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Switching from II to RCI: pay $5000 so maintain fee drops from 850 to 225?

Winug22

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Is this a common arrangement?

Resort developer gets into financial trouble and resort ends up with new owner.

New owner offers existing timeshare owners a reduction of maintenance fees from 850 biannually to 125 annually in exchange for switching from II to RCI and a payment of $5000.

Or at least that is how I understand the proposition.

Seems unlikely to me that a resort owner would willingly switch from 850 biannually to 250 biannually in exchange for a one time $5000.

Might this just be an attempt to get a new purchase price of $5000 for the timeshare from the same owners who paid thousands as the original purchase price to the original developers. Without concern for whether the thing can last on $125 per timeshare per year?
 
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keep484

a TUG member, but I can't seem to find my code in the introductory email to input into my TUG BBS profile. How can I find my member code?

[If you really are a TUG member, you'll find your answer in the BBS Help area. However, I can find no member record with your user name or email address.

Also please review the Posting Rules, especially Rule 2 re advertising being prohibited
- Makai Guy, BBS Administrator]


[Commercial links removed - Makai Guy, BBS Administrator]
 
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theo

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Doesn't sound right to me...

New owner offers existing timeshare owners a reduction of maintenance fees from 850 biannually to 125 annually in exchange for switching from II to RCI and a payment of $5000.
Biannually means twice per year. Did you actually instead mean biennially (i.e., every other year)? :shrug:

In any event, this is clearly just a "raise some cash" endeavor. Rather than as you've described above, I'd be willing to bet that it's actually a "conversion" to become a RCI Points ownership, rather than just a change in exchange company affiliation.

Financially good for the resort --- selling to current owners (...all over again) a slightly different flavor of that which they already own anyhow. :eek: From a current owner perspective, it's most likely a complete waste of any money so spent....
 

Winug22

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Right you are. Should have been biennial.

Might be right again. "conversion" to become a RCI Points ownership sounds familiar. What is it?
 

timeos2

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Anytime you hear that you need to spend money to save it's best to run away. Invariably things somehow turn out differently than what you are verbally led to believe. Don't buy into any such plan unless you have excess money you wish to burn off.
 

Rent_Share

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IMHO the $125 annually is the RCI fee, the $850 would continue . . .
 

fishingguy

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I wouldn't do it

You can currently buy already converted RCI Points timeshares for next to nothing and at lower maintenance fees. So 5K$ is not a good deal, especially since your current maintenance fee would likely still continue and you'd end up with an additional RCI membership fee each year. (Points ownerships at less than $.01/point per year are not hard to come by.)

More and more resorts are pushing RCI Point conversions, in order to generate cash, dispo delinquent owner properties and support a sales staff. It may be appealing to someone who has an off-season week during a low demand period; but one has to carefully weigh the cost-to-benefit in doing so. The devil might be found in the details, so read on.

Just be aware that any promises that are made during a sales pitch are fully understood and are reflected in any contracts or other purchase agreements ahead of time. Then come back to TUG and verify that things will work the way that they were "promised"; since sales staff will frequently tell you anything to make a sale. By the way, a cash-strapped TS developer often looks for ways to generate revenue when they take over a problem from someone else -- unfortunately they sometimes end up making a lot of other changes too, that owners don't find favorable!
 
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