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Interval is nothing but crooks

Dean

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Agree to disagree I guess. Of course its my choice to go, but who in their right mind is traveling right now? You do realize this pandemic situation, companies aren't really going to their fine print terms and conditions and saying oh well your loss. Companies are doing what they can to help everyone out. And FYI, I had flights booked through Expedia, I received full refund back to my CC, no questions asked. II won't even give me freaking credit. And I used the retrades to push the date later due to this pandemic thinking it would be over by then, not because I wanted to retrade for my own enjoyment. I don't know, maybe it's been my luck I guess, that every company I have dealt with they have been willing to help out and not just tell me "you bought it, its your problem now".

And to quote the "I don't see why they have to take the loss" - Why are they taking a loss? I have to pay the $300 again. I asked for credit, not a refund for them to take a loss. What you are saying is that since there is a pandemic and everyone is hurting and there are terms and conditions, II is okay to charge their customers twice for one service? So... if you had concert tickets to a show this summer and you call the ticket company for a refund or credit, and they tell you oh we have a new show date in 2021, but guess what you'll have to pay for that show, and oh also we are keeping your payment for the first show offering no refund or credit. That is basically what II is doing.
They will be giving up a second week that they could give to someone else. Plus it's not just you, it's many, many others. They shouldn't just do it for you, they should treat everyone the same. I can't speak for others but it seems in your view II is not taking any losses so this little bit won't hurt them. I'd be fine with them giving you some additional flexibility but to expect them to and to be upset that they are following the rules in place that you knew or should have known doesn't seem reasonable to me.
 

bazzap

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Interval and associated business has lost $41m in the first 6 months of 2020, compared to a profit of $73m in the same period in 2019
556D2BF7-FE6C-4786-A3FA-0552776955C9.jpeg
 

davidvel

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Interval and associated business has lost $41m in the first 6 months of 2020, compared to a profit of $73m in the same period in 2019 View attachment 24319
They lost $114 million dollars in 6 months, likely $200+ million for the year. They are really bad at being crooks. :LOL:
 

wjarcher

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Interval and associated business has lost $41m in the first 6 months of 2020, compared to a profit of $73m in the same period in 2019 View attachment 24319

Pretty interesting. So the loss mainly comes from "impairment" between Jan and March; and the other expenses are lower compared with last year. Can we dream of having a lower MF next year? :)
 

Dean

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Pretty interesting. So the loss mainly comes from "impairment" between Jan and March; and the other expenses are lower compared with last year. Can we dream of having a lower MF next year? :)
Since resorts have to be maintained, the only potentials savings on the resort side would be at the expense of employees but they have increased expenses related to cleaning and management of pools and the like. My guess is the fees will be higher the next few years than they would have been otherwise. II is a separate entity, their revenue comes from membership and exchange related income.
 

TheTimeTraveler

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I'm confident that utility bills for the last six months are substantially lower than 12 months ago......



.
 

dioxide45

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I'm confident that utility bills for the last six months are substantially lower than 12 months ago......
That however impacts there resorts more. That money doesn't go back to Marriott, it goes back to the HOAs.
 

dioxide45

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Since resorts have to be maintained, the only potentials savings on the resort side would be at the expense of employees but they have increased expenses related to cleaning and management of pools and the like. My guess is the fees will be higher the next few years than they would have been otherwise. II is a separate entity, their revenue comes from membership and exchange related income.
They have closed some pools at some of the resort, though there is usually at least one if not more open. At SVV, they have the St Augustine pool closed, but Bella and Key West are open. So there is pool maintenance going on. Though I have noticed pools not full. One day we got in one of the pools at Cypress Harbour and it was filled with bugs. THe water level was below the skimmer line. It looked like they were maybe trying to fill it up, but that is a slow process. We had to go to one of the other pools.
 

dioxide45

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They lost $114 million dollars in 6 months, likely $200+ million for the year. They are really bad at being crooks. :LOL:
Where are you seeing $114? I am seeing $41 million for the six months ended 6/30.
 

tschwa2

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Where are you seeing $114? I am seeing $41 million for the six months ended 6/30.
I think they are getting 114 loss over the 73 million they made last year. So not only did they not make 73 million. they lost another 41 million.
 

dioxide45

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I think they are getting 114 loss over the 73 million they made last year. So not only did they not make 73 million. they lost another 41 million.
I guess one could say they made $114 million less than last year. But that is fuzzy math. Last year time period they made 73 million. This year they lost $41 million. If they count the 18 month period ending 6/30, they still made a profit.
 
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emeryjre

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Revenues for the six months ending on June 30, 2020 were 165 million dollars. They show expenses of 206 million dollars for the same period. As has been mentioned earlier there is a line item of 91 million dollars for "impairment" in the expense column. Without the 91 million dollar "impairment" charge their expenses would now be 115 million dollars for the six months.

165 minus 115 equals 50 million dollars. That is the pre "impairment" profit. Without the footnotes to tell us what the "impairment" charge actually represents, I would argue that they made 50 million pre tax cash flow profit. Not bad for this this terrible period. Can someone please explain what the "impairment" charge really represents?
 

jabberwocky

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165 minus 115 equals 50 million dollars. That is the pre "impairment" profit. Without the footnotes to tell us what the "impairment" charge actually represents, I would argue that they made 50 million pre tax cash flow profit. Not bad for this this terrible period. Can someone please explain what the "impairment" charge really represents?
It’s likely a non-cash charge basically saying that an asset they have recorded on the books is worth $91 million less than was previously stated. Either that or their accountant ran up a really big bar tab.
 

dioxide45

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Revenues for the six months ending on June 30, 2020 were 165 million dollars. They show expenses of 206 million dollars for the same period. As has been mentioned earlier there is a line item of 91 million dollars for "impairment" in the expense column. Without the 91 million dollar "impairment" charge their expenses would now be 115 million dollars for the six months.

165 minus 115 equals 50 million dollars. That is the pre "impairment" profit. Without the footnotes to tell us what the "impairment" charge actually represents, I would argue that they made 50 million pre tax cash flow profit. Not bad for this this terrible period. Can someone please explain what the "impairment" charge really represents?
Because of accounting regulation around loan and mortgage losses, they probably set aside a lot of money to cover expected defaults on mortgages. That would be the most likely reason for the impairments. The big banks have set aside billions!
 

emeryjre

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Would this particular division have mortgages on their books. And would they be called an impairment rather than loan loss reserves
 

dioxide45

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Would this particular division have mortgages on their books. And would they be called an impairment rather than loan loss reserves
The impairments look to have mainly been in first quarter 2020 and perhaps a mix of different writedowns.

 

TravelTime

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Agree to disagree I guess. Of course its my choice to go, but who in their right mind is traveling right now? You do realize this pandemic situation, companies aren't really going to their fine print terms and conditions and saying oh well your loss. Companies are doing what they can to help everyone out. And FYI, I had flights booked through Expedia, I received full refund back to my CC, no questions asked. II won't even give me freaking credit. And I used the retrades to push the date later due to this pandemic thinking it would be over by then, not because I wanted to retrade for my own enjoyment. I don't know, maybe it's been my luck I guess, that every company I have dealt with they have been willing to help out and not just tell me "you bought it, its your problem now".

And to quote the "I don't see why they have to take the loss" - Why are they taking a loss? I have to pay the $300 again. I asked for credit, not a refund for them to take a loss. What you are saying is that since there is a pandemic and everyone is hurting and there are terms and conditions, II is okay to charge their customers twice for one service? So... if you had concert tickets to a show this summer and you call the ticket company for a refund or credit, and they tell you oh we have a new show date in 2021, but guess what you'll have to pay for that show, and oh also we are keeping your payment for the first show offering no refund or credit. That is basically what II is doing.

Then you should have not retraded so I many time. I have an II trip for November. I have already re-traded enough times than I will lose my II deposit if I do not go. I am not complaining. It is what it is.
 

TravelTime

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I
Agree to disagree I guess. Of course its my choice to go, but who in their right mind is traveling right now? You do realize this pandemic situation, companies aren't really going to their fine print terms and conditions and saying oh well your loss. Companies are doing what they can to help everyone out. And FYI, I had flights booked through Expedia, I received full refund back to my CC, no questions asked. II won't even give me freaking credit. And I used the retrades to push the date later due to this pandemic thinking it would be over by then, not because I wanted to retrade for my own enjoyment. I don't know, maybe it's been my luck I guess, that every company I have dealt with they have been willing to help out and not just tell me "you bought it, its your problem now".

And to quote the "I don't see why they have to take the loss" - Why are they taking a loss? I have to pay the $300 again. I asked for credit, not a refund for them to take a loss. What you are saying is that since there is a pandemic and everyone is hurting and there are terms and conditions, II is okay to charge their customers twice for one service? So... if you had concert tickets to a show this summer and you call the ticket company for a refund or credit, and they tell you oh we have a new show date in 2021, but guess what you'll have to pay for that show, and oh also we are keeping your payment for the first show offering no refund or credit. That is basically what II is doing.

If I had tickets for a show and it was canceled due to the pandemic. But they had a different show on a different date, I would expect to pay for the new show.
 

csalter2

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I wonder if they will start charging DC owners for locking off, or e-plus, or, exchange fees now? Maybe they will start a small charge for II membership? Or heaven forbid a charge for transferring points! When companies start losing money, they start looking for ways to making it back. Remember when baggage was free for the airlines and you could eat for free? Or maybe you can recall when using the business office and swimming pool did not require a daily “resort fee”. Just sayin’!
 

TravelTime

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When I started my business, I put some strict policies in place for clients who miss, change or cancel appointments with less than 48 hours notice. I charge my full fee if people do not cancel or reschedule with 48 hours notice. Guess what, most people respect the policy and try hard to keep their appointments. It has been the best thing I ever did. When I started my business, I was ready to go out of business if my policy did not work. I would rather be bankrupt then sit around until the last minute hoping clients will show up.

My point is businesses need to put policies in place that work for them. Maybe it makes no sense to you but sometimes it is the principle for a business owner. It might be better for some businesses to go out of business than to give in to a lot of refunds and slipping on their policies. I know if my choice were to loosen my boundaries or go out of business, I would choose going out of business.
 

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Dioxide45, Thanks for the link. I was thinking that the profit and loss information posted earlier in the thread was specific to II. It would appear that the information covered more divisions. Other divisions have assets and other incoming payments that are impacted by the lack of travel and would in fact have impairments.

I do not believe II are crooks. I have an exchange coming up in late August that I will probably cancel. I will lose the exchange fee. It is just what it is under the rules.
 

CPNY

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They are a little more than crooks, they also are an exchange company for timeshares. They offer excellent travel options when not using your exchange. They also offer discounts on rental cars and such. Crooking is just one small portion of their operation. Be nice.
 

wjarcher

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I have had good experience with II so far, sometimes it also depends on whom you talk to on the phone. I have an agent who is willing to waive fees for adding two units to my membership while another agent would not do.

Sent from my Pixel 2 using Tapatalk
 

Quadmaniac

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Agree to disagree I guess. Of course its my choice to go, but who in their right mind is traveling right now? You do realize this pandemic situation, companies aren't really going to their fine print terms and conditions and saying oh well your loss. Companies are doing what they can to help everyone out. And FYI, I had flights booked through Expedia, I received full refund back to my CC, no questions asked. II won't even give me freaking credit. And I used the retrades to push the date later due to this pandemic thinking it would be over by then, not because I wanted to retrade for my own enjoyment. I don't know, maybe it's been my luck I guess, that every company I have dealt with they have been willing to help out and not just tell me "you bought it, its your problem now".

You are aware when they made that trade for you, it prevented someone else from booking that time ? So they confirmed with you and you said you wanted it. They can't allow someone else to take it and lose the money from the possibility of making a trade with someone else.

Now you want another trade, which again, if they give it to you, with your credit, they don't get any revenue for providing that accommodation to you.

You expectation is that the company should take the full loss while you take none for COVID which is not their creation.

IF they offer anything beyond the terms of the contract, feel fortunate, as they are not OBLIGATED to as you are feeling. They are following the terms of their service which you agreed to from the onset.

And to quote the "I don't see why they have to take the loss" - Why are they taking a loss? I have to pay the $300 again. I asked for credit, not a refund for them to take a loss. What you are saying is that since there is a pandemic and everyone is hurting and there are terms and conditions, II is okay to charge their customers twice for one service? So... if you had concert tickets to a show this summer and you call the ticket company for a refund or credit, and they tell you oh we have a new show date in 2021, but guess what you'll have to pay for that show, and oh also we are keeping your payment for the first show offering no refund or credit. That is basically what II is doing.

Yes they are taking a loss as they could have and did have payment for providing the unit as they said they would. They are taking on massive losses as well as less people are traveling, so should they refund everyone ? How does this work as a business model ? Now they lose another exchange to make a trade to give it to you for nothing ?

The difference for the concert is that is still going on and available to you. You are choosing not to go, which again is not their issue. If they provide you with any credit, it is their courtesy to you, not an obligation. They have done their part and you paid the fee for their part, that's the end of the contracted service. If they go beyond, great, but I don't feel that they are a crook by any means.

They are suffering as well and trying to keep afloat during these times. It should not be on their backs. If they did not honor the trade and the unit was not available to you, you have more of an argument, but in this case, it's not a fair expectation.
 

bobpark56

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I had my Hawaii vacation booked for May 2020, then I used up all my e-trades to push it to Aug 2020, all due to Covid-19 travel issues. Now I called to cancel my August plans, since the virus is still out there and nobody is really traveling and they said they can cancel it and give me 1 year re-trade from the date of cancellation. But the $154 re-trade, $59 e-trade cert, and the $99 I paid for 2-bed upgrade (total $312) - none of these will be refunded or even credited for future use. They are basically just taking this money from me for nothing. Now if I want to book in 2021, I have to pay for these items once again. Total BS. Is anyone in the same situation as me?
Just taking money for you? I don't see it that way. They are letting you make changes and charging you a fee for that, so you are receiving something significant in return. On top of that, you are creating work for them. If you want to argue about how much they are charging, you can always vote with your feet and go elsewhere. But where would you prefer to go?
 
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