Need Help

[BlueskyW]

Happy New Year!

I am the new to TS industry and was referred by a friend to attend a Trendwest presentation in Burnaby,Canada the end of last year. I've signed the contract for 10,000 points at CA$2.03/point. I am wondering if this is a good deal for TS which is new to our family.

I am finding my way via google and here I am. After reading some of the threads, I noticed that I can purchase the same package over the resale market at much better price. Since I am still within the 7 cancellation days, I would like to cancel it first and to take time get some research before buying any TS.

I talked with my sales rep., he said that the worldmark/trendwest package bought from them(developer) is different from via the resale market. Here are some queries I'd like your kind verification:

1.Worldmark/Trendwest TS has the right for Travelshare, to say the points can be used to exchange thru RCI, fun time(bonus time in RCI) etc. The sales said that the points bought from second market does not have the right for Travelshare, to say cannot be exchanged to RCI resorts, can only be used within Worldmark resorts. Therefore, if I want to book RCI resorts, have to come back to them for the minimum ponits package to attain the travelshare right, then to pay annual RCI membership fee for the exchange. Wondering if it is right?

2.He said that it is risky to buy the worldmark premier package from the resale market. The $.080/point cost is so low because there are hidden issue, e.g. the owner hasn't paid the maintenance fee for some time etc., then if you buy it, you might have to pay off before using the TS.

3.Cannnot upgrade TS via the second market? If need to upgrade, only to buy from the developer. otherwise, if buy more points from the second market, I have to pay another maintenance fee.

Being new to TS, I have many confusing quries as to buy from the developer or from the resale market. What's the advantages or disadvantages to buy from the two resources. Please advise if it is wise to cancel the contract with them right away.

Your kind reply will be greatly appreciated.

 

[taffy19]

First, find out until when you have to rescind your contract in writing. Time is of the essence here because you have to do it before the deadline. This information is in your papers and if you decide to rescind, you must follow the instructions completely and send it by certified mail with proof of receipt. Most of the resorts want it by the US mail but please, double check that.

I can't give you information on the Trendwest Resorts but developer sales are always much higher than when you buy re-sale. If it goes through escrow, then you should have no problems that fees haven't been paid because that would have come to light.

Start reading your papers about rescinding because that's in there! Others will chime in and give you additional information about their system.

 

[bnoble]

The standard advice is: rescind now, and do your homework. The developer deal will always be there for you to buy next month, next year, and probably years from now, if you decide that a developer purchase is right for you. It's price will go up, but your purchase funds will be earning money in the bank for you at the same time. There is no hurry to buy.

Fairfield also has some perks for developer purchases that are not available to those making resale purchases. Some think those perks are worth the premium cost. Others don't.

You'll have to gather the information from other owners and decide whether any developer-exclusive perks are worth the extra you'd have to pay.

 

[Dave M]

Welcome to TUG.

As bnoble states, the standard advice here is to rescind, period!

That will give you time to thoroughly research the options and to learn more about timesharing and whether, with all of its advantages and drawbacks, timesharing is right for you. We can help with all of that.

Then once you decide, plow ahead! If you ultimately decide the original deal was right for you, it will still be available under the same or almost the same terms, no matter what you were told during the presentation (e.g., "today only!").

 

[Jya-Ning]

Not WM owner, but they have a owner's forum.
1. is true, you can look at Wyndham's forum to see the benefits. It probably worthy about $20 per point.

2. is true, But if you study, most of risk will be removed or reduced

I doubt 3 is true. WM owner can and do add their total points through resell. The reservation is based on the total points. Unless he is implying the perk they plan to add on.

But what I say is not important. You only have 7 days to rescind. Do you feel comfortable about this deal? Do you honestly think you know what TS is and what WM's system operates?

Jya-Ning

 

[BlueskyW]

BlueskyW

Thank you all for your prompt advice. I will go in person to their office (closed today) tomorrow for cancellation which is due in the next two days. The sales pursuaded not to cancel, for this is the only chance for the premier package with all the promotion conditions. For future purchase, I can only buy the standard package for 40 years. Whatelse, they will use the new price when office resumes to open tomorrow.

Thanks again.

 

[Dave M]

Baloney to what they say! If you cancel tomorrow and walk in next week, they will offer you the same deal you have now. You can count on it.

Think about it from their perspective. They want to make sales. That's how they make a profit. Suppose you walk in next week and say, "I'll buy, but only if you give me exactly the same deal you gave me two weeks ago." What do you think they will say? They will fall all over themselves trying to get the paperwork in your hands before you change your mind again!

 

[wackymother]

I would rescind in writing, following the directions in the contract to the letter, and mail the letter tomorrow via the United States Post Office, certified with return receipt requested, or however your contract says you have to do it, EXACTLY how it says to do it. I would mail the letter BEFORE I went in person to the sales office with a copy of the letter.

I've heard that it can be very difficult to get a signed, dated acknowledgment of a rescinding letter when you go into the sales office. The person who needs to sign it isn't there, no one has authority to sign, we'll take care of it and you don't need a signature (hah!), yada yada yada. And of course you're letting yourself in for another sales pitch. If you gave in the first time, you might give in the second time, and doing it in person turns it from an impersonal business letter to a possibly unpleasant scene.

Good luck!

 

[Patri]

What kind of friend was that?

 

[DavidnRobin]

What kind of friend was that?

A friend that didn't know about resale.