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Rookie - First Purchase, How did I do?

Rachman

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Hello TUG Family,
2 Questions: 1) I just purchased a 2-bedroom Triennial Deeded Week 5 (Floating) at Vacation Village at Parkway (VVP) for $9500 (1 yr payoff plan - no interest) upfront. Maintenance is $969 (every three years). The VVP sales manager told me I would receive an RCI Certificate every year, good for one week stay throughout the year (not during summer). With the annual RCI certificate atop the deeded triennial week I felt, at the time, justified the $9500. How did my family (of 3) do on our first Timeshare purchase? We have 4 more days to rescind.

Also, 2) I may be interested in converting to an RCI points structure as most of our travels are by getaways 2 day weekends. I believe this purchase is 74000 "tri"-annual point value. I did some research and believe each RCI certificate is good for 25000 points. Is converting from RCI weeks to RCI Points a good value? Any tips on how to do that, as I have another 40 days before receiving RCI Member ID?
 

Passepartout

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Rescind. You can get similar packages free (or nearly). Get one that's already been converted to RCI Points if that's what you want anyway. Any RCI resort you own will include access to unlimited Last Calls and Extra Vacations for those getaways.

Follow the instructions in your contract to rescind. Do it by mail, and do not return to the salesroom.

Welcome to TUG!

Jim
 

SteelerGal

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Welcome to TUG.
Definitely rescind.
Follow the advice given above.
 

amycurl

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Read, read, read here. Rescind, and then you'll find plenty of free RCI points available for the taking. (No, there's no catch; people just want out of the annual MF obligation for various reasons, none of which have to do with the actual vacation experience.)
 

Rachman

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Thank you all. Curious though, don't I need to have a deed to be an RCI member in order to use/purchase the points? If so, 1) does it matter where the already point converted property is located - week, float/fixed, location, etc? 2) Will i ever have to visit that location? 3) If the location is not competitive with other resorts does it matter that I buy the converted point properties?
 
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Karen G

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Thank you all. Curious though, don't I need to have a deed to be an RCI member in order to use/purchase the points?
No. If you buy a timeshare resale that has already been converted to points, you could join RCI with that ownership. But, the fact that you still have questions as to whether or not you made a good deal is reason enough to rescind. You have just this one opportunity to exercise your right to rescind this purchase. If you don't do it, you're stuck with what you bought.

After you've done a lot more research and after you fully understand how it all works you can still buy something from the developer if you really think it's a good deal. They are always happy to sell. But, I'll bet you find something better!
 

dayooper

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No. If you buy a timeshare resale that has already been converted to points, you could join RCI with that ownership. But, the fact that you still have questions as to whether or not you made a good deal is reason enough to rescind. You have just this one opportunity to exercise your right to rescind this purchase. If you don't do it, you're stuck with what you bought.

After you've done a lot more research and after you fully understand how it all works you can still buy something from the developer if you really think it's a good deal. They are always happy to sell. But, I'll bet you find something better!
Couldn’t have said it better myself. I’ll add join Tug. Best $15 you will spend timesharing. The unbiased reviews alone are worth it.
 

montygz

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Thank you all. Curious though, don't I need to have a deed to be an RCI member in order to use/purchase the points?
To become an RCI member you would first need to acquire a timeshare.

Instead of paying $9,500 you can get one for free or for just a few bucks. I repeat, they are selling something you can get for free for $9,500.

For example, I paid $250 all-time for 98,000 points a year at the Grandview, another Vacation Villages property with even lower maintenance fees than Parkway.

Rescind immediately, then study up on how timesharing works. There are many fees and costs involved you likely don't understand.

You may learn that renting is a better fit and you don't have to buy anything.

Consider yourself lucky you found TUG before the rescind deadline.
 

Rachman

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Thank you, learning a lot so far. Yes, I agree $1 is better than $9500. The maintenance fee is the bigger issue for us, which with a Triennial plan we are only paying $323 a year vs $969. Amortized over a lifespan this seemed like a better deal, in addition we receive the RCI certificates annually. Plus we are still able to purchase these RCI points in the market on a whim like TUG members were mentioning above. Considering rescinding by tomorrow unless someone can talk me back into the plan. Does it cost money to convert from RCI weeks to points - other than RCI member price?
 

Passepartout

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Thank you all. Curious though, don't I need to have a deed to be an RCI member in order to use/purchase the points? If so, 1) does it matter where the already point converted property is located - week, float/fixed, location, etc? 2) Will i ever have to visit that location? 3) If the location is not competitive with other resorts does it matter that I buy the converted point properties?
I own an RCI Points TS. I have only stayed there once in the 15 years I have owned there, and rented that time. We just use it for the points and have been all over the US, Europe, Mexico, and Hawaii using the points. What you want to watch is the ratio (cost) of the number of points you get for the annual MF cost. The VV resorts are among the best. If the cost per point is under a penny each, it's a pretty good deal.

Jim
 

Rachman

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I own an RCI Points TS. I have only stayed there once in the 15 years I have owned there, and rented that time. We just use it for the points and have been all over the US, Europe, Mexico, and Hawaii using the points. What you want to watch is the ratio (cost) of the number of points you get for the annual MF cost. The VV resorts are among the best. If the cost per point is under a penny each, it's a pretty good deal.

Jim
How's $969 for 74000 points? Came to $0.013458. Thinking about improving the ratio with a purchase here and there of RCI points. Definitely see what you are saying - Could be better. Oops, let me adjust this. How's $969 for 74000+75000 (annual RCI points in addition to deed x 3 years)? Came to $0.0065.
 
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Karen G

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Karen G

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Passepartout

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How's $969 for 74000 points? Came to $0.013458. Thinking about improving the ratio with a purchase here and there of RCI points. Definitely see what you are saying - Could be better. Oops, let me adjust this. How's $969 for 74000+75000 (annual RCI points in addition to deed x 3 years)? Came to $0.0065.
I know from the thread title that you're wanting approval of the developer purchase you made. You won't get it from me. You are paying too much for the points in the long run. Those 74K are every 3 years so that is really just 25K a year, which only averages out to a 1 bedroom unit most of the time. PLUS a roughly $250 exchange fee (EACH) on top of the MF. Yes, you score well for the first 3 years, but after that you're on the hook for almost a buck a day for a vacation every three years.

As I said in my first reply: rescind while you can. There are much better deals out there.

Jim
 

Rachman

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Here's a list of what is currectly being offered on eBay: https://www.ebay.com/sch/i.html?_from=R40&_nkw=vacation+village+membership,+timeshare&_sacat=0&LH_TitleDesc=0&rt=nc

Another idea to consider: Instead of paying $9500 to the developer, put that money in some kind of interest earning account and use the earnings to go toward your annual maintenance fees if you buy resale.
Thanks, eBay seems no doubt more up-to-date. I was wondering if Ebay was usually pretty legit/safe when purchasing TS's. Or is TUG's classified list more trustworthy, up-to-date?
 

Rachman

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I know from the thread title that you're wanting approval of the developer purchase you made. You won't get it from me. You are paying too much for the points in the long run. Those 74K are every 3 years so that is really just 25K a year, which only averages out to a 1 bedroom unit most of the time. PLUS a roughly $250 exchange fee (EACH) on top of the MF. Yes, you score well for the first 3 years, but after that you're on the hook for almost a buck a day for a vacation every three years.

As I said in my first reply: rescind while you can. There are much better deals out there.

Jim
Wow! So over 3 years (being triennial) there is a $250 per each Annual RCI Week Certificate (250x3) + $250 per Deed week conversion? Totaled $1000 in conversion to RCI point fees every 3 years? Do I have to repeat the conversion every time, or can I just tell RCI that is what I want to do from now on?
 

SteelerGal

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However for $323/annually, you only get usage every 3yrs for a week. Whereas after becoming a member and studying, I picked up a 1bdrm at Sheraton Desert Oasis for $0. Mf is $700/annual usage. We can either stay there, rent, or trade into RCI or II.
Spend the $15, study and learn.
 

Passepartout

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Wow! So over 3 years (being triennial) there is a $250 per each Annual RCI Week Certificate (250x3) + $250 per Deed week conversion? Totaled $1000 in conversion to RCI point fees every 3 years? Do I have to repeat the conversion every time, or can I just tell RCI that is what I want to do from now on?
I know nothing of this 'conversion', but there is an exchange fee each time you exchange RCI Points for a stay at any resort. And is the RCI membership included in your VV ownership? If not that's another $90 a year on top of the MF.
 

Passepartout

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As has been said, today would be a good time to write that rescission letter so you are able to take it to the post office Monday morning and save yourself nearly $10,000.

Jim
 

Fredflintstone

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Fredflintstone

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Everyone is right. Run, don’t walk! Rescind today!

I have seen the exact same thing on eBay go for $1.00

Btw, please review the reviews on BBB for Vacation Village and their responses. Once the rescind time is over, they pride themselves in telling you that and you are stuck.

https://www.bbb.org/us/fl/fort-lauderdale/profile/timeshare-companies/vacation-village-resorts-0633-4003645


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After your rescind period is over, here’s the canned response consumers receive from Vacation Village on BBB.

In other words, Ha, ha, times up and you are in Charlottes Web now!

about our concerns. continued below
DW
Vacation Village Resorts Response
01/08/2019
***Document Attached*** January 8, 2019 Re: BBB Case ********* (the "Complaint") filed by ******* ****** (the "Consumer") regarding the purchase of a timeshare interval from Lando Resorts Corporation (the Developer") under Contract No. ******* (the "Contract"). To whom it may concern: Thank you for sending us the communication from the Consumers named above. I have reviewed the Complaint from the Consumers along with the file for the Contract at issue. After an evaluation of all relevant information, I wish to inform you that the Developer denies the allegations made in the Complaint. As background information, on March 11, 2018, the Consumers entered into an agreement to purchase a Timeshare Interval at Vacation Village at Parkway. The Developer provided the Consumers with financing (the "Loan") for the purchase of the Timeshare Interval. The Consumer has made 1 payment and is currently in default of her financial obligation under the Loan. The Developer is properly registered in all jurisdictions requiring registration and all required documents have been submitted to and approved by the governing regulatory authority. Likewise, all employees receive educational as well as practical on-site training, and all sales employees are properly licensed, where required. The Developer and its sales representatives exercise great care in educating each prospective purchaser about what they are purchasing. The closing process is divided between a Sales Representative and a Verification Officer. This split process is deliberate and serves to eliminate any possible confusion that the Consumers may have had. The Developer makes a concerted effort to assure that each prospective purchaser makes an informed and educated decision as to whether or not to purchase. All of the terms, fees and costs associated with the purchase are documented in writing for mutual protection. The Consumers participated in the entire sales and closing process and had the full opportunity to ask any and all questions before signing any documents and making the payment of the deposit. The Consumers also had the opportunity to simply decline the offer. In addition, the Consumers were entitled to rescind the Contract during the statutory ten (10) day rescission period. The rescission period is disclosed within the documents that they signed and received. Specifically, it is disclosed in bold print on two (2) documents; the Contract for Purchase and Sales and the Receipt for Timeshare Documents. The rescission period is clearly stated in bold print directly above the Consumers' signature on both of these documents; copies of these documents are attached for your reference. Once the rescission period expires, as it has in this case, the Contract cannot be rescinded and the Consumers cannot unilaterally decide not to be bound by the terms to which they already agreed. If the Consumers truly did not want to purchase the Timeshare Interval, they could have walked away from the sales meeting at any time. The Consumers had the option to not sign, not make a down payment and not agree to purchase. Instead, the Consumers participated in the entire sales and closing process, signed a multitude of documents, paid the down payment confirming their desire and intent to complete the purchase transaction. For the reasons cited above, the Developer is not willing to cancel the Contract, release the Consumers from their financial obligation or refund any monies paid as there is no evidence of Developer misrepresentation. It is our sincere hope that the Consumers will maintain and enjoy their vacation ownership. If they are having any trouble and need assistance in booking their next vacation, they can contact the Concierge Services Department at ************* A representative of the Concierge Services Department will be happy to assist them personally. The Developer is under no obligation to seek BBB accreditation and is not accredited with the BBB as a matter of choice therefore; all future communication concerning the Consumer's Timeshare Interval must be sent directly to Vacation Village Resorts Corporate Office by mail at **** East ******* Park Boulevard, Fort Lauderdale, FL XXXXX or by fax (XXX) XXX-XXXX. We appreciate your attention to this important matter. Very truly yours, ** ** **** Corporate Relations Manager
anonymous user
Customer Response



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dayooper

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Thank you, learning a lot so far. Yes, I agree $1 is better than $9500. The maintenance fee is the bigger issue for us, which with a Triennial plan we are only paying $323 a year vs $969. Amortized over a lifespan this seemed like a better deal, in addition we receive the RCI certificates annually. Plus we are still able to purchase these RCI points in the market on a whim like TUG members were mentioning above. Considering rescinding by tomorrow unless someone can talk me back into the plan. Does it cost money to convert from RCI weeks to points - other than RCI member price?
Check out the bargain bin here on Tug. Every once and awhile, a Vacation Village will pop up, usually a biennial or triennial. These are free or only cost of transfer intervals. If you can get Grandview in Vegas, the MF’s are even better than Parkway.
 

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Resale VV properties also get an annual RCI extra vacation certificate. I own at Grandview resale. The certificate is of minimal value, you have to pay a full exchange fee, the resorts are limited, and they can only be used close dated for basically unclaimed inventory so typically off-season and/or undesirable resorts.

I enjoy my RCI points membership and the MF/points ratio at Grandview are great. I'd enjoy it a lot less if I paid retail. There's absolutely no benefit to buying from the developer for VV properties. Go buy a 98K Grandview contract on eBay. They are typically between $100-$500. Or a 122K Grandview (same yearly maintenance fee but more points) but expect to pay $3k+ for one of those. Still a better deal than retail.
 

Aurelius

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Also keep in mind if you ever plan to exchange for a Disney property, VV Parkway is not the property you want. Disney restricts exchanges from Orlando/Kissimmee timeshare owners. Other VV properties are fine. As stated earlier Grandview is a better deal anyway.
 

Panina

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Are you going to recind? You have been given great advice here. Many of us weren’t as lucky as you to have found TUG in time. What you purchased you can get in resale for free. There is no scenario that makes your purchase a good buy. Hoping you will rescind. Welcome to TUG.
 
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