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RCI points transfer with resale?

S

spehar

TUG Member
Joined
May 12, 2008
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Location
San Diego
I am purchasing a resale Vacation Village at Parkway that has been converted to points. Owner assures that points will transfer along with resale and apply annually. Does points conversion paperwork in any way limit this transfer?Any experience here with this - any reason to anticipate problems?
Thanks!:confused:
 
RCI Points

When I bought my weeks it cost me a little fortune to transform them in points so I suggest that you check before at RCI Points to make sure it is done without charge.

RCI Points at 1-877-968-7476
or www.rci.com/rci

Michel Ledoux

PS If you know any boday that owns Club Intrawest ponts tell them to vote for me on the Board of directors election 2008
 
spehar said:
I am purchasing a resale Vacation Village at Parkway that has been converted to points. Owner assures that points will transfer along with resale and apply annually. Does points conversion paperwork in any way limit this transfer?Any experience here with this - any reason to anticipate problems?
Thanks!:confused:
Click to expand...

Your Vacation Village at Parkway points will transfer. If you don't currently have an RCI Points account you'll have the account set-up fee and the points transfer fee which totals $224.

There are a few resorts which won't transfer the points account. Vacation Village at Parkway is not a problem.
 
Caution !!!

I recently had some trouble selling a Vacation Village Parkway points unit. The resort did try to extort a substantial additional "conversion" fee out of the buyer. However, they never could identify exactly what provision in the original purchase contract authorized them to do so. Various commercial resellers I spoke to were adamant that their buyers had never been asked to do so. The resort did eventually transfer it for a small additional fee. KEY POINT: Buyer apparently made the mistake, initially, of expressing a willingness to pay the second conversion fee and someone at the resort apparently tried to take advantage of them. The resort people seemed mad at me for having the audacity to educate the buyer about their rights. There are many fine people working at this resort but there are always opportunists everywhere.
 
RCI Pts transferring with resale

According to an experienced employee of RCI pts- if the original purchase was made from the resort as an RCI pts ownership, or if the seller's point conversion required an mandatory deposit period (normally 3,5, or 7 years) then the points privilege may be transferred by submitting the correct RCI form.

If the ownership was purchased as a week and later converted by the developer without a mandatory deposit period, the resort does not have to honor the transfer and can charge an additional "conversion" fee to the buyer (these often range from $1,000 to $7,900).

The problem for buyers is that the resorts normally will not confirm this info so you are basically having to trust the individual seller. Also, by the time you get to the RCI pt transfer- the deed has already been recorded..... As always- Buyer Beware!

The ability to charge reconversion fees is part of RCI's sales pitch to developers and HOA's, so it's doubtful that policy will change anytime soon. My recommendation is simply to be aware of what the resort is currently charging for a reconversion fee and figure that cost into your purchase. If you find you have to pay it- you'll be prepared.. If not- you got a great deal!
 
another question?

OK - thanks for the advice all. I guess the bottom line is be careful. The process is going through a closing company now, and I will make them work for their fee by asking all these questions before signing anything. What is the mandatory deposit period that I should be asking about?
 
richardm said:
According to an experienced employee of RCI pts- if the original purchase was made from the resort as an RCI pts ownership, or if the seller's point conversion required an mandatory deposit period (normally 3,5, or 7 years) then the points privilege may be transferred by submitting the correct RCI form.
Click to expand...

I called RCI points when I was considering selling one of my point weeks. I was told my week was converted and qualified for the points program. I fill out the right form for the buyer to get point account. No need to go through the resort. I called twice and got the same answer. I did not actually go through the process though.
 
I have brought 2 RCI points resales. The first one was an accident - I wanted the underlining week and won the auction. About 2 months after the week was transfer to me, the corporate office of the resort management company sent me a letter, telling me my week was really a points week and I needed to transfer the points account - told me to call RCI.

RCI said twice the old owner had to request and sign the transfer form. I got it on ebay (most likely a PCC), actual resort didn't have a clue (and I asked on site) and I was more than a little furstrated. I got it handled by the closing company as one of the office staff handle only the "funny" RCI things.

The other was a normal transfer = brought for more points, the home resort - plus I already had my points account number.
 
I had the same ebay "Accident"

thought I was buying a floating week, turned out to be RCI points, which I can opt out of and switch back to floating week every 3rd year, if I want. Worked out for my favor---but here is my question--if the resort transferred ownership and I now have RCI points account with the points deposited, does that mean if I sell it, RCI points (with me signing them over) go to the next buyer? Does the resort have any say? This resort is charging $6000 for owners to "convert" to points--so I'm sure they would love to say "no."
 
The seller will need to fill-in and sign the RCI Points Membership Transfer Application. They send it to you or your closing company to fill-in the buyer information and send the form off to RCI (w/ some $$$ of course). You need to agree with seller as to who will pay the transfer fee. Also, it is possible the seller does not want to transfer their Points account with the resale, because they may have other timeshares associated with that account. In that case, you need to setup a new account with RCI.
 
Some resorts require a mandatory deposit period when you either purchase or convert to rci pts. When this happens, the inventory weeks (what the ownership is based on) are actually predeposited into rci for a set number of years- normally 3, 5, or 7.. I've seen Divi, Vacation Village, Orange Lake, and Grandview ownerships where this has been the case...

If the property is sold during that time and the rci pt account transfer is not done- the buyer may find that they don't have usage for a number of years- but still get the maintenance fee.. Be very careful with Orange Lake- they actively encourage mass banking for both weeks and points owners- and won't provide that info to the closing company. The closing agent has to perform a conference call with RCI and the seller to determine the status of the account and what usage years have been deposited.
 
RCI transfers and eBay accidents

eBay accidents are far too common now! Be careful.. It seems like many of the eBay auctions are from "shell company" seller accounts selling those "Timeshare Relief" scam acquisitions. The sellers never identify themselves and you are always referred to some obscure closing company for questions- which they can't answer. Timeshare Owners pay these groups thousands of dollars, and sign Power of Attorney paperwork to get rid of the property. Then the "relief" groups simply pay about $200. for an ebay ad in the timeshare section- price the property at $1.00- and try to find someone to assign the ownership to.. The real problems happen at the closing because the property and title wasn't properly researched to begin with.......

Also, RCI employees will always tell you the accounts can be transferred- but as with any major exchange company enrollment request- the exchange company contacts the resort to verify your eligibility and ownership. If the resort wants to be nasty- they can simply state that the ownership isn't eligible... You can normally fight through this- but you have to have the seller's full support and cooperation..
 
An ebay auction came up at Silver Lake Resort for a deeded float week in the 1800 building. Someone asked the seller if they knew how much it would cost to convert this unit to RCI points. Seller came back and told the person that it was already converted and the points will transfer. This got me intrigued as Silver Lake is already our home resort. I called Silver Lake to see if points were transferable with a resale unit and she told me she believed that no they are automatically reverted back to the original purchased week.

For this reason I chose not to bid. Anyone else have any experience buying a converted week at Silver Lake Resort?
 
Silver Lake rci pt conversions

Silver Lake used to require a $2,300. reconversion fee. They are no longer cooperating with resales that I am aware of, even with the promise of the fee.

However- there is a huge discrepency on their policy- as this developer is now selling rci pt allotments for usage as small as one day every other year (and I thought the triennial and quadriennial ownerships were bad!)... These deeds actually show the point allotments as "Silver Points". I assume if you buy one of these and they don't allow the rci transfer to go through- you would have a points ownership at the resort only????

This is a very nice resort, and provided big rci pt numbers- but it's kind of fallen off the resale map the last few years because of the policy change.
 
Four transfer options.

There are three transfer options for a resale.

1. Transfer the entire account ownership. This would include the the resort points ownerships and all points. This is what I did when I joined. There was a $100.00 RCI fee when I did this. I don't know what the fee is now.

2. Transfer the resort points ownership and points.

3. Transfer the resort points ownership.

There is one more option but it is against RCI rule to charge money for this.

4. Transfer points to another account. This use to be $50.00 but I heard it is now free.

Resorts may not charge a points reconversion fee.

This was a big issue on the ASK RCI forum a number of years ago. It took a long time to get a definitive answer but Madge eventually confirmed that a resort may not charge another points conversion fee on a resale.
 
Pit said:
The seller will need to fill-in and sign the RCI Points Membership Transfer Application. They send it to you or your closing company to fill-in the buyer information and send the form off to RCI (w/ some $$$ of course). You need to agree with seller as to who will pay the transfer fee. Also, it is possible the seller does not want to transfer their Points account with the resale, because they may have other timeshares associated with that account. In that case, you need to setup a new account with RCI.
Click to expand...

I notice the RCI copyright logo on their transfer form is 2003. Are the transfer fees still the same amounts as indicated on the form or have there been more recent increases?

Thanks
Richard
 
All I know is that when I bought a points week, the closing company did not make me an RCI Points account. I just thought that I could call RCI and get one like you do with a Weeks account. It does not work that way, either the resort or closing compnay needs to set up the account. The closing company said it was not their problem. I then got one girl who felt sorry for me and was going to do it without her supervisor knowing and then wanted more money. The problem with eBay timeshares are that they make you use a closing company which is a lot of wasted money for a signed piece of paper. And, as I found out, they don't even know what they are doing. Thank God the Divi set up the Points account for me. Do not use Resort Closings. There was another time share I was interested in, but they were the clsoing company and the seller said he had a contract and HAD to use them, so I did not buy it. I was freaking out when I found out that I could not get my own Points account because I already owned week 11 which we always use and this was week 14 which I knew I would never use and just wanted the Points. The Divi helped me so much
 
richardm said:
Silver Lake used to require a $2,300. reconversion fee. They are no longer cooperating with resales that I am aware of, even with the promise of the fee.

However- there is a huge discrepency on their policy- as this developer is now selling rci pt allotments for usage as small as one day every other year (and I thought the triennial and quadriennial ownerships were bad!)... These deeds actually show the point allotments as "Silver Points". I assume if you buy one of these and they don't allow the rci transfer to go through- you would have a points ownership at the resort only????

This is a very nice resort, and provided big rci pt numbers- but it's kind of fallen off the resale map the last few years because of the policy change.
Click to expand...

There was a thread here a year or so back where Silver Lake reverts the units back to week unit and if the purchaser of the resale wanted it to be in points, it would cost the new owner $8000. I don't know if it is true or not but buying a RCI Points resorts for RCI Points can be tricky and very upsetting for the unsuspecting buyer (and probably the seller too!).
 
update - successful transfer

Transfer all completed, through resort and RCI. Entire RCI points membership was transferred successfully, just the regular transfer fees paid, no tricks from VVP. Kept calling everyone at closing and RCI along the way to track progress and make sure points were transferring.

Timeshare Title, Inc. was great :clap:

Thanks for advice here!
 
$224 went to RCI (2 payments, $100 and $124) - I did not have a points account and everything was established from prior owner.
I also paid $75 to title company - their fee for taking care of all the RCI transfer stuff.
 
Is one of these ($100 or $124) for the first year RCI point membership fee? I cannot keep up with them. It was $99 when I started.
 
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