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RESCIND??? Bought Newport Coast thru Marriott...

nocalcooper

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Just spent the weekend at Newport Coast Villas and bought 2 EOY weeks at Newport and Vegas. This is a shock as we went in saying if we buy we'd buy resale and not through the developer.

Those salespeople are good at what they do. We were told that if we bought resale we would only be able to use that property during the particular week (gold or platinum) that was purchased. We would not be able to exchange for other TS units (Marriott or otherwise) and we would not be able to trade in our week for points to be used on Marriott hotels, airfare, etc.

We were also told that NCV would likely increase in value with time because of its prime real estate and demand and would be a good investment. I'm now realizing that an investment it is not. It's probably a good travel value if used correctly but not much more.

Given these circumstances, we felt pressured to buy. After all, the MVC seemed to be a great deal the way it was presented. But now that we're home and looking into it, we feel that maybe we should have stuck with our initial feelings and gone with a resale. My inclination is to rescind.

I've read the threads on buying resale so forgive me if this is redundant. Are the statements in "blue" above, in fact, correct? What about gifting a TS. Do the points transfer then?

Thanks in advance for sharing your wisdom!
Kerry
 

TheTimeTraveler

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RESCIND while you still can and then think everything over.

You can always go back to Marriott and buy your weeks over again after you've thought it thru.
 

Steel5Rings

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Just spent the weekend at Newport Coast Villas and bought 2 EOY weeks at Newport and Vegas. This is a shock as we went in saying if we buy we'd buy resale and not through the developer.

Those salespeople are good at what they do. We were told that if we bought resale we would only be able to use that property during the particular week (gold or platinum) that was purchased. We would not be able to exchange for other TS units (Marriott or otherwise) and we would not be able to trade in our week for points to be used on Marriott hotels, airfare, etc.

We were also told that NCV would likely increase in value with time because of its prime real estate and demand and would be a good investment. I'm now realizing that an investment it is not. It's probably a good travel value if used correctly but not much more.

Given these circumstances, we felt pressured to buy. After all, the MVC seemed to be a great deal the way it was presented. But now that we're home and looking into it, we feel that maybe we should have stuck with our initial feelings and gone with a resale. My inclination is to rescind.

I've read the threads on buying resale so forgive me if this is redundant. Are the statements in "blue" above, in fact, correct? What about gifting a TS. Do the points transfer then?

Thanks in advance for sharing your wisdom!
Kerry

RESCIND....take a deep breath and spend some time on TUG.

The only part that is true is the part about converting your timeshare into Marriott Reward Points. If that option is important to you then yes buy through Marriott, but, if you are going to use the timeshare or trade through II, then resale is the way to go.

For reservations at your home resort season does matter. But, you CAN trade your resale week with Interval Int'l......it is BS what the salesman said. Season will effect your trade power with II, but if you are flexible odds are you can get many very nice trades with a Newport Gold......Newport Plat trades even better.
 

Steve

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Rescind and buy resale

I would get out your paperwork and follow the directions very carefully and cancel your purchase. The ONLY benefit that you lose if you buy resale is the ability to trade your week for Marriott Reward Points. You can trade your Marriott to both other Marriott timeshares and non-Marriott timeshares exactly the same with a resale purchase as with a developer purchase.

Since you are having doubts...and clearly you were not given the truth...I would rescind without delay. Take some time and think about it. Look at your options. Then buy resale and save thousands. (Or even if you decide to buy from the developer, at least you will have thought it out and not been pressured into an impulse decision that you may regret later.)

Steve
 

tracie15436

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Just spent the weekend at Newport Coast Villas and bought 2 EOY weeks at Newport and Vegas. This is a shock as we went in saying if we buy we'd buy resale and not through the developer.

Those salespeople are good at what they do.
Thanks in advance for sharing your wisdom!
Kerry
Hi Kerry!
We mucst have just missed you! We're still here and actually considered purchasing ncv, but i've seen some pretty decent resale prices - so thought we'd wait until we can't trade into it with our worldmark time share anymore...

I agree with everyone else. Why did you buy vegas? They tried to get us to buy utah instead of newport b/c they said they didn't have availabiltiy until 2010 for newport...what????? Once they start confusing me...I start saying - sorry...gotta run! Took my $150 and ran. Maybe we'll buy newport one of these days...but probably not.

Run! Recind! And don't feel bad about it either! You can do this!:cheer:
 

sernow

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Rescind and don't feel sorry for that lying salesperson. Why Marriott allows the lying, I'll never understand.
 

rickandcindy23

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You are so lucky, because you can rescind. I think you should rescind and think about this for a long, long time before you buy something else.

Be sure to send the rescission "return receipt requested." Happy hunting for something on the resale market. It's a fun time just looking.

Welcome to TUG! :)
 

Lawlar

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Rescind!!!!!

Send your notice by mail / fax / email/ overnight / and pony express!!!! For heaven sakes rescind!

You will probably find that the salesperson told you other white lies as well. Regardless, a Marriott TS isn't worth the price they charge. It certainly isn't an investment. Once you start paying the yearly maintenance fees, which are totally outrageous and increase ever year, you will see that there is no way you are going to get a positive return on this "investment."

I wrote my rescession letter, had it postmarked and ready to send until I took my wife to lunch to tell her what I was doing. She talked me out of it - and I've regretted it ever since. So send it and don't let anyone talk you out of doing it. You can always go back and let the salesperson stick to you again, if you decide in the future that you just have to get it from Marriott.
 

cp73

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I agree with everyone else resind while you can and rethink this. You can save at least 40% minimum. Also dont get confused by the points. Its usually not worth trading in your units to get points in the first place.
 

dougp26364

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We were told that if we bought resale we would only be able to use that property during the particular week (gold or platinum) that was purchased. We would not be able to exchange for other TS units (Marriott or otherwise) and we would not be able to trade in our week for points to be used on Marriott hotels, airfare, etc.

We were also told that NCV would likely increase in value with time because of its prime real estate and demand and would be a good investment. I'm now realizing that an investment it is not. It's probably a good travel value if used correctly but not much more.


Thanks in advance for sharing your wisdom!
Kerry
The first part is a blatent lie. Marriott does not put exchagne restrictions on your purchase if you buy resale and, if it's a floating week you can reserve any week within your ownership season. Lie's like this are a GREAT reason to not believe anything you were told and to rescind the contract. If the only way they can sell is pitching heat (lying) then they shouldn't be in the business to begin with.

The second part is also a partial lie. While the value of the land may go up it is no guarentee that the value of your timeshare will go up. You do NOT own the land. You own the right to use 1 week in a condo at the resort you own at during the season you own in. While it is a deeded week this is NOT like buying real estate. You essentially own the space within the walls but nothing else. You will have certain right if the entire property is sold and the timeshare is disolved but there is absolutely no guarentee that if the land values go up your deeded usage of 1/52 of a condo will increase with those value. To the contrary they often go down in value.

There are exceptions to the value rule. If you paid pre-construction prices before Marriott broke ground, there are instances where, due to Marriott's ROFR, people have sold their timeshare interest for more money than they paid. However these instances are few and far between and generally only occur if you're paying the opening price for a unit when the project has begun.

As an example, I believe DaveM purchased in Las Vegas at the lowest price offered by Marriott. I believe it was a 3 bedroom in the high $20,000 range. Reports on these forums are that the 3 bedrooms were to increase in price into the $40,000 range. It has been thought that most Marriott timeshares will sell for 50% of the developer pricing. In theory DaveM may be getting close to the break even point if you don't take into consideration the time value, the MF's paid or the value of the vacations he's taken using this property.

Newport Coast is nearing completion and units are approaching the highest price they will achieve with developer pricing. Grand Chateau is almost halfway through and, while we will see continued increases in pricing I doubt one will ever recover their initial investment anywhere in the near future (next 20 years) if they were to sell.

I do not like salesmen that lie. It makes you wonder what other lies you've been told. It makes for unhappy customers when they find out that what they've been told isn't close to the truth. Cancle this contract and continue to research your purchase. Buying directly from the developer is not the most evil thing in the world but buying under the illusion that things will be different than they really are will lead to frustration.
 

nocalcooper

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Wow! Thanks guys!

Thank you, everyone, for your input. I am taking it to heart and have just written and faxed some cancellation letters (one for Vegas, one for Newport). Additional copies will be overnighted tomorrow.

In the meantime, I will study up on timeshares. It seems that many are very pleased with their experiences... it's just knowing the ins/outs of the business to reap the benefits at the lowest possible cost. I will continue to read through the threads on TUG so I can make a more informed decision down the road.

I feel as though we've been saved from a substantial financial regret thanks to all of you. Again, sincerest thanks. You've done good work!

Cheers!
Kerry
p.s. To answer one's question: We purchased Vegas for the 2 bedroom lockout, potentially getting 2 weeks for the 1. Vegas was also described as being highly desirable and easily rented, which is why we went with it (not to mention a place we would visit on occasion).
 

dougp26364

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Spinnaker French Quarter Resort Branson
You have to keep in mind that your renting in compition with several thousand other rooms that are offered at discounts to get people through the doors and into the casino's. Sure those units can be rented but not always for the profits salesmen will tell you. It does take some work to know which week to reserve, how to advertise your unit for rent and then effort in negotiations with potential renters. IMO, it's not worth the effort. However there are those here who do very well renting out timeshares.

Lock-out units are great but, with Grand Chateua keep in mind you have all the units at Polo Towers, all the units that will eventually be built at Marriott and then a all those unit Westgate is building. All of these timeshare units are within walking distance from each other. How strong of an exchanger or renter Grand Chateau will be could change over the next few years.

IMO, one of the better units in Marriott is Grand Chateau's 3 bedroom units. Mostly because the lock-off unit is a full 1 bedroom unit and trades well within the Marriott system (so far at least). All weeks are Platinum which adds a little for internal exchange purposes. For trading through I.I. Marriott's platinum season year round means very little. Some weeks in Vegas are considerably weaker than others and most aren't really that strong anymore.
 
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Seth Nock

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The sales agent lied. Interval International does not care who you buy from. Resale prices are about half. Gold weeks (annual) sell for about $12,000. Platinum sells for about $17,000. I am guessing that every other year units sell for about that price from the developer (maybe even higher). Annual Vegas units sell for about $12,000 for on resale. It is very annoying to see that the sales agents feel that they need to lie to make a sale. They have a great product, they should sell the product, not the misinformation.
 

taffy19

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Thank you, everyone, for your input. I am taking it to heart and have just written and faxed some cancellation letters (one for Vegas, one for Newport). Additional copies will be overnighted tomorrow.

In the meantime, I will study up on timeshares. It seems that many are very pleased with their experiences... it's just knowing the ins/outs of the business to reap the benefits at the lowest possible cost. I will continue to read through the threads on TUG so I can make a more informed decision down the road.

I feel as though we've been saved from a substantial financial regret thanks to all of you. Again, sincerest thanks. You've done good work!

Cheers!
Kerry
p.s. To answer one's question: We purchased Vegas for the 2 bedroom lockout, potentially getting 2 weeks for the 1. Vegas was also described as being highly desirable and easily rented, which is why we went with it (not to mention a place we would visit on occasion).
I am so glad you found this forum in time and were able to rescind your contract. I would let the re-sale market find a bottom before buying another one. JMHO.

I am sad to read that this is happening with the Marriott sales force too now. We have been to many updates and hadn't noticed it yet but we never ask about exchanges or renting as we are not interested so it wasn't discussed. If you buy for use mainly and you like your resort and location, you will be happy with your next purchase.

Timeshares are not an investment unless you buy them dirt cheap but they are an investment in quality vacations with your family at your favorite resort or other places too but it isn't as easy as they make you believe it is because it takes planning long in advance and staying on top of it too.

No timeshare developer in the USA is allowed to pitch the investment spiel. These salesmen must know darn well too that the timeshare lost half its value the moment you walk out of the sales office but they don't tell you this. It would take years to break even and many resorts never do if you bought from the developer direct.

It is high time that a clause is inserted in the contract that timeshares are not real estate so no appreciation should be expected. It's up to the buyer to read and understand these documents. They give you enough time to do this and have further questions answered or to rescind the contract if you changed your mind. It didn't used to be that way when we first bought or I don't remember it. It was in 1983. We still own them both and return each year. :)

Soon the time will come that developers will have to find a more economical way to market their product or offer direct buyers many more perks that re-sale buyers will not get if they want to continue building new resorts since we now have the internet available and can look things up immediately. The TUG forum is certainly a big help by finding so much information together. They must hate us with a passion. :crash: :D
 
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