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TUG Saved Me $40,000

ChrisL89

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My girlfriend and I visited South Beach Resort in Myrtle Beach this past week by taking the $199 vacation offer.

I bought what I thought was a good deal for 100,000 points. Glad I got back and did some research. Waiting on gf to get home now to sign her name to the rescind letter and it'll be going in the mail with as much documentation/proof of sending it that I can.

One thing that I didn't really understand from the very beginning was the concept itself. Since its no longer buying a week at the property and its the points system. The sales person never did a great job of connecting the dots for me as to why its even still sold as property.

To me, I would think they should sell it as some sort of travel rewards system thats been totally revamped.

Regardless, the $$ was well within our budget and seemed like a good way to have some nicer vacation stays over the years for a fairly low monthly payment of around $320

I'll do some more reading on the subject but will definitely be looking on the aftermarket.
 

pedro47

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To ChrisL89... Below is the TUG motto....

“Knowledge is Power” By Sir Francis Bacon and you have now saved $40K. Please have your GF signed all the documents and returned them before the recession date.

Good luck and Welcome To TUG.
 
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TUGBrian

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fantastic! so very happy that you found us in time to save such a huge chunk of change!

that saved 40k will go a long way into making your family vacations pretty incredible over the next few years!
 

rickandcindy23

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Which point system was it? Was it RCI Points or Club Wyndham? I am just curious to know what they tried to sell you. Glad they didn't get you for $40K.
 

Panina

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Welcome to TUG. So glad you found us in time. Here you will learn everything you need to know to make an informed decision. You might find a different system will work better for you.
 

ChrisL89

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Which point system was it? Was it RCI Points or Club Wyndham? I am just curious to know what they tried to sell you. Glad they didn't get you for $40K.

It was 100,000 HICV points which can be converted to RCI or whatever their other system is.

$18,000 @ 16% interest. Was gonna be around $40k over the 10 years

The main thing that made me buy is because I was seeing it as paying it off and continuing to get the points forever basically. Despite my skepticism they assured me hotels would continue to be the same points amount forever and that eventually it pays for itself. Which is nice in concept. Def glad to learn about the aftermarket points that are available.
 

echino

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Yes, you would continue getting the points forever, but even after you pay off the purchase price, you would also be forever responsible for annual maintenance fees which would increase above inflation every year, making points worthless.
 

rickandcindy23

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I think you should look at buying something, but get it free on eBay or here on TUG. There are wonderful units being given away in both places. Check the Bargain Deals forum here on TUG. I have seen units I would love to have (but I have plenty and don't need more). So check Bargain Deals and ask questions of those of us who are willing to give advice. First, I would look into something not in RCI (personally dislike RCI). Get something that is a good trader in II. Interval International has been my go-to exchange company for many years. RCI is not the best, in my opinion.
 

LannyPC

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I'll do some more reading on the subject but will definitely be looking on the aftermarket.
Smart move. We here on TUG usually recommend to people in situations like yours to do at least a few months of research before accepting a TS, even if it's a free one. There is lots of information to digest. Maybe start be reading the personal survey in the New To Timeshares Forum which will help you decide if owning a TS is right for you.
 

MOXJO7282

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$18,000 @ 16% interest. Was gonna be around $40k over the 10 years
Why would anyone do this? I guess they get caught up in the moment and don't consider the big picture because this is a bad financial decision unless you're getting upfront incentive and can then pay off the loan early. Paying the full loan is like paying an incredible premium for every vacation. Crazy.
 

vacationtime1

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You were wise to have found this site and wise to rescind. Now: Take your time. Do lots of research. Prices aren't going up in the interim.

I always suggest renting a couple of times before buying anything. It will sharpen your sense of what you like, what is important, and how much to purchase.
 
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