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Marriott Vacation Club - 3500 points

mwt1980

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Hello....I am new to this forum and am definitley glad i found it. My wife and i just spent a few days at Shadow Ridge in Palm Springs. We had a great time and at the end of the trip we sat through our 2nd presentation. My wife and I felt pretty good about what was presented and decided to take the plunge. No previous knowledge or timeshare experience. Goal is to get a set vacation every year with the Fam.

Here is what we got on 9/28/2013...
3500 Marriot Vacation Points
$995 back in encore cash
$7,000 knocked off the price
100,000 Marriot

Total Price all in was $35,000....$1500 MF/$175 CD YR....Did Finance, knowing i will be seeking a different financing option ASAP.
Rate is horrible (10.99).

I felt fine about this at the time but am starting to second guess and was hoping the experts on this forum could assist. :D

Questions....
1. I know i paid a premium, but how much of a premium did i pay? Can i threaten to cancel and get a better price?
2. Will i have issues getting what i want for 3500 points? Goal is basically 1 bedroom in Hawaii for 1 week. I went over the chart and seems we can get that.
3. After some research i am worried about inventory... i read about tiers and premium status and waitlisting (not explained to me)..... If we are diligent about booking a year in advance will we most likely get our week or will i have issues? Of course the salesman said it will be a breeze, no issues.

If i look at the numbers i will pay roughly $6k -7k a year for 10 years on Vacation accomadations that would normally cost me $4k-$5k. The next 10 years i will make up my cash, then at year 20+ i will have a great affordable timeshare :ponder:

I like the flexability and ease the program presented and i am willing to pay a premium for it (not overly concerned with bottom line price just don't want to get burned on price) but if it is truly not that, i want out and will cancel ASAP.

Thoughts???

Thank you in advance for your help!
 

Chrispee

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RESCIND IMMEDIATELY!

After you've done that, tell the TUG experts where you want to go and at what times of the year and they'll give you some much better options on how to get what you want.

Incidentally, I was also at Shadow Ridge last week... what great weather!
 
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Saintsfanfl

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I think points are terribly expensive but it is largely because I can't afford them and I can get what I want for a very tiny fraction of the price. I tell friends and family that the DC program is great and flexible but very expensive. If you have alot of money and you can pay cash it is a flexible luxury.

One thing that jumps out at me though is the fact that you financed. That is the one thing that makes it an automatic cancel in my opinion. Prepaying for vacations can make sense if it is the only way to get what you want and you have the cash but financing tips it over the edge for me. And this is something you can probably get without prepaying and financing. The Hawaii experts will chime in.

There is a TUG member that loves Hawaii that is buying points resale at $5/pnt. It's not timeshare resale cheap but it does save you a bundle.
 

dioxide45

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Questions....
1. I know i paid a premium, but how much of a premium did i pay? Can i threaten to cancel and get a better price?
Threatening to cancel will not get you a better price. Though you should still rescind/cancel.

2. Will i have issues getting what i want for 3500 points? Goal is basically 1 bedroom in Hawaii for 1 week. I went over the chart and seems we can get that.
This is very expensive. If you plan to go to Hawaii most years in a 1BR, you can buy a resale week for far less than $35K and for about the same maintenance fees.

3. After some research i am worried about inventory... i read about tiers and premium status and waitlisting (not explained to me)..... If we are diligent about booking a year in advance will we most likely get our week or will i have issues? Of course the salesman said it will be a breeze, no issues.
There is a lot of inventory in Hawaii in the DC trust. So I don't think you would have too many concerns about Hawaii inventory. Also a lot of owners in Hawaii convert to points, so a lot of inventory hits the exchange company. If you don't want super peak reservations, you would be okay.

If i look at the numbers i will pay roughly $6k -7k a year for 10 years on Vacation accommodations that would normally cost me $4k-$5k. The next 10 years i will make up my cash, then at year 20+ i will have a great affordable timeshare :ponder:
You are comparing these to cash rates on Marriott.com. There are cheaper ways to get a week in Hawaii such as renting from an owner or buying there.

Buying DC points resale is also an option, but still rather expensive when you add in the junk fees that MVCI charges on resale points.
 

dioxide45

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I think points are terribly expensive but it is largely because I can't afford them and I can get what I want for a very tiny fraction of the price. I tell friends and family that the DC program is great and flexible but very expensive. If you have alot of money and you can pay cash it is a flexible luxury.

One thing that jumps out at me though is the fact that you financed. That is the one thing that makes it an automatic cancel in my opinion. Prepaying for vacations can make sense if it is the only way to get what you want and you have the cash but financing tips it over the edge for me. And this is something you can probably get without prepaying and financing. The Hawaii experts will chime in.

There is a TUG member that loves Hawaii that is buying points resale at $5/pnt. It's not timeshare resale cheap but it does save you a bundle.
I would agree that buying timeshare on financing, really any kind of financing is a bad idea. Timeshare is a luxury, and luxury purchases shouldn't be financed. If you can't afford to pay cash, it is not something that one should be buying.

If one keeps the MVCI financing on $35,000 at 10.99% for the full 10 years that Marriott finances for, it would cost almost $58,000 over the term of the loan. Even if you amortize the use over 30 years, it is still almost $2000 a year just in the purchase price. Sure, the MFs of $1500 + $2000 may be cheaper than renting on Marriott.com but it is a tonne of money for a weeks accommodations when there are better options.

Even if you get that financing down to some 3.9%, it still costs over $42,000 over the live of the loan, not including MFs.
 
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Fasttr

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Many here will tell you to rescind and learn more...and if you are new to timesharing, that is never bad advice. That said, as long as you can afford it, and can get what you are looking for out of your points (a really nice vacation every year as you put it), and you can afford it, I say to each their own. I too own no weeks, only points and we have been very satisfied so far.

To answer your questions....
1. I know i paid a premium, but how much of a premium did i pay? Can i threaten to cancel and get a better price? I think your price, for a developer purchase, was decent. You got in right before the price/point increases...which is tomorrow actually. Threatening to cancel will not improve your price. That said, there are cheaper avenues if you were so inclined to purchase resale, you can likely get the same points for somewhere in the $5-$6/point range including all of the Marriott resale related fees if you wanted to look into purchasing points on the secondary market.
2. Will i have issues getting what i want for 3500 points? Goal is basically 1 bedroom in Hawaii for 1 week. I went over the chart and seems we can get that. You'll probably be ok for a 1B week. Points depend on room size and time of year. If you combed over the charts and 3500 looked ok, you should be fine.
3. After some research i am worried about inventory... i read about tiers and premium status and waitlisting (not explained to me)..... If we are diligent about booking a year in advance will we most likely get our week or will i have issues? Of course the salesman said it will be a breeze, no issues. I am not Premier or Premier Plus and book at 12 months and have always been successful getting Hawaii, Aruba, Newport Coast, etc. I think you will be fine if you plan ahead.

Now all that said, if I had to do it all over again, I would have purchased 1500 points and rented whatever additional points I needed in any given year on www.vacationpointexchange.com. It would save you a lot of $$ upfront, but let you get into the game and have the same rights as you will have with your 3500 points, but would allow you to expand or contract your point needs/usage from year to year.

Or you could look at purchasing a resale week like most have done here on TUG. I for one think the DC is way easier to deal with, but many TUGgers are very successful doing their trades via II, etc. But for me, that seems like a lot of work and I just like going online, booking and knowing that I have the ressie that I want so I can start planning. Unfortunately a resale week purchased today cannot currently be enrolled in the DC points program. The only way to do that would be to purchase a week+points via a combo package directly from Marriott.

You will get lots of advice...so hang on!!
 

m61376

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Rescind today and take the time you need to learn what will be best for you and your family.

Besides the aforementioned comments, consider what you really want to accomplish. You mention a 1BR in Hawaii - do you want a specific island most of the time? Certainly if that's the case, buying a resale week where you want to go would be MUCH cheaper.

Other considerations - flexibility, travel timeframe, and future needs. Family dynamics often change; will your needs be the same in 5 years, in 10?

Timeshares are a terrific luxury, but they are a luxury, and should only be purchased with discretionary funds. Certainly paying developer prices is not a cost saving, at least in the short term, and if you need to finance the purchase you may be better off spending the money elsewhere. It is easy to fall in love when on a vacation high,but you'll never recoup your expenditure so make sure it is right for you before finalizing things. It is much easier to buy than to sell.

Feel free to ask lots of questions here, so you can make the right decision for you and your family. Welcome to Tug:wave:
 

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"I like the flexability and ease the program presented and i am willing to pay a premium for it (not overly concerned with bottom line price just don't want to get burned on price) but if it is truly not that, i want out and will cancel ASAP."

You're not getting burned, that's what Marriott is charging and they don't negotiate. What will happen if you decide to keep it is that on your first trip to Hawaii you'll probably meet some Tugger at the pool that paid one-third of what you did only the tugger got a 2b unit by buying resale.

Probably better than 80% of the folks on this forum did exactly what you did. We listened to the sales rep and bought the dream. Some, like myself, are very happy with our developer purchases. Others lose sleep if they find out someone else got a better deal by buying resale.

About financing a timeshare I disagree with most tuggers. It's a large purchase. As with any large purchase you either finance it or take the money out of a place where it's earning money. Either way there's a cost attached so what's the difference. I wouldn't raid the retirement account though.

Good luck and maybe I'll see you around the pool someday.
 

TheTimeTraveler

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Do you work hard for your money?

That said, rescind immediately, then do lots of homework.

You can always go back to the well and buy again if you find you really want to after doing your research.

Best of luck with your decision.




.
 

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One can buy a week in Hawaii or trade in pretty reliably for a very low fraction of the cost. Spending some time on TUG, you will be surprised how much you learn to get an equivalent experience for pennies on that premium dollar.

And honestly, if you feel the need to finance the purchase, then you shouldn't be buying it. You will sleep a lot easier if you rescind the purchase and spend a couple months or more researching the points program (direct and resale) vs. buying a fixed/floating week in Hawaii vs. buying a "trader".
 

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Yep. As someone who also bought DC Points (though only a small amount to add to our enrolled Weeks), I say rescind immediately.

Don't be disheartened by this. We promise you we can show you better (or at least very similar) ways to achieve your goals at a considerably lower price.

If however, you have a crapton of money that you don't know what to do with, then enjoy your purchase!
 

Beefnot

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About financing a timeshare I disagree with most tuggers. It's a large purchase. As with any large purchase you either finance it or take the money out of a place where it's earning money. Either way there's a cost attached so what's the difference.
I suppose I can see the rationale, although you are digging a hole by the difference between the hypothetical rate of return and the actual financing rate. The larger the purchase, the larger the dollar impact of that delta.

If however, you have a crapton of money that you don't know what to do with, then enjoy your purchase!
Not sure how many people with a crapton of money would finance a timeshare.
 

Saintsfanfl

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Not sure how many people with a crapton of money would finance a timeshare.
None. And those that finance things like timeshares are likely to never have a crapton of money and keep it. The easiest way to decrease your long term net worth potential is to have a high amount of interest expense on assets that depreciate or decrease in value.
 

Saintsfanfl

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About financing a timeshare I disagree with most tuggers. It's a large purchase. As with any large purchase you either finance it or take the money out of a place where it's earning money. Either way there's a cost attached so what's the difference. I wouldn't raid the retirement account though.
You will never convince me but the real issue is the "large purchase". Never mind paying cash or financing, it is the large purchase price which amounts to prepaid vacations for something that can likely be had for less if compared over time. Even at 0% interest the purchase is questionable.
 

Fasttr

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The easiest way to decrease your long term net worth potential is to have a high amount of interest expense on assets that depreciate or decrease in value.
Yet most of us finance cars all the time. Any many of us are old enough to have done it at some fairly high interest rates in our earlier days.

Don't get me wrong, I don't disagree with the concept that buying at developer prices is hard enough to justify a reasonable break even point, let alone tossing finance charges on top of it.
 

dioxide45

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Yet most of us finance cars all the time. Any many of us are old enough to have done it at some fairly high interest rates in our earlier days.

Don't get me wrong, I don't disagree with the concept that buying at developer prices is hard enough to justify a reasonable break even point, let alone tossing finance charges on top of it.
The difference is that in most cases a car is a need, where a timeshare is a want. Thus why financing a car is more acceptable than financing a timeshare.
 

MOXJO7282

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I know its difficult to realize you almost made a big mistake but the key word is almost so rescind now and do your homework on what is best for you and your family.

You certainly came to the right place as TUG is the best knowledge base for learning about every TS there is in the marketplace.

Good luck.
 

Fasttr

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The difference is that in most cases a car is a need, where a timeshare is a want. Thus why financing a car is more acceptable than financing a timeshare.
I'm not so sure I agree with that. Many of the cars I see on the road (Lexus, Benz, BMW, Audi) are not what I would call a need. Most of those are likely double the price that a need car would be. Most at least have some "luxury" component to them. I know both of the vehicles in my garage do.
 

dioxide45

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I'm not so sure I agree with that. Many of the cars I see on the road (Lexus, Benz, BMW, Audi) are not what I would call a need. Most of those are likely double the price that a need car would be. Most at least have some "luxury" component to them. I know both of the vehicles in my garage do.
Ahhh. The reason one should probably not finance a luxury car just like they shouldn't finance a timeshare. It is again luxury, not a need. I watch the Suze Orman show, anytime someone calls in to her "Can I Afford It" segment and wants to buy a luxury car, they better be paying cash. Or at least financing for three years or less.
 

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It's easier to justify throwing in a little bit of luxury for transportation, especially if you have a long commute like I do. That said, I am not a hypocrite. I gave up the Honda Civic for a 2002 Honda Insight so I can get 55-75 mpg in my daily 2 hour round trip commute. A bit extreme I know, but it's like free transportation with the gas savings.

What would I be driving if I didn't have the little ones and a wife? I would move closer and drive a luxury car, probably financed. I used to have just that but I traded in for a family. Later on I will have both. :whoopie:
 

Fasttr

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I know its difficult to realize you almost made a big mistake but the key word is almost so rescind now and do your homework on what is best for you and your family.
Who's to say the OP made a big mistake. Apparently its not what you would do, but that doesn't automatically make it a mistake. How do you know this purchase is not already perfect for the OP and his family. If he rescinds and does the research, and later finds this is exactly what he wants, he will likely have to pay more than his current deal. Do we have all the facts. Is the OP 25 years old with a lifetime of vacations in front of him....or is he 70 and therefore will be challenged to break even...or somewhere in the middle. We don't currently have those facts.

Instead, I suggest he does some research over the next few days, and asks a lot more questions, and then decides to rescind or go through with it.

Give him a chance to learn before you freak him out.
 

Saintsfanfl

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Who's to say the OP made a big mistake. Apparently its not what you would do, but that doesn't automatically make it a mistake. How do you know this purchase is not already perfect for the OP and his family. If he rescinds and does the research, and later finds this is exactly what he wants, he will likely have to pay more than his current deal. Do we have all the facts. Is the OP 25 years old with a lifetime of vacations in front of him....or is he 70 and therefore will be challenged to break even...or somewhere in the middle. We don't currently have those facts.

Instead, I suggest he does some research over the next few days, and asks a lot more questions, and then decides to rescind or go through with it.

Give him a chance to learn before you freak him out.
I actually agree with this in principal except for the financing and the potential for a resale points purchase. Or a bundle package of a points generator resale week with points. I will bet the OP has no idea he can buy a bundle package and possibly save a bundle. There are many options.
 

Fasttr

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I actually agree with this in principal except for the financing and the potential for a resale points purchase.
As a first time timesharer who seems to like the points system, the OP may be reluctant to make his first jump into timesharing by purchasing resale. I know that would have made me very uncomfortable. Something about buying from Marriott that gives you a comfort level (and yes, that comes at a premium).

That said, like I said in my first post above, if it were me knowing what I know now and have learned from TUG and VPE, as my first purchase of DC points, I would still purchase from Marriott....but I would buy fewer points. In the OP's case, I recommend he calls them back and tells them that he would like to downgrade his purchase to 1500 points (much less in upfront $$ and hopefully something the OP can do without financing) and then simply rent the remainder of his points annually. The ability to very easily rent points is a game changer.
 
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