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I just bought from the developer, thoughts? There's still time to cancel.

ServeChilled

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We just bought 200k/year points for $30k, with $1,121 yearly MF. Unfortunately, I did not find this website before we went to our presentation (our sales people were actually quite nice thought). Luckily, per our contract, we have until Friday to mail our cancellation, and so I'm on a fact finding mission.

Ebay currently has contracts for 500k points for less than 3 grand. However, I called our sales manager today and told him this, and his response was these accounts can come with a lot of baggage, and they are "flagged" as resale by the Company. What does that mean?

They also don't come with any of the developer "deals," (like Perks or PartnersPlus). My question is, can I add these items later to a resale contract? We are really interested in going on cruises and using points for airfare. However, are these add-ons even really worth it?

I have read many horror stories across the internet and would welcome any other advice. We love the concept of being able to travel somewhere else each year for a pseudo-one time purchase (minus yearly MF). I have already learned a ton from this forum and appreciate everyone's insight.
 

AwayWeGo

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[triennial - points]
Get out of it while you can.

Wyndham puts on a great sales spiel. But what they're selling is mainly sizzle, not steak.

Last time we subjected ourselves to a Wyndham pitch (for the freebies), the sales rep. even admitted that there is no difference between resale Wyndham points & retail Wyndham points when you limit the discussion just to timeshare condo accommodations. The difference, he said, is in all the extra benefits you get as Wyndham V.I.P., etc.

Even agreeing that V.I.P. perks are plenty nice, that doesn't mean those perks are worth the immense price difference between resale & full freight.

Rescind right away -- before the cooling off period runs out.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
 

Railman83

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We just bought 200k/year points for $30k, with $1,121 yearly MF. Unfortunately, I did not find this website before we went to our presentation (our sales people were actually quite nice thought). Luckily, per our contract, we have until Friday to mail our cancellation, and so I'm on a fact finding mission.

Ebay currently has contracts for 500k points for less than 3 grand. However, I called our sales manager today and told him this, and his response was these accounts can come with a lot of baggage, and they are "flagged" as resale by the Company. What does that mean?

They also don't come with any of the developer "deals," (like Perks or PartnersPlus). My question is, can I add these items later to a resale contract? We are really interested in going on cruises and using points for airfare. However, are these add-ons even really worth it?

I have read many horror stories across the internet and would welcome any other advice. We love the concept of being able to travel somewhere else each year for a pseudo-one time purchase (minus yearly MF). I have already learned a ton from this forum and appreciate everyone's insight.

If you wait long enough you will have 40 people tell you to rescind.

Do it now, the developer deal will always be there and you could likely do better with another developer deal that will only be 95% over instead of %97 percent over.

Rescind. Read tug a few weeks and then buy.
 

Karen G

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Once owned these: FirstFairway@Walden X 2; Lawai Beach; ManhattanClub; PuebloBonitoRose; 4 South Africa--now timeshare-free
If you have any questions or concerns about what you bought, of course you should rescind while you still can. You have just this one opportunity to rescind so take it! That great deal you were sold will still be there if, after you've done your due diligence, you still think it's what you want.

Don't waste any more time contacting the salesman--he'll say anthing to save the sale. Follow the instructions on rescission in your paperwork. Write a simple letter stating you want to cancel the sale and have all parties who signed the purchase agreement sign the letter. Send it by certified mail so that you'll have the receipt from the post office showing you rescinded within the specified rescission period.
 

Braindead

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Do it now, the developer deal will always be there and you could likely do better with another developer deal that will only be 95% over instead of %97 percent over.
Huh! Please explain for me. I'm lost.
I'm not here to argue if they should rescind or not. But $150.00 per thousand points is about as good as it gets for a direct purchase.
 

Cedartree105

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Follow instructions clearly inside the packaging they gave you. Look carefully and you will find the address. Follow it and mail everyone one listed on paparwork certified. Glad you found TUG! $$$ saved!!
 

Cedartree105

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Huh! Please explain for me. I'm lost.
I'm not here to argue if they should rescind or not. But $150.00 per thousand points is about as good as it gets for a direct purchase.
Still 30k for something you can by for less than 2k? It's just not worth paying in my opinion all that $$$
 

Cedartree105

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Wyndham club acess, Wyndham Smokey Mountain
We just bought 200k/year points for $30k, with $1,121 yearly MF. Unfortunately, I did not find this website before we went to our presentation (our sales people were actually quite nice thought). Luckily, per our contract, we have until Friday to mail our cancellation, and so I'm on a fact finding mission.

Ebay currently has contracts for 500k points for less than 3 grand. However, I called our sales manager today and told him this, and his response was these accounts can come with a lot of baggage, and they are "flagged" as resale by the Company. What does that mean?

They also don't come with any of the developer "deals," (like Perks or PartnersPlus). My question is, can I add these items later to a resale contract? We are really interested in going on cruises and using points for airfare. However, are these add-ons even really worth it?

I have read many horror stories across the internet and would welcome any other advice. We love the concept of being able to travel somewhere else each year for a pseudo-one time purchase (minus yearly MF). I have already learned a ton from this forum and appreciate everyone's insight.
May I asked what did they ask you? Was it Club Wyndham Access?
 

Cyrus24

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CWA, Grand Desert, Royal Garden, Las Olas, VV at Parkway, Island Links
Rescind. Perks and PartnersPlus offer deals that are no better than you can get with AARP/AAA/Credit Cards. I'd rescind and then look for a good resale at a low MF per point location (Panama City Beach comes to mind). I bought 168K resale at Grand Desert to start my Wyndham journey. Since then, I will admit to having bought developer points. But, I knew what I was getting into when I bought those. Rescind, buy resale, learn, then maybe consider developer for VIP down the road.
 

spackler

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Rescind. You need to believe in Enron-type accounting in order to make a developer purchase make sense.

Would you purchase any other large asset (home, boat, car, etc) knowing it would lose 95% of it's value within a week?
 

Sandi Bo

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The only good use of points is to stay at the resorts.

Do not buy points because you can use them for cruises or Disney tickets. It's not cost effective whatsoever. The only reason to use points for anything but resort stays is because you have too many points and you need to use them (inefficiently).

If you buy 200K points, it's only a matter time before you attend another sales presentation and purchase another 200K so that you are Silver VIP. Then at 400K, you'll be enticed to purchase 300K more so you can be Gold VIP. Now that you are at 700K, you only need 300K to get to 1M and VIP Platinum. It's a slippery slope.

Until you get to VIP levels, there is no additional value in your points than the resale points you are seeing on eBay.

As others have said, and more will follow, rescind while you can. If you research more, and still decide you want the developer points, there will always be a deal waiting for you.

Good luck!
 

vacationhopeful

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Your 200,000 point buy yesterday will be worth $1 -$299 transfer-advertising costs => negative value...after the end of your rescind period.

Get back your $30,000. At 3% interest, that is $900. Take the $900, buy yourself a week on the resale market for $1 and pay your yearly MFs. Every year.
 

MaryBella7

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I am a full resale owner and have never gotten the "shaft" from my ownership. The VIPs sure have, though! Any questions specifically let me know - over 1 million points for less than $5K. Almost all very low maintenance fee properties. RESCIND then research.
 

bnoble

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If you have any questions or concerns about what you bought, of course you should rescind while you still can. You have just this one opportunity to rescind so take it! That great deal you were sold will still be there if, after you've done your due diligence, you still think it's what you want.
Karen said exactly what I would say: if you are unsure, rescind, and do your research. If you decide this is the right deal for you, you can always get them to write it for you again. However, if you decide that a resale purchase---or even a purchase in some other system---is right for you, then all the better.
 

MaryBella7

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Thank you everyone for all of the quick responses. The rescission letter is going out tomorrow morning, and my wife and I have been resale shopping. I truly appreciate the words of wisdom.

Just an FYI - It is easy to get excited when resale shopping because the prices are SO much better. Still research. A low maintenance fee property may cost a little more up front, but a lot less down the line. Also consider where you plan to visit. Some places are much more difficult to visit, so if that is important to you, ask more questions before buying.
 

cayman01

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When shopping resale be aware of maintenance fees. You will see stuff you can get for free that usually carry very high maintenance fees. Better to pay a little more upfront to save a lot on the back end. Panama City Beach, South Shore, Bali Hai, National Harbor are a couple with low MF's.

Also, understand that the closing process is taking quite a bit of time these days with Wyndham. Don't expect to be able to use any 2017 points. Just no way a contract is going to get transferred to you that fast.
 

AwayWeGo

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[triennial - points]
Just an FYI - It is easy to get excited when resale shopping because the prices are SO much better. Still research. A low maintenance fee property may cost a little more up front, but a lot less down the line. Also consider where you plan to visit. Some places are much more difficult to visit, so if that is important to you, ask more questions before buying.
Truer words were never typed.

We bought resale out of bigtime excitement at discovering the huge difference between full freight ($22,500 at the time) & resale ($3,500). After absorbing the essential big initial lesson about buying resale, we started our education into the real world of timeshares & timeshare vacationing with that purchase. That is to say, we learned by doing rather than by doing careful research before doing. By & large, we avoided critical mistakes. But that is not to say we wouldn't do some things differently if we were starting out now with the advantage of the knowledge we gained by learning while doing. However that may be, what could have happened, did. And we're still on board with resale timesharing, although on a much smaller scale than at our heyday.

A revised version of our (mostly) complete timeshare story is on TUG-BBS. Here's the link for that . . .

http://www.tugbbs.com/forums/index.php?threads/why-did-you-buy-and-is-it-worth-it.243762/page-2#post-1903173

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
 
Last edited:

rickandcindy23

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Good for you for investigating before it's too late. Wyndham is not a good purchase from the developer.
 

Pietin

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I would add while it is great to get buy a resort (resale of course) with low maintenance fees, I would balance this where you would like to stay. If you want to stay at harder to get into resorts like Glacier Canyon, New Orleans, or Bonnet Creek for holidays, I would by there or CWA. This way you can get ARP at resorts you want to stay at.

Good luck and welcome to the journey.
 
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