Was it a good deal?

[Hyestar]

So yesterday we did a presentation at Marriott grand Vista. We have been doing these for 20 some odd years. I’ve always said that if I was going to buy one, it would be at the Marriott. I stay at Marriott almost exclusively in my travels. I am a platinum elite, but not lifetime. One of the perks that they gave us with 4000 point purchase was lifetime platinum elite they also gave us a 4000 additional point bonus for doing the finance incentive for 18 months at 0% interest. Additionally, they gave us a Bora Bora trip with paid airfare which I really couldn’t believe but it’s in the contract. Additionally, they gave us 550,000 Bonvoy points with those points plus the 100,000 points when we opened up the Bonvoy credit card and six points per dollar spent every month on the $676 mortgage plus maintenance fees we will total 173,000 points plus the 550,000 points as part of this package. I have 250,000 points so we will be just about 1 million points For Bonvoy points.

So was this a good deal? The total package cost was $55,000 Overall part of me thinks it was OK deal I want to be platinum elite for life. I retire in nine years and with our current stay pattern I will not make platinum for life so this was one way to do it. Additionally, after the 18 months, I will pay off the remainder of the mortgage and we will only have our maintenance fees. I own three rental properties I can appreciate Maintenance fees, especially at a place like Marriott, where I know they are going to use them to keep the properties nice.

The big question here is this I can resend. We only did this yesterday and we’re still actually at the resort. Is it a better deal for me to resend by 4000 points on the aftermarket with none of the perks that I listed or did I get a good deal What other question I have is if I buy 4000 points in the Marriott program but in the aftermarket, do I still get the platinum for life deal because that’s the level that they were offering it at or because I’m buying it at the aftermarket will there be no deals whatsoever

Oh, we were also given some destination program where we can do these last-minute weekly escapes. I take it that that’s not on the table when you buy aftermarket as well correct I am an airline pilot and I get 18 days off a month and obviously although it’s standby travel, we standby for free so traveling to these vacations is not an issue. Thx for any input.

 

[ScoopKona]

Rescind immediately.

 

[Hyestar]

Rescind immediately.

Appreciate the help, any direct reason or do you always suggest rescind and go third party

 

[ScoopKona]

Appreciate the help, any direct reason or do you always suggest rescind and go third party

You can buy the same thing for pennies on the dollar.

If you ever want to pay $55,000 for a timeshare, they will cheerfully sell it to you again. Meanwhile, tick-tock.

 

[Hyestar]

You can buy the same thing for pennies on the dollar.

If you ever want to pay $55,000 for a timeshare, they will cheerfully sell it to you again. Meanwhile, tick-tock.

What about the platinum elite and the other goodies ie points added thing that won’t come from resale

 

[ScoopKona]

Someone who owns Marriott will be along shortly to break it down for you. Meanwhile, look at resale costs for the same thing you just bought.

 

[bnoble]

What about the platinum elite and the other goodies ie points added thing that won’t come from resale

Those are almost certainly not going to be worth the low-to-mid five figures you'd pay for them.

But, even if they are, you should still rescind. Then, analyze the deal you have right now and compare it to the resale options at your leisure. If you find that resale is a better fit for your needs, you'll have gotten much better value. If instead you find that the developer purchase is a better fit, you can do that later. In fact, I strongly suspect that if you call the sales desk in two months and ask for exactly the same terms that you have right now, you'll get them.

 

[Hyestar]

Those are almost certainly not going to be worth the low-to-mid five figures you'd pay for them.

But, even if they are, you should still rescind. Then, analyze the deal you have right now and compare it to the resale options at your leisure. If you find that resale is a better fit for your needs, you'll have gotten much better value. If instead you find that the developer purchase is a better fit, you can do that later. In fact, I strongly suspect that if you call the sales desk in two months and ask for exactly the same terms that you have right now, you'll get them.

I called a broker that sells resale he says resale points are 6 to 6.50$ a point where Marriott is selling them in this package for 13$ a point. The difference is including the goodies that come with it. I think the goodies bring it down to like 10$ a point from the developer. Also the lifetime elite seems like a good deal from the developer

 

[ScoopKona]

I strongly suspect that if you call the sales desk in two months and ask for exactly the same terms that you have right now, you'll get them.

This.

Clock's ticking on rescission. The current deal is always available. Doesn't take rocket science to piece together why this is.

 

[bnoble]

You are going to get consistent answers from everyone on this board: Rescind and take your time, because resale is almost certainly a better value.

That doesn't mean that's the answer that you want. If you want the intangible feeling of being a "full" owner, and you have the money, it is yours to spend however you see fit. I bought a developer timeshare in the past month myself. It was close to the dumbest thing I could do from a dollars-and-cents point of view, but I wanted it and had the discretionary cash to buy it. So I did, as a little present to myself.

You only get one spin on this rock. Do with it what you will.

 

[VacationForever]

I called a broker that sells resale he says resale points are 6 to 6.50$ a point where Marriott is selling them in this package for 13$ a point. The difference is including the goodies that come with it. I think the goodies bring it down to like 10$ a point from the developer. Also the lifetime elite seems like a good deal from the developer

"lifetime" only if you continue to own it. It is not lifetime.

 

[bnoble]

So: Your question is "Was it a good deal?" The answer to that question is unequivocal: No. But, maybe that's not actually your question.

 

[Hyestar]

Here to rescind

 

[dioxide45]

I am still finding the Bora Bora trip to be questionable. Marriott Vacation Club doesn't have any properties in Bora Bora. There are Marriott hotel properties. Perhaps this is just some round about way of using the Bonvoy Points for a trip to Bora Bora? I have never heard of such an incentive. Though 25+ years ago they used to offer a world trip as a vacation. Again, that was 25+ years ago. Perhaps you could share the language from the contract?

 

[Hyestar]

I am still finding the Bora Bora trip to be questionable. Marriott Vacation Club doesn't have any properties in Bora Bora. There are Marriott hotel properties. Perhaps this is just some round about way of using the Bonvoy Points for a trip to Bora Bora? I have never heard of such an incentive. Though 25+ years ago they used to offer a world trip as a vacation. Again, that was 25+ years ago. Perhaps you could share the language from the contract?

We will look in the contract we just signed a letter to rescind

 

[Hyestar]

Here is the letter of rescind

 

[davidvel]

Those "things" are not worth the $27,000 you could save buying resale (including fees.) Resale gets you everything you get with standard purchase (other than 1 time incentives, which again are not worth $27,000.)

Others can comment on Platinum. I don't think you get this with Select, maybe with credit card?

Congrats on rescinding. Now don't be a stranger and get lots of great info here to inform any future descision.

 

[dioxide45]

Here is the letter of rescind

The contract should also have an email or fax option. But certainly also send the letter via USPS mail. I wouldn't rely on going back to the sale office for rescission.

 

[dioxide45]

Others can comment on Platinum. I don't think you get this with Select, maybe with credit card?

Select does get Platinum Elite status in Bonvoy. Only Owner level gets Gold. Presidential and higher is Titanium.

However, if one is already earning Platinum from travel, having it from ownership provides no other value. The same is true for Titanium. For us the primary additional benefit from Titanium is the free night award, but you don't actually get that unless you have 75 nights.

 

[Hyestar]

Select does get Platinum Elite status in Bonvoy. Only Owner level gets Gold. Presidential and higher is Titanium. However, if one is already earning Platinum from travel, having it from ownership provides no other value. The same is true for Titanium. For us the primary additional benefit from Titanium is the free night award, but you don't actually get that unless you have 75 nights.

Select does get Platinum Elite status in Bonvoy. Only Owner level gets Gold. Presidential and higher is Titanium. However, if one is already earning Platinum from travel, having it from ownership provides no other value. The same is true for Titanium. For us the primary additional benefit from Titanium is the free night award, but you don't actually get that unless you have 75 nights.

The contract should also have an email or fax option. But certainly also send the letter via USPS mail. I wouldn't rely on going back to the sale office for rescission.

 

[vacationtime1]

The contract should also have an email or fax option. But certainly also send the letter via USPS mail. I wouldn't rely on going back to the sale office for rescission.

+1

Rescission must be done in the manner prescribed by the contract, which is probably USPS. There are specific instructions in the pile of sales documents which you have (you signed that page in the process). You should also send the rescission by a method that generates proof of sending.

 

[Hyestar]

Do I get select from buying resell, and in turn what Bonvoy do I earn

 

[dioxide45]

Do I get select from buying resell, and in turn what Bonvoy do I earn

Yes, resale points qualify for the Owner Benefit Levels. Here are the levels
Owner < 4000 points - Gold Elite
Select 4000-6,999 points - Platinum
Elite 7000-9,999 points - Platinum
Presidential 10,000 - 14,999 points - Titanium
Chairman's Club 15,000+ points - Titanium

The attachment is a little out of date in regard to banking points.

 

[ForThePoints27]

You can get Bonvoy points by putting your mtce fees on a Marriott Bonvoy credit card. Otherwise no Bonvoy points via resale.
As others have posted though, the Bonvoy points are not worth the delta between resale and developer purchase.

 

[davidvel]

Do I get select from buying resell, and in turn what Bonvoy do I earn

Yes, you get all the SAME benefits resale and retail, other than the 1 time sales/loan incentives.