wife and I advice on wether we should keep this contract and move our home resort to Panama City or if anyone knows some program that Wyndham offers to transfer your home resort. Right now I'm leaning towards cancelling this contract and spend more time researching other options to move my home resort.
 

teepeeca

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I know NOTHING about the area you are talking about. However, If you are saying that Panama City has NO maintenance fees, then it "might" be a good idea to switch, even for the $20k price-tag. (After all, if the Bonnet Creek maintenance fees were $1000 per year, it would ONLY take you 20 years to "break even", not counting the $$$ in interest you could make on the
$20k. Again, that is considering that Panama City has NO maintenance fees !!!)

Of course you "know", also, that the maintenance fees at Panama City will "never" increase, just as the maintenance fees at Bonnet Creek will increase.

I DID have to inject some "sarcasm" in my post . "I" think that you should "RESCIND" right now. The salesman "did a job" on you !!! I can think of no reason to change your home resort (for $20k) so you "might" pay a few dollars less in maintenance fees. (Don't forget, that NOW you will have the equivalent of TWO maintenance fees each year---the new fee at Panama City, and the transferred fee of Bonnet Creek.)

Tony
 
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tombo

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RESCIND NOW and remember to never ever let the sales reps convince you to buy anything from them ever again. If you can't say no then don't ever attend another sales presentation, owner's meeting, or any other cleverly named meeting they use to try and sell you something in the future. Just say no and RESCIND, RESCIND, RESCIND!!!!!!!!!
 

domingo

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Tony,

Thank you for your response and I deserve the sarcasm because I have been stupid with Timeshares. My family and I do enjoy the Wyndham resorts, but I feel that I've been paying a premium for these vacations and should have been smarter. I currently own 750 thousands with Wyndham and a PIC week with Mayan that puts me in the I'm one of the biggest sucker categories Platinum level. I'm thinking of selling my Mayan and I know I will not get what I paid for it. Do you think I should sell it or keep it as a PIC week that is worth 254 thousand points with Wyndham?

Rick
 

gmarine

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Rescind ASAP, no question.
 

tombo

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If you can afford the MF's on what you own, keep everything you own at least for now. You will get use out of it and the longer you use your weeks the more bang you got for your buck. If you sell now you will be lucky to find a buyer at any price. If you ever somehow decide you need more Wyndham points just ask some questions here and people will tell you where to get them cheap resale. If you want to see how cheaply points are selling for just keep watching e-bay Wyndham ads and you will see.

I am in the same boat with having to keep myself from temptation. You get tempted in the sales presentations, so just don't go to presentations and you will be safe. You don't need anymore points, they will try and sell you points, so why go? I can't say no to cheap weeks on e-bay, so I am currently trying to not look at the e-bay listings so I won't be tempted. I DO NOT need another timeshare anywhere at any price. Your problem is easier because you only have to say no to invitations to sales pitches when you are on vacation. E-bay is in my den and office every day trying to get me to look just to see what things are selling for...:crash:
 
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domingo

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Thanks alot to everyone who has responded I have written my cancellation letter and I will mail it first thing in the morning by Express confirmation delivery. I wish I would have found this site alot sooner it would have saved me alot of money and the people on this site are great and obviously feel sorry for suckers like myself. I tried one time to say no to the meeting and the person who books the meetings got rude with me and embarrased me and my family right in front of a whole bunch of people checking in. What a way to start a vacation right, but like I told my wife there is nothing in writing that says we are obligated to attend these meetings. My wife and I always fall for the free 100$ bucks they offer for diner and have ended up spending thousands because of this. The only good thing if you can call it that is that we realize that we are suckers and can never attend a meeting again.
 

bnoble

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Don't feel too bad. A lot of people here got their start with a developer purchase, and have learned to make the most of it.
 

Joshadelic

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Let's see......

Trade your Bonnet Creek (which happens to be the flagship of all Wyndham resorts in the entire world) for a bottom-feeder "resort" in the Redneck Riviera........hmmmmmmm. What to do????

Give Wyndham $20,000 of your hard earned money even though you say you don't need what they're selling you......hmmmmm...

Yeah, I see why that's a tough decision. :doh:

Glad you decided to rescind!!!!!
 

theo

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Well said...

Let's see......

Trade your Bonnet Creek (which happens to be the flagship of all Wyndham resorts in the entire world) for a bottom-feeder "resort" in the Redneck Riviera........hmmmmmmm. What to do????

Give Wyndham $20,000 of your hard earned money even though you say you don't need what they're selling you......hmmmmm...
I don't think that this could possibly have been stated any better or more succinctly.... :clap:
 

wackymother

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Good for you for rescinding! Bonnet Creek is considered super-desirable, very hard to get into and a lovely resort.

I agree that you should STOP going to sales presentations, owners' updates, everything. Just go on your vacation and have a good time and enjoy the points you have. Anybody asks you to go to a meeting or come to an update, tell them your vacation time is far too valuable to waste any of it at a meeting. Good luck!
 

Blondie

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Well, most people learn after they are bilked the first time. Not sure why you haven't caught on...
 

domingo

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Thank you for all of the advice. Here is something new that I learned about Wyndham points you can put your unused points into the credit pool by Sept. 30th of the current year. Here is the catch though you can only use pooled points for reservations the next year, you cannot use those points for plane tickets, car rentals or any fairshare plus activity. Here is how you get around that, after Jan 1st of the next year you make a reservation using your pooled points. After you have made this reservation you cancel it, the points are now deposited into your account as cancelled points and you can use cancelled points for all fairshare plus activity. If you already knew this just disregard, I'm just trying to help others like I've been helped. Thank you....
 

sernow

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You and your wife need to make a pact and sign it in blood if necessary. Never, never again buy anything from a developer or even listen to a developer.
 

tombo

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Let's see......

Trade your Bonnet Creek (which happens to be the flagship of all Wyndham resorts in the entire world) for a bottom-feeder "resort" in the Redneck Riviera........hmmmmmmm. What to do????

The Wyndham at Panama City is the newest resort in the Wyndham chain to the best of my knowledge. It is brand new, it opened in November or December 2007, it was built from the sand up, and all units are ocean front. It is far from a "bottom feeder". One of the reviews I read on line said the rooms are as good as the rooms at Bonnett Creek.

http://www.wyndham.com/hotels/PFNHT/main.wnt

I have been to the resort and it looks really nice (I have never been in a room, just the lobby and pool area) and no I don't own here. I do love the redneck riviera and I have never been to prettier beaches anywhere than those on the panhandle of Florida (IMHO). I agree 100% that he should not pay extortion to the resort for any reason and that he doesn't need to ever buy Wyndham anything retail ever again. I am simply letting tuggers know that this is one of the best resorts Wyndham has. Even though I don't ever need to buy another week anywhere for any price, I will probably buy one here resale when (or if) I run across points (with PC the home resort) for a reasonable price.

Update: Oops, I see that MF's are over $1000 a year for prime weeks at this resort. I think I will try to trade for this resort in the future rather than own here with those high MF's.
 
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theo

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Are you sure about that?

Here is something new that I learned about Wyndham points you can put your unused points into the credit pool by Sept. 30th of the current year.
I certainly am not a Wyndham expert, but I have read on many different occasions (in postings by Wyndham owners) that such points must actually be deposited into the credit pool before the beginning of their use year. :shrug:
 
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domingo

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I had quite a few 2008 points and the rep told me that I should have put them in the credit pool by Sept 30th. He was able to make some calls and let me pool those points since I was past the Sept 30th date. So, my points were for the current use year, but if you pool them you can use them until 2011 with Wyndham and then transfer them to RCI for another 2 years of use.
 

theo

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I'm confused...

I had quite a few 2008 points and the rep told me that I should have put them in the credit pool by Sept 30th. He was able to make some calls and let me pool those points since I was past the Sept 30th date. So, my points were for the current use year, but if you pool them you can use them until 2011 with Wyndham and then transfer them to RCI for another 2 years of use.
You may well be right; I do not claim to know otherwise. I know only what I have read about credit pool deposit deadlines. If, however, by "rep" you actually mean "salesman", I'd recommend independently confirming any and all such verbally proffered claims. It has often been said of timeshare salespeople that
"...if their lips are moving, they are probably lying".

Just a thought --- you might wish to "float" this "September 30 deadline" claim out in the open over on the Wyndham Resorts forum. Jya-Ning is very knowledgeable and helpful (as are other Wyndham owners there) and they may have a different view. Unlike the salesman, Jya-Ning and others have no reason or motivation to tell you anything other than the unvarnished truth. The September 30 date makes very little sense to me, frankly, since that date constitutes 75% of the entire calendar year having already passed by. That conflicts considerably with assertions I've read claiming that FSP points "must be placed in the credit pool before the use year even begins".

I'm neither arguing nor claiming for one moment to be right --- I am merely noting that your claims are distinctly different (by exactly nine months) from representations which I have seen posted by others regarding credit pool deposit deadlines. :shrug:
 
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domingo

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I just joined the Wyndham forum so I will post a question to Jya-Ning and the other Wyndham owners to see what they think. Maybe, the salesman did something that only he could do with the points system.
 

Jya-Ning

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Thank you for all of the advice. Here is something new that I learned about Wyndham points you can put your unused points into the credit pool by Sept. 30th of the current year. .

Unless you are VIP, you can only put your unused point into credit pool before the use year start. Since you have 154k, I take you are regular, so you can deposit to crdit pool before Sept 30 only if your point use year is Oct use year, and you can deposit the points that given at Oct 2008 and end at Sep 2009. For regular VIP, you have 3 extra month, Gold has 6 extra month. It also could be when you did roll out, they may give you some bonus points to make you gold VIP thus allows you to deposit at late time.

Of course, when you make purchase, the sale people can readjust some of your point as extra bonus, and make it to credit ppol, that is another story.

You don't have to wait till Jan, you can make 2009 reservation, and cancel it, it will return as cancel point that fall within your contract use year. So if you have Oct use year, and you make a reservation for Nov 2009, than cancel it, it will be cancel points from Oct 2009 to Sept 2010.

Jya-Ning
 

Bill4728

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My family and I do enjoy the Wyndham resorts, but I feel that I've been paying a premium for these vacations and should have been smarter. I currently own 750 thousands with Wyndham and a PIC week with Mayan that puts me in the I'm one of the biggest sucker categories Platinum level.
Rick
Unless you are VIP, you can only put your unused point into credit pool before the use year start. Since you have 154k, I take you are regular, so you can deposit to crdit pool before Sept 30 only if your point use year is Oct use year, and you can deposit the points that given at Oct 2008 and end at Sep 2009. For regular VIP, you have 3 extra month, Gold has 6 extra month. It also could be when you did roll out, they may give you some bonus points to make you gold VIP thus allows you to deposit at late time.

Jya-Ning
It looks from this post that he has 750K pts not 154K.
 

Jya-Ning

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It looks from this post that he has 750K pts not 154K.
Don't know why I thought about 154k:p. 750K will be gold VIP, and if they give you some bonus point you will in Plantimun VIP which allows you to make credit pool 9 month after the use year start. So if your use year is Jan, you can deposit to credit pool at end of Sept. That is one benefit of Plantimun.

But for Gold VIP, you can do that 6 month after the use year start.

Jya-Ning
 

domingo

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Jya-Ning I am platinum with a pic week so that is why the salesperson told me Sept 30th. Thanks alot for explaining that to me you are very knowledgable with the Wyndham points system. It is nice to have a person like yourself willing to share his knowledge with those of us that do not know or understand the system fully.
 
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