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Mayan Palace /Vidanta - end of the 25 year period

BarCol

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Hi folks, I have not posted in a very long time, but I am wondering, for those Mayan Palace Vidanta owners, have any of you come to the end of your first 25 year contract period and decided not to renew and pay the 5 X maintenance fee and get another 25 years...what is the procedure? Our 25 year period is up in 2026 and while I realize rules could change, we will be too old to travel and will not be interested in signing on for another 25 years.

TIA
Barb
 

pittle

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I am sure they will send you a bill, but if you do not pay it or MF, you are no longer "part of the family".

We updated our various contracts in 2013. We had purchased 2 contracts that were older than our original 1999 one, so they rolled over. We had not planned to renew for 25 more years. With our current one, the 10 year renewal comes up in 2023, and we will do the 10 year one-time because we will not have to pay MF with the Senior Certificate that we got in 2006 as it carried over to our GL weeks.
 

pittle

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Rules printed in your contract do not change. If you get a new contract, they may be different.

For example, our original week had maximum of 5% per year increases in MF, but my oldest one that I bought resale, had 3%. Some contracts have 1 MF to transfer to someone else, some have 5 MF, some have 10 MF. Some have mandatory MF others don't.

The term for your MP contract is to renew for 25 more years. It is not mandatory and if you do not pay, you are no long obligated.

Yours is a good contract because of the costs for renovation fees and transfer fees is significantly lower than the newer contracts.
 
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Eric B

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I believe ours comes up in 2027. We plan to let our contract lapse.

As @pittle said, it sounds like yours has good benefits. When you get near the renewal time, check to see if any other TUGGERS are interested. If it has the 3% maintenance fee increase, you might get someone that would take it instead of just letting Vidanta off the hook.
 

musictom

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As @pittle said, it sounds like yours has good benefits. When you get near the renewal time, check to see if any other TUGGERS are interested. If it has the 3% maintenance fee increase, you might get someone that would take it instead of just letting Vidanta off the hook.
The transfer fee is 10% of the purchase price, so at least it's somewhat reasonable, as compared with later contracts. I believe we have a 5% MF cap, although it's been awhile since I've looked at the contract.
 

pittle

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I forgot that one. I did not look at the list I made several years ago. The ones purchased between 2002-2005 had that 10%.

***************
Before August 2002, transfer fees for Mayan Palace units were the cost of Maintenance fees for 1 year. The Vacation Fair week transfers with the contract. (A large majority of these have now upgraded to Grand Mayan and their old units are sold with the new terms.) These have a 25 year renewal fee(5 MF) and 5 year renovation fee that is equal to 1 MF.

From August 2002 - November 2005, it was 10% of the original purchase price. The Vacation Fair week does transfer with the contract. I am not sure they started selling Grand Mayan units before 2003. This was the information for Mayan Palace that was in a contract that we had. This has the 5 year renovation fee and 25 year renewal.

The 5 times the MF to transfer (sell) to another person started in late 2005, just before we upgraded to two GM 2-bedroom units in April 2006. These also had a 5 year renovation fee that is equal to 1 MF. The no pay unless you go feature was new in 2006, but came with an addendum that if you transferred your contract to someone else, the Vacation Fair (bonus week) and the no pay unless you go feature does not go with the transfer.

In 2008, there were some contracts that still had the 5 year renovation fee that was then 1-1/2 the cost of your MF, and still had the 5 times the MF to transfer to someone else. These also had the 25 year renewal fee that was 5 times the MF.

I am not exactly sure when, but by the time we upgraded to the Grand Luxxe in 2013, the cost to transfer your week to someone else had gone up to 10 times the MF and none of the special benefits, especially the no pay unless you go and extra weeks go with the transfer. The new contracts have some 10 year renewal options which seem to change regularly. transfer to immediate family is $ 0 - no charge , and VF week and no pay addendum DO transfer .
and the registered week renews as a registered week at the 25 year renewal .

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Transfer fees are waived for immediate family members – Children, Grandchildren or Heirs. (This statement is in contracts that I have after 2005.)
 

BarCol

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thanks for the input, yes ours has transfer fee of 1 year of MF, reno fees equivalent to 1X MF every 5 years (2021) and 5X MF to re-up for the next 25 years, but ours was bought resale in about 2005 and frankly the “deed“ or transfer of title says not very much about those pesky details...
 

WHMIS

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We bought the Grand Luxxe before it was actually all built. Our 10 year contract expires this August. We have never stayed in the property yet. To renew for another 10 years it will cost 1 MF, to transfer it will cost 5 MF. The other thing that upsets me is that we bought the two bedroom villa lockoff. At the time of purchase one side had a MF 78 % less than the total MF for both sides. If my husband and I traveled we would only need one side ( since we travel alone mostly) Now I noticed that the pricing has changed- the one side MF is 95% or more of the cost of the whole villa. I am so upset about how Vidanta just changes the parameters every year. How can they just change your contract like that. I dunno what to do- walk away from it and lose quite a bit of money.
How can I sell it? Is there a way to put another person on as co-owner, to circumvent the 5 x maintenance fee. Some suggestions/advice would be appreciated.

Also- I expressed my concerns by email to Vidanta about the change in % pricing regarding the two bedroom villa vs just paying for one side, guess what NO reply what so ever from them
 
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WHMIS

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Heres something else- Vedanta is sending emails to travel agents for them to buy a 4 night 5 day stay at the resort for $399 Why??? I thought that as a timeshare owner, we paid an upfront price for the property plus maintenance fees. I believe that I could rent my unit to someone else after I paid my MF if I choose. Does Vidanta rent these units out also? If they do, doesn't that reduce the number of units that owners can get? Just wondering?
 

T-Dot-Traveller

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Heres something else- Vedanta is sending emails to travel agents for them to buy a 4 night 5 day stay at the resort for $399 Why??? I thought that as a timeshare owner, we paid an upfront price for the property plus maintenance fees. I believe that I could rent my unit to someone else after I paid my MF if I choose. Does Vidanta rent these units out also? If they do, doesn't that reduce the number of units that owners can get? Just wondering?

As the developer - Vidanta keeps building - which adds more units . In my opinion Vidanta has more weeks than are used by owners . Their 7 locations likely have close to 5000 units x 52 weeks = 260,000 weeks.
Your ownership is RTU ( Right to Use) and most ownerships do not require a MF if a week is not used .
Vidanta owns the unused weeks and uses them to generate revenue and prospects for Vida Sales by using them in various ways. Exchange companies (RCI - Intervals - SFX - ICE etc ) are a prominent method.

One reason your contract likely has some sort of bonus weeks for non-peak season use - is to fill units and produce revenue. Not all owners use those bonus weeks.

You can choose to rent your unit .
 

pittle

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We bought the Grand Luxxe before it was actually all built. Our 10 year contract expires this August. We have never stayed in the property yet. To renew for another 10 years it will cost 1 MF, to transfer it will cost 5 MF. The other thing that upsets me is that we bought the two bedroom villa lockoff. At the time of purchase one side had a MF 78 % less than the total MF for both sides. If my husband and I traveled we would only need one side ( since we travel alone mostly) Now I noticed that the pricing has changed- the one side MF is 95% or more of the cost of the whole villa. I am so upset about how Vidanta just changes the parameters every year. How can they just change your contract like that. I dunno what to do- walk away from it and lose quite a bit of money.
How can I sell it? Is there a way to put another person on as co-owner, to circumvent the 5 x maintenance fee. Some suggestions/advice would be appreciated.

Also- I expressed my concerns by email to Vidanta about the change in % pricing regarding the two bedroom villa vs just paying for one side, guess what NO reply what so ever from them

Another option is to pay the MF for the full 2 unit, and split it into 2 consecutive weeks. You stay in the small side one week and the larger side the next week. We have done that before and plan to do it more often in the future. If you only wanted to go one week, you could rent the 2nd one to someone on TUG in the rentals section.
 
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