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Mayan Palace Vacation Club

Misslady

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Can someone explain what this means? I’m going over the agreement purchased in 2003 and wondering if it’s worth keeping.
The Mayan Palace Real Estate Division is currently accepting timeshare trade-ins towards the purchase of any available condominium, villa and/or land. The trade-in value will equal 70% of the total price disclosed on your existing contract. You may find this figure in the “AGREEMENT FOR LODGING RIGHTS AND SERVICES” portion of your contract.
This offer will only be available for those clients whose contracts are paid in full.
If your timeshare contract is less than five years old upon trade-in, you may also elect to retain use of your timeshare interval(s) through the fifth year of your contract. Contracts may be used according to your contract specifications such as: classification, type of unit, resort restrictions and number of weeks allotted per year. Maintenance fees must be paid upon use of your weeks. Your original contract will be null and void after five years.
 

rboesl

TUG Review Crew: Expert
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Location
West Seneca, NY
Resorts Owned
Divi Village Beach & Golf Resort
Vidanta Grand Mayan
Villa del Arco Cobo
Grandview Las Vegas
Vacation Village at Bonaventure
I found something similar in my first Grand Mayan contract. It was also part of the sales pitch. The concept is that you could use 70% of your original sale price as the down payment to buy a year round condo at a Vidanta resort. The problem was the price of the condo. The salesperson mentioned something like $750K minimum. Too rich for my blood.
 

Misslady

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I found something similar in my first Grand Mayan contract. It was also part of the sales pitch. The concept is that you could use 70% of your original sale price as the down payment to buy a year round condo at a Vidanta resort. The problem was the price of the condo. The salesperson mentioned something like $750K minimum. Too rich for my blood.
Thank you. I’m weighing my options to see if it’s worth keeping past the 25 years.
 

rpennisi

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Thank you. I’m weighing my options to see if it’s worth keeping past the 25 years.
I have a resale 2001 MP contract that has a one MF renewal. If you have that as well, then it's something to consider. For us, it will not be renewed, because of our age at renewal.
 

Eric B

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Resorts Owned
Vacation Village, Wyndham, WorldMark, Vistana, Vidanta, Flora Farms, HGVC Max, and some independents
I don’t believe Mayan Island actually has anything for sale anymore, for what it’s worth.
 
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