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NoemiTopaz

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We purchased conversion timeshare points for two ownerships which were deeded weeks which were paid off. (Diamond Resorts)
cost was $10,000 for 9820 points to access all resorts and no Interval Exchange fees, plus access to ClubSaver.
Our maintenance fees on paid-off units were $800 p/year. Now we will pay $1400 per year.
We signed contract in AZ on Saturday 12th, 2014.
We were told we got a deal because they honored generous conversion points program that had expired.
I am worried that we paid too much and that we will not have access to plush resorts that listed.
Please advise. Worried Sick
 

Passepartout

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Rescind. You are within the rescission period. The instructions are in your packet. Do it tomorrow. Then study. It's likely you are right, or at leadt you are paying too much for something you can buy for pennies on the dollar at resale. If it turns out that it's a good deal, it wiill be available when you have studied the offer.

Don't ever buy what you don't completely understand.

I agree. The details you outlined don't pass the BS test.

Jim

Welcome to TUG
 

vacationtime1

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Rescind. As Jim advises, that deal will be there next week if you want it (and if you are Worried Sick, you already know that you won't).

The absolute legal right to rescind will not be there next week.

Buying from the developer is an overpriced alternative about 99.8% of the time.
 

johnrsrq

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It seems you truly need to understand the Diamond program. I totally agree with Jim that you should RESCIND now while you have time. Do it.
fwiw- standard, silver,gold and platinum all have point saver. Club select is for silver or higher. Club select is access to high end stuff at high costs and since you don't know the basics- don't be fooled.
Resale/dirty/secondary points probably do not have point saver however they can be added later with negotiation by matching ratio of 1/3 to 1/2 with more costly developer points $2.8 to $7 point although they'll try to sell you points as high as $8 point. Point saver can be great but it not worth huge amounts of money.

If your weeks (plural) has mf fees of $800 then that would be $1,600 year-correct. and for 2bdrm units?

how many points did you receive for each week? DRI point US collection 2014 mf fee is .141 cents per points so if you have 10k points and the mf fee is $1400 it seems you only got 10k points in total which also leads me to believe you either haven't reported the proper facts of total points or you were severely shorted on point allocation.

Either way , Rescind. You can always go back and revisit it but if you don't you very well may have too few points and much regret to come.:(
 

TUGBrian

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theo

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Tick tock...

We purchased conversion timeshare points for two ownerships which were deeded weeks which were paid off. (Diamond Resorts)
cost was $10,000 for 9820 points to access all resorts and no Interval Exchange fees, plus access to ClubSaver.
Our maintenance fees on paid-off units were $800 p/year. Now we will pay $1400 per year.
We signed contract in AZ on Saturday 12th, 2014.
We were told we got a deal because they honored generous conversion points program that had expired.
I am worried that we paid too much and that we will not have access to plush resorts that listed.
Please advise. Worried Sick
Being worried sick over a timeshare purchase is, by itself, reason enough to cancel. Paying far too much for far too little is even more reason to do so. Rescind now!

Don't delay. Arizona law gives you 7 days from the date of contract execution to rescind (cancel). Find within your contract materials --- and then follow precisely --- the rescission instructions which, by law, should have been provided to you in writing at the time of contract execution.

P.S. If you rescind in time and properly, your ownership will simply revert right back to being the two deeded weeks which you owned before you ever walked into that sales room and bought into this apparent "points conversion" (...if I have interpreted your post correctly).
 
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johnrsrq

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I agree, of course, with the main gist to the OP (would someone please tell me definition of op :) ) HOWEVER, some of the examples given from well intentioned members/former members regarding RCI points and intimating that because their low entry fee is available that it is somehow a better choice is not truly accurate. It truly varies from individual needs and goals. It is similar to comparing some of the various vacation clubs(Starwood,Marriott, Diamond, Wyndham, Timber, Disney, Hyatt)in here as apples to apples comparison. I therefore think the inclusion of these remarks/examples can be inaccurate and counterproductive.

Rescind- yes I agree until further thorough examination- taking a lot time.

But what do I know, I'm not the owner of this forum.
 

csxjohn

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theo

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NoemiTopaz

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Hi John I need help.

I am trying to explain to my husband. That we can get the same TS benefits through a resale. We have 7 calendar days to rescind, we signed on July 12th. Is our deadline the 19th? Contract says we can fax. I will do both overnight mail and fax. We wrote a check for $2500 and still owe $8800

Please help me explain to my husband how we can the same access
offered in "Special Diamond Resorts conversion offer" from a resale.

Here are details of what we walked in owning (paid off) and we walked out owing:

1 Deeded week (odd yr.) 1BR in Dana point CA $403 maintenance fees w/Pacific Monarch converted to 4320 pts. and maintenance fees remain the same.

1 Deeded week (even yr.) 1BR Los Abrigados, Sedona AZ maintenance fees $400 converted to 5500 pts, maintenance fees increased now $1195
In total will get 9820 points every year and maintenance fees will be $1598 annually (confirmation page reads subject to change ea. subsequent year)
We will have access to:
Interval International w/No annual fees
The Club Select
Point Savers

Can DR increase our annual maintenance fees?
 
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johnrsrq

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send you a response via your pm.

return receipt requested. Rescind. plenty of time after that to learn,

Regards,

John:)
 

uscav8r

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Hi John I need help.

I am trying to explain to my husband. That we can get the same TS benefits through a resale. We have 7 calendar days to rescind, we signed on July 12th. Is our deadline the 19th? Contract says we can fax. I will do both overnight mail and fax. We wrote a check for $2500 and still owe $8800

Please help me explain to my husband how we can the same access
offered in "Special Diamond Resorts conversion offer" from a resale.

Here are details of what we walked in owning (paid off) and we walked out owing:

1 Deeded week (odd yr.) 1BR in Dana point CA $403 maintenance fees w/Pacific Monarch converted to 4320 pts. and maintenance fees remain the same.

1 Deeded week (even yr.) 1BR Los Abrigados, Sedona AZ maintenance fees $400 converted to 5500 pts, maintenance fees increased now $1195
In total will get 9820 points every year and maintenance fees will be $1598 annually (confirmation page reads subject to change ea. subsequent year)
We will have access to:
Interval International w/No annual fees
The Club Select
Point Savers

Can DR increase our annual maintenance fees?
Print this out for your husband so you can show him the experience and knowledge base TUG has to offer. My mom was with Monarch Grand Vacations (which already has no value) when it was taken over by DRI. I've looked at their system, and made sure my mom did not spend any money buying into DRI.

So you went from $400 annually for a 1-week EOY (Is it Pacific Monarch or Monarch Grand?) to $1600 annually for the equivalent of ONE annual week? That is 4x the MF for 2x the usage...

$1600 for one week in a 1 BR each year is VERY expensive. I can get a nice 2BR in a Wyndham for under $1000-1200. The rate you are paying would get you a VERY NICE Marriott or Starwood resort. DRI may be nice, but not that nice...

Your II membership is not "free." You are paying for the membership already with your very high MF. You can do better by getting an II membership on your own and taking advantage of the 2-years-for-the-price-of-1 membership discounts they offer on a regular basis.

Club Select.... DRI has certain trusts aka collections within their system. You can buy resale for tons less. Sure resale contracts are limited to a particular collection, but with the money you save, you can buy in 2 or 3 collections and still be ahead.

I don't know what Point Savers are, but it sounds like inventory discounts within a certain time window. Guess what, those are for leftover units, usually in the off-season. If you can travel then, that is fine, but if you have kids, you generally are stuck to the prime holiday and summer travel periods, and these inventory specials become more difficult to use.

Finally, DRI CAN and WILL raise your MF every year from now until you get rid of the TS. That is simply a fact of TS ownership. If you think you are locked in for life at the current rate (already high), then you were misled and you will be unpleasantly surprised this time next year.
 
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csxjohn

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Hi John I need help.

I am trying to explain to my husband. That we can get the same TS benefits through a resale. We have 7 calendar days to rescind, we signed on July 12th. Is our deadline the 19th? Contract says we can fax. I will do both overnight mail and fax. We wrote a check for $2500 and still owe $8800

Please help me explain to my husband how we can the same access
offered in "Special Diamond Resorts conversion offer" from a resale.

Here are details of what we walked in owning (paid off) and we walked out owing:

1 Deeded week (odd yr.) 1BR in Dana point CA $403 maintenance fees w/Pacific Monarch converted to 4320 pts. and maintenance fees remain the same.

1 Deeded week (even yr.) 1BR Los Abrigados, Sedona AZ maintenance fees $400 converted to 5500 pts, maintenance fees increased now $1195
In total will get 9820 points every year and maintenance fees will be $1598 annually (confirmation page reads subject to change ea. subsequent year)
We will have access to:
Interval International w/No annual fees
The Club Select
Point Savers

Can DR increase our annual maintenance fees?
I am not familiar with the DRI system and what kind of buyer is entitled to what but the important thing is, neither do you.

I repeat that you should rescind now then study all the posts you can about them.

After you rescind, if you still think buying from them directly is the way to do it, you will get the same deal you made or better.

If you don't rescind, you are stuck with what you have no matter what you learn in the future.

Yes, it appears the 19th is your cut off date but that is just when you have to send the rescission, not for them to receive it. If you want to fax it fine, but I would also send one through the mail with delivery confirmation so you have proof from the post office that you sent it. No need to spend the money for overnight delivery.

After you rescind, come back and ask your questions in the appropriate forum. Again, if you see something in buying retail that is worth $10,000+ you can go back and buy. I doubt you'll find anything in retail ownership worth that kind of money.

And yes, you can be guarnteed that your MFs will be going up as will all or ours.
 
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