New mvc owner

[Binaryslave]

Thanks for all the replies!

If I rescind tomorrow, where do I buy points legally while protecting myself from being screwed? Would I still be considered an owner?

Will these points be mine year after year?

Do the fees go up based on how many points are in my name?

 

[vacationtime1]

Thanks for all the replies!

If I rescind tomorrow, where do I buy points legally while protecting myself from being screwed? Would I still be considered an owner?

Will these points be mine year after year?

Do the fees go up based on how many points are in my name?

First things first.

The first thing you need to do is to rescind -- and you need to do that tomorrow.

Only afterwards, begin your research about what timeshare or timeshare points, if any, it makes sense for you to buy.

Take your time; resale prices are not going up.

 

[davidvel]

Thank you so much for this information! They unfortunately charged us 14.26 per point

The appeal of the program was to help us do our bucket list vacations. Paris, Italy, Hawaii virgin islands to name a few. Saving, it feels out of reach. Paying a little and doing points puts it all within reach provided the marriott bonvoy points buy us airfare.

Assuming your story is true, you came here for advice, not knowing what you bought for $20k. You got sound advice that you refuse to listen to. I understand why they got you.

In a deep depraved, sort of, kind of (not really) way, your responses kind of make me hope you don't rescind.

Good luck to you.

 

[Fallenone]

They showed us cards of 2 week Hawaii trips for 2300 points. I knew it was marketing gimmick but was thinking it would buy a week and we could go say every 2 years for 2 weeks.

Just a few days ago they have an "escape" package for Kauai. 2BR 4 nights. These "escapes" are their last minute inventory surplus deals that is available for some specific nights within a few weeks so you need to take them at moments notice. And those 4 nights go for 720 points. Normally if you book ahead for 12 months to get an ideal time that you can travel you are paying more than 2000 points for a week for Hawaii.

 

[rthib]

Thanks for all the replies!

If I rescind tomorrow, where do I buy points legally while protecting myself from being screwed? Would I still be considered an owner?

Will these points be mine year after year?

Do the fees go up based on how many points are in my name?

There are many reputable brokers that TUG members (including myself) can recommend. Yes you would be considered an owner.

If you buy points (vs renting) they are just like the points you purchased directly, just cheaper. Yours forever.

Maintenance fees go up year after year and are based on number of points. There is a sticky post that list Maintenance fees it $/point. Same is true for weeks owners, MF go up on week every year too.

 

[CPNY]

Thanks for all the replies!

If I rescind tomorrow, where do I buy points legally while protecting myself from being screwed? Would I still be considered an owner?

Will these points be mine year after year?

Do the fees go up based on how many points are in my name?

Once you pay Marriott junk fee to Marriott, the resale points are as good as the points you just overpaid Marriott for. They are yours year after year.

before you buy points, figure out where you want to go. I hear aruba is hard to get with points.

 

[Binaryslave]

Once you pay Marriott junk fee to Marriott, the resale points are as good as the points you just overpaid Marriott for. They are yours year after year.

before you buy points, figure out where you want to go. I hear aruba is hard to get with points.

We would just enjoy seeing different parts of the world. I'm going to rescind today just trying to figure out what the best way to vacation is. Sucks to book hotel rooms that are 500/ night but the cheap ones are terrible.

 

[gsb]

I’m going to offer a different opinion. I’ve been an owner with MVC for 30 years. We’ve loved it and believe it’s taken us places we wouldn’t have otherwise gone.

If OP purchased 2,000 points for $20,000 after discounts and such, he or she got a pretty good deal, especially if you consider the 4,000 bonus points. Even if we say those are worth .61 per point, that’s more than $2,400 in line vacations.

could OP save a couple thousand by buying resale and paying fees to Marriott? Sure. But I don’t think it’s a terrible idea to keep what they bought.

 

[jmhpsu93]

I'll pile on as someone who bought retail first (and actually knew kinda sorta what they were getting into) - RESCIND. That deal will always be there. Do a self-analysis of what you want to do from a travel perspective, then tell us. We'll give you advice/direction on likely a couple of different ways to get there costing far less than what you bought. No one is saying don't get into timeshares.

2,000 points will only get you a week in Hawaii every 2-3 years, won't do anything for Italy and probably not for Paris either (there is a MVC outside Paris, but not a lot of availability during busier seasons).

I'm really happy with the system and the resorts, just wish I had spent a little less money to get into it.

 

[jmhpsu93]

I resent that

Me, too!!

 

[CPNY]

We would just enjoy seeing different parts of the world. I'm going to rescind today just trying to figure out what the best way to vacation is. Sucks to book hotel rooms that are 500/ night but the cheap ones are terrible.

You wouldn’t be happy with this points ownership. Traveling all over the world is limited with timeshares and you exchange into other resorts with interval to do so. If youre used to paying 500 a night on a hotel room, then I don’t think you’d be happy with the quality in accommodations you’d be receiving with interval.

I also “travel the world”. Not every trip is a timeshare trip. I use a lot of airbnb, Vrbo, and hotels. Timeshares have been great for those trips to Florida and the Caribbean for me. Outside of that, I use other means of booking. I own 4 weeks; (2)1 bedroom units and (2) 2 bedroom units.

rescind, figure out where you’d be happy visiting every year or every other year and buy into that system.

Don’t buy thinking that this is going to get you all over the world in 5 star accommodations at will. It also takes a lot of planning. This is why most people think timeshares or vacation clubs are a scam. They buy with unrealistic goals on how to use it. Many times they were lied to and misled by sales reps and never really wanted the thing anyway. This takes a great deal of education to understand and maximize. Luckily for you, you’re here already and doing what others did too late, join TUG.

 

[rthib]

I’m going to offer a different opinion. I’ve been an owner with MVC for 30 years. We’ve loved it and believe it’s taken us places we wouldn’t have otherwise gone.

If OP purchased 2,000 points for $20,000 after discounts and such, he or she got a pretty good deal, especially if you consider the 4,000 bonus points. Even if we say those are worth .61 per point, that’s more than $2,400 in line vacations.

could OP save a couple thousand by buying resale and paying fees to Marriott? Sure. But I don’t think it’s a terrible idea to keep what they bought.

2,000 at $5 is $10,000 vs $20,000 (There a tons of resales at $2 and less just looking at redweek add the $3)
So more than just a few thousand dollars.

But I don't believe it is just the $ that is the issue. Why 2,000 points? That doesn't get you any status so you are only 10 months out to reserve less than a week.
If the OP really wants to travel, probably could work a hybrid purchase to get more points at a better MF.

 

[vacationtime1]

I’m going to offer a different opinion. I’ve been an owner with MVC for 30 years. We’ve loved it and believe it’s taken us places we wouldn’t have otherwise gone.

If OP purchased 2,000 points for $20,000 after discounts and such, he or she got a pretty good deal, especially if you consider the 4,000 bonus points. Even if we say those are worth .61 per point, that’s more than $2,400 in line vacations.

could OP save a couple thousand by buying resale and paying fees to Marriott? Sure. But I don’t think it’s a terrible idea to keep what they bought.

OP paid $14.26/point, or about $28.5K + closing costs. The bonus points are worth about $2,500, so the net cost is $26K (+ closing).

OP could buy 2000 points @ ~$5/point (+ closing) -- about $10K total.

The points are identical. The price differential is $16,000, which seems substantial to me. ymmv

 

[Dean]

I don't want to sound argumentative. So please don't take it that way just trying to learn/understand. When you pay for vacation, you get nothing back.

In this case if I sell and get 7k back isn't that better than the traditional paying 5k a year for vacation?

Yes the ii getaways is what is was referring to. You don't think they're a good deal?

I agree with cancelling and then evaluating before you proceed.

As for the value/savings of joining, it really depends on how you'd use it. For one person owning is a dramatic savings, for another it's more expensive than paying cash, renting privately, condo's, etc. It can also be aggravating if you can't or don't get what you're planning. Realize that buying in all cases only makes sense to use for the timeshare resorts, not for hotels, tours, cruises, etc. I wouldn't buy for the one off trips either, buy for what works routinely over the next 5-10 years, even better if it also works for some of your other planned options. Timeshares aren't a dramatic savings, even when they work well. Don't forget about the limitations, built in yearly costs, gotchas and up front cost. For mostly off season options it's almost always cheaper not to own a timeshare. Even if timeshares work well for you using such criteria as paying cash up front, budgeting yearly fees and other costs, planning a full year or more ahead, and understanding the compromises of a timeshare; you still need to decide which one and which version works out best for you over the next 10 years plus.

 

[Pamplemousse]

I believe someone said this before, but I would encourage you to give us some details- don’t worry you are anonymous- and knowing that it will be easier to advise so it doesn’t sound like people are being argumentative.
For example- how large a family are you/ what size unit will you need? Do you cook on vacation or eat out?
Do you need to travel on school breaks/ can you easily get time off work/ can you plan in advance? Or will you travel last minute? Do you leave near an MVC resort?
Where do you want to go/how does this compare to MVC resorts list- there are lots more resorts/ locations available for exchange on interval and some places are just not TS locations.

For us we have always loved the space to spread out in a TS so probably would end up getting more than one hotel room as the kids got older, we also like to cook many of our meals and find the MVC have nice amenities that keep us on site some days rather than out spending- that’s were our savings come in. We also felt “obligated” to take a vacation each year since we were paying maintenance fees and looking back on our now grown family that was the biggest value of all.

Getaways on II are final sale weeks ( actually they have just introduced short stay getaways for less than a week). You can find some good deals especially off season- for example you can get a 2Br at Cypress Harbour in Orlando for about $500 this summer during a non holiday week. Getaways are final sale- no refunds, no changes.

 

[gsb]

OP paid $14.26/point, or about $28.5K + closing costs. The bonus points are worth about $2,500, so the net cost is $26K (+ closing).

OP could buy 2000 points @ ~$5/point (+ closing) -- about $10K total.

The points are identical. The price differential is $16,000, which seems substantial to me. ymmv

In post #6, the OP said The purchase was just shy of $20,000 which is what I was basing my comments on. I don’t think anybody is paying $14.26, especially during COVID. I was also thinking MVC was starting to exercise ROFR on resales under $3, so perhaps I have incorrect information. That‘s why I was suggesting the gap might be closer than people were claiming, especially if the shy of $20,00 is an all-in price.

 

[frank808]

Rescind you can always purchase later. Do your homework and learn the system. I was strictly a Marriott weeks owner for over a decade. Just purchased points to use recently and do enroll said weeks. It was a very nice enjoyable decade of exchanges before I got the right deals to enroll. Take your time, the offer you are rescinding will still be there next month. But your $30k buy will be worth $5k-$6k right after your recession period is over!

 

[rthib]

In post #6, the OP said The purchase was just shy of $20,000 which is what I was basing my comments on. I don’t think anybody is paying $14.26, especially during COVID. I was also thinking MVC was starting to exercise ROFR on resales under $3, so perhaps I have incorrect information. That‘s why I was suggesting the gap might be closer than people were claiming, especially if the shy of $20,00 is an all-in price.

You have incomplete information. One of the reasons to work with an experienced broker is they will assist you in navigating ROFR.

 

[vacationtime1]

In post #6, the OP said The purchase was just shy of $20,000 which is what I was basing my comments on. I don’t think anybody is paying $14.26, especially during COVID. I was also thinking MVC was starting to exercise ROFR on resales under $3, so perhaps I have incorrect information. That‘s why I was suggesting the gap might be closer than people were claiming, especially if the shy of $20,00 is an all-in price.

OP said he paid $14.26 in post #20.

I assume he is overvaluing the perks to get $14.26 x 2000 to be less than $20,000, but 4000 one-time DC points are worth about $2,500 (@$0.625).

 

[Binaryslave]

I believe someone said this before, but I would encourage you to give us some details- don’t worry you are anonymous- and knowing that it will be easier to advise so it doesn’t sound like people are being argumentative.
For example- how large a family are you/ what size unit will you need? Do you cook on vacation or eat out?
Do you need to travel on school breaks/ can you easily get time off work/ can you plan in advance? Or will you travel last minute? Do you leave near an MVC resort?
Where do you want to go/how does this compare to MVC resorts list- there are lots more resorts/ locations available for exchange on interval and some places are just not TS locations.

For us we have always loved the space to spread out in a TS so probably would end up getting more than one hotel room as the kids got older, we also like to cook many of our meals and find the MVC have nice amenities that keep us on site some days rather than out spending- that’s were our savings come in. We also felt “obligated” to take a vacation each year since we were paying maintenance fees and looking back on our now grown family that was the biggest value of all.

Getaways on II are final sale weeks ( actually they have just introduced short stay getaways for less than a week). You can find some good deals especially off season- for example you can get a 2Br at Cypress Harbour in Orlando for about $500 this summer during a non holiday week. Getaways are final sale- no refunds, no changes.

Hi there. There are 4 of us; myself, wife, 15 year old son and 9 year old daughter.

We typically eat out on vacation. I'm sort of a foodie and like trying different foods.

We typically travel on school breaks but have avoided exhorbitant fees and had my kids do online learning sporadically as well.

We're from Tampa, and several resorts nearby between clearwater and orlando.

One thing the salesman said is the points price of resorts never changes. I feel like they flat out lied about that one.

 

[alexadeparis]

Hi there. There are 4 of us; myself, wife, 15 year old son and 9 year old daughter.

We typically eat out on vacation. I'm sort of a foodie and like trying different foods.

We typically travel on school breaks but have avoided exhorbitant fees and had my kids do online learning sporadically as well.

We're from Tampa, and several resorts nearby between clearwater and orlando.

One thing the salesman said is the points price of resorts never changes. I feel like they flat out lied about that one.

Based on what you are saying, I would rescind and use that money to buy double the points resale and you would then have enough for one week in a two bedroom for most destinations. Really review the MVC points chart, which changes EVERY YEAR btw, and look at each resort for a date you are likely to want, to see what you really need Points wise. You can also rent points from other owners in the event you need more points in any given year. It’s a good points system but don’t overpay for literally no reason.

 

[Binaryslave]

OP said he paid $14.26 in post #20.

I assume he is overvaluing the perks to get $14.26 x 2000 to be less than $20,000, but 4000 one-time DC points are worth about $2,500 (@$0.625).

Hi there; finally had a minute to sit down and go through my paperwork. The purchase price was $23,102 with $931 in closing costs.

Based on what you are saying, I would rescind and use that money to buy double the points resale and you would then have enough for one week in a two bedroom for most destinations. Really review the MVC points chart, which changes EVERY YEAR btw, and look at each resort for a date you are likely to want, to see what you really need Points wise. You can also rent points from other owners in the event you need more points in any given year. It’s a good points system but don’t overpay for literally no reason.

We have the paperwork here with the rescind information. Do we just type a simple letter saying something like "After much consideration and research we feel this is not the right program for us" and send it receipt required to the address listed in our paperwork? Does it have to be notarized? I want to avoid them trapping us.

Thank you

 

[CPNY]

Hi there; finally had a minute to sit down and go through my paperwork. The purchase price was $23,102 with $931 in closing costs.


We have the paperwork here with the rescind information. Do we just type a simple letter saying something like "After much consideration and research we feel this is not the right program for us" and send it receipt required to the address listed in our paperwork? Does it have to be notarized? I want to avoid them trapping us.

Thank you

Check post number 1. There is sample verbiage to type out. Write you are rescinding the contract # and to not make any additional payments and refund the money already paid. Do not call the sales office.

FAQ - Rescinding/Canceling a Timeshare Purchase

What is "Rescinding" or the "Right of Rescission?" Rescinding is a completely legal way to cancel the purchase of a timeshare and get all of your money back, within a certain number of days. The number of days you have to rescind differs from state to state - See the list below for the states...

tugbbs.com

Again, make sure whoever signs the contract signs the letter. You do not need to have it notarized but you do need to have is sent USPS certified mail with proof of postmark.

Follow the instructions clearly and do whatever it says to cancel. It should have been in the mail today! It only matter when it was sent.

 

[Binaryslave]

Check post number 1. There is sample verbiage to type out. Write you are rescinding the contract # and to not make any additional payments and refund the money already paid. Do not call the sales office.

FAQ - Rescinding/Canceling a Timeshare Purchase

What is "Rescinding" or the "Right of Rescission?" Rescinding is a completely legal way to cancel the purchase of a timeshare and get all of your money back, within a certain number of days. The number of days you have to rescind differs from state to state - See the list below for the states...

tugbbs.com

Again, make sure whoever signs the contract signs the letter. You do not need to have it notarized but you do need to have is sent USPS certified mail with proof of postmark.

Follow the instructions clearly and do whatever it says to cancel. It should have been in the mail today! It only matter when it was sent.

Our signing date was 3/21/2021 so we should be good to send tomorrow.

Thanks for the tips!

 

[CPNY]

Our signing date was 3/21/2021 so we should be good to send tomorrow.

Thanks for the tips!

As an example, you can pick up 3500 points for around $7K less than what you paid for 2000 points.

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Again, research to make sure Marriott is the system that you want. There are other systems out there all with different rules and resorts. Points systems operate differently among each system and certain systems treat resale ownerships differently than buying direct. Marriott points purchased resale or through Marriott are treated equally. This is why they charge a junk fee of $3 per point.