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New Timeshare - Am I Stuck?

Serket81

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So we just got a 126k points Wyndham timeshare with 175 bonus points for 19k along with a VIP option for 2 years during our trip in Vegas. Unfortunately, I didn't come across this site until last night and we're 5 days past the recession window. I'm not sure what the best option I have is, if any, since I'm having doubts about this purchase. Any advise would be appreciated.
 

Passepartout

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Welcome to TUG! Unfortunately, 'getting out' easily is no longer an option. My advice is to stick around TUG. Lean to use what you bought. Your initial purchase is a modest stash of points, that won't always provide you a full week in a top resort, but combined with the bonuses you got along with the purchase, you should have some very nice vacations. Other Wyndham owners can offer you suggestions to get the most of your points.

Perhaps, after the bonus time has passed and you've use what you have, you'll decide to either acquire more points (resale, of course), or go through some process to unload it. It's far too early to be thinking about the (economically) painful process. First and foremost, DO NOT entertain any thoughts of signing up with ANY 'exit' scheme. Those don't do anything you can't except drain your bank account.

If you are planning on using your Wyndham points to travel to other far-flung resorts or to RCI properties, consider joining TUG ($15/yr) to give you access to reviews by TUGgers of thousands of resorts so you can get some advance insight.

Again, Welcome!

Jim
 

Gypsy65

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As stated you’re out of luck on getting out
But you must have seen some value in it to buy it so learn how to use it and add to your package as you feel the need
Don’t be as concerned with the $$ you bought for. It’s no more of a loss than any other product we as people buy new such as a car. Boat. RV etc but the value will come in using it and having great accommodations when you travel
Now. If you never use it then the upfront monies as well as maintenance fees will be a waste
 

ecwinch

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At this point, unless you have material proof (ie in writing) of any fraud, it is difficult to rescind your purchase contract outside the recession window. I have only heard one instance where that has happened. And in that case, the buyer had written proof that the salesperson misrepresented how housekeeping fees worked.

If have some other evidence of misrepresentation, and assuming you made the payment via credit card - you could try to make a good faith effort to get them to take back the purchase, and if that fails dispute the charge. I have heard people say they will try that approach, but have never heard back any favorable results.

Other than that, Passepartout's advice is the best path forward. Learn to use what you bought, dont compound your problems by getting involved with the timeshare relief companies, and dont try to dig yourself out of the hole by buying more points.
 

CPNY

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So we just got a 126k points Wyndham timeshare with 175 bonus points for 19k along with a VIP option for 2 years during our trip in Vegas. Unfortunately, I didn't come across this site until last night and we're 5 days past the recession window. I'm not sure what the best option I have is, if any, since I'm having doubts about this purchase. Any advise would be appreciated.
Unfortunately rescission cannot be done at this point. Your best bet is to pay the loan off as soon as possible. With their financing that 19K will turn into 39K when all said and done andd you don’t want that. Next may be to pick up more points on resale free just to offset that 19K a bit. Then I’d suggest learning as much as you can here on how to use your ownership. Travel on it, use it and try to enjoy it. Timeshares aren’t bad if you own in a good system. Wyndham is pretty good so use it as best as you can. Don’t feel bad. Almost all here paid developer prices at first, I know I did.
 

goDeacs22

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I was in your shoes three years ago! You will go nuts the first little while learning all the things they don't tell you when you purchase. It will get better, I promise. You will learn how it works over time.
 

Serket81

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Thank you all for all the input. It's just a bit overwhelming at first. I'm definitely going to try to get the most out of this timeshare.
 

Sandi Bo

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The resorts are great. We have been on amazing vacations that we would never have gone on. Glad you found TUG, any time you have questions, ask here. You'll get plenty of answers/opinions.
 

Panina

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Thank you all for all the input. It's just a bit overwhelming at first. I'm definitely going to try to get the most out of this timeshare.
Hi, welcome to tug.

Many of us, including myself, purchased our first timeshare from the developer. Then owning Tug we learned everything to maximize our purchased. Where it stings now, in time it will diminish with the great trips you take.

As @Passepartout suggested, I will too, Consider becoming a member of tug for $15, reviews plus sightings are two valuable things you have as a member.
 

cbyrne1174

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It looks like you bought at about $150 per thousand points, which isn't that bad for retail price. My advice would be to see if you would be interested in becoming VIP Gold since you're stuck with it unless you default. All of my points are resale and I don't see buying two 3 bedroom PICs to get to VIP gold as a bad financial decision if you can afford it. I'm personally going to probably buy a bit of DVC and Worldmark for 1-2 night stays, so I don't need Gold benefits, which is why I'm resale only. But once you see how housekeeping credits and reservation transactions work, you will see how VIP Gold can save money in the long run (after 15 years of use), especially for weekend getaways.

To get permanent VIP Gold, it will cost you an additional 166,000 points when they bump up the requirement to 800,000 points. You can get the PIC deeds for free from timeshare nation that will give you an extra 508,000 points for VERY low maintenance fees. If you call telesales, you can buy 168,000 points from them (exactly 166,000 isn't sold) for $134 per thousand. Permanent VIP Gold will cost you an extra $22,512, but it's worth the $41,000 price tag if you properly use it.

Developer points aren't worth their price tag unless you plan on being VIP. There's very little difference between retail and resale when you own less than 400,000 points.
 

LannyPC

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I'm definitely going to try to get the most out of this timeshare.
Well if you're going to remain as an owner, now would be a good time to alert you to the many scams out there that are aimed at TS owners. You might get phone calls, e-mails, see Google ads, or hear ads on the radio (or TV) promising to get you out of your unwanted TS or to sell/rent your TS for big bucks. These are almost always scams.
 

weleftmn

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Yep, follow the advice you are getting. Don't look back with regret, it is too late for that, learn to enjoy what you purchased. We have also had some amazing vacations that otherwise would not have been possible. Going to a "normal" hotel now is such a letdown.
 

Mommahacker

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We have been owners for several years. Wish I found this site a long time ago. We unfortunately purchased all of our points from Wyndham, but not a total loss we use our timeshare a lot. Just wish I knew about the resale market though. Glad I found you. Thank you all for your combine knowledge.
 

Grammarhero

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We have been owners for several years. Wish I found this site a long time ago. We unfortunately purchased all of our points from Wyndham, but not a total loss we use our timeshare a lot. Just wish I knew about the resale market though. Glad I found you. Thank you all for your combine knowledge.
You presumably got VIP benefits though.
 

Grammarhero

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Yes we do.
Resales don’t get VIP benefits. My rule of thumb is that it takes VIP owners 10 years to break even, then you start saving with VIP benefits. Nowadays, it takes $26k with 2 PICs to get gold, $66k with 2 PICs to get platinum.
 
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Mommahacker

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This lets you know how much I need to learn. PIC????????
 

AZLatin5

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A PIC is when you can add a non Wyndham (approved) timeshare to your portfolio. I have a 2bedroom at Grand Pacific Palisades if I added it as a PIC I would buy 49k points from Wyndham to qualify my PIC and then have the option of getting 154k pnts for GPP which could be used towards VIP status Some people pick up really cheap 3 bedroom resales that can be added as a PIC to reach higher levels
 

ecwinch

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PIC is a sales tool used to entice existing owners of non-Wyndham properties to buy more points by giving them credit toward VIP status for those other timeshares they own. Somewhat under the theory that the easiest sale is to owners who have bought points from a developer (at full price).

Owners can use that loophole to their advantage to "buy-in" to VIP status at a price far less than full retail price. But the ROI is very dependent on how you travel and your willingness to adapt to changes that Wyndham might make to the VIP program. The ROI is higher for those able to travel at the last minute and/or in off-shoulder season.
 

Mommahacker

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I'm wanted to upgrade to PR but was unwillingly to go through wyndham. That's when I heard about the resale. Unfortunately nothing out there to consider.
 

Grammarhero

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I'm wanted to upgrade to PR but was unwillingly to go through wyndham. That's when I heard about the resale. Unfortunately nothing out there to consider.
If you buy resale points, they qualify for VIP benefits for now.
 

Eric B

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If you buy resale points, they qualify for VIP benefits for now.
Just to be clear, if you buy resale points, your current VIP benefits would apply to those points as well as the retail points you already own. The resale points would not count towards the number of points you need to be eligible for VIP benefits as only retail and PIC points count towards eligibility. That is to say, you can’t buy resale points in order to go from gold to platinum for example, but if you are already gold, you would get the discounted booking at 60 days, etc., with resale points.
 

Mommahacker

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Thank you. Looking for presidential reserve if you know of any. Have a great day.
 

cbyrne1174

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Doesn't Wyndham have a ROFR clause for PR that they actually use?
 

paxsarah

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Doesn't Wyndham have a ROFR clause for PR that they actually use?
I hadn't heard that. But the current directory on page 232 indicates that PR benefits on resale PR contracts may be limited.
 
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