Just bought additional WM Credits! Should I exercise contract cancellation?

[jmk909er]

Yes It's true I got sucked into the sales presentation for additional 12,000 Worldmark credits for about $28,000
Then I went online to see greatly reduced credits from third parties. I have until Friday 4/23 to cancel the contract.
Are third party credits a scam? Are they legit? A million questions going through my mind.
Will Worldmark honor third party Credits.

Suffering from buyers remorse!
-Joe

 

[Sandy VDH]

rescind and buy resale.

 

[DaveNV]

Rescind now. I bought 12K Worldmark credits on eBay for $1500. You're being robbed.

Dave

 

[sun starved Gayle]

Third party credits are not a scam. I bought mine re-sale 10 years ago and have used them extensively. Go to wmowners.com for examples of pricing and other good info.

 

[jmk909er]

Where are the best/legit places to buy credits. Will Worldmark honor them? Are there any pitfalls? I read on another site that there was an issue with Travelshare but I already have that.

 

[Grammarhero]

Yes It's true I got sucked into the sales presentation for additional 12,000 Worldmark credits for about $28,000
Then I went online to see greatly reduced credits from third parties. I have until Friday 4/23 to cancel the contract.
Are third party credits a scam? Are they legit? A million questions going through my mind.
Will Worldmark honor third party Credits.

Suffering from buyers remorse!
-Joe

Buy for maybe $1k-$3k. You just have to be careful to scammers.

 

[jmk909er]

Scammers are my biggest fear, so can anyone recommend a trusted seller of credits?

 

[CPNY]

Scammers are my biggest fear, so can anyone recommend a trusted seller of credits?

Rescind first, then worry about adding resale points. You have one shot to rescind and save 28K. Make sure you follow the instructions and send the letter USPS certified mail. Whoever is listed on the purchase contract must sign the rescission letter. Congrats and welcome to TUG

 

[jmk909er]

Thank you! I think I have landed at the right place-so happy, I didn't want to go in debt for $28,000 dodged a bullet!

 

[DaveNV]

As to buying resale credits, you need to ensure that what you're getting is what you expect. You already have Travelshare, so you aren't losing anything by adding resale credits to your account. Buying resale credits, then combining them into your existing account, will preserve the current benefits, and add the new credits to your allotment.

Follow your gut with what you buy. If it seems too good to be true, it likely is. WMowners.com is a great resource for WM people. Lots for sale there. I bought my WM off eBay, and it was even better than expected - the account was fully loaded, something I wasn't expecting.

But as I said before, rescind now, while you can. You can take a LOT of vacations for $28,000. If you later decide that their pitch was worth it, you can always buy it again.

Dave

 

[jmk909er]

Thanks Dave, when you buy from ebay how does the transfer happen and how are you protected?

 

[jrogersok]

Thank you! I think I have landed at the right place-so happy, I didn't want to go in debt for $28,000 dodged a bullet!

On Facebook I belong to a worldmark owners page for buying and selling. Many are being offered by owners at prices between .10 and .25 per credit right now. Also, many have purchased on EBay. If we but additional credits that’s the route we are going. Best way to go for you.

Just be aware that when you buy an account on the secondary market Travel Share and the elite levels will not transfer to you. No Club Pass reservations with those credits either-the only way to get those is to purchase from the developer.


Sent from my iPhone using Tapatalk

 

[jmk909er]

Thanks jrogersok, I already have an account so I wont be buying an account and I already have travel share so I think I would still have Travel Share, Am I correct?
I would just be buying more third party credits and adding to my account.

What is "Club Pass"?

 

[samara64]

And the Worldmark Owners website wmowners.com has a list of TRUSTED Resellers that have been there forever. I would use any of them without a hitch. Link below.

https://www.wmowners.com/threads/database-of-successful-transactions-w-trusted-owners.50666/

 

[samara64]

What is "Club Pass"?

Club Pass is a Wyndham internal exchange program that allows an owner with travel share to book Wyndham resorts, mostly on the east coast, within 9 month from check-in for a $99 exchange fee. So no need to use RCI.

So if you call vacation planning and ask for it, they will transfer you to that dept.

So first things first. RESCIND NOW PLEASE. All other stuff comes later. You can read here and on the WM owners website above to get more knowledge.

 

[DaveNV]

Thanks Dave, when you buy from ebay how does the transfer happen and how are you protected?

The Seller usually provides the transfer process. With Worldmark, it's just office paperwork - no deed or anything to record. I think it's a fee of $299 to change the name on the account from the previous owner to you. You fill out a form and send it in. Easy breezy. If the Seller doesn't offer the services to do the transfer, tell them you would like to use LT Transfers to do the paperwork. They provide excellent transfer services, for about $150 all in. They are Tug members, and are extremely well regarded. Very honest and thorough. I've used them a number of times when buying or selling a timeshare. You can reach them through https://www.lttransfers.com

Once you have a deal in the works, I'd suggest asking either for an estoppel, (which will show the account status), or for the current owner's WM account number. That way you can call WM and ask them the status of the account. They should be able to tell you what's what. WM won't transfer an account that isn't up to date. If it's not, you can find out and take appropriate action.

Buying WorldMark resale is actually fairly easy. As long as you know the status on the account, so you'll know how many (if any) credits will transfer to you with the account, you should be good to go.

Good luck!
Dave

 

[geist1223]

We have both Travelshare Points and WM (resell) in the same account. No problems. MF's are based open total Points. If you intend to combine do it at the time of purchase of the resell Account. Saves paying $299 to combine later. When the different types of Points have the same expiration date (which they will if you combine accounts) the computer will normally draw WM Points first if it is a Booking eligible for WM Points - all 90+ WM Resorts. You need Travelshare Points to Book Club Pass and Wyndham (formerly Worldmark) South Pacific.

The resell Points will never count as Travelshare or have Travelshare status. Only the Points you bought from the Developer will count as Travelshare and have Travelshare Benefits.

I bought 2 Accounts off EBay several years ago. Did not use any 3rd parties like LT Transfer. The Seller and I simply completed the paperwork and submitted it to Wyndham. It can take 2 to 6 months for Wyndham to complete the Transfer.

If you are still paying on the original purchase Wyndham will attempt to restart your Contract with a new 10 year period AND ALSO make your resell Points subject to the loan. Fight this. They have no right to take a secured interest in these resell Points but they will try.

 

[jmk909er]

When I buy credits am I buying just credits to add to my existing Worldmark account or am I buying a seperate membership? I'm not clear on this from all the sites I have looked at.

 

[samara64]

You can do either. Combine the new account to your existing account to make it larger OR keep the new account as a separate account so you can have 2 bonus time reservations at the same time. You can also add other family members to the other account so no GC are needed if they travel alone. I did it with my kids.

 

[jmk909er]

I sent in my contract cancellation this morning and the sales person replied...

Sir ,
Be aware the secondary market credit will not qualify for any VIP benefits and has a very limited usage in the club ,
Will give you a call soon .

Am I really missing out on anything?

 

[DaveNV]

I sent in my contract cancellation this morning and the sales person replied...

Sir ,
Be aware the secondary market credit will not qualify for any VIP benefits and has a very limited usage in the club ,
Will give you a call soon .

Am I really missing out on anything?

See reply #17 above. You can add resale credits to your existing account, increasing your total available credit amount. But VIP status does not transfer with resale credits. So the amount of Travelshare credits you'd have is limited to what you bought from the Developer. For all things not related to VIP status, your ownership would increase by the number of credits you buy. You have the choice of combining the accounts, or keeping them separate.

Some people opt to keep their accounts separate, so they increase the number of housekeeping tokens (HKT) they receive. If you take multiple trips a year, having the extra HKT will be of value to you.

The bottom line here is they sold you nothing you can't buy again. $28K is a tremendous amount of money for what you got. 12K credits will essentially get you only one week in an average WM two bedroom unit once a year.

Stick to your rescission guns, and wait this out. Do your research to determine exactly what you do and don't get for your $28K. As I said before, you can always buy it again. Unless you absolutely need to have everything line up with VIP status, there is no incentive to spent all that money for this small amount of credits. Don't let WorldMark talk you into or out of anything until you've done your research, so you can make an informed decision.

Good luck!
Dave

 

[jmk909er]

Thanks Dave, I don't really know what value there is in vip status which I am beginning to gather is "Travelshare" I think the only benefit of it I have ever used is free wifi at resort stays.

 

[samara64]

When I buy credits am I buying just credits to add to my existing Worldmark account or am I buying a seperate membership? I'm not clear on this from all the sites I have looked at.

I sent in my contract cancellation this morning and the sales person replied...

Sir ,
Be aware the secondary market credit will not qualify for any VIP benefits and has a very limited usage in the club ,
Will give you a call soon .

Am I really missing out on anything?

Thanks Dave, I don't really know what value there is in vip status which I am beginning to gather is "Travelshare" I think the only benefit of it I have ever used is free wifi at resort stays.

It is clear. VIP is no value. He is about to lose the sale. Any reasonable person will do the same.

 

[DaveNV]

Thanks Dave, I don't really know what value there is in vip status which I am beginning to gather is "Travelshare" I think the only benefit of it I have ever used is free wifi at resort stays.

Don't complicate things. You have it right. Travelshare is a VIP thing. There are a few perks to being VIP (like free Wifi, as you stated.) But the cost to get that VIP status is huge. Do the math, and ask what you are really getting for that benefit. It is precious little. WorldMark is relying on you being fast-talked into something they want to sell you (aka paying a salesperson's commission), vs. the usage benefit you truly receive for the cost of that sale.

I own 12K resale WM credits I got on eBay for $1500. I use it just like you would use your credits, except that I pay for things like Wifi, (if I opt to use it.) I don't have Travelshare or Club Pass, or any other VIP benefit, but I don't need or want those. I pay the same maintenance fees as anyone else with a 12K credit account. All else being equal. the ownerships are the same.

if all you want is more WM credits, buy them resale. If they expire the same time as your current WM credits expire, keep them as separate accounts. You can transfer credits over from one account to the other when you need more credits. There is no WM membership fee, so all you'd be paying is the maintenance fees on the credits you own - resale or otherwise.

If you want your credits all to expire at the same time, you can combine the accounts into one account (add the new credits to your existing account, not the other way around - that way you won't lose your VIP status on your first account.) But as noted, your Travelshare will only apply to the initial amount you bought from the developer. The rest is only more credits you can use for non-VIP things.

Dave

 

[Mongoose]

Rescind. I got 14,000 credits for $1035.