New Timeshare/Vacation Club Owners

[taffy19]

Annual MF will be worth it if you know how to use the system and also if you compare with rack rate. The most important thing now is to rescind if you are within the rescission period as you have overpaid the purchase.

VacationForever, how do we get hold of a Moderator? I have alerted them to move the thread.

I am the last one to ask advice from but most TUGgers recommend not to talk to the sales person because they will persuade you to change your mind.

I hope that this link will work for the OP (Original Poster) to start reading.

Other TUGgers may have better advice by asking more questions because we did not use points except once.

https://tug2.net/timeshare_advice/cancel_timeshare_purchase.html

 

[Passepartout]

The Caribbean is as far as we've ever traveled, and after a while, the islands tend to look about the same -- as least when you cruise there and don't get to really explore. When Momma travels with us, I prefer a three-bedroom. The teenager doesn't mind a sofa bed in a two-bedroom, but he hates sharing a bath. I would love your thoughts on great places to see. And one more thing, it didn't occur to me to ask the sales person about how long points can sit in the bank and not expire. What do you know about that?

I find the Caribbean boring- it's all the same to me. Different islands, same junky souvenirs. We love Hawaii, Europe a couple of times a year. Asia- Japan, a month in China. I don't think I can handle the poverty in India. we cruise a time or two a year, but I like the pace of long sea days on trans-oceanic ones. Those with lots of ports are exhausting and with just a few hours in a port, cruises are no way to see a culture. We'll be doing Japan/Korea/Hong Kong this Fall. I'd rather just the trans-Pacific, but my DW wants to see Kyoto & Seoul. We've been to all the other stops.

As to the life expectancy of points, it's one more year after their use year.

Jim

 

[Passepartout]

(Poof) like magic, the thread has moved to the Marriott Forum.

 

[CalGalTraveler]

@Mrs.SLLP Congrats for finding TUG. You need to research such a large purchase. This deal will always be there. However you only have a few days to rescind or you are stuck with whatever you purchased FOR LIFE.

You may want to consider resale. Or something else. Rescind now and then get answers to your questions. Do not speak with Marriott. They will only try to convince you to keep this purchase.

Come back to TUG after you rescind and we can work with you to find much less expensive options that will fit your situation.

 

[taffy19]

(Poof) like magic, the thread has moved to the Marriott Forum.

Now I can relax.

 

[TheTimeTraveler]

Thanks, Taffy19. After waiting all of these years to purchase, I don't like the idea of overpaying for a product or service that I could have saved money on. I will reach out to my sales ex. tomorrow. Thanks for good, honest advice.

Mrs.SLLP; Keep in mind that you only have so many days in which you can legally rescind your purchase in writing. If you contact your sales representative please remember that he/she will do anything possible to make you delay any decision to rescind. It is in his/her best interest to make you delay any rescission decision.

If you do rescind, be advised that you can buy your points on the resale market for about 50% of what you paid to Marriott (this includes the activation fee of $3 per point). To me, it's a "no brainer" as to what I would do.

Marriott won't talk to you about resale points; they may talk to you about resale weeks, but only if you push them to do so.

My best advice to you? Rescind while you still can. Get all your questions fully answered to your satisfaction. Do more study on the Marriott program, and if you buy then be sure to buy a resale week or resale points.

Best of luck and keep all of us posted!





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[kds4]

The ink isn't quite dry on our paperwork, so to speak, but we have paid the funds and signed essential documents to be Marriott Vacation Club owners. We started at 10,000 points, which is entry presidential level. I have been a member of Marriott Rewards since 2003, but this is the first time that I have reached out to an online support forum for anything. In fact, I don't even do social media. Aside from occasional TripAdvisor reviews, I don't weigh in on many matters either. I am learning more by reading posts here and researching unbiased timeshare news reports -- which is almost impossible to find -- than I have from all of the presentations we have sat through. Participants here use a lot of abbreviations and acronyms, so I have to acquaint myself with timeshare jargon. I am here because I am hoping for wise advice and candidness as we navigate new territory. I love to travel for the experiences and memories it creates. God has blessed us to be at a place in our lives when we can travel more and in a different way. I welcome tips and real advice about what to expect during the first year or so. I am told that we should close by September 23, and to expect some back-end documents via FedEX in a day or two. I am anxious to hear about positive experiences from those at the presidential level and your thoughts on how to maximize points.

Greetings. You have received a lot of advice to consider (or ignore). If you are confident in what you have done by making this purchase, press forward and there will be plenty of fellow owners here on TUG to provide suggestions from their own experiences to help you maximize your points ownership. If you are not confident (that you have/had enough information to make this purchase), I would rescind, research, and then re-evaluate. If you decide to rescind, there will be information on your sales contract explaining what you must send, where to send it, and the amount of time you have to get it done before your purchase becomes final. From a financial standpoint, I have never seen a developer purchase be equal to or less than the cost of a resale purchase. In my experience as an owner for 10 years (of weeks and points), for the 10,000 points you were sold, I would not keep them if you paid more than $7.50 per point. I can explain why in greater detail later, if you decide to rescind, research, and re-evaluate. Today's deal will be available tomorrow.

At the top of this forum there are a couple of 'stickies' you should review first to gain a high-level overview of Marriott's Timeshare Ownership Program aka Marriott Vacation Club. It will explain how both weeks and points operate. We are very happy with our ownership. It fits our travel patterns, plans, and goals. Those are things I would define for yourself as part of deciding what/if timeshare ownership is for you.

All the best and welcome to TUG.

 

[JIMinNC]

The ink isn't quite dry on our paperwork, so to speak, but we have paid the funds and signed essential documents to be Marriott Vacation Club owners. We started at 10,000 points, which is entry presidential level. I have been a member of Marriott Rewards since 2003, but this is the first time that I have reached out to an online support forum for anything. In fact, I don't even do social media. Aside from occasional TripAdvisor reviews, I don't weigh in on many matters either. I am learning more by reading posts here and researching unbiased timeshare news reports -- which is almost impossible to find -- than I have from all of the presentations we have sat through. Participants here use a lot of abbreviations and acronyms, so I have to acquaint myself with timeshare jargon. I am here because I am hoping for wise advice and candidness as we navigate new territory. I love to travel for the experiences and memories it creates. God has blessed us to be at a place in our lives when we can travel more and in a different way. I welcome tips and real advice about what to expect during the first year or so. I am told that we should close by September 23, and to expect some back-end documents via FedEX in a day or two. I am anxious to hear about positive experiences from those at the presidential level and your thoughts on how to maximize points.

As others have alluded to, the sales offices have another product they sometimes sell that could save you some money for basically the same thing you bought. I'm assuming if you bought 10,000 "pure points", the cost was somewhere around or north of $100,000. The "other" product can save you money, but it's generally not offered unless you balk at buying the pure points, or specifically ask for it.

The alternative product is a resale week sold by Marriott that can be converted at your option into a specific number of points, bundled with a package of pure points that is at least equal to that resale week. As an example, you could buy a resale week at any Marriott resort that they are brokering in their inventory. You would want to pick a week worth at least 5000 points. You would then buy 5000 pure points instead of the 10K you bought, but you still have 10K total (5K from the resale week plus 5K pure points). In almost every case, those 5000 points you get from the resale week are going to cost you much less than 5000 pure points. In some cases, sale offices have capped the required pure points buy at 3000 and will let a purchase of 3000 qualify the points in a week of any value above 3000. So if you can find a resale week worth around 7000 points (a prime 2BR Hawaii week), you may not have to buy as many pure points to reach the 10,000 total you are looking for. The key is to find a week that is worth enough points, that when combined with the pure points you have to buy to qualify that week for points, the total equals the 10K you are looking for.

The points from the resale week will function just like pure points, only they cost less. Most of these bundle packages result in a net cost per point of between $7/point and $8/point, so you could save $20K to $30K off of a pure points purchase.

We love the points system and it works great for us. The bundles are just a better option as a way to acquire them. The cost of most bundles is very close to what you would have to pay for pure resale points on the external secondary market, so those bundles are the best deal Marriott has for getting into their system.

 

[CPNY]

The ink isn't quite dry on our paperwork, so to speak, but we have paid the funds and signed essential documents to be Marriott Vacation Club owners. We started at 10,000 points, which is entry presidential level. I have been a member of Marriott Rewards since 2003, but this is the first time that I have reached out to an online support forum for anything. In fact, I don't even do social media. Aside from occasional TripAdvisor reviews, I don't weigh in on many matters either. I am learning more by reading posts here and researching unbiased timeshare news reports -- which is almost impossible to find -- than I have from all of the presentations we have sat through. Participants here use a lot of abbreviations and acronyms, so I have to acquaint myself with timeshare jargon. I am here because I am hoping for wise advice and candidness as we navigate new territory. I love to travel for the experiences and memories it creates. God has blessed us to be at a place in our lives when we can travel more and in a different way. I welcome tips and real advice about what to expect during the first year or so. I am told that we should close by September 23, and to expect some back-end documents via FedEX in a day or two. I am anxious to hear about positive experiences from those at the presidential level and your thoughts on how to maximize points.

You have your answer. RESCIND then buy the resale week/and point package and save money.

 

[HudsHut]

Welcome Mrs.SLLP:
I hope in your first post you mean that you signed the paperwork today. The best thing to do is write a short, simple letter of rescission:

We hereby exercise our right to rescind contract # xxxxxx

signed / dated
_______......_______
Mr SLLP ......Mrs SLLP

Please DO NOT CALL your sales rep. (He will try to talk you out of rescinding and/or will offer you yet another package to cause you to delay resciding.)
The very first thing you need to do Monday morning is mail the letter certified mail / return receipt requested.

 

[TXTortoise]

@Mrs. SLLP, Just to put a wrapper on everyone's hope that you rescind this immediately and correctly per your contract, here's what most any good broker could do for you by selling you resale points, which work just like the points you are buying from Marriott.

Assume worst case at $4.50/point your total cost would be about $76K for 10K points.

If you could find a deal at $3.50/point your total cost would be about $67K.

Keep in mind, points are a commodity. You can try for a deal even cheaper, and if Marriott takes it under Right of First Refusal, you just go find another seller. ($4/point seems to be passing ROFR consistently.)

There are other, somewhat more complicated hybrid deals that most of us would recommend, but a turnkey solution through someone like Syed at AdvanatageVacations.com or Magical Realty, etc. would not be any more complex than buying retail from Marriott.


https://vacationpointexchange.com/resale/

 

[JIMinNC]

TXTortoise has given you a good alternative to the week/points bundle some others of us have suggested as a cheaper alternative to the pure points you bought. As you can see from his example, resale points are about the same price as a bundle from Marriott, maybe even less if you can get a cheaper deal though Marriott’s Right of First Refusal (ROFR).

One small caveat, however. As TXTortoise said, resale points have always functioned exactly like points bought from Marriott as long as you pay the $3/point activation fee that Marriott requires for all resale points. However, the terms and conditions legalities in the Marriott program documentation does give them some flexibility to limit some of the functionality of resale points, even if the activation fee is paid. So far they appear not be be utilizing this option, but it doesn’t mean they might not in the future. The benefits that can be restricted under the terms are what they call “special benefits” which seems to include things like the Collette tours, cruises, home rentals, etc. As I said, they don’t appear to be restricting those rights now, but they could in the future. Even if they do, they might even grandfather resale points already owned. So, the risk is probably very low that they start enforcing those provisions, but the risk is not zero.

 

[GregT]

To Mrs SLLP,

Welcome to TUG -- you will find this to a knowledgeable community of people with similar interests who enjoy sharing experiences and information. I've learned a great deal from this community, with timeshare knowledge being just one area. This is a special group of people. I've met many of them on trips and it's a wonderful group.

I'm sorry to hear about the loss of your Dad in 2017 and I'm happy to hear that you are taking active steps to try and create new memories with your family and your mother. I've been timesharing since 2005 and have been blessed with some incredible memories that would never have happened without timeshares. Many on TUG feel the same way. I definitely hope you find the right structure and package that enables you to achieve your travel goals with your family.

With respect to rescinding, the advice is almost always to rescind. Especially if the purchaser needed to finance the purchase, because it's an expensive loan. However, everyone has their own personal circumstances and I have a good friend where purchasing 15,000 points was not a financial hardship, and he did it purely because it was the easiest and fastest way to acquire the desired ownership. I told him about rescinding and he didn't care.

So I would ask you to consider your personal circumstances -- if you're like my friend, good for you and enjoy your existing ownership. If you're a more traditional Marriott customer, then I think rescinding is prudent, but stay with us here and we will help find a different path to achieve your travel goals.

Welcome to TUG and welcome to the Marriott board!

Best,

Greg

 

[Big Matt]

Rescind if you still can. You paid way too much to get into the Marriott system. You could buy resale weeks for much, much less and then combine it with a small package of points. You should consider where you want to go and what season. Trading through Interval is still a great proposition. 10,000 points is a TON of points. You should also understand the price of nights (Sunday through Thursday are much less per night).

 

[CalGalTraveler]

@Mrs.SLLP As you may have heard resoundingly from other posters. Please rescind. Your Marriott points will be worth the resale price (approx. $3 per point) the minute you keep this contract past the rescission period. It's like driving a new car off the lot and the value plummets by more than half. Your $76,000 MVC points will be worth $30,000 resale one day after the rescission period ends. Do you want to do that with your hard-earned retirement money? Don't believe the sales rep. Prices for timeshares only go down and you can work with reputable real estate brokers to get you the resale points you need and not get scammed.

You are moving too fast for such a costly decision and need to evaluate your options. Would you buy at $76,000 condo without understanding the neighborhood, the HOA, and unit?

You mentioned health issues. You might find yourself in a situation where you cannot travel anymore and need to get out from your $5000/year obligation quickly. Have you considered renting timeshares to offset this risk?

For example here are some of your options:

1) As @Big Matt stated, if you buy a very minimal MVC package i.e. 1000 or 1500 points resale, you can then rent the extra points you need, figure out which properties you like and then buy later if you desire.

2) Or rent timeshares from Tug or Redweek listing. If you put that $100,000 in a bank CD at 3% interest you will earn $3000 a year. That's approx. 1 -3 rentals depending on where you want to go. PLUS you will still have the $100,000 CD at the end of 20 years. That's won't be the case with a timeshare.

3) Have you given a good evaluation to all the alternatives? For example, resale Hilton points, Vistana (Westin/Sheraton) StarOptions and/or Worldmark points may fit your desired travel locations better at even lower cost.

Unless you can answer all of the above 3 points, then you are not ready to buy and need to rescind.

Welcome to TUG. You have done the right thing by questioning this decision. Once you rescind come back and we can help you research the most cost effective options for your situation. Timesharing is fantastic but complicated; you need to research and understand your best alternatives. Good luck!

 

[JIMinNC]

Rescind if you still can. You paid way too much to get into the Marriott system. You could buy resale weeks for much, much less and then combine it with a small package of points. You should consider where you want to go and what season. Trading through Interval is still a great proposition. 10,000 points is a TON of points. You should also understand the price of nights (Sunday through Thursday are much less per night).

I know the classic TUG recommendation is to buy resale weeks on the external, third-party market. But remember, weeks don't work for everyone. II trading doesn't work for everyone. Some of us just prefer the flexibility of points over the uncertainty, waiting, and guesswork involved in II trading.

We own resale weeks, but only for the purpose of traveling to a specific location on a regular basis - in our case, that's Hawaii. For flexible travel - going to different places - we think points are the best way to go. And while renting points can be a viable alternative to owning for some people, the inability to bank and borrow rented points does limit their flexibility to some degree. We have chosen to use point rentals to supplement what we own whenever we need more than normal, but don't consider it an alternative to owning a core base of points that meets most of our needs.

Having said that, I do agree the OP should step back and clearly understand the options and alternatives and assess what meets their needs and budget the best, but I don't agree that buying resale weeks is necessarily a viable alternative to owning points if the OP is attracted to the flexibility of points. There are cheaper ways to buy points than what the OP has chosen - and there have been several good recommendations made as to what those cheaper alternatives are - but buying a resale week is not at all the same as buying points.

 

[CalGalTraveler]

I know the classic TUG recommendation is to buy resale weeks on the external, third-party market. But remember, weeks don't work for everyone. II trading doesn't work for everyone. Some of us just prefer the flexibility of points over the uncertainty, waiting, and guesswork involved in II trading.

You are not limited to weeks on resale. You can buy resale points in MVC (with a small base package) and rent the rest you need, Hilton points (points are automatically assigned to your deed that can be used throughout the HGVC system), Vistana (Staroptions) or Worldmark points.

Renting tends to be weeks oriented unless you are in the MVC resale points or Worldmark markets. You cannot rent points in HGVC or Vistana systems.

 

[JIMinNC]

You are not limited to weeks on resale. You can buy resale points in MVC (with a small base package) and rent the rest you need until you get your feet wet, Hilton points (points are automatically assigned to your deed that can be used throughout the HGVC system), Vistana (Staroptions) or Worldmark points.

Renting tends to be weeks oriented unless you are in the MVC resale points or Worldmark markets. You cannot rent points in HGVC or Vistana systems.

Of course; that's why I noted in the rest of my comment that there were cheaper ways to buy MVC points than the pure points package direct from Marriott that the OP has acquired. Those two options were discussed earlier in the thread - a weeks/points bundle from Marriott or external resale points. I was responding to the "buy resale weeks" comment, since as I noted, weeks don't have the same functionality as points. If someone wants points, weeks may not be a viable alternative, even if they are much, much cheaper.

 

[CalGalTraveler]

@Mrs.SLLP Please let us know what you decided to do. Did you rescind? or keep?

 

[icydog]

I have a feeling that Mrs. SLLP became overwhelmed and decided to live with her purchase. She'll have a lot of options with those points. I hope she enjoys them..

 

[CPNY]

I have a feeling that Mrs. SLLP became overwhelmed and decided to live with her purchase. She'll have a lot of options with those points. I hope she enjoys them..

I think you may be right. Buying into timeshares and understanding the system can be overwhelming. I’m still learning and have learned so much since I’ve been here the short time. I tend to ask the Same questions but one day I’ll get it! Just in time for the programs to change haha.

 

[TheTimeTraveler]

I have a feeling that Mrs. SLLP became overwhelmed and decided to live with her purchase. She'll have a lot of options with those points. I hope she enjoys them..

I think you are right. It's now 7 or 8 days since she first posted so I guess she's stuck with her purchase......



.

 

[icydog]

I really don’t think she wanted to be talked out of it. I think she may have a lot of discretionary income and wanted to get into Marriott’s system. After being wrung out by Hilton I think she was happy with MVCI. I think she’s made a financial mistake but who am I to tell anyone how to use or spend their money. So I say, go with God Mrs.SLLP and enjoy all those points!

 

[Grammarhero]

You can’t win them all. At least we can be happy with $12.3 million in confirmed rescissions and savings for Ts owners. The actual number is likely $15 million plus in savings, as about 80 percent of people who come in here shared the rescinded amount.

 

[CPNY]

You can’t win them all. At least we can be happy with $12.3 million in confirmed rescissions and savings for Ts owners. The actual number is likely $15 million plus in savings, as about 80 percent of people who come in here shared the rescinded amount.

We may be adding another 13K with that HGVC post from yesterday.

It seems that this original poster may be overwhelmed and just decided going the the process of rescind and start buying resale might be more work for her and she didn’t want to deal with that process.