Thank you TUG!!! Just saved me 52k

[Scott-NY]

Thank you and all of the members here for sharing all of their knowledge. While staying at the Marriot Mountainside in Park City, my wife and I decided to purchase into the MVC. Later last night I stumbled into one of the videos on YouTube about the MVC. I watched the video and found the link for TUG. So glad that I did. I will be sending my rescind letter tomorrow once I arrive back home. We were purchasing 4k points for 52K and realized that I couldn’t even get the weeks or the rooms we wanted at out favorite destinations. I will be looking into a resale of Platinum week for Park City Mountainside instead.

 

[amycurl]

Great decision--as long as you are still within your rescission period. Read and research here, and then enjoy your resale!
@Grammarhero

 

[jwalk03]

Utah allows 5 business days to rescind! Don’t delay get that certified letter in the mail ASAP!

 

[kozykritter]

Utah allows 5 business days to rescind! Don’t delay get that certified letter in the mail ASAP!

The purchase contract in Park City says you have 10 days, and that would be the controlling document. I know because I bought points there this summer and then rescinded successfully on day 8.

 

[CPNY]

Thank you and all of the members here for sharing all of their knowledge. While staying at the Marriot Mountainside in Park City, my wife and I decided to purchase into the MVC. Later last night I stumbled into one of the videos on YouTube about the MVC. I watched the video and found the link for TUG. So glad that I did. I will be sending my rescind letter tomorrow once I arrive back home. We were purchasing 4k points for 52K and realized that I couldn’t even get the weeks or the rooms we wanted at out favorite destinations. I will be looking into a resale of Platinum week for Park City Mountainside instead.

Make sure that whoever signed the contract signed the rescission letter. Congrats!

 

[TUGBrian]

very happy you found us in time to save a huge chunk of change!

so much money you can turn into incredible vacations instead!

 

[dioxide45]

The purchase contract in Park City says you have 10 days, and that would be the controlling document. I know because I bought points there this summer and then rescinded successfully on day 8.

I beleive because MVC points are recorded in Orange COunty Florida, they have the 10 day rescission. The trust is also recorded in Florida. So it doesn't seem to matter where you buy Trust points, they would all be covered by the 10 day rescission period.

 

[MOXJO7282]

Wow amazing. You likely saved $30k +. If you're buying prime legacy ski week 2BDRM I assume the resale cost is approx $20k so that still comes with a big price tag but overall a much better value with much less risk. I own 32 Marriott legacy weeks and to me strong legacy weeks bought resale are absolutely the best bang for your buck. Legacy weeks are easier to secure (but not always easy) prime weeks, and if bought resale these prime legacy weeks maintain their resale value for the most part, so there isn't much risk in buying one compared to full freight points purchase where its like buying a brand new car and losing significant value by just driving it off the lot.

 

[DanCali]

if bought resale these prime legacy weeks maintain their resale value for the most part, so there isn't much risk in buying one compared to full freight points purchase where its like buying a brand new car and losing significant value by just driving it off the lot.

You're being too generous here with the car analogy. The loss on a new car is about 40%-45% after 3 years, and much less (~10%) if you were to sell it 10 days after you drove it off the lot.

As for Abound points, with "full freight" points the loss is more like 80% after 10 days. In fact, you would also lose 50%, or possibly more, with resale points thanks to the "initiation fee". One one more argument favoring legacy weeks...

 

[CPNY]

Wow amazing. You likely saved $30k +. If you're buying prime legacy ski week 2BDRM I assume the resale cost is approx $20k so that still comes with a big price tag but overall a much better value with much less risk. I own 32 Marriott legacy weeks and to me strong legacy weeks bought resale are absolutely the best bang for your buck. Legacy weeks are easier to secure (but not always easy) prime weeks, and if bought resale these prime legacy weeks maintain their resale value for the most part, so there isn't much risk in buying one compared to full freight points purchase where its like buying a brand new car and losing significant value by just driving it off the lot.

Your Maintenance fees on 32 weeks is like buying a new car annually. Of course if you’re renting half and getting enough to cover all of the fees then that’s not so bad.

 

[MOXJO7282]

Your Maintenance fees on 32 weeks is like buying a new car annually. Of course if you’re renting half and getting enough to cover all of the fees then that’s not so bad.

My MFs in 2023 with my recently purchased 3BDRM Westin St John and 3BDRM Maui now exceed $75k! I will receive 450k Bonvoy points just for paying my MFs every year. That's like a big discount in the form of air and room certificates.

 

[LannyPC]

We were purchasing 4k points for 52K and realized that I couldn’t even get the weeks or the rooms we wanted at out favorite destinations.

First of all, good for you for finding TUG in time to rescind. Now, just a couple of questions out of curiosity. What did the sales people tell you that convinced you that the product you bought was worth at least $52,000? Assuming that you do/did not have $52,000 in your pocket to burn, how did you come up with $52,000 (IOW, was there some sort of finance offer)?

 

[jwalk03]

My MFs in 2023 with my recently purchased 3BDRM Westin St John and 3BDRM Maui now exceed $75k! I will receive 450k Bonvoy points just for paying my MFs every year. That's like a big discount in the form of air and room certificates.

Wow. I thought mine was bad at $12k this year!

 

[frank808]

My MFs in 2023 with my recently purchased 3BDRM Westin St John and 3BDRM Maui now exceed $75k! I will receive 450k Bonvoy points just for paying my MFs every year. That's like a big discount in the form of air and room certificates.

I'll trade you maintenance fee bills gladly

 

[jehb2]

Congratulation!

 

[Herb51]

Thank you and all of the members here for sharing all of their knowledge. While staying at the Marriot Mountainside in Park City, my wife and I decided to purchase into the MVC. Later last night I stumbled into one of the videos on YouTube about the MVC. I watched the video and found the link for TUG. So glad that I did. I will be sending my rescind letter tomorrow once I arrive back home. We were purchasing 4k points for 52K and realized that I couldn’t even get the weeks or the rooms we wanted at out favorite destinations. I will be looking into a resale of Platinum week for Park City Mountainside instead.

What is recission period? We too purchased 1K points for 15,000 and now wish we could get out of it. My husband has health issues. Our closing date was December 26th and we think it is too late.

 

[Herb51]

Great decision--as long as you are still within your rescission period. Read and research here, and then enjoy your resale!
@Grammarhero

What is the recission period?

 

[Fasttr]

What is the recission period?

See post #7

 

[rickandcindy23]

What is recission period? We too purchased 1K points for 15,000 and now wish we could get out of it. My husband has health issues. Our closing date was December 26th and we think it is too late.

No state has rescission laws going back 3+ weeks. I am afraid you are way too late.

 

[Scott-NY]

Thank you everyone. Sent email and letter on Monday the 23rd 5 days after contract signed. Got confirmation right away of receipt and was called the next day by the salesperson who was not happy. But all in all contract cancelled and awaiting my deposit back which should be any day now.

 

[rickandcindy23]

So inappropriate for the salesperson to call you. There is no law against a call, but still it would not be appreciated by me, that's for sure. An ebay timeshare reseller names tochoa25 had a 2 bedroom lockoff at Summit Watch that he started out asking maybe $39,000 for, and the price went down every few weeks until he finally sold it. It's not a cheap property, but I considered buying it because I knew I could rent it for a profit. It's a rare thing to see, but that one was about five months ago.

Thank you everyone. Sent email and letter on Monday the 23rd 5 days after contract signed. Got confirmation right away of receipt and was called the next day by the salesperson who was not happy. But all in all contract cancelled and awaiting my deposit back which should be any day now.

 

[Eggrollcreative]

This thread made my day. Thank you.

 

[dioxide45]

So inappropriate for the salesperson to call you. There is no law against a call, but still it would not be appreciated by me, that's for sure. An ebay timeshare reseller names tochoa25 had a 2 bedroom lockoff at Summit Watch that he started out asking maybe $39,000 for, and the price went down every few weeks until he finally sold it. It's not a cheap property, but I considered buying it because I knew I could rent it for a profit. It's a rare thing to see, but that one was about five months ago.

I guess Mr tocha25 doesn't trust the auction process anymore?

 

[TheTimeTraveler]

What is recission period? We too purchased 1K points for 15,000 and now wish we could get out of it. My husband has health issues. Our closing date was December 26th and we think it is too late.

Indeed it is now too late. With that said make the best of them by either selling them, renting them or using them. Check the Vacation Point Exchange website below;


www.VacationPointExchange.com


Also, you may want to consider using your points to reserve juicy, desirable weeks and renting those weeks for top dollar using Redweek. www.Redweek.com

Best of luck.



.

 

[DeeCee]

We had much the same experience with a legacy week in HH some years back. We went to HH on a sales promotion and had to attend a presentation. It was a hard sell effort. We are a hard no couple the saleswoman was frustrated and practically under her breath mentioned resale weeks while she was breaking down numbers on the board. I caught the comment. We signed to get all the books and resorts info, knowing we were going to recind the next day. We took everything back to our hotel so I could get a better idea of the points charts. They wanted close to 30k for 2000 (or 2200-dont exactly remember) and that only got us 5 nights in a 2 bedroom once a year. Then I took out my laptop and started to research resale legacy weeks. We bought a 2 bedroom gold week in Surfwatch and haven’t regretted yet! We use it for Spring break every year (I work for a school). Can’t wait for this years trip! Its already paid for itself as the rack rates for Spring break were $500+ a night before COVID and the resort sells out for cash reservation’s every year. TUG gave great info on buying legacy weeks, resort ratings, rental possibilities, etc. All in all, it was and is a great buy.

Congrats on saving yourself alot of money! Enjoy your trip planning!

Dee