• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 27 years!

    Join tens of thousands of other owners just like you here to get any and all Timeshare questions answered!
  • TUG is asking for recent reviews of older resorts, earn a free year membership!

    Read more here
  • TUG has now saved timeshare owners more than $18,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $18 Million dollars
  • Follow the TUG Member Banner as it travels the world on vacation with Timeshare owners! Also sign up to get the banner sent to you so you can submit a photo of your vacation with the banner to share with TUG! Banner Thread
  • Sign up to get the TUG Newsletter for free! Join tens of thousands of other owners who get this every week! Latest resort reviews and the most important topics discussed by owners during the week!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    Read more Here
  • A few of the most common links here on the forums for newbies and guests!

New Owner Aruba Surf Club

Chedman13

Guest
Joined
Mar 1, 2008
Messages
6
Reaction score
0
Points
1
Hi All,

I'm new here so if am out of line, please let me know.

I went to Marriott's Aruba Surf Club and bought an one week, 2 bedroom 2 bathroom, garden view, platinum season. For background, I intend to go to Aruba every other year, and save up the Marriott points to go other place in the world. I decided to buy direct from Marriott as it didn't seem the price difference for re-sale was that large, but then again I only searched for a little bit.

We got a purchase incentive of one week Interval International free to be used within 18 months. I'm trying to maximize my dollars here and always wanted to go to Bora Bora. Is this possible?

I know this is probably a question for the Marriott rep, but just wanted to see what feedback this will spark. I'm open to other suggestions to go to fully maximize my one week Interval International (i.e. cost the most).

Also, where can I go to refinance this once my 6 month period is up? I'd like to keep this a separate mortgage and not use a home equity line of credit or put it on a credit card.

In all, I'm very happy with my purchase so far. I am young and this is one of my "investments" that will force me to go on vacation and travel to places I wouldn't have, and by the time I will about break even I should have kids to make it worth it to stay at a 2 bedroom 2 bath instead of a hotel room.

Looking forward to joining this community of knowledge.
 

gmarine

Tug Review Crew: Rookie
TUG Member
Joined
Jun 6, 2005
Messages
4,304
Reaction score
17
Points
273
Hi All,

I'm new here so if am out of line, please let me know.

I went to Marriott's Aruba Surf Club and bought an one week, 2 bedroom 2 bathroom, garden view, platinum season. For background, I intend to go to Aruba every other year, and save up the Marriott points to go other place in the world. I decided to buy direct from Marriott as it didn't seem the price difference for re-sale was that large, but then again I only searched for a little bit.

We got a purchase incentive of one week Interval International free to be used within 18 months. I'm trying to maximize my dollars here and always wanted to go to Bora Bora. Is this possible?

I know this is probably a question for the Marriott rep, but just wanted to see what feedback this will spark. I'm open to other suggestions to go to fully maximize my one week Interval International (i.e. cost the most).

Also, where can I go to refinance this once my 6 month period is up? I'd like to keep this a separate mortgage and not use a home equity line of credit or put it on a credit card.

In all, I'm very happy with my purchase so far. I am young and this is one of my "investments" that will force me to go on vacation and travel to places I wouldn't have, and by the time I will about break even I should have kids to make it worth it to stay at a 2 bedroom 2 bath instead of a hotel room.

Looking forward to joining this community of knowledge.
First and most important IMO, is that you should rescind ASAP. Financing a timeshare is generally a bad idea. The only way that would even come close to making sense, and its a stretch, is an home equity loan/line.

The week from Interval will not get you to Bora Bora. There are no II resorts there.

The price difference between resale and Marriott is large and financing the purchase makes the cost much too high. Rescind then take your time and learn about timeshares while saving $$ so you dont have to finance a purchase.
 

Chedman13

Guest
Joined
Mar 1, 2008
Messages
6
Reaction score
0
Points
1
First and most important IMO, is that you should rescind ASAP. Financing a timeshare is generally a bad idea. The only way that would even come close to making sense, and its a stretch, is an home equity loan/line.

The week from Interval will not get you to Bora Bora. There are no II resorts there.

The price difference between resale and Marriott is large and financing the purchase makes the cost much too high. Rescind then take your time and learn about timeshares while saving $$ so you dont have to finance a purchase.
thanks - you stated it clear and simple. I'll take your advice, I only have 7 days to rescind and all the time to buy.
 

Chedman13

Guest
Joined
Mar 1, 2008
Messages
6
Reaction score
0
Points
1
First and most important IMO, is that you should rescind ASAP. Financing a timeshare is generally a bad idea. The only way that would even come close to making sense, and its a stretch, is an home equity loan/line.

The week from Interval will not get you to Bora Bora. There are no II resorts there.

The price difference between resale and Marriott is large and financing the purchase makes the cost much too high. Rescind then take your time and learn about timeshares while saving $$ so you dont have to finance a purchase.
One quick thought - I'm trying to figure out if I get my closing costs back (about USD 400). It doesn't specifically say in the contract - only that the entire contract is null if done within 7 days. Any ideas?
 

m61376

Tug Review Crew
TUG Member
Joined
Aug 2, 2006
Messages
7,037
Reaction score
176
Points
498
Location
NY
Glad that you are still within your recission period. Be very careful to follow the directions carefully. You will receive a complete refund as long as you follow the directions. Make sure to send a certified letter and it must be postmarked within the number of days; the days are calendar days, so be careful because weekends are included.

Now that you've found Tug you can give yourself a pat on the back. You have just saved yourself probably around $11,000. While Platinum weeks at the SC retain a higher resale value than many other Marriott weeks (although Marriott weeks in general have a proportionally higher resale value than other timeshares), you should be able to save between a third and 40% off developer prices. Platinum weeks tend to go for closer to a third off, but sometimes you can nab a good deal.

Keep in mind that asking and selling prices are not the same. IMHO, the price difference does not warrant buying from the developer to get the trading for points option. Even the most avid points users advocate buying direct at pre-construction pricing (and at initial pre-construction pricing) and when they are offering large point incentives, which they are not. If by some chance you decide that is what is best for you, you can always buy direct later. Take time to learn the ropes here first.

That said, the Surf Club is a great property and you can enjoy many wonderful vacations there and elsewhere. Since it appears you don't need the full 2 BR at this point, you should be aware that you can lock-off and have a 1 BR for one week and a studio for a second week, either in Aruba or by trading either or both halves. Also, the exchange company (II) will often give you an AC if you deposit at least the 1BR side, which is good for a low cost week elsewhere.

But- I would agree with the above post that financing a timeshare is not generally a good idea. Don't consider it a financial investment; the only "investment" is in future family time.

If you want some recommendations as to resale agents, etc., feel free to ask. First, read the stickies at the top of the Buying, Selling and Renting forum.

Welcome to Tug:wave:
 

gmarine

Tug Review Crew: Rookie
TUG Member
Joined
Jun 6, 2005
Messages
4,304
Reaction score
17
Points
273
thanks - you stated it clear and simple. I'll take your advice, I only have 7 days to rescind and all the time to buy.
Exactly. You are doing the right thing. You get the full purchase price back if you rescind within the stated time limits. Make sure you follow the rules of rescinding exactly as stated in the contract.
 

vacationlover2

TUG Member
Joined
Nov 20, 2006
Messages
907
Reaction score
10
Points
379
Location
New Jersey
Chedman,

Go to this website. http://dioxide45.tripod.com/cgi-bin/rofr.cgi

You will see that a 2BR Platinum oceanfront unit passed ROFR at $24,000 in August 2007. Oceanfront is much more expensive than gardenview. I believe Marriott wants $54,900 for it. So that it a 56% discount. You should be able to get a garden view platinum for $16K or so I should think. Anyone else know?
 

SDKath

TUG Member
Joined
Dec 30, 2007
Messages
3,067
Reaction score
0
Points
246
Great link!

I didn't know that site existed! What great info. DIS boards has this for Disney purchases too and it is very helpful!

Kath
 

Chedman13

Guest
Joined
Mar 1, 2008
Messages
6
Reaction score
0
Points
1
Tug members know their stuff! It say to:
1) Write up a letter of cancellation
2) Send it via official postal system or recognized, international overnight delivery service

I'm not sure if I can do certified though - "Certified Mail does not include insurance, and is not available for international mail." off the USPS website. I'll be sure to pick something though that does have something secure.

I'm very glad I found this site. Thanks again for all the responses.
 

m61376

Tug Review Crew
TUG Member
Joined
Aug 2, 2006
Messages
7,037
Reaction score
176
Points
498
Location
NY
Chedman,

Go to this website. http://dioxide45.tripod.com/cgi-bin/rofr.cgi

You will see that a 2BR Platinum oceanfront unit passed ROFR at $24,000 in August 2007. Oceanfront is much more expensive than gardenview. I believe Marriott wants $54,900 for it. So that it a 56% discount. You should be able to get a garden view platinum for $16K or so I should think. Anyone else know?
That's a bit low. IF someone really did get an OF unit for that price (and I say "if" because I wonder if it was a posting mistake), they got an unbelievable deal. Marriott was nabbing OS units for that price. BTW- I am not saying impossible- there are occasional desperate owners and Marriott occasionally lets a great deal slip through- but I am saying that those units almost never go for that kind of discount. Platinum DC units generally go for closer to the third off mark and ROFR has been just around the 40% line; many brokers told me ROFR was even higher although that has been what I've seen. GV rooms go for a little less of a premium and the better views higher.

If you look at the other postings on that site, at what passed and failed, you will see that, with the exception of the one post you quoted, my assessment is pretty on target. Even if it was a correct post, don't base your hopes on one aberration. Somewhere around 20k is a more realistic pricing. Lately Gold OV weeks have been going more in the 16K area. However, the OP can still expect to realistically save in the area of 11K give or take by buying resale. Hopefully, that will offset his need to finance.

Talking about financing- even though you preferred not to tie this into a HELOC, keep in mind that that would make interest paid tax deductible, even when buying resale. As others have posted, though, you really should think twice before financing a timeshare purchase.
 

somerville

TUG Member
Joined
Jun 6, 2005
Messages
895
Reaction score
4
Points
228
Location
Beaufort, SC
Tug members know their stuff! It say to:
1) Write up a letter of cancellation
2) Send it via official postal system or recognized, international overnight delivery service

I'm not sure if I can do certified though - "Certified Mail does not include insurance, and is not available for international mail." off the USPS website. I'll be sure to pick something though that does have something secure.

I'm very glad I found this site. Thanks again for all the responses.
Not familiar with what is required to rescind a purchase in Aruba, but the documents that you were provided at the time of sale should include instructions. Follow those instructions!
 

Chedman13

Guest
Joined
Mar 1, 2008
Messages
6
Reaction score
0
Points
1
That's a bit low. IF someone really did get an OF unit for that price (and I say "if" because I wonder if it was a posting mistake), they got an unbelievable deal. Marriott was nabbing OS units for that price. BTW- I am not saying impossible- there are occasional desperate owners and Marriott occasionally lets a great deal slip through- but I am saying that those units almost never go for that kind of discount. Platinum DC units generally go for closer to the third off mark and ROFR has been just around the 40% line; many brokers told me ROFR was even higher although that has been what I've seen. GV rooms go for a little less of a premium and the better views higher.

If you look at the other postings on that site, at what passed and failed, you will see that, with the exception of the one post you quoted, my assessment is pretty on target. Even if it was a correct post, don't base your hopes on one aberration. Somewhere around 20k is a more realistic pricing. Lately Gold OV weeks have been going more in the 16K area. However, the OP can still expect to realistically save in the area of 11K give or take by buying resale. Hopefully, that will offset his need to finance.

Talking about financing- even though you preferred not to tie this into a HELOC, keep in mind that that would make interest paid tax deductible, even when buying resale. As others have posted, though, you really should think twice before financing a timeshare purchase.
Good info. One newbie question, what's ROFR mean?
 

Docklander

TUG Member
Joined
May 28, 2007
Messages
531
Reaction score
1
Points
16
Location
Los Angeles
That's a bit low. IF someone really did get an OF unit for that price (and I say "if" because I wonder if it was a posting mistake), they got an unbelievable deal. Marriott was nabbing OS units for that price. BTW- I am not saying impossible- there are occasional desperate owners and Marriott occasionally lets a great deal slip through- but I am saying that those units almost never go for that kind of discount. Platinum DC units generally go for closer to the third off mark and ROFR has been just around the 40% line; many brokers told me ROFR was even higher although that has been what I've seen. GV rooms go for a little less of a premium and the better views higher.

If you look at the other postings on that site, at what passed and failed, you will see that, with the exception of the one post you quoted, my assessment is pretty on target. Even if it was a correct post, don't base your hopes on one aberration. Somewhere around 20k is a more realistic pricing. Lately Gold OV weeks have been going more in the 16K area. However, the OP can still expect to realistically save in the area of 11K give or take by buying resale. Hopefully, that will offset his need to finance.

Talking about financing- even though you preferred not to tie this into a HELOC, keep in mind that that would make interest paid tax deductible, even when buying resale. As others have posted, though, you really should think twice before financing a timeshare purchase.
You're 100% right, that is too good to be true...that should read Gold season...will let Dioxide know. :)
 

m61376

Tug Review Crew
TUG Member
Joined
Aug 2, 2006
Messages
7,037
Reaction score
176
Points
498
Location
NY
Docklander- :) ...I always thought that had to be a mistake, or you had gotten one heck of a deal (which I was admittedly jealous of the possibility).

As for ROFR- just to add to the above- Marriott has the right to purchase any unit for the negotiated price, so every sales contract has to be submitted to owner services for their approval. They have between 15 and 30 days (depending upon the resort; for the SC it is 30 days) to exercise that right. The ROFR line varies from moment to moment, so negotiate the best price you can and hope for the best. If it gets nabbed, you can always make a deal for another unit.
 

Sunbum

TUG Member
Joined
Jan 22, 2006
Messages
475
Reaction score
22
Points
378
I hate to buck the trend, but i like the idea of buying "new" in certain cases. Some Marriott's take huge hits and re-sale is the way to go. If you look at Aruba Ocean Club, there is only about $8,000 between new & re-sale. When i use my points i figure i get about 3 cents a piece for them. The last time i bought new (i have bought both ways), i ended up with about 330,000 points when the deal was done. That's close to $10,000 worth. And i can still trade it eoy for 110,000 points. So to me, it is worth the extra $7 or $8k.

I spent 2 weeks in Europe, flew business class round trip, with my wife, stayed in cat 7 hotels etc. Thanks to buying through Marriott. Just MHO:D
 

JimIg23

TUG Member
Joined
Feb 9, 2007
Messages
948
Reaction score
0
Points
16
I can definitely see the logic in that when ROFR is that close to buying resale, then points have a great deal more value.
 

jimf41

TUG Member
Joined
Nov 11, 2006
Messages
2,581
Reaction score
492
Points
468
Location
Stony Brook, New York
Most folks on this board advise to buy resale and never finance. That's nice if you have 20-30k sitting around that you don't have any other use for. I agree that financing through Marriott is not worth it. Their rates are 11-16% depending on the resort, purchase price and how well you bargain. There is no special rule of not financing a timeshare. If you paid cash for your house, car, boat and toaster oven then go ahead and pay cash for your timeshare. If you generally finance large purchases then don't be hesitant to finance a timeshare.

The decision to buy developer or resale is a little more complicated. You have to weigh the developers incentives against the lesser amount you would generally pay for a resale. Sometimes developer isn't such a bad deal, sometimes it's terrible. Don't be fooled by the prices you see listed in the resale ads. Some are very reasonable but they are not all available. Call on a few and you'll see what I mean.

You say you don't want an equity loan or put it on a credit card but that's actually the best way to do it IMO. Get a Marriott Premier VISA and tell the sales rep you do not want to finance with them you want to put it on your CC. Then pay off the card with a low interest equity loan. You'll get the normal purchase incentives and 5 points per dollar charged to your card.

You have about 6 days left to rescind and some very big decisions to make. My advice would be to rescind on this one and do your homework and research and be an informed buyer rather than hope you got a good deal. If the sales rep tells you the price is going up tell him to read the Wall Street Journal once in a while.
 

Chedman13

Guest
Joined
Mar 1, 2008
Messages
6
Reaction score
0
Points
1
Most folks on this board advise to buy resale and never finance. That's nice if you have 20-30k sitting around that you don't have any other use for. I agree that financing through Marriott is not worth it. Their rates are 11-16% depending on the resort, purchase price and how well you bargain. There is no special rule of not financing a timeshare. If you paid cash for your house, car, boat and toaster oven then go ahead and pay cash for your timeshare. If you generally finance large purchases then don't be hesitant to finance a timeshare.

The decision to buy developer or resale is a little more complicated. You have to weigh the developers incentives against the lesser amount you would generally pay for a resale. Sometimes developer isn't such a bad deal, sometimes it's terrible. Don't be fooled by the prices you see listed in the resale ads. Some are very reasonable but they are not all available. Call on a few and you'll see what I mean.

You say you don't want an equity loan or put it on a credit card but that's actually the best way to do it IMO. Get a Marriott Premier VISA and tell the sales rep you do not want to finance with them you want to put it on your CC. Then pay off the card with a low interest equity loan. You'll get the normal purchase incentives and 5 points per dollar charged to your card.

You have about 6 days left to rescind and some very big decisions to make. My advice would be to rescind on this one and do your homework and research and be an informed buyer rather than hope you got a good deal. If the sales rep tells you the price is going up tell him to read the Wall Street Journal once in a while.
To all that replied to my thread, thank you. I canceled my contract. I mailed a letter as stated in the contract. I went a step ahead and mailed it registered with return receipt - cost about $15 from the US to Aruba. To go even further - I mailed a copy to my sales agent the same way.

Certified mail was not possible outside the US, so USPS told me to do registered which is lock and key all the way there and return receipt, they have to physically sign it and it gets mailed back to me.

My sales rep was great - completely understood and did not make me uncomfortable. They did mention all the typical sales lines; prices going up, almost sold out, better to buy from Marriott, etc...

They asked me what was my reason to cancel. That was simple, I don't know enough about timeshares.

I plan to read this forum often and wait a full year before I make an decision again. We got a great deal on a promotion staying at the Surf Club - my thoughts are to keep staying at place with deals right now and not have a commitment. We'll see.
 
Top