Newbie Help Please

[flipflops]

Hi everyone,

I've been reading through some threads trying to gain some knowledge about Wyndham points. My father-in-law owns points at Myrtle Beach and it's deeded. I think he has almost a million points. We've had some nice times with the family at different places and they've enjoyed using the points over the last few years. Unfortunately he's become debilitated and cannot travel anymore. The maintenance fees are really hard on him and he's struggling with what to do. We're not interested in buying them from him, but we're trying to help him out. He's tried selling, but I understand the difference between what he paid versus what he can get is quite large.

My question is this: Should I try and rent out his points for the next year in an effort to get back his maintenance fees? Or would trying to sell the points/deed make more sense?

I would appreciate any advice. Thanks!

 

[Jya-Ning]

It is a little bit too late for next year. Current point renting is about $4 to $5.5 per 1K. If your father's point is based on MB, you have very little chance to recover it by renting the point. You have to make a reservation at summer time, and try to rent it out. But you already pass the ARP period. Based on my visit at this summer, I would think it may have chance to recover the MF that way, but don't expect too much. However, economic will getting better eventually, so you should have better chance in the long run. I believe if he bought from developer, and has 1M, he will be a Plantinum VIP, thus will have 15 free GC, so you may want try to do mixed, rent out some of the points, and use 60 days reserve by taking the discount and upgrade and rent it out. It usually very hard to do that especially you have not done that, but if you don't willing to sell (which at this moment, will not give you any), that is the better way.

If you want to do that, you need to have agreement between all the brothers and sisters. So nobody try to accuse you stealing your father's TS. And it does take time to make reservation and know what to reserved, so you do need to think it through.

Good luck.

Jya-Ning

 

[ausman]

You need to educate yourself in a hurry about Wyndham if you are to be of any assistance.

The best place to do that is at http://forums.WyndhamOwners.org , and I would recommend that site so you can evaluate options and persue a course of action.

One of the better options would be to have family and extended family use the points and pay for their use since your FIL is probably at least VIP Gold and they could use them to advantage assuming they want to vacation.

But, as expressed you need to educate yourself first and then may need to spread the knowledge.

 

[Bill4728]

Most TS systems, when you give your TS to your kids, it isn't considered a sale but a family ownership transfer and all ownership rights of the parents go to the kids.

So, if the father bought from Wyn and is a VIP & FSP point owner, can't he give his TS to his kids and they will continue to be VIP & FSP owners just like dad?


This makes his ownership much more valuable to his children than some outside buyer.

 

[Jya-Ning]

So, if the father bought from Wyn and is a VIP & FSP point owner, can't he give his TS to his kids and they will continue to be VIP & FSP owners just like dad?


This makes his ownership much more valuable to his children than some outside buyer.

True, but OP already say they don't really want it.

Jya-Ning

 

[flipflops]

Thanks for the replies. I do feel lost when I am exploring options and how to work the system as far as points, reservations, etc. I will continue to read up and read some more!

He had originally intended to pass down the points to us, but I think we would rather he enjoy any proceeds now. He's not able to enjoy it and it's become a real financial strain for them.

Thanks again ~ I'll be lurking and hopefully learning.

 

[vacationhopeful]

He can transfer a Wyndham membership with the VIP status in-tack to his children (page 311). Of course, the maintenance bills would also transfer.

My sister's FIL transferred his Wyndham Pts ownership to a Family Trust. He has yet to give up the account password. But I spend time explaining and showing my sister the workings of a GOLD VIP Wyndham membership - which is his level. I still learn new things all the time, but the MORE you learn, the better (and cheaper) each vacation becomes.

I can take 140,000 Wyndham points and turn it into 5 RCI Blue studio exchange weeks. If a GOLD VIP, those 5 RCI Blue studio upgrade to become 5 RCI Blue 1 bedroom deposits (white and blue deposits upgrade one unit size for FREE). Red week deposit upgrade to next larger size unit, if available when an exchange is matched. RCI exchange fee is $164 for Wyndham members (RCI guest certificate is $59 if required). Today's NEW knowledge (page 316) for me.

To put it into $$$ - assume a maintenance fee of $5.50 per thousand Wyndham Points. 28,000 point deposit (MF cost of $154) plus exchange fee ($164) plus RCI guest certificate fee ($59) equals $377 total for a 7 night vacation in a 1 bedroom unit ... as a GOLD or Platimum VIP Wyndham owner.