Presentation Converting deeded property to just abound points

[FlyerzsFan]

Just went to a presentation in Hilton Head where they offered to convert my deeded Grand Vista deed to abound points. Their rational is that the yearly percentage increase in maintenance fees
for points is less than the that of a deeded property. They basically buy your property for what you paid for it and deduct if from what you would pay now The catch is you have to purchase an additional 2000 points I agreed but definitely have second thoughts This was done several days ago so I still have time to recind Any thoughts

 

[jwalk03]

Rescind while you still can.

 

[PaulaC]

Rescind immediately, this is not a good deal.

 

[FlyerzsFan]

I’m in the process of doing so. After I posted this I checked the sales rep figures and determined that the rate increase in abound points over last year was 14% not the 5% he quoted.

 

[davidvel]

Just went to a presentation in Hilton Head where they offered to convert my deeded Grand Vista deed to abound points. Their rational is that the yearly percentage increase in maintenance fees
for points is less than the that of a deeded property. They basically buy your property for what you paid for it and deduct if from what you would pay now The catch is you have to purchase an additional 2000 points I agreed but definitely have second thoughts This was done several days ago so I still have time to recind Any thoughts

When did you buy your HH? Does the paperwork you got say they will buy it back?

Either way complete your rescission in the next hour.

 

[FlyerzsFan]

When did you buy your HH? Does the paperwork you got say they will buy it back?

Either way complete your rescission in the next hour.

we purchased the Grand Vista week about 15 years ago. They’re only buying it back on paper to get me out of the deed and just exchanging it for Abound points so in the future I would only pay Abound maintenance fees. Marriott is supposed to be doing this to save us on fees.

 

[TheTimeTraveler]

we purchased the Grand Vista week about 15 years ago. They’re only buying it back on paper to get me out of the deed and just exchanging it for Abound points so in the future I would only pay Abound maintenance fees. Marriott is supposed to be doing this to save us on fees.

Sounds like Voodoo Economics to me. And I think you are beginning to realize the same.

Do RESCIND while you still can legally do so. Allow time to think it over. You can always go back if you change your mind.









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[frank808]

Rescind first!

Your dates sound like your week should be ale to enroll in DP program for free (or very minimal amount). If you owned week before June(??) 2010, then week can be enrolled for almost free. Then you can rent points for just a few pennies above maintenance fees. And if you trade, with enrollment into the DP, you get free Interval International membership. Free Marriott to Marriott (westin and sheraton) timeshares exchanges buy have to pay for upside fees. Plus, there is no lock off fees once enrolled.

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[FlyerzsFan]

Rescind first!

Your dates sound like your week should be ale to enroll in DP program for free (or very minimal amount). If you owned week before June(??) 2010, then week can be enrolled for almost free. Then you can rent points for just a few pennies above maintenance fees. And if you trade, with enrollment into the DP, you get free Interval International membership. Free Marriott to Marriott (westin and sheraton) timeshares exchanges buy have to pay for upside fees. Plus, there is no lock off fees once enrolled.

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Thanks for everyone’s help. Rescind letter is on its way

 

[Fasttr]

Marriott is supposed to be doing this to save us on fees.

They are doing it so the salesperson can get a commission.

 

[bazzap]

Abound Points MF increases are consistently higher than the Weeks MF increases at all 6 of our home MVC resorts.
This makes no sense at all.

 

[dioxide45]

we purchased the Grand Vista week about 15 years ago. They’re only buying it back on paper to get me out of the deed and just exchanging it for Abound points so in the future I would only pay Abound maintenance fees. Marriott is supposed to be doing this to save us on fees.

I don't know what you mean by "buying it back on paper". That would make me think you are still keeping the deed to Grande Vista and they are just adding the points you get from your Grande Vista week into the points you are buying and giving you some kind of average MF overall for what you now own. Does your contract involve signing over your existing deed in exchange for the, near number of Abound Club Points?

 

[dioxide45]

Here is the problem with this if you are indeed turning in your deed. I don't know what season you own at Grande Vista. Let's say it is a Platinum 2BR worth 2,775 points. They say they will buy it back but it requires an additional 2,000 points. So in essence you are really buying 4,750 Trust Points. They take the deed and give you an "equity" discount of perhaps $25,000 (if that is what you paid for MGV). I am also not sure of the actual contract price per point, but let's say it is $14. So the 4,750 points cost about $67,000. Then you get the $25,000 discount. You are paying then $42,000 for this contract. If these numbers are even close to accurate, I don't really see a good deal here.

Edited to add: MVC has also started issuing 1099-S when they do equity trade ins. This is really only an issue if you bought the Grande Vista resale as you could be subject to tax implications on the difference of what you bought it for and that equity amount they are reporting on the 1099-S.

 

[FlyerzsFan]

Here is the problem with this if you are indeed turning in your deed. I don't know what season you own at Grande Vista. Let's say it is a Platinum 2BR worth 2,775 points. They say they will buy it back but it requires an additional 2,000 points. So in essence you are really buying 4,750 Trust Points. They take the deed and give you an "equity" discount of perhaps $25,000 (if that is what you paid for MGV). I am also not sure of the actual contract price per point, but let's say it is $14. So the 4,750 points cost about $67,000. Then you get the $25,000 discount. You are paying then $42,000 for this contract. If these numbers are even close to accurate, I don't really see a good deal here.

Edited to add: MVC has also started issuing 1099-S when they do equity trade ins. This is really only an issue if you bought the Grande Vista resale as you could be subject to tax implications on the difference of what you bought it for and that equity amount they are reporting on the 1099-S.

You hit the nail on the head. The numbers are a little of but that’s exactly what happened. When all things are said and done I basically purchased points and permanently exchanged my grand vista points for abound.

 

[davidvel]

You hit the nail on the head. The numbers are a little of but that’s exactly what happened. When all things are said and done I basically purchased points and permanently exchanged my grand vista points for abound.

Did you buy prior to June 2010? If so as Frank notes you can enroll for free (annual club dues) and get the Abound points value of your week. My guess is you are not signing your deed to them and this is exactly what you are paying $14,000 for (using dioxide's #s).

In other words, they are charging you $14,000 (plus forcing you to buy 2000 points for another $28,000) to convert your week to points that they will do for free. This is fraud if you bought before the June 2010 cutoff. If not, it is still a horrible deal.