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New MVC Destination Points Owner - Cold feet?

TechTeased

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We met with Marriott Sales and just purchased 1500points. We think the concept is great but now realize that we likely paid major premium from Marriott directly ($20k less $1k revisit pkg and some closing costs for $18,440), AND that 1500pts doesn’t really get us far. We have a a family of 5 and likely need 2 bedroom units. We don’t want to travel every other year… They gave us 1500pts additional bonus (3,000 starting Oct) which seemed great, but realize that is standard marketing. They postponed the MF til 2022 (0.61032%). We were sold this with a Marriott Bonvoy Gold Life Member and Interval Gold status and that seems great. We opened a Marriott Rewards Amex w 0% interest for 15 months. With the intention that $18k+ financed at 13.99% would be put on the card and then paid in full ASAP (3 months and no prepayment penalty) to build bonvoy points quickly. We know that Marriott has expanded and with Starwood and now have private home collections now, apparently we need bonvoy points for that (?) and could get airline tickets.

Cold feet set in. My wife realized that although we can afford it, it really limits our travel. We can find these resorts on websites for $1000/5 nights etc why spend $1,100 on MF and CD a year and only be able to go every other year etc. Are we wrong that 1500 Pts isn’t that much? We weren’t given solid examples and now think that may have been intentionally omitted. We want to go to Europe (in homes) and ski ( in winter) and beach (in summer) as kids are still in school.

We are still here at resort, do I go down to sales office and ask them to reverse everything? or do I send a certified letter when I get home mid next week? All of your help is appreciated!!
 

Steve Fatula

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We met with Marriott Sales and just purchased 1500points. We think the concept is great but now realize that we likely paid major premium from Marriott directly ($20k less $1k revisit pkg and some closing costs for $18,440), AND that 1500pts doesn’t really get us far. We have a a family of 5 and likely need 2 bedroom units. We don’t want to travel every other year… They gave us 1500pts additional bonus (3,000 starting Oct) which seemed great, but realize that is standard marketing. They postponed the MF til 2022 (0.61032%). We were sold this with a Marriott Bonvoy Gold Life Member and Interval Gold status and that seems great. We opened a Marriott Rewards Amex w 0% interest for 15 months. With the intention that $18k+ financed at 13.99% would be put on the card and then paid in full ASAP (3 months and no prepayment penalty) to build bonvoy points quickly. We know that Marriott has expanded and with Starwood and now have private home collections now, apparently we need bonvoy points for that (?) and could get airline tickets.

Cold feet set in. My wife realized that although we can afford it, it really limits our travel. We can find these resorts on websites for $1000/5 nights etc why spend $1,100 on MF and CD a year and only be able to go every other year etc. Are we wrong that 1500 Pts isn’t that much? We weren’t given solid examples and now think that may have been intentionally omitted. We want to go to Europe (in homes) and ski ( in winter) and beach (in summer) as kids are still in school.

We are still here at resort, do I go down to sales office and ask them to reverse everything? or do I send a certified letter when I get home mid next week? All of your help is appreciated!!
I would simply send the certified letter to the address in the paperwork for rescinding, do it today though so you don't miss the window. The problem with going there to rescind is they will give you so many reasons not to do so. And you might not rescind. While you have a clear mind, send the letter.

1500 points is very minimal.

Your example of $1000/5 nights applies to some places, but far from all depending on season.
 

TravelTime

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You should rescind and buy resale. I own points and enrolled weeks so basically I have 11,600 points per year and I am Presidential level. If you want points, you should look into resale points or you could consider a hybrid package direct from Marriott. Resale points will vary from about $5.50 - $6 per point including Marriott’s enrollment fee. Hybrid packages tend to be $1 to $2 higher. However, a few years ago I bought a week in Spain from Marriott and enrolled a resale week at the same time and my bundle ended up averaging out to a little over $5 per point. I also bought points resale before that for $5 per point all in.
 

TechTeased

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You should rescind and buy resale. I own points and enrolled weeks so basically I have 11,600 points per year and I am Presidential level. If you want points, you should look into resale points or you could consider a hybrid package direct from Marriott. Resale points will vary from about $5.50 - $6 per point including Marriott’s enrollment fee. Hybrid packages tend to be $1 to $2 higher. However, a few years ago I bought a week in Spain from Marriott and enrolled a resale week at the same time and my bundle ended up averaging out to a little over $5 per point. I also bought points resale before that for $5 per point all in.
We basically purchased at $13.30 a point… they said there is another price increase coming in August ($15.5?) and we got the Old rate and covid bonus points basically. I will need to reject this and buy some resale points. Not sure how I send the certified letter while I’m vacation but I will figure it out. Is there a template?
 

TravelTime

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We basically purchased at $13.30 a point… they said there is another price increase coming in August ($15.5?) and we got the Old rate and covid bonus points basically. I will need to reject this and buy some resale points. Not sure how I send the certified letter while I’m vacation but I will figure it out. Is there a template?
You just follow the direction to rescind that‘s in your packet.
 

vacationtime1

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Rescind. Do it now. Follow the instructions exactly -- everyone who signed the contract must sign the rescission letter. Send it by the method specified (Certified mail?; US Mail?; FedEx?, etc.), but also send it by a method that generates a proof of mailing.

Then relax and enjoy the remainder of your vacation. When you get home, start your research about how to get what you want for a fraction of the cost (there is a secondary, resale market; Marriott obviously doesn't tell you about it).

And take your time; resale prices are not going up.
 

jme

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We basically purchased at $13.30 a point… they said there is another price increase coming in August ($15.5?) and we got the Old rate and covid bonus points basically. I will need to reject this and buy some resale points.
Not sure how I send the certified letter while I’m vacation but I will figure it out. Is there a template?
If LOTS of money is a reason to travel home to rescind, if the only choice, I would consider it.
 

TheTimeTraveler

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Assuming you are in the USA (or a USA possession) then there is no reason you can't hit the nearest USPS office (Post Office) on Saturday morning and get your rescission letter mailed. Send it via Certified Mail, and retain the postmarked mailing receipt for your records.

You are allowed "X" amount of days to rescind depending upon where the sale actually took place. Don't diddle around and potentially let that deadline slide by. Once it does you own it and no rescission is possible.

If you really enjoy the Marriott program then look at Marriott resale weeks. You won't have the flexibility of points but you will pay a heck of a lot less (initially and over the years).

Welcome to TUG and best of luck!




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vail

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You hit the nail on the head.
You can rent as many weeks whenever you want wherever.
Good Luck using 1500 points to go skiing in the winter or to the beach in the summer.
Not happening.
The supply of timeshares is so large, that renting the exact weeks you want is easily done.

The rental prices in some cases is close to the maintenance fee.
Even when it is more, it will take forever to match the cost of the 1500 points.
 

GetawaysRus

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Lots of people on TUG will suggest buying resale if you decide to purchase.

To get an idea of what an MVC resale might cost, go to rofr.net, then select Marriott from the dropdown on the left. You can either view all resorts or resales for a specific resort or you can select Destinations Club points from the dropdown on the right side. Where it says Passed or Failed, that tells you whether the proposed purchase got by Marriott's Right of First Refusal. Passed means that Marriott opted to let the purchaser have the week or points at the proposed price, while failed means that Marriott took the week or points back for its own use (in other words, so that Marriott could mark it up and then resell it).

Understand also that if you buy resale points, expect that you will have to pay an additional "junk fee" to Marriott so that they will add those points to your account. You'll find info on this in other TUG threads.
 

davidvel

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Lots of people on TUG will suggest buying resale if you decide to purchase.

To get an idea of what an MVC resale might cost, go to rofr.net, then select Marriott from the dropdown on the left. You can either view all resorts or resales for a specific resort or you can select Destinations Club points from the dropdown on the right side. Where it says Passed or Failed, that tells you whether the proposed purchase got by Marriott's Right of First Refusal. Passed means that Marriott opted to let the purchaser have the week or points at the proposed price, while failed means that Marriott took the week or points back for its own use (in other words, so that Marriott could mark it up and then resell it).

Understand also that if you buy resale points, expect that you will have to pay an additional "junk fee" to Marriott so that they will add those points to your account. You'll find info on this in other TUG threads.
All true, but note the prices in post #4 above include the junk fees.
 

pedro47

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Welcome to the TUG website. "Where Knowledge is Power," by Bacon.

You should rescind ASAP. Do it now.

There is no harm in having cold feet. IMHO.
 

DanCali

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Buying from the developer as a first purchase is, in my opinion, the worst thing one can do. Most people do it because they loved the presentation and are in a good mood from being on vacation, but they lack important information that would make them rethink that purchase.

Finding TUG during the rescission period (like I did ~12 years ago) is the best thing that can happen to you. Consider yourself lucky, rescind, and then spend several weeks learning what you really need to buy first and start with that. If you ended up signing the dotted line, odds are that a timeshare is a decent fit for you. But you are probably also realizing that it is a bad deal economically because you paid $18.5K for something worth $3000 at best if you try to resell it.

There may be reasons to buy from the developer later on. We bought seven timeshares at three locations in two different systems over 10+ years before we finally pulled the trigger on a developer purchase. When we did, we knew quite well why we were doing it and what the pros and cons were. And none of the timeshares we purchased ended up being at the place we originally rescinded 12+ years ago...

Please follow the advice you got here and rescind while you can!
 

Pologuy9906

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Lots of people on TUG will suggest buying resale if you decide to purchase.

To get an idea of what an MVC resale might cost, go to rofr.net, then select Marriott from the dropdown on the left. You can either view all resorts or resales for a specific resort or you can select Destinations Club points from the dropdown on the right side. Where it says Passed or Failed, that tells you whether the proposed purchase got by Marriott's Right of First Refusal. Passed means that Marriott opted to let the purchaser have the week or points at the proposed price, while failed means that Marriott took the week or points back for its own use (in other words, so that Marriott could mark it up and then resell it).

Understand also that if you buy resale points, expect that you will have to pay an additional "junk fee" to Marriott so that they will add those points to your account. You'll find info on this in other TUG threads.
I would love to see how many points were received during the purchase
 
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