Resale Question: From a Newb

[merrychristmas217]

Hello, ANY advice is greatly appreciated.

We recently purchased a point system timeshare. We received 40,000 points and planned to resell them.

However, after looking on this forum it appears that the resale value per point is established at USD 0.01cents per point. Is this accurate?

Has anyone sold points in the past and if so, did they use a broker?

If the going rate is really USD 0.01 cents per point than I will probably cancel my membership (within the 5 day window).



Thank you,
William

 

[scootr5]

You don't say for what system the points are, but yes - most resale Wyndham/bluegreen are at best .01 per point. Worldmark generally goes for a little more.

 

[merrychristmas217]

Hi Scott, thanks for taking the time.

The points are affiliated with RCI.


Still approximately USD 0.01cents per point?

If so, it seems like it would be best that I cancel my contract and do more research.


Thanks,
William

 

[vacationhopeful]

If you brought from the resort/developer, RESCIND .... it is your ONLY chance to save your THOUSANDS of dollars. Follow the directions as writtne in your contract EXACTLY. Do NOT call or talk to the sales staff ... or wait for phone calls back from them. It is a STALL - so you MISS the rescind window of time. You have a written contract. PERIOD. WRITE the rescind.

Most contracts rescinds require Certified Mailed letter (with returned receipt) and a regular mail letter sent to a certain address. NOT FEDEX, not dropped off at the sales desk, not to the resort, etc.

Yes, you will be running around and lose a whole day or so of your vacation - but you will be saving YOUR MONEY.

 

[vacationhopeful]

...If so, it seems like it would be best that I cancel my contract and do more research.


Thanks,
William

YES! today.

 

[merrychristmas217]

Linda, thanks for the reply. Where should I purchase a timeshare from? Resale? Just pay normally out of pocket?


Thanks,
William

 

[merrychristmas217]

For the record thru H10 I purchased for USD $12,499:

40,000 points
RCI fee of 124 /annual
H10 fee of 200 /annual

3 studio stays at an H10 resort (+AI fee -25%)

10 RCI "Extra Vacations" that are transferrable.

Where can I get a better deal or should I purchase off of other people internal?

 

[vacationhopeful]

William,
You perhaps need to state where YOU like to vacation. If you need the schedule when kids are out of school, if you are retired, how many weeks you like to travel, etc.

TUGGERs, including myself, recommend at least 6 months of learning and even renting units, to explore whether TS'ing is a good match for your and your family.

You aren't expected to be an expert here, but H10 means nothing to me. Extra Vacations are an RCI discounted time which any RCI member can buy - doesn't mean it is a place I would visit or stay. Others here on TUG, buy them regularly.

 

[merrychristmas217]

All, What I don't understand is...

This link has timeshares listed for thousands of dollars. How can someone pay that type of money for something if it is only worth USD0.01cents per point?

http://tug2.com/timesharemarketplace/


Thanks!
William

 

[tschwa2]

recind now. Take your time and research. Everyones needs are different and you won't be able to find what is best for you in 1-5 days. If after researching you still want your original deal, it will still be there.

 

[Passepartout]

William, rescind asap. There is currently almost no value in timeshares. They are available on the resale market for literally pennies. If you want RCI Points, contracts linked to resorts in Las Vegas or Florida with over 90,000 points can readily be bought for $1.00 in the TUG bargain deals, or on eBay or any number of other places. (Craigslist comes to mind).

We like timeshares here. Most of us have several, and use them. THAT's where the value is. In USE. They may be one of the world's worst investments, but to use they will add to your family's enjoyment of life.

We wish you well, but you only get one opportunity to correct an expensive mistake. Rescind now, then hang out on TUG, learn what TS fits your needs, and how to use it to your advantage.

Oh, and WELCOME!

Jim Ricks

 

[fishingguy]

oh, RCI Points....

You can currently rent points directly from RCI for $.02 at this time -- and RCI is the only one allowed to do this, since selling [renting] RCI points is not allowed per the RCI user agreement. Yes, some do it and never get caught. However if you get caught you can not only loose your RCI membership, you can also loose any exchanges you made arrangements for and points that were in your account at the time.

Since you need to involve RCI to lend points to someone else, you will eventually raise eyebrows within RCI if you do it often and/or in large quantities. In addition, the ability to transfer points [lending] is something that RCI can do away with at any time.

Now having said the previous, you'll see them offered on eBay for $.01 to $.015; depending on when they expire and how many are being offered.

 

[fishingguy]

Here is the link for the 'bargain deals' section of the forum:

http://www.tugbbs.com/forums/forumdisplay.php?f=55

 

[Rent_Share]

All, What I don't understand is...

This link has timeshares listed for thousands of dollars. How can someone pay that type of money for something if it is only worth USD0.01cents per point?

http://tug2.com/timesharemarketplace/


Thanks!
William

Because they will never sell at that price those prices are from delusional people who believed the initial; sales pitch

 

[AwayWeGo]

Nothing That The Timeshare Companies Sell At Full Freight Is Ever Worth The Money.

Where should I purchase a timeshare from? Resale? Just pay normally out of pocket?

Buy timeshares resale.

Save thousands of dollars on exactly the same thing, or the equivalent, or something even better.

Shux, these days people are even giving away their perfectly good timeshares -- even points timeshares.

Click here for a whole bunch of timeshare giveaway offers.

Full Disclosure: We gave away an outstanding floating diamond-season 3BR lock-off timeshare last year. Nothing was wrong with it. We just didn't want to keep it. Also last year, we bought two -- 2 -- eBay dinky & semi-dinky points timeshares for $162 & $203, respectively. This year we bought an eBay non-dinky points timeshare for $105. We plan on keeping the non-dinky points timeshare. The dinky & semi-dinky points timeshares are hidden somewhere on the el freebo list linked above.

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

 

[persia]

You'd be very lucky to get ten cents a thousand (USD 0.01 cents a point) in today's market. Ebay ads are starting to have the SELLER pay transfer and closing and still selling for less than $.10/K....

Hello, ANY advice is greatly appreciated.

We recently purchased a point system timeshare. We received 40,000 points and planned to resell them.

However, after looking on this forum it appears that the resale value per point is established at USD 0.01cents per point. Is this accurate?

Has anyone sold points in the past and if so, did they use a broker?

If the going rate is really USD 0.01 cents per point than I will probably cancel my membership (within the 5 day window).



Thank you,
William

 

[AwayWeGo]

I Resemble That Remark.

Ebay ads are starting to have the SELLER pay transfer and closing and still selling for less than $.10/K.

Our eBay dinky points timeshare came with free closing & free resort transfer & 3 years of free points (i.e., maintenance fees paid ahead 3 years).

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

 

[DeniseM]

All, What I don't understand is...

This link has timeshares listed for thousands of dollars. How can someone pay that type of money for something if it is only worth USD0.01cents per point?

http://tug2.com/timesharemarketplace/

Same of those Ads are complete unrealistic - their owners think they can sell for what they paid or more.

But some of them that are asking thousands of dollars, are still taking a huge loss on the resale market. For example, ff you buy a developer week on Maui and spend $50K, and then resale it for $10K, you are still taking an 80% loss.

You should cancel immediately, and then take some time to learn about timesharing, before you make another purchase.

 

[merrychristmas217]

Thank you all for your support!!!!!!!!!!!!!!!! I will begin the process of rescinding.

 

[merrychristmas217]

All, two websites that helped me out. Just trying to help those who will be traveling to Mexico or have recently signed.

http://www.profeco.gob.mx/revista/publicaciones/otas_pub_06/timeshares_abr06.pdf

http://www.scribd.com/doc/26943883/Federal-Consumer-Protection-Law-Mexico


Thanks,
William

 

[merrychristmas217]

You can currently rent points directly from RCI for $.02 at this time -- and RCI is the only one allowed to do this, since selling [renting] RCI points is not allowed per the RCI user agreement. Yes, some do it and never get caught. However if you get caught you can not only loose your RCI membership, you can also loose any exchanges you made arrangements for and points that were in your account at the time.

Since you need to involve RCI to lend points to someone else, you will eventually raise eyebrows within RCI if you do it often and/or in large quantities. In addition, the ability to transfer points [lending] is something that RCI can do away with at any time.

Now having said the previous, you'll see them offered on eBay for $.01 to $.015; depending on when they expire and how many are being offered.

Can you provide me a link fio the RCI User Agreement? I am unable to find it online.

 

[DeniseM]

I think this is what you are looking for - http://www.rci.com/RCI/prelogin/termsAndConditions.do

 

[ampaholic]

Can you provide me a link fio the RCI User Agreement? I am unable to find it online.

http://www.rci.com/CDA/Common/Documents/DisclosureGuidePoints.pdf

From the guide:

11. TRANSFERRING RCI POINTS. The Member
may transfer his/her RCI Points to another Member
for use in the transferee Member’s Use Year, so long
as there is no compensation for the transfer. The
transferee Member may return transferred RCI
Points back to the transferor Member, but not to
another Member. In order to transfer RCI Points, the
Network Administrator must have received a
completed authorization, in the form established by
the Network Administrator. If the transferee Member
subsequently cancels a Reservation fulfilled through
the use of transferred RCI Points, the transferred RCI
Points shall be returned to the transferee Member’s
account. The Network Administrator, at its sole
discretion, may suspend or otherwise limit the
Member’s ability to transfer or to use transferred RCI
Points.

 

[merrychristmas217]

Thanks to you both.