Studio at Mayan Palace Nuevo Vallarta - good deal or bad?

[rniver]

My wife and I just agreed to purchase a 100 year "right to use" contract for one registered studio week, two Grand Vacation studio weeks, and one "Vida" week per year at the Mayan Palace in Nuevo Vallarta. A golf package, "marketing plan", and 15 HSI breakaway weeks are included. The marketing plan consists of promotions to golfers that include weeks we can resell to the resort at a net profit of $800 per week.

We have 3 or 4 more days available to rescind the contract and need to hear from more experienced timeshare owners whether this is a great deal, a horrible deal, or somewhere in between.

The cost for this contract is $11,000 USD plus the trade in of 19 anytime weeks from the Moon Palace in Cancun to be used within the next 13 years, and 14 EOY weeks from the Sheraton Buganvilias in Puerto Vallarta (Total trade-in value of $18,100). The annual maintenance is $485 for each registered week used and for each Grand Vacation week used. Every five years we have to pay an additional "renovating" fee equal to two weeks' maintenance fee.

We can use the registered week and the two Grand Vacation weeks to stay at any Mayan Palace without an exchange fee; or exchange, resell/rent, or simply let the weeks expire. The Grand Vacation weeks are "subject to availability". Each of the weeks can supposedly be split into as many as three weeks via SFX as long as the total "trading power" of the three weeks doesn't exceed the trading power of the Mayan Palace week exchanged.

A "Vida" week is the right to book an additional week with SFX to stay anywhere except Vida properties at the rate of $200 for a studio, $400 for a 1-bedroom, or $600 for a 2 bedroom. No additional maintenance or exchange fee for the Vida week.

Can I believe the sales pitch? Does this sound like a desirable contract at this or any price? How much should this type of contract cost?

Please let us know what you think.

 

[Karen G]

Just the fact that you have so many unanswered questions about this deal is reason enough to rescind while you still have the chance. Once the time passes, you won't have this opportunity ever again.

Rescind. Take your time, and do some more research. Buying any timeshare from the developer nowadays is not a good deal, especially for a Mexican timeshare. You can find so many bargains on the resale market--many people are giving away their timeshares and paying all the closing costs plus next year's maintenance fee just to get out from under the burden of ever-increasing annual fees. Often you can rent a week for less than the annual fees.

Follow the rescission instructions exactly. Don't even talk with the sales staff again because they will try to talk you out of it. This deal will be available again, no matter what the salesman tells you. Get out while you still can.

 

[T_R_Oglodyte]

... The marketing plan consists of promotions to golfers that include weeks we can resell to the resort at a net profit of $800 per week.

Others, I'm sure will chime in with many thoughts. I want to focus on this.

Take a step back and think about this for a moment. Why in the world would they sell you something that you can turn around and sell back to them for $800 profit. That doesn't make a whit of sense. Ir the weeks have that kind of value, why would they bother selling them to you. Wouldn't it be easier and more profitable for them just to keep the weeks for themselves?

Rest assured that they are not giving you anything out of the goodness of their hearts. If they are giving you weeks that you actually cound turn around and sell back for $800, you can be sure that you are paying closer to $1500 for those weeks - you're paying for it somewhere else in the sale.

 

[kenie]

Others have reported that the weeks they "traded in" were never transferred out of their names, and the next year they got bills for the maintenance fees since they still owned those weeks as well.
There is no guarantee that you will be able to rent any weeks so don't count on that either.
Goupo Mayan is notorious for disinformation in their sales practises.
Don't rush to purchase anything.

 

[judy23]

Rescind as fast as you can.For Starters a studio at MP is nothing more than a hotel room unlike studios at other resorts. They lie thru their teeth to get you to sign on the dotted line.Unless you have it in writing it doesn't exist.Please don't fall for their line of bull!!!!

 

[rpennisi]

The studio has no kitchen, so all meals have to be eaten out.
I never heard this twist before...the deal includes your ability to use weeks at the Moon Palace in Cancun and Buganvilea in PV, which are not Vida properties as far as I know.
You will not get $800 for a week you let them rent, it just won't happen.
Look on Redweek.com, you can rent those weeks for the MF or less and save the $11000 and 5 yr renewals.
Rescind.

 

[kenie]

They were trading their current ownerships in to take the price down to 11k.

 

[pittle]

As rpennisi said - it is just a hotel room! You will never get the no m/f deal or rentals. Rescind!!! Read that contract with a fine tooth comb and make sure everything they told you is in writing!!! As a 13 year MP/GM owner, I recommend that you rescind. When it sounds too good to be true, it usually is!

I own lots of MP/GM weeks and bought several on eBay. You can pick a 2-bedroom week up for about $1 plus the transfer fees now. Newer contracts would have transfer fees of $2500 or so and older contracts would range from $580-$1600 depending on when they were originally purchased. Those can provide a much nicer vacation, but does not have the golf package.

The deals where you can get the extra weeks is basically the old Vacation Fair and Sun Pak programs. Pay the cost of a maintenance fee for the size unit you want and you can go. These have limitations on when you can go and how far in advance you can book.

SFX does give you bonus weeks, but I am not sure that they take just hotel rooms. If they do, like other exchange companies, they usually trade for similar units. The vacation sell-off list that has availability for the next 60 days will be your best bet.

 

[pittle]

They were trading their current ownerships in to take the price down to 11k.

That is just a ploy - half the time they give you that week back. If you did not have anything to trade in you would have gotten the same deal.

 

[ronandjoan]

When you send in your paperwork, be sure to make copies of everything and send by registered/certified mail with signatures required.

 

[drguy]

For us, it made sense to upgrade to Grand Luxxe and get rid of mandatory timeshare maintenance fees in other resorts. We were given the opportunity to keep the timeshares by the transfer company if we wanted them. We chose to get them out of our portfolio and save $7000 per year. The GL has maintenance fees due only when we use it, as did our Grand Mayan.
It will take about 2-3 years for the savings to equal the expense, but it was worth it to us at this time in our lives. Your situation on eliminating the trade in weeks may be similar to our situation.
Guy