Rookie - First Purchase, How did I do?

[rapmarks]

I thought I just saw a free vv at parkway offered here.

 

[Rachman]

Thank you for bearing with me. Usually it helps my learning process to play "devils advocate", and look at excuses from all angles. My plan is to Rescind. With TUG families help it seems I am able to 1) Save $9500 by paying $1 (best case) upfront - [BTW, What is the full transfer of ownership cost? I'm assuming every time I purchase a TS on the TUG/eBay market I have to pay this, unless original owner pays cost.] 2) Get the option to purchase additional points for under $0.01/point. 3) Use eBay/TUG Classifieds to purchase converted property points at optimal MF/Point ratio while securing my membership with an additional RCI fee [$99 or $129/annually?]. 4) Gracefully pulling out within Florida's 10-day rescinding period - escaping dreaded letter which would legally bind my family to document.

 

[RX8]

Another one advising to rescind.

You stated that you have 4 more days to rescind. Was this based on what the contract says? I ask because states have different rescission laws. For example, Nevada is 5 days. It also matters where you signed the timeshare purchase contract, not where the resort is located. If you purchased in Florida 10 days would be correct. That would be 10 calendar days. Today and tomorrow count towards those days so if you mail it on Monday you would be down to two days remaining. Hoping you weren’t counting as business days.

 

[dayooper]

Thank you for bearing with me. Usually it helps my learning process to play "devils advocate", and look at excuses from all angles. My plan is to Rescind. With TUG families help it seems I am able to 1) Save $9500 by paying $1 (best case) upfront - [BTW, What is the full transfer of ownership cost? I'm assuming every time I purchase a TS on the TUG/eBay market I have to pay this, unless original owner pays cost.] 2) Get the option to purchase additional points for under $0.01/point. 3) Use eBay/TUG Classifieds to purchase converted property points at optimal MF/Point ratio while securing my membership with an additional RCI fee [$99 or $129/annually?]. 4) Gracefully pulling out within Florida's 10-day rescinding period - escaping dreaded letter which would legally bind my family to document.

Be careful with eBay. Make sure you research the seller before you bid. There are some very good sellers and those that are scammers as well. If you are patient, you will be able to get a free Vaction Village unit, many of which the sellers have already agreed to pay the transfer fees.

Recind now and research before you take on a timeshare. They are very easy to get into, but if life happens and you have to rid yourself of it, a smart acquisition will allow you to do so if you have to. This community is your greatest asset for purchasing and using timeshares. Use it to its fullest and you will be a happy ti

 

[Fredflintstone]

Thank you for bearing with me. Usually it helps my learning process to play "devils advocate", and look at excuses from all angles. My plan is to Rescind. With TUG families help it seems I am able to 1) Save $9500 by paying $1 (best case) upfront - [BTW, What is the full transfer of ownership cost? I'm assuming every time I purchase a TS on the TUG/eBay market I have to pay this, unless original owner pays cost.] 2) Get the option to purchase additional points for under $0.01/point. 3) Use eBay/TUG Classifieds to purchase converted property points at optimal MF/Point ratio while securing my membership with an additional RCI fee [$99 or $129/annually?]. 4) Gracefully pulling out within Florida's 10-day rescinding period - escaping dreaded letter which would legally bind my family to document.

Some answers.

1. Transfer costs can be had for around 150.00. Sometimes that cost is paid by the seller. I have seen cases with Vacation Village where you pay a dollar on eBay and they pay all transfer costs, give you a free rci membership for a year and a 200 dollar visa gift card to boot.

2. Depends. Sometimes extra points can be purchased sometimes not.

3. Yes, if you want

4. Good to rescind ASAP. DO IT TODAY. SEND IT CERTIFIED, RETURN RECEIPT. POST OFFICE OUTLETS ARE STILL OPEN.

If you really want to be the devils advocate, pay us 9 k and we will find you a free timeshare with double the points. Just kidding


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[Passepartout]

Thank you for bearing with me. Usually it helps my learning process to play "devils advocate", and look at excuses from all angles. My plan is to Rescind. With TUG families help it seems I am able to 1) Save $9500 by paying $1 (best case) upfront - [BTW, What is the full transfer of ownership cost? I'm assuming every time I purchase a TS on the TUG/eBay market I have to pay this, unless original owner pays cost.] 2) Get the option to purchase additional points for under $0.01/point. 3) Use eBay/TUG Classifieds to purchase converted property points at optimal MF/Point ratio while securing my membership with an additional RCI fee [$99 or $129/annually?]. 4) Gracefully pulling out within Florida's 10-day rescinding period - escaping dreaded letter which would legally bind my family to document.

If it was me and I had to do it all over again, I wouldn't buy a TS at all. I'd rent. There are no upfront costs. Often you can rent a TS unit for less than the annual MF of the unit, and there are no exit costs if you suffer a reversal of fortune, or just want to use the money for something other than a vacation. But since you asked, many times the transfer cost is borne by the seller, but if you choose, there are TUGgers who do it professionally at a reasonable couple hundred bucks. If you buy a TS that's in RCI Points, you can acquire extra points for (iirc) 2 cents each, but usually you just borrow them from yourself- Unused points carry over to the next use year, and you can 'borrow' from future use years as long as the MF and membership is pre-paid.

Get that letter written.

Jim

 

[Fredflintstone]

If it was me and I had to do it all over again, I wouldn't buy a TS at all. I'd rent. There ate no upfront costs. Often you can rent a TS unit for less than the annual MF of the unit, and there are no exit costs if you suffer a reversal of fortune, or just want to use the money for something other than a vacation. But since you asked, many times the transfer cost is borne by the seller, but if you choose, there are TUGgers who do it professionally at a reasonable couple hundred bucks. If you buy a TS that's in RCI Points, you can acquire extra points for (iirc) 2 cents each, but usually you just borrow them from yourself- Unused points carry over to the next use year, and you can 'borrow' from future use years as long as the MF and membership is pre-paid.

Get that letter written.

Jim

I rent only Jim. I used to have timeshares but found I can rent cheaper at all resorts and not have the headache of ownership that binds me to a resort.

I still respect those here that do own. Different strokes, different folks.


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[Fredflintstone]

Oh, and when you send in your rescind letter, be sure to keep a copy. Also fax it directly to them. The fax number should be in the instructions they give you to rescind. State in you letter that rescind was sent both fax and certified letter in your letter to them.

Follow their instructions on how to rescind to the letter. Remember, they want you enslaved and hate rescinding because they have lost money and control.

Everyone here is giving you excellent advice. They know what they are talking about.


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[Fredflintstone]

Just for comparison, look on tug for bargain rentals. The maximum charge is 800 a week for last minute. I have used these with great success. I have stayed at Marriotts in Maui, Hilton’s, Hyatt’s at a fraction of the cost of maintenance. I have met wonderful people kind enough to rent it to me. Their generosity has been appreciated.


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[Rachman]

Another one advising to rescind.

You stated that you have 4 more days to rescind. Was this based on what the contract says? I ask because states have different rescission laws. For example, Nevada is 5 days. It also matters where you signed the timeshare purchase contract, not where the resort is located. If you purchased in Florida 10 days would be correct. That would be 10 calendar days. Today and tomorrow count towards those days so if you mail it on Monday you would be down to two days remaining. Hoping you weren’t counting as business days.

Yes, Thank you. Florida is the State of Timeshare. I purchased on Monday 5/13 I have until 5/23 Thursday.

 

[Rachman]

I rent only Jim. I used to have timeshares but found I can rent cheaper at all resorts and not have the headache of ownership that binds me to a resort.

I still respect those here that do own. Different strokes, different folks.


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Interesting. Our desire is to go on quarterly getaways for 2-3 days max at a time. I also know I will be addicted to putting together RCI points as it gives a nice dopamine rush when allocating vacations. We may use a week every other year or so. We are in our 40's with a 4 year old and will try to take vacation whenever we can. Is it easy to pick up points (point per penny?)

 

[Passepartout]

Interesting. Our desire is to go on quarterly getaways for 2-3 days max at a time. I also know I will be addicted to putting together RCI points as it gives a nice dopamine rush when allocating vacations. We may use a week every other year or so. We are in our 40's with a 4 year old and will try to take vacation whenever we can. Is it easy to pick up points (point per penny?)

The problem with this is that those exchange fees (remember them?) will kill you. There is a fee EVERY time you exchange. The bargain- when it works- is Last Calls. Those are cash paid 7 night vacations- no exchange fees and move-in is within 45 days. They don't care if you just stay for 2-3 days. It's the same price- under $300 depending on size of the unit. Now, don't be expecting Disney or Hilton quality. Odds of finding an ocean view in Summer or a ski-in/out during January school break are slim to none. Expect beach vacays in Winter and Ski resorts in mud season. But heck, a resort always has indoor activities, and the price is right.

 

[Linden]

Looks like Sumday Vacations has some starting at .99 cents. With a 250.00 gift card.

 

[Fredflintstone]

The problem with this is that those exchange fees (remember them?) will kill you. There is a fee EVERY time you exchange. The bargain- when it works- is Last Calls. Those are cash paid 7 night vacations- no exchange fees and move-in is within 45 days. They don't care if you just stay for 2-3 days. It's the same price- under $300 depending on size of the unit. Now, don't be expecting Disney or Hilton quality. Odds of finding an ocean view in Summer or a ski-in/out during January school break are slim to none. Expect beach vacays in Winter and Ski resorts in mud season. But heck, a resort always has indoor activities, and the price is right.

You are bang on there and RCI fees jump a lot yearly. Frankly, they are out of control. That was the MAIN reason I got out of timeshare ownership. The yearly maintenance fees are just the start. Add 300 plus exchange fee, membership fees, fees to combine weeks/points, fees to carry over, it’s just not worth it anymore. And yes, getting the place you want is brutal too. Usually, you get Vegas easy but almost everywhere else desirable by season is not available.

Here are their eye gouging fee schedule.

https://www.rci.com/pre-rci-en_US/help/forms-and-fees/wow-member-fees-us.page

Take a look at fees just to bank your points. If you don’t, your points are gone, they got a free trade and you lost your maintenance fee (through them taking your points because you didn’t extend by paying the extension fee)


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[montygz]

Interesting. Our desire is to go on quarterly getaways for 2-3 days max at a time. I also know I will be addicted to putting together RCI points as it gives a nice dopamine rush when allocating vacations. We may use a week every other year or so. We are in our 40's with a 4 year old and will try to take vacation whenever we can. Is it easy to pick up points (point per penny?)

For what you want to do, RCI is not a great value. I've found the best value is booking a week at a time, not for short stays. Also, you get your best resorts when you plan months ahead, not go "whenever."

 

[Fredflintstone]

For what you want to do, RCI is not a great value. I've found the best value is booking a week at a time, not for short stays. Also, you get your best resorts when you plan months ahead, not go "whenever."

That’s right...or in my case, I just rent. I can choose where I want to go and when. I can compare accommodations and choose the best deal. I find competition for the renter works in my favour. I have no commitments and no regular fees. I just works for me.

That said, I respect those who choose to own and see value in that.


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[SteelerGal]

We are a family of 7 w/ children under 8. Love long weekend getaways as well. We rent or exchange. To help control cost, purchased drive to locations, EOYE and traders. Will primarily travel off season while children are young.
Take a little risk and do some planning.

 

[Fredflintstone]

We are a family of 7 w/ children under 8. Love long weekend getaways as well. We rent or exchange. To help control cost, purchased drive to locations, EOYE and traders. Will primarily travel off season while children are young.
Take a little risk and do some planning.

Thats a good way to save with kids. I must say... timeshares do work well for larger groups. In my case, my kids are grown so all i need is something for my partner and I. So we can go hotel room. Many times I try to get a private timeshare rental as the cost is good and more room is nice.

 

[Fredflintstone]

My biggest thing is I feel in control renting. I can choose what i want and not feel victim to uncontrolled maintenance fees and RCI exchange fees. I dont like to feel i have to vacation to use up expiring points. Or, have someone tell me the fees are going up and i must comply because i agreed to it in writing. To me, thats not freedom but obligation and requirement on their terms that they can change anytime.


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[Curious.tugbbs]

What can one do to get rid of TS which has been owned for several years?
We want to get rid of our deeded timeshares at VVP. The resort said they have no deed back program.
They say we must pay $1500 per unit plus other costs!!!
How did you get rid of a VVP TS at minimal cost and without incurring penalties?
Can it just be sold to a willing buyer?

 

[RX8]

What can one do to get rid of TS which has been owned for several years?
We want to get rid of our deeded timeshares at VVP. The resort said they have no deed back program.
They say we must pay $1500 per unit plus other costs!!!
How did you get rid of a VVP TS at minimal cost and without incurring penalties?
Can it just be sold to a willing buyer?

Who says that you must pay $1500 per unit plus other costs?

There is a sticky at the top of this thread that provides instructions on how to give sell your timeshare (see link below). The process of giving away your timeshare is relatively easy but you still have to have a willing buyer ready to take it. If you find a buyer there are closing companies recommended here on TUG that can handle the whole process for you for a minimal fee.

https://tugbbs.com/forums/index.php...-your-timeshare-and-avoid-getting-scammed.44/

 

[Curious.tugbbs]

Who says that you must pay $1500 per unit plus other costs?

There is a sticky at the top of this thread that provides instructions on how to give sell your timeshare (see link below). The process of giving away your timeshare is relatively easy but you still have to have a willing buyer ready to take it. If you find a buyer there are closing companies recommended here on TUG that can handle the whole process for you for a minimal fee.

https://tugbbs.com/forums/index.php...-your-timeshare-and-avoid-getting-scammed.44/

Thank you very much RX8!