Transferring TS Ownership from my Dad..Help please!!

[ChocLot]

Hello All,

I'm new to the world of TS, but I've been offered an opportunity and wanted to get feedback.

My Dad has owned a Wyndham TS for about 2 years now. He bought it direct, so he's VIP. He can no longer afford the monthly payment ($217 + 45 in fees) and has asked if I wanted to take over ownership. I have traveled as a guest on his timeshare twice before, so I am somewhat familiar with the Wyndham properties.

I'm married with 4 children (16, 12, 9, 3) and we love to travel and have the convenience of a condo, so this would be a great move for us. But I have some concerns:

-I believe he has $7k more to pay until the contract is fulfilled. He says he gets 160k points every other year. I have no idea how this points thing works. I do know that I booked a Wyndham vacation (through a company) in Disney for December 2012. The property is Bonnet Creek and we paid $731 (owner misquoted...it should've been $1095).

We also were thinking of going to Williamsburg (Kingsgate) this April.

What will 160k points get me?
Would we even be able to book a resort like Bonnet Creek with this amount of points?
Would we have our choice of weeks?
Will the VIP status transfer?

Just trying to figure out what questions to ask my Dad before we make this commitment. I don't know much about buying TS resales, so not sure if $7k is a good deal. Also, not sure what it will get me. Honestly, if this will get us 2 weeks of vacation a year, I'm satisfied. While it won't pay off right now, it will once the $7k is paid in full.

Any advice is appreciated!

 

[rrlongwell]

Hello All,

I'm new to the world of TS, but I've been offered an opportunity and wanted to get feedback.

My Dad has owned a Wyndham TS for about 2 years now. He bought it direct, so he's VIP. He can no longer afford the monthly payment ($217 + 45 in fees) and has asked if I wanted to take over ownership. I have traveled as a guest on his timeshare twice before, so I am somewhat familiar with the Wyndham properties.

I'm married with 4 children (16, 12, 9, 3) and we love to travel and have the convenience of a condo, so this would be a great move for us. But I have some concerns:

-I believe he has $7k more to pay until the contract is fulfilled. He says he gets 160k points every other year. I have no idea how this points thing works. I do know that I booked a Wyndham vacation (through a company) in Disney for December 2012. The property is Bonnet Creek and we paid $731 (owner misquoted...it should've been $1095).

We also were thinking of going to Williamsburg (Kingsgate) this April.

What will 160k points get me?
Would we even be able to book a resort like Bonnet Creek with this amount of points?
Would we have our choice of weeks?
Will the VIP status transfer?

Just trying to figure out what questions to ask my Dad before we make this commitment. I don't know much about buying TS resales, so not sure if $7k is a good deal. Also, not sure what it will get me. Honestly, if this will get us 2 weeks of vacation a year, I'm satisfied. While it won't pay off right now, it will once the $7k is paid in full.

Any advice is appreciated!

You father's VIP status is probably due to bonus points and the bonus points will probably go away after two years. The points would be VIP eligable points but would probably require a new purchase to regain VIP status after the bonus points expire. Will supplement this post shortly with an example of availability.

Kingsgate (Believe Easter falls in this week).

APRIL
04/06/2012 7 1 Bedroom 77,000 N/A
04/06/2012 7 1 Bedroom 77,000 N/A
04/06/2012 7 1 Bedroom 77,000 N/A
04/06/2012 7 1 Bedroom 77,000 N/A
04/06/2012 7 1 Bedroom 77,000 N/A
04/06/2012 7 2 Bedroom Deluxe 126,000 N/A
Note: Transaction combines two reservations and may require a room change.
Reservation #1
04/06/2012 1 2 Bedroom Deluxe 25,500 N/A
Reservation #2
04/07/2012 6 2 Bedroom Deluxe 100,500 N/A
Click to see details.
04/06/2012 7 2 Bedroom Deluxe 126,000 N/A
04/06/2012 7 2 Bedroom Deluxe 126,000 N/A
04/06/2012 7 2 Bedroom Deluxe 126,000 N/A

Bonnett Creek

Check-In Nights Unit Type Details Points Discount
Points
JULY
07/23/2012 5 2 Bedroom Deluxe 152,500 N/A

Mostly, ask you father for his user ID and password. You can then explore availability at will. Since it is your father, it is always a great price. Welcome to the world of Wyndham.

If it were me, I would have your father put your name on the deed, pay off the note and make sure the deed is a right to survivorship and that Wyndham gets whatever documents they need to show you are the child.

 

[DeniseM]

-I believe he has $7k more to pay until the contract is fulfilled.

Since there is still a mortgage on this property, not only do you need to transfer the ownership, you also need to transfer the mortgage. You need to contact the note holder and find out what the requirements are.

Unfortunately, Wyndham points are selling for pennies on the dollar on the resale market, so this isn't even worth the $7,000 that is owed on it, so I wouldn't rush into assuming it, until you have explored other options.

The first thing I'd do is to contact Wyndham and tell them your dad is elderly and broke, and see if they will accept a deedback. Tell them he can't afford the payments and he's going to default if they don't take it back. In other words - you need to motivate them to take it back.

It would be helpful if you had power of attorney - if you dad is to that point in needing assistance to manage his finances.

WHATEVER YOU DO, DON'T PAY AN UPFRONT FEE COMPANY TO "TAKE IT OFF YOUR HANDS," THAT'S ALWAYS A SCAM!

 

[Rob&Carol Q]

Ouch...helping Dad is huge...but.

Do me a favor, do an ebay search for Wyndham Timeshare Points. Notice what is for sale and then see how much they sold for. That's right, 160K EOY points can be had for far less than the $7k you quoted. One additional point, every points pacakge has a monthly maintenance fee associated with it...I think that's the additional $45 you quoted.

In your case, 160K EOY is NOT the Wyndham VIP level. That level is much higher...does your Dad own more points?

I am an owner @Kingsgate and did an availability check for you, 126K will get you a two Bedroom Deluxe for the week with a checkin date of 21 Apr...and they have many rooms available right now! I also did a check of Bonnet Creek with the same checkin date...they need 112K points for the same 2 Bedroom Deluxe...and they are available right now as well.

Remember though, you only get 160k Every Other Year. You will not have the annual usage you are planning for.

Sorry Choc...this is not a good deal in my book. Find another way to help Dad.

======
Edit
I clearly type waaaaay too slowly...

 

[Karen G]

Check prices on Ebay here for units that have sold there. $7000 is very high for an every-other-year usage.

 

[presley]

It may be easier and more economical for your dad to default on his loan and lose the membership. You could get something that would be less expensive and exactly what you want for your own family on the resale market.

 

[am1]

If you are interested in helping him out then you may want to take it over. It is a very small contract.

 

[ChocLot]

Thanks for all the great feedback!

 

[rrlongwell]

Kingsgate

Check-In Nights Unit Type Details Points Discount
Points
APRIL
04/02/2012 7 1 Bedroom 77,000 N/A
Note: Transaction combines two reservations and may require a room change.
Reservation #1
04/02/2012 5 1 Bedroom 50,500 N/A
Reservation #2
04/07/2012 2 1 Bedroom 26,500 N/A
Click to see details.
04/02/2012 7 1 Bedroom 77,000 N/A
Note: Transaction combines two reservations and may require a room change.
Reservation #1
04/02/2012 6 1 Bedroom 69,000 N/A
Reservation #2
04/08/2012 1 1 Bedroom 8,000 N/A
Click to see details.
04/02/2012 7 1 Bedroom 77,000 N/A
Note: Transaction combines two reservations and may require a room change.
Reservation #1
04/02/2012 4 1 Bedroom 32,000 N/A
Reservation #2
04/06/2012 3 1 Bedroom 45,000 N/A
Click to see details.
04/02/2012 7 1 Bedroom 77,000 N/A
Note: Transaction combines two reservations and may require a room change.
Reservation #1
04/02/2012 4 1 Bedroom 32,000 N/A
Reservation #2
04/06/2012 3 1 Bedroom 45,000 N/A
Click to see details.
04/02/2012 7 2 Bedroom Deluxe 126,000 N/A
Note: Transaction combines two reservations and may require a room change.
Reservation #1
04/02/2012 5 2 Bedroom Deluxe 85,500 N/A
Reservation #2
04/07/2012 2 2 Bedroom Deluxe 40,500 N/A
Click to see details.
04/02/2012 7 2 Bedroom Deluxe 126,000 N/A
Note: Transaction combines two reservations and may require a room change.
Reservation #1
04/02/2012 5 2 Bedroom Deluxe 85,500 N/A
Reservation #2
04/07/2012 2 2 Bedroom Deluxe 40,500 N/A
Click to see details.
04/02/2012 7 2 Bedroom Deluxe 126,000 N/A
Note: Transaction combines two reservations and may require a room change.

Bonnett Creek

2 Bedroom Delux December 14, 2012 7 nights 112,000 points.

Use of ARP rights would be needed for the above until it comes in the 10 month window.

 

[ChocLot]

OK,

Dad just gave me his log-in info for Wyndham.

On the owner's summary, it gives the contract number and says that it is a "UDI Alternate Year Even" and it says 84,000 points. Are these bonus points?

Under "Points Status" it shows $168,000 for this year. This is an EOY contract, because next dates/points are for 2014.

It shows that he is assigned to Club Wyndham Plus. Don't know what that means.

TIA for helping me figure this all out!

Edited to add that I see that his home resort is Wyndham Cypress Palms (Orlando). MF are currently $577/year.

 

[momeason]

Need more points

Some resorts in prime season require 230,000 points per week. My resort on the beach in Ft Lauderdale is one of these.The resorts in Hawaii are double that.
You would do well to get one week with 160k points.
You also need to determine if you want to trade in Interval International or RCI. Almost all the Wyndham resorts are RCI and the parent company owns RCI.
Williamsburg is one of the resorts in II. RCI has more resorts but II has many of the top resorts and is more trader friendly, I think.
Wyndham recently changed its points chart for trading in RCI and II. Now it requires a minimum of 218,000 points to trade for 2 two bedroom units per year.
It is very possible that if II keeps offering the bonus vacations it is currently offering that you may be able to get 2 more weeks but destinations will be more restricted and off season or shoulder seasons. If you like Williamsburg, points are cheap there. There will be no resale value though. Williamsburg and Orlando are way overbuilt. You can go there whenever you want.
If you join TUG, you can also rent from other Tuggers w/o buying at all.
The exchange companies also offer getaways w/o using your points. Your Wyndham ownership will come with a membership in either II or RCI. Research and decide which company you might want to exchange with.
Ask lots of questions. We are here to help.

 

[rrlongwell]

OK,

Dad just gave me his log-in info for Wyndham.

On the owner's summary, it gives the contract number and says that it is a "UDI Alternate Year Even" and it says 84,000 points. Are these bonus points?

Under "Points Status" it shows $168,000 for this year. This is an EOY contract, because next dates/points are for 2014.

It shows that he is assigned to Club Wyndham Plus. Don't know what that means.

TIA for helping me figure this all out!

Edited to add that I see that his home resort is Wyndham Cypress Palms (Orlando). MF are currently $577/year.

No, thoughs are not the bonus points. If any are there, they will appear as another points line. If that is the only line showing, then the account does not appear to be VIP. You can check on this by getting out of the site, then sign in again. Look to the upper right hand corner. If he has VIP Status, it will be shown there. It says something like welcome (Name) and the VIP status, if any.

What Wyndham does with everyother year points is they divide the total by 2 and list half for each year. That is not necessarily when they can be used. Your father's appear to be VIP eligable points (they would count towards VIP Status if another timeshare is bought from Wyndham). As a rule, re-sale points cannot count towards VIP. For points available for use, you have to go to the Points sections and it should show you when they are available. Since this appears to be your first vist to the Wyndham site, you might just want to start clicking on the drop down boxes and the subboxes. You will know more about the account then you ever wanted to if you follow all of the links.

Another way is to go ahead and click on the reservations link. Do not confirm any confirms when those screens pop up (just X out of the system). Schedule what you want in the next 30 days. If he is VIP you will see two numbers for points. One without the discount one with the discount.

 

[vacationhopeful]

No, this is NOT a good deal. Your family of 6 requires a full 2bdr (pretty standard bed makeup within the Wyndham resorts). Too few points, no VIP standing, too big of a loan balance and transfer costs are high (the title department wants $299 to modify anything with regard to the ownership).

VIP is NOT necessary to use Wyndham, but is helpful for last minute bookings. Booking 9-10 months in advance to plan vacations does not give you any VIP discounts. It is always a gamble to cancel and rebook reservations - esp if it is the BIG family vacation - hoping to get a 25% disocunt off the points used.

 

[newtime]

wyndham Kingsgate, Williamsburg

:zzz: My dad also owns a TS at Kingsgate. Bought MANY years ago - one red week (points weren't "invented" yet!) one Bdrm, about $500/yr maintenance fee currently. He has used it as exchange a lot in the past but now wants to be done with it. My name is on deed title as joint owner (though i've never used it - or paid any of the fees). He has asked me to sign over my ownership to him so he can pay a company (i don't know any details yet - or if he'd tell me) $500 to take it off his hands. If I don't sign over to him, he wants me to take over full mbrshp/ownership and would transfer it to me so I would be responsible for all costs. (He wants to travel by renting places he finds deals on for less than $500/wk.) I saw some Kingsgate sold for about $1000 - a deed with points (200,000?); another similar one sold for about $700 and mentioned only points. (these were both via ebay). On the other hand, I've read posts that talk of giving away timeshares or paying to get rid of them ---- Can someone explain how a TS sells for $1000 on ebay but similar TS owner pays to get rid of it? Any suggestions on how to proceed? (FYI - my dad and I are both ill; my dad is usually very smart re $$ but our relationship is somewhat strained so he may not be "able" to explain/understand this while keeping his and my best interests in mind). Thank You!

 

[lennyb216]

:zzz: My dad also owns a TS at Kingsgate. Bought MANY years ago - one red week (points weren't "invented" yet!) one Bdrm, about $500/yr maintenance fee currently. He has used it as exchange a lot in the past but now wants to be done with it. My name is on deed title as joint owner (though i've never used it - or paid any of the fees). He has asked me to sign over my ownership to him so he can pay a company (i don't know any details yet - or if he'd tell me) $500 to take it off his hands. If I don't sign over to him, he wants me to take over full mbrshp/ownership and would transfer it to me so I would be responsible for all costs. (He wants to travel by renting places he finds deals on for less than $500/wk.) I saw some Kingsgate sold for about $1000 - a deed with points (200,000?); another similar one sold for about $700 and mentioned only points. (these were both via ebay). On the other hand, I've read posts that talk of giving away timeshares or paying to get rid of them ---- Can someone explain how a TS sells for $1000 on ebay but similar TS owner pays to get rid of it? Any suggestions on how to proceed? (FYI - my dad and I are both ill; my dad is usually very smart re $$ but our relationship is somewhat strained so he may not be "able" to explain/understand this while keeping his and my best interests in mind). Thank You!

Hello newtime,

I would post it in the bargin deals section. If you offered to pay all of the closing cost, you may find someone who would take it off your hands. Some of those resale companies take your money and never sell your timeshare. If you find a taker and control the process, you will know it has been transfered out of your name.

 

[Sandi Bo]

: He has asked me to sign over my ownership to him so he can pay a company (i don't know any details yet - or if he'd tell me) $500 to take it off his hands.

Whoa -- be careful! I won't be the only one to tell you -- do not pay an upfront fee.

 

[timeos2]

On the other hand, I've read posts that talk of giving away timeshares or paying to get rid of them ---- Can someone explain how a TS sells for $1000 on ebay but similar TS owner pays to get rid of it? Any suggestions on how to proceed? (FYI - my dad and I are both ill; my dad is usually very smart re $$ but our relationship is somewhat strained so he may not be "able" to explain/understand this while keeping his and my best interests in mind). Thank You!

The overall market for timeshares at resale is awash in sellers and very few buyers. While "new" (retail) timeshare is sold to often starry eyed and uninformed buyers at a slick presentation that plays to an emotional rather than rational purchase. Resales of timeshares have no glitz and are marketed to those that likely already know about timeshares and that the true cost is in the ongoing fees - purchase price has no bearing on future expenses. So few resale buyers if any are willing to pay much if anything to effectively take over the obligation to paying whatever fees may be on the horizon.

So you find the exact same ownership at the same resort and use time going for thousands (retail) to a give away or someone actually fooled into paying thousands to "rid" themselves of the ownership. The PCC's (Post card companies as they were dubbed when they largely marketed themselves using inexpensive post card mailings - they have graduated to more sophisticated methods now) are almost the equal to the timeshare developers in creating a picture -in their case negative - of timeshare ownership. The desperate owner gets fooled into even more cost to simply try to give away their ownership despite the fact that it likely has use value to someone.

In your case you have a nice resort in a popular if rather over-populated (with timeshares) area. While it may not have much if any resale value you should be able to give it away and at worst pay the closing / transfer fees. By doing it yourself you know it is actually out of your/your fathers names and a new owner can enjoy it and be responsible for the fees. Unfortunately if you go the "pay to dispose" route you may find they have taken your money but never in fact transfer the title & fee obligations to a new owner. Far too many of those PCC's simply take your money and then eventually just abandon the time they got paid to transfer and ultimately you are still the one that takes the credit hit when the timeshare is foreclosed on. Simply paying someone else without a legal transfer does NOT remove you as the owner despite the money paid.

My advice is to use every available venue to offer your week for little or nothing to buyers. Be prepared to pay the closing / transfer costs. It will still be far less than you'd pay to the PCC ripoffs. And you'll know that you and your father are off the deed. That comfort won't happen if you try the "pay to dispose" route. Good luck.

 

[DeniseM]

Can someone explain how a TS sells for $1000 on ebay but similar TS owner pays to get rid of it?

It may be listed on ebay for $1,000, but did you check to see what it sold for? Also, is it the exact same season and unit? Often, high season weeks have some value and off-season weeks do not.

Anyone who charges a high upfront fee to sell your timeshare is going to scam you.

 

[tschwa2]

The people that run the "get rid of your timeshare" companies employ high pressure salespeople. The are paid to get your money, just like the developers sales people. They will tell you anything to get you to pay to take your resort from you. Sometimes they get people to pay when their property still has resale value and could sell on ebay for a couple of hundred dollars or more. Don't pay until you do your research and see if you can sell. Try advertising locally near the resort (Craigslist, penny saver, local community bulletin boards. If you can't sell try giving it away. Call the resort and see if they will take it back. If you still can't try giving it away and paying transfer fees and one years usage. Call the resort again and see if they will take it back if you pay one or two or three years MF's. IF and only if everything else fails and you really need to get rid of it, make sure you do your research and make sure if you pay it will get the TS out of your name and you will no longer be responsible for it.

 

[kalua]

transfering ownership

I have no dog in this fight , but unless i missed something she said her dad still owed $7000.00 no one ,nor a pcc is going to take this t/s from her, or her dad for #3 or 4 thousand dollars unless they have no intention on transferring it out of their name ,basically stealing that money and they would still owe $7000 dollars unless I missed something,some of you people are putting out bad info.

 

[dr_adventure]

Unless you want to own developers points I would say this is not a great deal. If you take it 1) pay off the note all at once - usually they have a 11-13% interest on their loans - You are buying in at such a low level that you would have to spend a lot more to actually get VIP - and really you need VIP Gold for it to really have value - I would look at the consequences of defaulting (but only after you travel and use the points (LOL).

 

[Tia]

Think it might of gotten confusing when original poster is "ChocLot" and then "newtime" another new poster brought up a different situation/question.

I have no dog in this fight , but unless i missed something she said her dad still owed $7000.00 no one ,nor a pcc is going to take this t/s from her, or her dad for #3 or 4 thousand dollars unless they have no intention on transferring it out of their name ,basically stealing that money and they would still owe $7000 dollars unless I missed something,some of you people are putting out bad info.

 

[Timeshare Von]

FYI any Wyndham transfer between "immediate family members" will not be treated as a resale. I acquire a 77k points contract from my sister and I have a friend who acquired a 500k points contract from his father-in-law . . . neither were flagged as resale and my friend has full VIP rights with his.

Be sure to confirm this, however, with Wyndham if you proceed in taking over the ownership.

 

[Timeshare Von]

:zzz: My dad also owns a TS at Kingsgate. Bought MANY years ago - one red week (points weren't "invented" yet!) one Bdrm, about $500/yr maintenance fee currently. He has used it as exchange a lot in the past but now wants to be done with it. My name is on deed title as joint owner (though i've never used it - or paid any of the fees). He has asked me to sign over my ownership to him so he can pay a company (i don't know any details yet - or if he'd tell me) $500 to take it off his hands. If I don't sign over to him, he wants me to take over full mbrshp/ownership and would transfer it to me so I would be responsible for all costs. (He wants to travel by renting places he finds deals on for less than $500/wk.) I saw some Kingsgate sold for about $1000 - a deed with points (200,000?); another similar one sold for about $700 and mentioned only points. (these were both via ebay). On the other hand, I've read posts that talk of giving away timeshares or paying to get rid of them ---- Can someone explain how a TS sells for $1000 on ebay but similar TS owner pays to get rid of it? Any suggestions on how to proceed? (FYI - my dad and I are both ill; my dad is usually very smart re $$ but our relationship is somewhat strained so he may not be "able" to explain/understand this while keeping his and my best interests in mind). Thank You!

In 2011 I gave away a 3BR lock off fixed week #18 at Kingsgate, and even then it took me some time to find someone willing to "take it".

 

[GHT]

My advice.. Avoid Wyndham if at all possible

My father owned over a million Wyndham points when he passed away, and he willed these points to my siblings and myself, when none of us wanted them. We tried to get Windham to stop their automatic monthly withdrawal of funds for maintenance fees from the estate, and finally had to just tell the bank to stop allowing Wyndham to automatically extract funds from the estate bank account while we were trying to settle the estate. Wyndham got their collections agency in action harassing us with daily phone calls asking for a charge card number so they could continue getting money from the estate, even thought the estate has no charge card. They did not care that they were interfering with settling an estate of a deceased timeshare owner, as they wanted to continue getting maintenance fees into perpetuity. In my opinion they are nothing but a bunch of greedy, self-centered individuals who have no respect for the deceased.