Recind?

[Cain_Dogg]

After the sales pitch and buying Wyndham Points for 20K - Of course the best deal but ONLY available at the time - then coming home and checking them out, I am still satisfied with the company, but have some questions before recinding:

1. Wyndham points are available resale on e-bay super cheap. Has anyone here actually purchased points on ebay at 10% of the original price, and did you find the transaction to be smooth sailing and everything you get from the presentation sale?

2. Also, the agent we bought from promises to go above and beyond and assist in all of our experiences with Wyndham to ensure that we get the best everything, so is it also easy to handle everything yourself when you buy resale?

3. Is anyone familiar with Panama City Beach Resort? I have come to learn a little about "Special Assessments" and would like to know if this location is at higher risk. The deed was sold partially based on the low maintenance fees. Also assured insurance of the property would protect owners...

4. Can the home base for my deed close in bankruptcy or for any other reason, and if yes, then what happens to my deed?

5. Do I need, and how do I select, an attorney that can help ensure that any recision or future deals are done properly? Are real-estate transaction attornees appropriate?

6. Where will the recission clause be found in the immense paperwork provided?

-Once excited, now dubious

 

[AwayWeGo]

Rescinda-Sinda-Sinda.

TUG-BBS people familiar with Wyndham timeshares say Wyndham is an outstanding system that's way overpriced at full freight & a bigtime bargain on the secondary (i.e., resale) market (e.g., eBay).

So whatever you bought from the timeshare company for $20,000 you can expect to get resale for $2,000

Full Disclosure : We own four ( -- 4 -- ) resale timeshares, none of'm Wyndham -- not that there's anything wrong with Wyndham. We stayed at a Wyndham timeshare 1 time on RCI Last Call -- had an outstanding time.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[bnoble]

These are all good questions. Rescind right now, and do your homework, then make an educated purchase decision. I promise you that if you call the Panama City sales desk in three months and offer to buy the points you have right now for the price you just paid, they will fall all over themselves to write up the contract.

My first timeshare purchase was a Wyndham pionts deed from Tom Cornelius, a well-known Wyndham reseller. Very smooth transaction. I closed with Timeshare Transfer Inc., a reputable escrow/closing company. Using the points has been easy as pie---Wyndham is not a simple system, so it takes a little reading to really work all the angles, but it's not rocket science. The only benefits I do not have are VIP and Plus Partners. In my opinion, Plus Partners is almost totally worthless, and VIP is worth much much less than the premium one must pay in today's market to obtain it.

 

[Conan]

I've made two purchases of Wyndham/Fairfield Myrtle Beach Seawatch points on Ebay with no problems.

I paid $3,715 + $100 transfer fee for 140,000 points in 2003,
and $ 504 + $385 closing + $100 transfer fee for 49,000 points in 2007
(prices have continued to fall since then)

 

[vacationhopeful]

Your so very nice saleman/woman will promise the moon before the RESCIND period is gone ... just like a 7 yo who will do whatever to get ice cream or a WIFI game. And if your don't rescind, they will be happy to return your call, as you have good enought credit to BUY full price for MORE points from them. But sales has very little to do with reservations - they have NO magic weeks at Orlando for between Xmas and New Years, nor race week in Presidential units at Daytona nor July 4th 3bdr at Panama City.

As for difference in point value, UDI points brought direct from Wyndham are still UDI points which when you sell them become "resale" UDI points. UDI means "Undivided Deeded Interest", so your value is XXX/zzzz = YYYY% of the physical property (xxx being the number of points, zzzz being the total points sold for that resort, which yields a percentage of ownership - a very small number in the scheme of 300+ units by 50 weeks or so).

Many, many people on TUGs have brought resale. Resale Wyndham, Marriots, Westgate, Hilton, Hyatt, Sunterra, Diamond, etc and while the sales departments might include benefits gained by buying direct, actual usage and ownership is still there for what you own. In Wyndham, a direct sale benefit is the VIP program and Plus Partners program ... both whose rules, benefits, priviledges can be altered, dropped, devalued by the sales department with little or no notice and rare grandfathering. Read the VIP section of that book of resorts and points.

As you have spent $20,000 on this product and to sell it resale tomorrow, you might clear $1,000 .... Buy the exact number of more points resale for $2,500 (total), tomorrow resale it you might also clear $1000 too. But you still would have your $17,500 difference in your pocket -- not a commission check in some "nice" salesman pocket, not a bonus check in some VP sale pocket, etc....

So follow the "rules" exactly in rescinding, Certified Mail, Return Receipt Requested to the right address (about $5.38 each letter) (and many others who have posted here on TUGs, send these letter to EVERY ADDRESS they can find in these contracts). Ten different addresses is $53.80 verses the KEEPING you $20,000.00 is extremely cheap costs.

JMHO,

 

[TimeshareFan]

Rescind ASAP!

Your so very nice saleman/woman will promise the moon before the RESCIND period is gone ... just like a 7 yo who will do whatever to get ice cream or a WIFI game. And if your don't rescind, they will be happy to return your call, as you have good enought credit to BUY full price for MORE points from them. But sales has very little to do with reservations - they have NO magic weeks at Orlando for between Xmas and New Years, nor race week in Presidential units at Daytona nor July 4th 3bdr at Panama City.

As for difference in point value, UDI points brought direct from Wyndham are still UDI points which when you sell them become "resale" UDI points. UDI means "Undivided Deeded Interest", so your value is XXX/zzzz = YYYY% of the physical property (xxx being the number of points, zzzz being the total points sold for that resort, which yields a percentage of ownership - a very small number in the scheme of 300+ units by 50 weeks or so).

Many, many people on TUGs have brought resale. Resale Wyndham, Marriots, Westgate, Hilton, Hyatt, Sunterra, Diamond, etc and while the sales departments might include benefits gained by buying direct, actual usage and ownership is still there for what you own. In Wyndham, a direct sale benefit is the VIP program and Plus Partners program ... both whose rules, benefits, priviledges can be altered, dropped, devalued by the sales department with little or no notice and rare grandfathering. Read the VIP section of that book of resorts and points.

As you have spent $20,000 on this product and to sell it resale tomorrow, you might clear $1,000 .... Buy the exact number of more points resale for $2,500 (total), tomorrow resale it you might also clear $1000 too. But you still would have your $17,500 difference in your pocket -- not a commission check in some "nice" salesman pocket, not a bonus check in some VP sale pocket, etc....

So follow the "rules" exactly in rescinding, Certified Mail, Return Receipt Requested to the right address (about $5.38 each letter) (and many others who have posted here on TUGs, send these letter to EVERY ADDRESS they can find in these contracts). Ten different addresses is $53.80 verses the KEEPING you $20,000.00 is extremely cheap costs.

JMHO,

I am no expert at Wyndham, but I can definitely tell you that they are known to go for a penny a point OR LESS on the resale market.

I went to a recent presentation in the Wisconsin Dells. The sales grunt offered me 154,000 points for $23,000. I saw a completed auction on eBay with the same amount of points, but at a resort in Florida. The selling price was less than $500. Others I saw no more than $1,500.

Buy resale and put what you saved towards your retirement. Why spend $20,000 or more extra if you do not have to?

Also, I agree with sending multiple "certified, return receipt requested" rescission letters to every address that you can find in the contract. I would send at least two this way to the address in the instructions to rescind. Although this may be going overboard, $50 is a lot better than tens of thousands!

 

[jdb0822]

I recently bought 126K points from the Holiday group for under $2K. Holiday, as well as other resale companies/outlets (ebay, etc) are recommended here.

Please rescind immediately.

 

[Jya-Ning]

5. Do I need, and how do I select, an attorney that can help ensure that any recision or future deals are done properly? Are real-estate transaction attornees appropriate?

6. Where will the recission clause be found in the immense paperwork provided?

-Once excited, now dubious

For rescind. No need. You do want follow your contract's rescind procedure.

Jya-Ning

 

[lprstn]

1. Wyndham points are available resale on e-bay super cheap. Has anyone here actually purchased points on ebay at 10% of the original price, and did you find the transaction to be smooth sailing and everything you get from the presentation sale?

Yep people do it all the time

2. Also, the agent we bought from promises to go above and beyond and assist in all of our experiences with Wyndham to ensure that we get the best everything, so is it also easy to handle everything yourself when you buy resale?

You will not hear from that agent and you don't need him anyway

3. Is anyone familiar with Panama City Beach Resort? I have come to learn a little about "Special Assessments" and would like to know if this location is at higher risk. The deed was sold partially based on the low maintenance fees. Also assured insurance of the property would protect owners...

The properties are insured, but with Wyndam it really doesn't matter where you own unless you plan on booking that place during the most busiest time (like Daytona beach during Daytona 500 week)

4. Can the home base for my deed close in bankruptcy or for any other reason, and if yes, then what happens to my deed?

I guess so, but don't know what happens to your deed

5. Do I need, and how do I select, an attorney that can help ensure that any recision or future deals are done properly? Are real-estate transaction attornees appropriate?

Nice but not necessary if you purchase from a reliable reseller. Some good ones that may make the transition easier is Holiday Group (www.holidaygroup.com), GMAC Timeshare Resales, Tom Corneilus how is a Wyndam resaler and some well known autioners on ebay.

6. Where will the recission clause be found in the immense paperwork provided?

Yep, easy as pie...just follow the instructions to the letter and send all the material back to them.

-Once excited, now dubious[/QUOTE]

Wydnam is a great product, and even though I purchased some of my points resale and some through the developer I am not unhappy with my purchase as I utilize my TS products very often and well. I don't regret purchasing it, even what I purchased from the developer.

Just rescind, learn what you are buying, and get the best possible price and usage from it.