Is it worth it

[suadali03]

Hello guys, I’m new here and this has probably been asked many times here before so I apologize but it’s just so much information and making me confused. My wife bought a time share/ or points as they say from Wyndham because we’re were staying there and she went into a presentation. Anyways 84000 pints for a 10 year loan for around $17000 the kicker for her was they offered rci package where she can book vacations for 309-$389 a week. This is in additional to the points by Wyndham etc. that sounds good but there’s gotta be a catch? I looked in the contract and it says she has 10 days to rescind it? Etc so I would appreciate any help or advice. $17000 loan paying about $250 a month. I just don’t know about this
Thank you in advance.

 

[bnoble]

No. Rescind immediately. Points in the resale market are much MUCH cheaper, and also include access to RCI.

 

[louisianab]

The value of what you bought is $0.01. Rescind IMMEDIATELY and read, educate yourself and then obtain later when you are fully ready for the commitment.

 

[Jan M.]

Rescind and save yourself over $16k. You can find something free or cheap. Maybe just paying the closing costs and transfer fees. Here on TUG look in the Free Giveaways and also in the Marketplace. Look on eBay and Redweek too.

All Wyndham accounts, even resale, get the free RCI account. Those $309-$389 weeks are RCI Last Call Weeks and are only for dates within 45 days of the check in date. There's a limited but still somewhat decent amount of inventory in the Last Call Weeks.

Also 84k points won't get you much. Two or three times that is a good place to start. Did they give you a directory? Look at the point charts. If they didn't give you a directory go to the Wyndham website and towards the bottom you'll see Publications. You don't have to be able to sign in to click on it and find the directory.

You get one free housekeeping credit for every 70k points. Each reservation requires one HK credit regardless of the length of stay and unit size. If you run out they're $159.

There's a minimum program fee and it's $175 if you only have resale points. So if you own under 258k points you pay that minimum program fee. Anything over that and you pay $0.68 per thousand points. That makes owning a small contract like 84k cost more in maintenance fees.

 

[suadali03]

Thank you guys, I’m still confused really and trying to explain to my wife is even more challenging.. too much new lingo etc, but the main thing she was interested was the rci, and last call stuff, for example now she saw Montego bay resorts for a week for less than $300, and it’s usually supposed to be $3000, $4000?? My understanding is you can buy this kind of time share/points? which would include the rci access for fraction of the cost?? Thank you so much guys.

 

[Fido Chuckwagon]

Hello guys, I’m new here and this has probably been asked many times here before so I apologize but it’s just so much information and making me confused. My wife bought a time share/ or points as they say from Wyndham because we’re were staying there and she went into a presentation. Anyways 84000 pints for a 10 year loan for around $17000 the kicker for her was they offered rci package where she can book vacations for 309-$389 a week. This is in additional to the points by Wyndham etc. that sounds good but there’s gotta be a catch? I looked in the contract and it says she has 10 days to rescind it? Etc so I would appreciate any help or advice. $17000 loan paying about $250 a month. I just don’t know about this
Thank you in advance.

Rescind. Immediately. You can literally buy the same exact thing on ebay for a few hundred dollars. If you reallly like Wyndham, then absolutely buy it on ebay (Wyndham is a great product, I am a very satisfied resale owner), but it is definitely NOT worth $17,000 when you can buy it for $170.

 

[Fido Chuckwagon]

Thank you guys, I’m still confused really and trying to explain to my wife is even more challenging.. too much new lingo etc, but the main thing she was interested was the rci, and last call stuff, for example now she saw Montego bay resorts for a week for less than $300, and it’s usually supposed to be $3000, $4000?? My understanding is you can buy this kind of time share/points? which would include the rci access for fraction of the cost?? Thank you so much guys.

You will get the exact same RCI account and access with a resale account.

 

[Fido Chuckwagon]

Thank you guys, I’m still confused really and trying to explain to my wife is even more challenging.. too much new lingo etc, but the main thing she was interested was the rci, and last call stuff, for example now she saw Montego bay resorts for a week for less than $300, and it’s usually supposed to be $3000, $4000?? My understanding is you can buy this kind of time share/points? which would include the rci access for fraction of the cost?? Thank you so much guys.

Also, EVEN IF you decided you wanted to stay with a developer purchase:

1. You can buy it cheaper over the phone with Wyndham than you can at a sales presentation; YOU DO NOT NEED TO BUY IT RIGHT THIS SECOND, TELL YOUR WIFE TO LET YOU RESEARCH IT MORE WHEN YOU ARE HOME FROM THE TRIP
2. Know that a huge percentage of what you just paid went to the sales commission of the person selling it to you. Something like 80 percent of the cost of a developer timeshare with wyndham goes to the cost of sales/marketing.

 

[Fido Chuckwagon]

Assuming you bought Club Wyndham Access, here:

club wyndham access for sale | eBay

Get the best deals for club wyndham access at eBay.com. We have a great online selection at the lowest prices with Fast & Free shipping on many items!

www.ebay.com

Show your wife hte prices on ebay.

 

[Fido Chuckwagon]

Thank you guys, I’m still confused really and trying to explain to my wife is even more challenging.. too much new lingo etc, but the main thing she was interested was the rci, and last call stuff, for example now she saw Montego bay resorts for a week for less than $300, and it’s usually supposed to be $3000, $4000?? My understanding is you can buy this kind of time share/points? which would include the rci access for fraction of the cost?? Thank you so much guys.

Also, while you can **sometimes** find a decent last call on RCI, the situation you are describing would be a unicorn. Very unusual.

 

[Fido Chuckwagon]

Here’s another idea, tell your wife, for the same price that you just paid, you can buy a contract three times the size, and a new car.

 

[suadali03]

Actually we got back home yesterday, So I guess we have to send a letter in or something but I’m tell her to do that and read about this resale stuff. I’m guessing you buy it from eBay or here from someone who is selling their points? Or package? Why are they selling it so cheap if they paid $17000 or $15000? I’m sorry with the many questions. I do plan on reading and going through the sections here later with her when she gets back from
Work. Again thank you guys so much.

 

[Fido Chuckwagon]

Actually we got back home yesterday, So I guess we have to send a letter in or something but I’m tell her to do that and read about this resale stuff. I’m guessing you buy it from eBay or here from someone who is selling their points? Or package? Why are they selling it so cheap if they paid $17000 or $15000? I’m sorry with the many questions. I do plan on reading and going through the sections here later with her when she gets back from
Work. Again thank you guys so much.

You can:
1. Buy it from ebay. There are a ton of reputable resellers (check their ebay feedback ratings);
2. Buy it from TUG from a user directly. There’s a classified ad section here. There is also a “giveaway” for free timeshares.

The value of the timeshare is largely determined by the maintenance fees. The higher the maintenance fees, the less the timeshare is worth.

As to why Wyndham is basically worth zero? Too much supply, not enough demand. Maintenance fees are the highest cost of a contract over time, not the upfront cost. Even though people may have bought a timeshare for $50,000, if they can’t afford the maintenance fees, they need to get rid of it. Also there are a lot of Wyndham resorts that can’t even be given away because the maintenance fees are too high. Club Wyndham Access is around $7.30 per 1,000 points plus the program fees. Any resort that has maintenance fees higher than that is basically worthless (and you should not buy it). Resorts that have maintenance fees less than that have some residual value, especially resorts that have maintenance fees that are significantly lower than CWA. You rarely need home resort advantage for Wyndham, and any resort can book any other resort within 10 months, so the best strategy is often just to buy the resort with the cheapest maintenance fees you can get for a reasonable price. If home resort advantage is important to you (you travel at a really high demand time in certain specific resorts that have availability issues during those times), then CWA may be worth it.

 

[Fido Chuckwagon]

Sorry to barrage you with posts here. The process for buying resale is pretty simple:

1. You agree on a price with the person you are buying from (either by bidding on ebay, or agreeing to something here on TUG);
2. You work with a reputable closing company (there are a bunch, I like Resort Closings Inc out of Bozeman, Montana for Wyndham.,) If you are buying from a reseller on ebay with good feedback that reseller will likely have an “in-house” or partner closing company).
3. The closing company records the new deed in you and your wife’s name;
4. The closing company sends the new deed to Wyndham and pays a $399 transfer fee to Wyndham;
5. Wyndham takes a looooonnnnggg time, often 12-16 weeks, to get around to setting up your account; and
6. You are now a Club Wyndham owner with the exact same account that you would have spent $17,000 on except it is likely much larger, and also maybe it’s a cheaper maintenance fee contract.

Closing costs for a contract are usually around $700-$800 ($399 for transfer fee, $300ish-$400ish for closing company). You can often get a contract on ebay for less than the closing costs. Basically, the old owner is paying money to get rid of it.

 

[Fido Chuckwagon]

Out of curiosity, what resort did you just stay at where you purchased?

 

[4TimeAway]

Actually we got back home yesterday, So I guess we have to send a letter in or something but I’m tell her to do that and read about this resale stuff. I’m guessing you buy it from eBay or here from someone who is selling their points? Or package? Why are they selling it so cheap if they paid $17000 or $15000? I’m sorry with the many questions. I do plan on reading and going through the sections here later with her when she gets back from
Work. Again thank you guys so much.

The pitch they gave you is why timeshares exist and not why to buy from them. We are not anti-timeshare; we just want you to get a decent deal.

We are trying to encourage you to cancel and spend some time learning about timeshares before you buy.

The annual costs are the same wherever you buy but the initial cost $17,000 doesn't have to be this much. Also, you may not have been sold what you think you bought. Sometimes they swap product offerings and confuse buyers. The short time in the presentation is not enough to understand what you’re buying.

You need to read the contract about how much time you must rescind (cancel the contract) today and cancel it NOW. Sometimes its days and if you miss it your window to cancel is gone.

 

[HitchHiker71]

Thank you guys, I’m still confused really and trying to explain to my wife is even more challenging.. too much new lingo etc, but the main thing she was interested was the rci, and last call stuff, for example now she saw Montego bay resorts for a week for less than $300, and it’s usually supposed to be $3000, $4000?? My understanding is you can buy this kind of time share/points? which would include the rci access for fraction of the cost?? Thank you so much guys.

Read these articles together with your wife (or separately if that works better):

Is timesharing right for me?

The purpose of this article is to establish what we consider to be a few hard and fast rules to live by when attempting to determine conceptually if timeshare ownership is a good match to meet your…

wyndhamexperts.wpcomstaging.com

I did the wrong thing. What do I do now?

So, you’ve read our ‘Did I Do the Right Thing?’ blog article, and you’re pretty sure you fall into the category of ‘I did the wrong thing.’ What do you do now? B…

wyndhamexperts.wpcomstaging.com

Particularly the second article since you're having doubts. Long story short - an RCI weeks account comes with a resale Wyndham purchase, so your wife will still have access to book RCI weeks at standard RCI rates - which is what the sales rep was actually referring to - this isn't anything special - it's what every single RCI member can do to be clear. Specific to your Wyndham developer purchase, the 84k points you bought for $17k, you can literally buy for pennies on the dollar on the resale market. Rescind now. You only have ten days from the contract purchase date to rescind, you have the rest of your natural life to buy back in with any timeshare developer - Wyndham included, and likely at better prices. For example, the 84k points that you purchased for $17k works out to be $202.38 per 1000 points. That's a pretty high price for Club Wyndham Access - which is likely what you bought. You can rescind, and buy via Wyndham telesales at around $150/1000 points tomorrow. That's $12.6k in comparison. You likely bought at a local resort - where the prices are highest, especially for an uneducated buyer who was on vacation with their guard down - which is by design (if you read the above listed articles - you'll learn a lot more about this point). That said, always start with resale - never buy from the developer for your initial purchase for the reasons many others have already posted into this thread.

If it helps, I did the same thing back in 2018, bought from Wyndham in Myrtle Beach, found TUG, rescinded within the rescission period - which is outlined in your actual purchase contract and varies dependent upon the state in which you made the purchase - from as low as three days to a maximum of 15 days. Bottom line, RESCIND NOW and take your time before making a major purchase - which if you think about it rationally - you'd always otherwise do before spending $17k on literally anything else.

 

[bnoble]

I’m still confused really and trying to explain to my wife is even more challenging

Here is the way to explain this, both to yourself and to your spouse:

You have a short window to undo this decision, after which it is irrevocably binding. If you have any uncertainty at all, you should rescind and do your due diligence. If after doing that due diligence you decide that this purchase was a good fit for you, you can call the sales office back, tell them you've done your research, you know what you are getting into, and you want them to write it up again. They will fall all over themselves to do that.

But, it is much more likely that you will discover either (a) that timeshare isn't right for you after all, or (b) that it is a great fit for you, but it is a much better deal if you buy it resale.

 

[suadali03]

Here is the way to explain this, both to yourself and to your spouse:

You have a short window to undo this decision, after which it is irrevocably binding. If you have any uncertainty at all, you should rescind and do your due diligence. If after doing that due diligence you decide that this purchase was a good fit for you, you can call the sales office back, tell them you've done your research, you know what you are getting into, and you want them to write it up again. They will fall all over themselves to do that.

But, it is much more likely that you will discover either (a) that timeshare isn't right for you after all, or (b) that it is a great fit for you, but it is a much better deal if you buy it resale.

Thank you, I told her rescind it. She is working on writing the letter now. Thank you.

 

[HitchHiker71]

Thank you, I told her rescind it. She is working on writing the letter now. Thank you.

We have a sticky thread on this here that includes an example letter: https://tugbbs.com/forums/threads/s...-my-recent-wyndham-timeshare-purchase.292041/

Please ensure you use the actual address listed in your contract to send the rescission letter, and explicitly follow the rescission clause instructions to the letter (no pun intended). If the rescission letter says to use certified mail, use certified mail, don't get creative. Creativity/curiosity can kill the cat when it comes to rescissions.

 

[HitchHiker71]

Here is the way to explain this, both to yourself and to your spouse:

You have a short window to undo this decision, after which it is irrevocably binding. If you have any uncertainty at all, you should rescind and do your due diligence. If after doing that due diligence you decide that this purchase was a good fit for you, you can call the sales office back, tell them you've done your research, you know what you are getting into, and you want them to write it up again. They will fall all over themselves to do that.

But, it is much more likely that you will discover either (a) that timeshare isn't right for you after all, or (b) that it is a great fit for you, but it is a much better deal if you buy it resale.

This is what the second article I recommended reading says. The five Rs. Rescind, Research, Rent, Resale (purchase), Retail (purchase. The last R is completely optional and oftentimes is never needed. Point being, the Research/Rent portions of that article ensure you figure out whether timesharing is or is not a good fit for your vacation needs. These two steps are likely measured in months or even years. For those who only take vacations once a year for example, it may take a few years of renting timeshares before deciding to make a resale purchase.

 

[rickandcindy23]

The OP asked a question that I will answer, since I am giving away a bunch of contracts on the Free Timeshares forum here on TUG.

Our giveaway weeks are extraneous weeks we can no longer use. We can only use so much Wyndham, and we used to rent Wyndham, and it was actually our daughter that rented our Wyndham for us. Wyndham sent us a letter telling us to stop renting reservations. We stopped. That gives us a glut of points we need to give away.

People change their minds for many reasons. I just shared one reason. I know a lot of people regret what they bought. I don't regret what we bought, not for even one minute. What we are giving away, we mostly got pretty cheap even in 2007-2008. Unfortunately, Wyndham is sold with scare tactics and lies. 84,000 points is a pittance. I wouldn't own anything less than 300,000 points, even reasale. We gave away some 740,000 and 630,000 and 311,000 contracts at Smoky Mountains. Pretty reasonable maintenance fees, and the new owners are thrilled to get them.

The Wyndham product is a good one, but we cannot use 5 million points. That's what we have at the current time. It even sounds crazy to me.

Salespeople should stop making claims that are false, like telling people they can rent to get their MF's back. Sure, they have a program you can use to rent your points, but they make no guarantees, and the renter can cancel right up to the day of and get a refund, but you get $0 for that rental and lose 100% of your points.

 

[90_Min_Sales_Pitch]

If you do decide to buy resale, I wouldn't buy less than 154,000 points, 231,000 is even better. Resorts with cheaper maintenance fees are the best, like Las Vegas Grand Desert, or Kauai Bali Hai.

 

[kanerf]

Case in point. Last year I bought 646,000 points at the Wyndham Kona Resort for $455 off ebay.

 

[suadali03]

Read these articles together with your wife (or separately if that works better):

Is timesharing right for me?

The purpose of this article is to establish what we consider to be a few hard and fast rules to live by when attempting to determine conceptually if timeshare ownership is a good match to meet your…

wyndhamexperts.wpcomstaging.com

I did the wrong thing. What do I do now?

So, you’ve read our ‘Did I Do the Right Thing?’ blog article, and you’re pretty sure you fall into the category of ‘I did the wrong thing.’ What do you do now? B…

wyndhamexperts.wpcomstaging.com

Particularly the second article since you're having doubts. Long story short - an RCI account comes with a resale Wyndham purchase. The 84k points you bought for $17k, you can literally buy for pennies on the dollar on the resale market. Rescind now. You only have ten days from the contract purchase date to rescind, you have the rest of your natural life to buy back in with any developer, and likely at better prices. For example, the 84k points that you purchased for $17k works out to be $202.38 per 1000 points. That's a pretty high price for Club Wyndham Access - which is likely what you bought. You can rescind, and buy via Wyndham telesales at around $150/1000 points tomorrow. That's $12.6k in comparison. You likely bought at a local resort - where the prices are highest, especially for an uneducated buyer who was on vacation with their guard down - which is by design (if you read the above listed articles - you'll learn a lot more about this point). Bottom line, RESCIND NOW and take your time before making a major purchase - which if you think about it rationally - you'd always otherwise do before spending $17k on literally anything

No. Rescind immediately. Points in the resale market are much MUCH cheaper, and also include access to RCI.

Case in point. Last year I bought 646,000 points at the Wyndham Kona Resort for $4

Case in point. Last year I bought 646,000 points at the Wyndham Kona Resort for $455 off ebay.

Woooooow, I hope you used the heck out of it.