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Rescind Success - thanks TUG!

donymo

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I just got an email from Wyndham that my rescind process is complete and that all my money will be refunded.

I just want to share my story here and to thank the TUG community for saving my a$$!

Last Thursday, April 27, we attended a Club Wyndham presentation at Bonnet Creek, Orlando. We knew NOTHING about the program in advance and did not bother to research it since our intention was to say "no" and collect our theme park tickets and leave after 90 minutes. Oh well...you probably can guess what happened next! We really liked what we heard about the Wyndham points system and their funky math made sense enough to us and we could afford it (our "deal" was 126k CWA for $22,000). Before we decided, we went out by the pool to talk about it away from the sales staff and we ran into a lady who inherited 1 million points with Platinum VIP status (nice!). She said that the resorts were very nice and they loved it. Of course, she did not pay the several hundred thousand dollars that the developer would have charged for that! But our question for her was more about the experience - were the resorts nice and did the program work as described. We did not ask about resales vs developer because that concept was unknown to us - we didn't even think about that angle. So, we went back in and signed up and put $20K on PayPal credit and the balance on a credit card. We walked away happy and excited about joining Wyndham and the future vacations we would be taking. Fast forward two nights to Saturday and I woke up at 3am and couldn't sleep. My mind was racing with the thought of "did I make a mistake spending so much money". I opened my laptop and starting searching and found TUG - oh...my...god...thank you thank you! I devoured all the info I could for 3 hours (and I subscribed to the TUG website) and when my wife woke up the first thing I said was: we're rescinding! She was relieved too...she had been thinking a lot about whether we did the right thing by signing up with the developer. We got home Monday morning and the very first thing I did was create a rescind letter (from the template we found here on TUG) and added a copy of the first page of our contract and also the rescind page of the contract and mailed it via USPS certified mail with return receipt. Wyndham provided two addresses, both in Vegas, so we mailed a certified letter to both addresses just in case. On Friday I called them and got a person from Owner Services on the line after a 30+ minute wait. She confirmed that they received it on Wednesday and that the rescission was in progress. In the mail on Friday I received my return receipt from the certified letter. On Monday, exactly one week after we sent the certified mail, we received an email from Wyndham stating the rescission was complete and that all our monies would be refunded.

I am now in the process of obtaining a resale contract. It’s an eBay deal and I’m not 100% sure it will go through since the seller has not been very responsive. We’ll see. But, to compare, from the developer I paid $174 per thousand points and my eBay deal was about $1.40 per thousand!

Thanks again to all you wonderful TUGgers that have provided so much valuable information and saved us a small fortune!

Don
 

55plus

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You learned something and saved yourselves tens of thousands of dollars. It doesn't get much better than that. . .
 

Braindead

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Congrats !!

Wyndham does have a great system and resorts. You will enjoy them even more knowing you saved thousands.

After learning the system and enjoying some of the resorts. You can always decide if you want a VIP membership. VIP is the only reason to buy directly from Wyndham. Then only consider VIP if you don't need to finance the purchase.

Enjoy your vacations !!!
 

55plus

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A VIP membership will cost at least $100K plus. I don't see it being worth it unless you are wealthy and have no problem throwing money away. VIP benefits are deteriorating over time. It seems like every several years VIP rules and policies change to benefit Wyndham which leaves the VIP owners with an inferior product from when it was originally purchased.
 

TUGBrian

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congrats on saving an absolute fortune! I can only imagine how much that was if your down payment was 20k!
 

dagger1

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I just got an email from Wyndham that my rescind process is complete and that all my money will be refunded.

I just want to share my story here and to thank the TUG community for saving my a$$!

Last Thursday, April 27, we attended a Club Wyndham presentation at Bonnet Creek, Orlando. We knew NOTHING about the program in advance and did not bother to research it since our intention was to say "no" and collect our theme park tickets and leave after 90 minutes. Oh well...you probably can guess what happened next! We really liked what we heard about the Wyndham points system and their funky math made sense enough to us and we could afford it (our "deal" was 126k CWA for $22,000). Before we decided, we went out by the pool to talk about it away from the sales staff and we ran into a lady who inherited 1 million points with Platinum VIP status (nice!). She said that the resorts were very nice and they loved it. Of course, she did not pay the several hundred thousand dollars that the developer would have charged for that! But our question for her was more about the experience - were the resorts nice and did the program work as described. We did not ask about resales vs developer because that concept was unknown to us - we didn't even think about that angle. So, we went back in and signed up and put $20K on PayPal credit and the balance on a credit card. We walked away happy and excited about joining Wyndham and the future vacations we would be taking. Fast forward two nights to Saturday and I woke up at 3am and couldn't sleep. My mind was racing with the thought of "did I make a mistake spending so much money". I opened my laptop and starting searching and found TUG - oh...my...god...thank you thank you! I devoured all the info I could for 3 hours (and I subscribed to the TUG website) and when my wife woke up the first thing I said was: we're rescinding! She was relieved too...she had been thinking a lot about whether we did the right thing by signing up with the developer. We got home Monday morning and the very first thing I did was create a rescind letter (from the template we found here on TUG) and added a copy of the first page of our contract and also the rescind page of the contract and mailed it via USPS certified mail with return receipt. Wyndham provided two addresses, both in Vegas, so we mailed a certified letter to both addresses just in case. On Friday I called them and got a person from Owner Services on the line after a 30+ minute wait. She confirmed that they received it on Wednesday and that the rescission was in progress. In the mail on Friday I received my return receipt from the certified letter. On Monday, exactly one week after we sent the certified mail, we received an email from Wyndham stating the rescission was complete and that all our monies would be refunded.

I am now in the process of obtaining a resale contract. It’s an eBay deal and I’m not 100% sure it will go through since the seller has not been very responsive. We’ll see. But, to compare, from the developer I paid $174 per thousand points and my eBay deal was about $1.40 per thousand!

Thanks again to all you wonderful TUGgers that have provided so much valuable information and saved us a small fortune!

Don
Your experience was almost exactly the same as ours at Wyndham La Cascada last August. We too (and still do) love the entire concept of TS's, but the $74K for 400,000 points just didn't make sense. We didn't buy, but I found TUG later that afternoon. By mid October we had purchased 4 contracts totaling over 1M CWA points on eBay, all of which finally transferred into our Wyndham member account by mid February. We have been on three "vacations' since then, and have 5-7 more reserved through the end of the year. I wish we knew about TUG and TS's ten years ago, but we are looking forward to the next ten plus years and future travels with family and friends. We have since also purchased two 2/2 deeded EY fixed week/units from Hyatt, specifically at Hyatt Wild Oak Ranch, for a mid June annual family getaway (a three hour drive for us.) All thanks to TUG.
 
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55plus

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Back in the Fairfield Days in the early '90s when points became the thing instead of fixed weeks (before it became Wyndham) a VIP Platinum ownership cost under $40K and sales weasels were so hungry deals could be had. That's where our ownership came from. There weren't that many resorts then, but points are points. Look at all the resorts now. It's because of that we can spend four months during the winter in under the sun in Florida (usually at half points), and pay our maintenance through rentals.
 

dagger1

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Back in the Fairfield Days in the early '90s when points became the thing instead of fixed weeks (before it became Wyndham) a VIP Platinum ownership cost under $40K and sales weasels were so hungry deals could be had. That's where our ownership came from. There weren't that many resorts then, but points are points. Look at all the resorts now. It's because of that we can spend four months during the winter in under the sun in Florida (usually at half points), and pay our maintenance through rentals.
All I can say is: SWEET!!!!!!
 

55plus

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Yes, it is Sweet! Our family got our money out of the purchase many times over. . .
 

Braindead

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Back in the Fairfield Days in the early '90s when points became the thing instead of fixed weeks (before it became Wyndham) a VIP Platinum ownership cost under $40K and sales weasels were so hungry deals could be had. That's where our ownership came from. There weren't that many resorts then, but points are points. Look at all the resorts now. It's because of that we can spend four months during the winter in under the sun in Florida (usually at half points), and pay our maintenance through rentals.
Every time we go on vacation with our grandkids. It reminds me of the commercial priceless.

40k 25 years ago isn't any better of a deal than 100k today.

I'm glad you feel your family has gotten it's money's worth. As I hope my family feels it did in 25 years
 

dagger1

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I hope my family feels the same way too!!! I am basically "forcing" them to join us, hahaha!!!
 

55plus

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Every time we go on vacation with our grandkids. It reminds me of the commercial priceless. 40k 25 years ago isn't any better of a deal than 100k today. I'm glad you feel your family has gotten it's money's worth. As I hope my family feels it did in 25 years
I think the purchase dates back to 1993. $35K in 1993 equated to to slightly under $60K today. So the cost of a Platinum ownership today exceeded inflation by 2-3 times since 1993.
 

ecwinch

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But the higher pt requirements account for about a third of that.
 

55plus

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Point requirements for reservations remain the same. Wyndham can not be exceed total points at a resort. They can not increase points for a time frame unless the decrease points for another time frame at the same resort. The only increase experienced are maintenance fees. Had one special assessment several years ago for $1100 at Wyndham Durango.
 

OutSkiing

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Before we decided, we went out by the pool to talk about it away from the sales staff and we ran into a lady who inherited 1 million points with Platinum VIP status (nice!). She said that the resorts were very nice and they loved it.
Kind of makes you wonder if Wyndham plants 'shams' out at the pool to coax prospects along. :)

But seriously congratulations, you'll love your stays at Wyndham, all the more knowing you are there on resale points.

Bob
 

bendadin

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I've been to the sales presentation at Bonnet Creek. They are pushy!! They called. They texted. They lied. They aggravated me so much that I went out and bought a WBC resale. Now I need to buy a TUG t-shirt. I just can't take the sales pitches any more.
 

Braindead

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I think the purchase dates back to 1993. $35K in 1993 equated to to slightly under $60K today. So the cost of a Platinum ownership today exceeded inflation by 2-3 times since 1993.
Ouch! If you think $35k in 1993 equates to less than $60k today.

The DOW was under 4,000 in 1993 and over 20,000 today more than 5 times. Your $35k should be worth $175k today. That's not even compounding profits along the way
 
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wjappraise

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congrats on saving an absolute fortune! I can only imagine how much that was if your down payment was 20k!
It looks like it was $22,000 saved. 126,000 CWA point. $20,000 on PayPal credit. $2,000 on other credit card. Probably bonus points to get Silver VIP for two years.


Sent from my iPad using Tapatalk
 

55plus

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Ouch! If you think $35k in 1993 equates to less than $60k today. The DOW was under 4,000 in 1993 and over 20,000 today more than 5 times. Your $35k should be worth $175k today. That's not even compounding profits along the way
Inflation and investmenting are two different things. Using your logic, a Chevrolet purchased in 1993 for $35K means the same model in 2017 would sell for $175K today, which is not the case. On the other hand, instead of buying a car in 1993 for $35K, invest the money and buy the same model car in 2017 with the invested money, you'll end up with $100K plus still in the bank.
 

ronparise

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Inflation and investmenting are two different things. Using your logic, a Chevrolet purchased in 1993 for $35K means the same model in 2017 would sell for $175K today, which is not the case. On the other hand, instead of buying a car in 1993 for $35K, invest the money and buy the same model car in 2017 with the invested money, you'll end up with $100K plus still in the bank.

And thats how I suggest looking at a wyndham timeshare direct purchase vs resale

assume 1 million points retail at $150000 vs 2 million points resale at $20000 and $130000 put in a blue chip stock fund
maintenance fees $6000/ year vs $12000 per year

at the end of 20 years our retail buyer will have spent $270000 and our resale guy $250000 The big difference will be his stock fund now worth worth about a million
 

donymo

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All monies have been refunded 100% to our accounts.
So, it took two business days from the time we received the email from Wyndham acknowledging our recession was processed. Whew!!! Big-time relief that it's over.

Since my original post, I have heard several times from our eBay seller so there's a good chance it will work out.
 

wjappraise

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All monies have been refunded 100% to our accounts.
So, it took two business days from the time we received the email from Wyndham acknowledging our recession was processed. Whew!!! Big-time relief that it's over.

Since my original post, I have heard several times from our eBay seller so there's a good chance it will work out.
Good to hear things have gone well for you. If you are buying, including resale, it is highly recommended that read and re-read the "owners manual," either online or the hard copy. This will help you to know what you can and cannot do. Linda (vacationhopeful) makes a point to tell new owners to read at least three times, and to use a highlighter to note the points of interest. With the changes coming to the Club soon, it will be vital that you know as much or more than the VCs you may call.
 

TUGBrian

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hard to get more win win than that!

rescind to save a fortune....and wind up buying resale from an existing owner!
 

butterfly57

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I just got an email from Wyndham that my rescind process is complete and that all my money will be refunded.

I just want to share my story here and to thank the TUG community for saving my a$$!

Last Thursday, April 27, we attended a Club Wyndham presentation at Bonnet Creek, Orlando. We knew NOTHING about the program in advance and did not bother to research it since our intention was to say "no" and collect our theme park tickets and leave after 90 minutes. Oh well...you probably can guess what happened next! We really liked what we heard about the Wyndham points system and their funky math made sense enough to us and we could afford it (our "deal" was 126k CWA for $22,000). Before we decided, we went out by the pool to talk about it away from the sales staff and we ran into a lady who inherited 1 million points with Platinum VIP status (nice!). She said that the resorts were very nice and they loved it. Of course, she did not pay the several hundred thousand dollars that the developer would have charged for that! But our question for her was more about the experience - were the resorts nice and did the program work as described. We did not ask about resales vs developer because that concept was unknown to us - we didn't even think about that angle. So, we went back in and signed up and put $20K on PayPal credit and the balance on a credit card. We walked away happy and excited about joining Wyndham and the future vacations we would be taking. Fast forward two nights to Saturday and I woke up at 3am and couldn't sleep. My mind was racing with the thought of "did I make a mistake spending so much money". I opened my laptop and starting searching and found TUG - oh...my...god...thank you thank you! I devoured all the info I could for 3 hours (and I subscribed to the TUG website) and when my wife woke up the first thing I said was: we're rescinding! She was relieved too...she had been thinking a lot about whether we did the right thing by signing up with the developer. We got home Monday morning and the very first thing I did was create a rescind letter (from the template we found here on TUG) and added a copy of the first page of our contract and also the rescind page of the contract and mailed it via USPS certified mail with return receipt. Wyndham provided two addresses, both in Vegas, so we mailed a certified letter to both addresses just in case. On Friday I called them and got a person from Owner Services on the line after a 30+ minute wait. She confirmed that they received it on Wednesday and that the rescission was in progress. In the mail on Friday I received my return receipt from the certified letter. On Monday, exactly one week after we sent the certified mail, we received an email from Wyndham stating the rescission was complete and that all our monies would be refunded.

I am now in the process of obtaining a resale contract. It’s an eBay deal and I’m not 100% sure it will go through since the seller has not been very responsive. We’ll see. But, to compare, from the developer I paid $174 per thousand points and my eBay deal was about $1.40 per thousand!

Thanks again to all you wonderful TUGgers that have provided so much valuable information and saved us a small fortune!

Don
Help! I'm needing to send a rescind letter, got sabotaged after 9 hours at the sales center yesterday and finally caved at the 8th hour. Ive found one address here in Las vegas, Nevada, is this where you sent your rescind letter? What was the other Address? Thanks in advance for your help.
 
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