Newbie Advice - CWA

[dionne2017]

After attending a presentation in New Orleans, my husband and I (Texas natives visiting for 4 days) signed a contract on 3/10/16 for Club Wyndham Access. We elected for 128,000 points with incentives of 172,00 Club Wyndham bonus points (to be used within 2 years), VIP status for 2 years, 2 free RCI dream weeks, Perks by Club Wyndham and unlimited last calls. We are both floor registered nurses with no children. We obviously like to travel and we can make time off for vacations often with our flexible schedules. They really sold us with the last calls as a means to travel without using points. As newlyweds this is our first purchase together. The cost to us is 24K and will be financed at 14%/10 years. We paid about 25% down and the monthly payment is $304 + $67 maintenance fees. After I repeatedly stated that I was uncomfortable with the interest rate, our salesman mentioned that some of his owners used lightstream to refinance and lower theirs, but did not go into to detail as he couldn't promote a third party. After folding under pressure, finding this forum, and skimming through the member's directory I realize that I have so much more to learn, including that this is a luxury not a necessity at this point in life. We signed on 3/10/16 and still have time to rescind. What route would you guys recommend?

 

[Karen G]

What route would you guys recommend?

Rescind while you still can. Do some more research and learn all you can. It is never a good idea to finance a timeshare purchase--you'll end up paying way more than you have to for nice vacations.

Look at the Bargain Deals forum right here on TUG. People are giving away timeshares and many offer to pay the closing costs and first year's maintenance fees.

You can do way better for yourself. Spend some time on TUG and read all you can. One thing for sure is that unlimited Last Call weeks are available to all members of RCI and you don't have to buy from the developer to get that perk.

 

[ronparise]

Rescind


Then do your homework
Just know that you could but a little contract like that for a thousand dollars or so on eBay you get a RCI account with that too (with unlimited last calls)

 

[rdiamond62]

RECIND, RECIND and RECIND.

Then educate yourself and make a resale purchase while saving almost all of the purchase price you paid.


Rich

 

[raygo123]

Yea you also paid way too much about $200/1000 points around $150/1000 is where a fair price starts.
And you don't sound ready to buy. If just skimming over the directory is overwhelming, that's the easy part.

Do you know why you chose Wyndham? Have you seen others? There are many options to fit your needs.

Sent from my Nexus 7 using Tapatalk

 

[CruiseGuy]

Rescind. Follow the instructions in your contract. Then do some more research. Read through the Wyndham directory, especially p 1-7 and 336-349. http://www.nxtbook.com/nxtbooks/wyndham/plus_membersdirectory1415/

If you still want to buy, check out what resale contracts are going for on eBay and other sites like Sumday Vacations. And research here if you have questions about the seller. You can buy more points for pennies on the dollar. (It will take about 3-4 months for most contracts to redeeded and transferred. CWA is not deeded but seems to take longer to transfer.)

With a club Wyndham plus resale purchase, you will still get RCI membership with access to last call deals included with your program fee.

You won't get VIP, bonus points, or Club Pass through resale. But you'll literally save thousands of dollars that you can use for other, more important things.

 

[Ty1on]

$150 per 1000 points is a fair-ish price to buy from Wyndham, but resale, you'll find that contract for between $10 and $20 per thousand points.

CWA is a good system that gives you a lot of flexibility. You don't lose much buying resale.

 

[comicbookman]

Yea you also paid way too much about $200/1000 points around $150/1000 is where a fair price starts.
And you don't sound ready to buy. If just skimming over the directory is overwhelming, that's the easy part.

Do you know why you chose Wyndham? Have you seen others? There are many options to fit your needs.

Sent from my Nexus 7 using Tapatalk

how is $150/1000 a fair price? Their are several ebay Buy it now listings for less than $12/1000. I saw one for 84,000 points, one for 300,000 points and on for over 1 million points. All CWA and all less than $12/1000. (the million plus was less than $8/1000) There were also several auctions currently at well under $12/1000.

To the OP Rescind. decided how many points you would really get use out of and then check ebay. (the 300,000 point contract would save you almost $17,000, plus interest)

 

[ronparise]

how is $150/1000 a fair price? Their are several ebay Buy it now listings for less than $12/1000. I saw one for 84,000 points, one for 300,000 points and on for over 1 million points. All CWA and all less than $12/1000. (the million plus was less than $8/1000) There were also several auctions currently at well under $12/1000.

To the OP Rescind. decided how many points you would really get use out of and then check ebay. (the 300,000 point contract would save you almost $17,000, plus interest)

Ray is suggesting that the op buy from the developer In Wyndham-world $150 is a fair price

 

[taterhed]

....... The cost to us is 24K and will be financed at 14%/10 years. We paid about 25% down and the monthly payment is $304 + $67 maintenance fees. We signed on 3/10/16 and still have time to rescind. What route would you guys recommend?

My answer is simple: Rescind.

One simple reason: Finance.

There is no reason to finance such a luxury.
There is also no need to finance such a luxury; it can be had for much less.

After you have completed the rescission, you can take your time, find out what is right for your family and your vacation goals. You do sound like perfect folks for timeshares.....but take the time to find out what will work best for you and what you should pay to purchase and how much the annual fees (which last forever!) will cost.

When you are ready.... here is a link to 'what to buy for Newbies...' survey.
Answer the questions as honestly as possible...you'll get good advice. Having pre-conceptions about what might fit you is probably not the most helpful part of the process. The devil is in the details; Tuggers will help you find the right solution for your vacation goals!

Follow the instructions and fill this out!: (later, after you rescind) http://tugbbs.com/forums/showthread.php?t=208742

Welcome to TUG and congrats!

 

[raygo123]

Ray is suggesting that the op buy from the developer In Wyndham-world $150 is a fair price

To add to that if you do go direct, one should be prepared to go all the way to VIP gold. 700,000 points.
And, most important, be able to afford it. I don't advise financing. As said, it is a luxury. I bought my resale in 1985, and bought my first direct from Wyndham 25 yrs later.

Ron is very knowledgeable as to the best way to accomplish VIP gold. In my case 2 pics and 490,000 points.

Stick around, you will learn much, I have.

Sent from my Nexus 7 using Tapatalk

 

[weems637]

Hopefully you got the message, "recind", step back, learn, then revisit if still interested. Lots of TUG members learned these lessons after the recind period had expired.

 

[Cheryl20772]

Please rescind. If you have to ask, you did make a huge mistake.

 

[vacationhopeful]

For the current price for buying Wyndham points ... a membership level brought at a good direct buy price for Wyndham, YOU would have to pay $105,000 (600K@$175 per 1K) for GOLD and $70,000 for SILVER (400K@$175 per 1K).

On the resale market, 600K in points @ $10 per K is $6,000 and 400K @ $10 per K is $4,000.

And the MF cost for resale is the same except the CWP fee is 2 cents per 1,000 points cheaper ($12 cheap for 600K and $8 cheap for 400K .. these are yearly savings).

What is the ROI for 600K on $99,000 cash saving at 3%? $2970 year. MFs for 600K at $6 per K is $3600. Hence, net MF cost $630 yearly.... and you still have your $99,000 in cash.

 

[dionne2017]

Thanks for the positive feedback. We all started somewhere. I sent my rescission certified mail today. We have plenty of time to figure out what is best for us!

 

[taterhed]

Thanks for the positive feedback. We all started somewhere. I sent my rescission certified mail today. We have plenty of time to figure out what is best for us!

Congrats!

Now, you can think about it and find out what is right for you.

cheers.

 

[Cheryl20772]

Thanks for the positive feedback. We all started somewhere. I sent my rescission certified mail today. We have plenty of time to figure out what is best for us!

Good! Now please take your time. Look at all the various timeshare systems and kinds of ownership. You won't lose anything if you rent from a current owner to learn more. Sometimes you will be able to rent for less than the fees to own.

Your vacation lifestyle will contribute to what you decide to do. You might decide you still want to buy retail, but you most likely will see how to save huge money by buying resale.

If you decide to buy retail make sure you know exactly what you want and how much it should cost and don't ever again let a timeshare salesperson tell you what is best for you.

And welcome to TUG!

 

[Gaozhen]

Thanks for the positive feedback. We all started somewhere. I sent my rescission certified mail today. We have plenty of time to figure out what is best for us!

Huge congrats! You will find a much better deal resale, and to take the time to figure out which system is best for you. Good luck! TUG is amazing.

(Thanks to TUG, I did about 6 months of research and learn the systems & rules & pros & drawbacks, figure out the best option for where we want to travel - everywhere - then bought our first timeshare on eBay! My parents and some siblings can't afford to travel, but now we're be able to take them on trips with us. Currently working on a vacation for my whole family to Hawaii at a very affordable cost. :whoopie

 

[DeeDibble]

To add to that if you do go direct, one should be prepared to go all the way to VIP gold. 700,000 points.
And, most important, be able to afford it. I don't advise financing. As said, it is a luxury. I bought my resale in 1985, and bought my first direct from Wyndham 25 yrs later.

Ron is very knowledgeable as to the best way to accomplish VIP gold. In my case 2 pics and 490,000 points.

Stick around, you will learn much, I have.

Sent from my Nexus 7 using Tapatalk

Now you've perked my interest talking about "pics". My question is how do you know what a good " pic" is. I've been told 3 bedroom units but I never see them on resale.

 

[ronparise]

Now you've perked my interest talking about "pics". My question is how do you know what a good " pic" is. I've been told 3 bedroom units but I never see them on resale.

The pic schedule is posted on the website. A 3 bedroom is worth 254000 points and a 2 bedroom 154000. Studios and one bedrooms are less

To be eligible to a PIC, the week has to be Rci affiliated and not points, and you need to make a purchase of at least 50000 points from Wyndham. You are allowed two pics and the pic points count toward a VIP.

So you could pic two 3 bedroom weeks with a 105000 point purchase (about $20000) and have enough to be a silver VIP 613000 points. If you already own 105000 points bought from Wyndham the two pics and the new purchase will make you gold and if you are already silver the two pics and the new purchase will make you platinum

what makes a good PIC? A three bedroom with low mf. I bought two such weeks on eBay so I know they come up from time to time. Keep looking you will find them