New Owner...wanting advice

[rc_28117]

I am new to this forum as well as new to owning my own TS. I have used my parent's RCI weeks timeshare in the past with mixed results usually related to high fees and finding decent resorts.

We just purchased a RCI points TS in Myrtle beach and I would like some advice on it before I make my final decision on whether to keep it or use my 5 day grace period. We really like the timeshare concept and the potential that it offers but I have been burned by RCI and hate to get in bed with them.

Bought a bi-annual 57,500 point in a Gold Crown Resort in Myrtle Beach. The MF are $290 / yr. This package cost $11k with 10% down and $100 Closing fee.

Here are my questions :

1.) Is this a decent value for the price paid? Looks like I can get cheaper online but this resort (and therefore points) will keep their high value.

2.) We are not crazy vacationers but think we can make use of a timeshare and the 9000pt & $199 week deals in the RCI points system. Since the points do roll over for a period, is this enough to have some decent vacations at silver or gold crown resorts?

3.) Since our resort is new, the point value increased over last years value. I am ok with raising point values when a resort makes a large improvment but am afraid RCI will raise points on all resorts "saying" that improvements were made. This would negate the inflation-proof portion of this system. Does anyone have old RCI books to compare values?

4.) I did find some RCI points TS online for sale. For the same unit we purchased, the point values were slightly different and the MF were different. Why would MF be more for me on the size & style unit?

5.) Besides point exchange fees, what other fees have you encountered when using points or 9000pts deals or $199 deals?


Thank you in advance for your help. I would appreciate it if the sales people would refrain from answering my post...seems like there is some bias I have read in other post replies.

 

[aliikai2]

Rescind NOW

RCI points are RCI points, these are no better or worse than any other. The current purchase price should be about .03 per point ( 57.5k eoy equals 28.75 around $900 in total purchase price.

Here is a link to a seller that will lease you 43.5k in annual points with fees of $417 with buy in of under $1000.:whoopie:

http://www.timeshareforums.com/forums/classifieds/viewad-192.html


Please rescind your purchase, unless you feel the need to pay 20 times what it's worth

fwiw,

Greg

 

[DianneL]

Rescind

Rescind now. $11,000 is extremely expensive for a timeshare in Myrtle Beach, especially an every other year. Look on ebay at what timeshares are going for at this location. Right now there are 29 listed for sale, many for just $1.00, and even one that closes soon that is a floating week, summer, with a bid of just over $200. Read, study, watch resale websites and ebay, and when you are ready and find what you want, you can get a deal. And, when looking on resale sites, don't think you have to offer anywhere near the asking price. I recently purchased a week, every other year, for $1500 plus closing, etc. They were asking $14,000.

 

[Patri]

Rescind and thank your lucky stars you found us. The shine on all the babble the salesman told you is only sparkle and very little truth to the words. Read the directions on your paperwork. Just say you have decided timesharing is not for you and you expect a credit of the downpayment to your credit card. Mail return receipt requested, if they say to use USPS and most do (your proof is date of the postmark within the recision period). An email or phone call won't do.
Welcome aboard.
Then just sit back and read here awhile to understand timesharing from an owner's point of view (different than using your parents' weeks).

 

[AwayWeGo]

Rescinda-Sinda-Sinda.

We just purchased a RCI points TS in Myrtle beach and I would like some advice on it before I make my final decision on whether to keep it or use my 5 day grace period.

Get out of it while you can.

Points timeshares are cheap on eBay, etc.

Full-freight timeshares bought from any timeshare company are way too expensive, period.

Buy resale -- save $10,000

Another low-cost & low-risk possibility is leasing a points timeshare -- 3 years RTU, renewable, works the same as a deeded points timeshare for purposes of making timeshare reservations via points.

Those 9,000-point timeshare reservations are good deals. Whatever weeks timeshare is left 45 days before check-in is up for grabs for no more than 9,000 points for the whole week. RCI calls that Instant Exchange. We've done Instant Exchange several times now, & in fact have done a straight-points exchange only once so far.

Time's a-wasting. Get right on your with your rescission. Now -- as in immediately, before it's too late & you're stuck with a full-freight timeshare for big bux that you could have bought resale for nickels on the dollar (for the same thing or its points-value equivalent, because points are points mox nix).

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[DeniseM]

Welcome to TUG! I'm glad you found us in time!

Here is an FAQ about Rescinding - it was written for a different TS company, but besides that, everything applies to you.

Good luck! Let us know how it goes!

 

[rc_28117]

Thank you to everyone for the quick and very informative responses. I just wrote the rescind document and will be mailing it tomorrow morning via certified mail.
We do really like the TS points concept and will most likely purchase something in the future after we research more on this website.

Thank you again for helping us to solidify our jitters. This is an invaluable forum.

 

[caribbean]

Welcome-

There is a wealth of information here to help guide you. Spend some time reading and asking questions to determine if Points is the best thing for YOU. There are a lot of options out there and you need to read up on a lot of the options before you cna decide. In the meantime you can rent TS and explore a few places to see what it is like.

How about taking $15 of the $11000 we just saved you and become a member. Then you will be able to read all of the wonderful reviews.

Good luck in your home work

 

[theo]

To echo all others, rescind this purchase--- NOW!
That's far too much money for far too little product...

Oops --- I missed the post indicating that you already rescinded.
Good job! Read & learn before you pull out the pen and checkbook again.

 

[Bill4728]

Welcome!!

Now that you have rescinded your developer purchase, If you still are interested in timeshares, Stick around for awhile and learn how to get the most for your dollar.

Resale prices of timeshares vary greatly. Some are fairly priced for $1.00 and some at $20,000. So it is important to find out what you want and what you are willing to pay to get it. Price alone isn't a good indicator of a good deal.