seansnov
TUG Member
- Joined
- Sep 3, 2018
- Messages
- 10
- Reaction score
- 5
- Resorts Owned
- Wyndham Club Access - Bonnet Creek
We are on a stay in Rio Mar Puerto Rico and were sold on becoming Margaritaville Owners. We were CWA VIP Platinum with 1,005,000 points and they used the sales tactics that CWA will no longer be able to see the Margaritaville resorts due to changes within Club Wyndham whereas Margaritaville was separating themselves from Club Wyndham. We love Rio Mar and stay yearly, so this did put a scare in us. This is not what sold us though. The sales rep showed us a presentation on our Maintenance fees, specifically the fees of CWA MF vs. Margaritaville MF. Based on our points currently, 1,005,000, our MF monthly are roughly $700 and that would go up on average of 8% every year vs Margaritaville Rio mar or any Margaritaville 1.28% every year. Using the calculator form timeshare legal services (calculator recommended from sales guy) our total number of points over 20 years would be the following:
CWA 20 Years total maintenance fees (using 8% increase every year compounded) - $415,152.79
Margaritaville 20 Years total maintenance fees paid (using 2% increase every year compounded. 1.28% was not available on calculator) - $227,510
the difference was about $187,642 between the 2 scenarios.
To but into the Margaritaville, we had to but additional points and traded all of our CWA points into Margaritaville points. This gave us a total of 1,110,000 Margaritaville points and cost was $105,000.
It seems like a good deal on face value but the things that are not sitting well with me are the fact that the Margaritaville MF increase of average 1.28% per year seems like it could be a lie. We were told that there is an insurance policy from Jimmy Buffet that keeps this yearly increase low. Can anyone confirm this?
Also, in my contract, I see no where about rescinding. Any help or advice from anyone would be greatly appreciated.
Losing sleep as I feel I have been duped again.
Thanks
CWA 20 Years total maintenance fees (using 8% increase every year compounded) - $415,152.79
Margaritaville 20 Years total maintenance fees paid (using 2% increase every year compounded. 1.28% was not available on calculator) - $227,510
the difference was about $187,642 between the 2 scenarios.
To but into the Margaritaville, we had to but additional points and traded all of our CWA points into Margaritaville points. This gave us a total of 1,110,000 Margaritaville points and cost was $105,000.
It seems like a good deal on face value but the things that are not sitting well with me are the fact that the Margaritaville MF increase of average 1.28% per year seems like it could be a lie. We were told that there is an insurance policy from Jimmy Buffet that keeps this yearly increase low. Can anyone confirm this?
Also, in my contract, I see no where about rescinding. Any help or advice from anyone would be greatly appreciated.
Losing sleep as I feel I have been duped again.
Thanks