Perks worth it

[B4d 24]

Just bought a Westin timeshare on Maui yesterday. From reading this wonderful site it looks like I can and should rescind. I did like some of the perks like lifetime gold elite status at Marriott hotels. I was told if I buy a timeshare secondhand I don’t get thst perk plus I’d lose the other sign up bonuses (bribes). Is this true? If I like the gold status perk what other good options exist for this benefit? (I did see I can get like 2 AmEx’s or something like that for gold status). Is this perk even worth it? Thanks!!

 

[bogey21]

No perks are worth whatever it is you paid. Rescind now....

George

 

[vacationtime1]

"Lifetime gold" is worth little to nothing (free breakfast at Marriott hotels, maybe), isn't really lifetime -- it goes away if you sell your timeshare, and you can get it for ~$100/year by having the right AmEx credit card.

Rescind. You paid too much for your timeshare.

 

[B4d 24]

No perks are worth whatever it is you paid. Rescind now....

George

im not trying to be contrarian here but a little more context would be helpful. I basically got the flex deal for $13k with 81k options every other year. They added another 81k as a “signing bonus” plus some bonvoy points etc. I know now I can find a much better deal on the TS alone but I guess what are people’s thoughts on the additional gold elite perks etc?

 

[B4d 24]

"Lifetime gold" is worth little to nothing (free breakfast at Marriott hotels, maybe), isn't really lifetime -- it goes away if you sell your timeshare, and you can get it for ~$100/year by having the right AmEx credit card.

Rescind. You paid too much for your timeshare.

So upgrades not worth it...or it doesn’t happen very much? Sorry for all the dumb questions...noob here

 

[Patri]

You got along without the perks thus far in life. You don’t need them now just because a timeshare salesman said you do.

 

[bnoble]

So upgrades not worth it...or it doesn’t happen very much?

I've been comped Gold status for the last I-don't-know-how-many-years through a credit card. The fact that this status is comped for relatively low fees should tell you something. The term "upgrade" is used here loosely---it can mean as little as "upper floor," it almost never e.g. means "club room," and it specifically never means "suite."

More broadly: if you have questions, any questions at all, rescind while you can and do your research. If you later decide that this purchase was a good one, call the sales office back, tell them you changed your mind, and would like the same deal you have right now. My guess is that they will fall all over themselves to write up the term sheet. (And that should probably tell you something too.)

 

[vacationtime1]

im not trying to be contrarian here but a little more context would be helpful. I basically got the flex deal for $13k with 81k options every other year. They added another 81k as a “signing bonus” plus some bonvoy points etc. I know now I can find a much better deal on the TS alone but I guess what are people’s thoughts on the additional gold elite perks etc?

You can buy 81K annual options on the resale market for about 25% of what you paid for 81K every other year options from the developer.

The perks are worth a couple thousand dollars (the bonus 81K options are worth $1000 - $1800; the Bonvoy points are worth about $0.008 each; you don't say how many they "gave" you).

You overpaid by about 200%.

It is your choice whether those perks are worth the extra $8-10K.

 

[dioxide45]

As indicated, there are far cheaper ways to get Bonvoy Gold status, which in reality is the old Bonvoy silver. It has little real world value. As you have found, you basically get gold now for free. Looking at the Bonvoy website, it doesn't look like gold includes free breakfast and with so many Platinum and Titanium members, upgrades are probably fairly limited.

There are far cheaper ways to get 81,000 or even more Options via the resale market.

 

[LannyPC]

Sorry for all the dumb questions...

Don't be afraid to ask a "dumb" question. It's easier to handle than a dumb mistake (such as paying tens of thousands of dollars for something worth about $1000).

 

[B4d 24]

You can buy 81K annual options on the resale market for about 25% of what you paid for 81K every other year options from the developer.

The perks are worth a couple thousand dollars (the bonus 81K options are worth $1000 - $1800; the Bonvoy points are worth about $0.008 each; you don't say how many they "gave" you).

You overpaid by about 200%.

It is your choice whether those perks are worth the extra $8-10K.

this is what I was trying to get at!!! Basically I was wondering if the lifetime gold status was worth $8-10k. Like would I get my money’s worth with getting 5th night free and upgrades etc? I was wondering peoples’ experience with it. So far it sounds not worth the extra. Thanks for all the responses!!!

 

[ocdb8r]

this is what I was trying to get at!!! Basically I was wondering if the lifetime gold status was worth $8-10k. Like would I get my money’s worth with getting 5th night free and upgrades etc? I was wondering peoples’ experience with it. So far it sounds not worth the extra. Thanks for all the responses!!!

Definitely not worth it because a) many of these benefits can be gotten for free (5th night free requires no elite status); b) Gold status can be gotten much "cheaper" via holding a credit card and paying the annual fee (which may garner you other benefits); c) Marriott can change the benefits at any time; and d) the benefits themselves have limited value (at the Gold level very rare to get any upgrade worthwhile and remember that you should be staying in hotels LESS if you're using your timeshare).

As everyone else has said, RESCIND before the cooling off period expires, read and research here....if MVC is still for you, buy something resale.

 

[presley]

It sounds like you want the hotel perks more than the timeshare points. You can google the hotel credit cards and see all the benefits that come with each card. Often you can get more hotel benefits via the credit cards and for far less money. However, I haven't had a Marriott credit card and don't have any experience with that type.

 

[Karen G]

Because you have many questions about how all this works, RESCIND NOW while you have the chance. Do some research. You can accomplish what you think you want to now for far less money. Plus, next time you feel the need to buy a timeshare, you'll be an educated consumer and you can make a better decision on how you spend your money. Timeshares are luxuries so it's never a good idea to take out a loan for them. If you can't pay cash, don't do it. Every day we get posts from people who fell for the salesman's talk and now find themselves stuck with ongoing mortgage payments plus never-ending and always-increasing maintenenace fees. They are past the rescission period and don't have the option you do to get out now!

Be sure to follow exactly the instructions in your purchase agreement about rescission. Be sure everyone who signed the purchase contract also signs the simple letter where you state that you're exercising your legal right to rescind your purchase and have any money paid refunded. Send your letter by USPS certified mail so that you have a receipt from the post office showing that you rescinded in time. The key part of rescission is doing it within the specified time period and being able to prove that you did.

Once you've rescinded, start your timeshare education and learn all you can about timesharing with the best results. You've come to the right place--TUG.

 

[jwalk03]

Rescind NOW. You can get the Bonvoy AMEX card with $450 annual fee and get automatic gold status every year for far less money! Or you can get either of the Bonvoy Chase cards ($95 AF or Free depending on the card you chose) and get 15 elite night credits per year, and qualify for gold with only 10 nights per year. I have gold status this way every year, and reach platinum occasionally.

 

[CPNY]

So upgrades not worth it...or it doesn’t happen very much? Sorry for all the dumb questions...noob here

What you paid, for what they sold you, its a terrible deal.

this is what I was trying to get at!!! Basically I was wondering if the lifetime gold status was worth $8-10k. Like would I get my money’s worth with getting 5th night free and upgrades etc? I was wondering peoples’ experience with it. So far it sounds not worth the extra. Thanks for all the responses!!!

I hit titanium status by staying nights on accommodation certificates last year. I’ve already hit platinum for next year (on my way to titanium again).

You’ll earn elite night credit for the nights you stay in your timeshare. The Gold elite status is worthless. They don’t even give you breakfast or lounge access anymore.

 

[CalGalTraveler]

For $13k you can get a 2 bdrm EOY OCEANFRONT resale at the Westin North property with 187,000 options. This can be locked off into a 1 bdrm and studio giving you two weeks or 1 week plus 81k points to use here or elsewhere in the SVN system for another week in a studio. Rescind now, research resale, and pick up an AMEX credit card for the gold status if you want it.

What does 81K Flex buy? A studio in WKORV or Nanea overlooking the parking lot? If you are lucky you might get an inner resort view.

Which perk would you rather have? Parking lot view from a studio and gold status (developer)? or Oceanview/front 2 bdrm which can be locked off into 2 weeks (resale)?

 

[B4d 24]

Well thanks for everyone’s advice!! I rescinded today!!! I guess still gotta find a nice TS on the resale market now

 

[Eric B]

im not trying to be contrarian here but a little more context would be helpful. I basically got the flex deal for $13k with 81k options every other year. They added another 81k as a “signing bonus” plus some bonvoy points etc. I know now I can find a much better deal on the TS alone but I guess what are people’s thoughts on the additional gold elite perks etc?

Well thanks for everyone’s advice!! I rescinded today!!! I guess still gotta find a nice TS on the resale market now

@Grammarhero - just in case you missed this one for the savings tally....