What did we do...?

[lotus5]

We have WM 25K points. Maint fees $2100. We just did an update yesterday in LV and bot 8K more for $21K. It all made so much sense. The guy said with the additional 8K points, there is a new program, "Extra Holidays" that we can sell a week or 2 to cover our maint. fees every year and our net cost for a 2BR week will drop from about $150 to $47. What did we do....?

 

[TUGBrian]

would urge you to rescind immediately...

 

[vacationtime1]

You didn't do anything that cannot be cured by exercising your rescission rights. Instructions are in your paperwork.

 

[geist1223]

You will never earn your MF's back by renting through Extra Holidays. It is a rip off. You Reserve a full week and give it to Extra Holidays. They do not promise any return. They may rent the whole week, take their cut and sent you the small remainder. Or they may only rent out part of the week, take their cut, and send you the measly remainder. But remember you are still out a whole weeks of Credits/Points. Or worse they can not rent out any of the week and so you get zero but you are out the whole week of Credits/Points.

 

[tschwa2]

If they happen to rent out your whole week to the same person, you will likely recover your MF's for that week and maybe get a little more. But not enough to cover much more than your actual cost for that week so there is no benefit for putting out another $21,000. Likely though they will rent two days to one person, and if you are lucky three days to another, so five days total and they would take out their 40% on top and then take the extra housekeeping out and then you would get about 40% of what they rented 5 days out for. If you are unlucky they will only rent out two days or maybe none so you might get a check for $150 or you might not get anything for that week you gave them.

 

[Ty1on]

We have WM 25K points. Maint fees $2100. We just did an update yesterday in LV and bot 8K more for $21K. It all made so much sense. The guy said with the additional 8K points, there is a new program, "Extra Holidays" that we can sell a week or 2 to cover our maint. fees every year and our net cost for a 2BR week will drop from about $150 to $47. What did we do....?

You could rent out your original 25K points via Extra Holidays, you have been bamboozled. Besides, renting out to cover maint fees is never a good reason to pay thousands for points you don't need for travel.

So yeah, rescind.

 

[Laurie]

What you did: believed a liar, as so many of us have done. The fortunate ones among us managed to rescind in time. Your recission probably must be in writing and probably should be mailed via US Postal service, send certified Return Receipt. But check the instructions. Don't call them, because they'll do their best to manipulate you again, with more lies. Don't delay, and don't expect different answers here on TUG, because TUG exists for users, not developers or salespeople. Folks here have been around every block there is, multiple times. We love timesharing, but not sneaky developers and salespeople. After you rescind, come back to learn anything and everything about timesharing you want to know, before purchasing anything -- tho I see you've been a member here since 2008, so you probably already know that. Good luck!

 

[rickandcindy23]

You definitely need to rescind.

 

[DRH90277]

Rescind now!

Not sure what WM is? However, I suggest you look at what you can do with the number of points you have bought versus the cost. Suggested alternative, it takes 4,700 points to get a summer week at Marriott's Newport Coast and this would cost you $50,000+ and you would pay annual maintenance fees of $3,700 each year. In a nutshell, is it a good deal to put out this much money for a 1 week vacation each year? Or, you could rent the Newport Coast week for $3,000 each year and easily get the week you want. Prime season reservations are just hard to for most owners.

You could also consider buying a resale week for about $10,000 and pay $1,500 in annual maintenance fees. I think you have a better reservation prospect with this over the points.

For nearly 15 years, I have wondered why I bought Newport Coast rather than just rent a week each year.

 

[rickandcindy23]

WM is WorldMark.

 

[mdurette]

I will only add, good for you to second guess this soon enough to do something about it. Many folks fall for it, but most question way too late.

 

[travel maniac]

You've got some excellent advise from experts/veterans. RESCIND IMMEDIATELY!

Make sure you follow the rescission instructions properly.

 

[chemteach]

And if you want to make money back to help with maintenance fees, you can always reserve a good unit to rent out yourself. No reason to use Extra Holidays.

 

[RX8]

What did we do....?

You did what thousands of others have done which is to fall for the sales spiel. Unlike what thousands of others failed to do you have questioned your purchase while still in the rescission period.

 

[lotus5]

OK, guys. You have confirmed the stench that I smelled at this "owner update" Really should have known better. I am starting the rescind process. Thanks so much for your feedback. Will confirm when it is done.

 

[lotus5]

OK. Mailed out 2 beautiful rescind letters on Thursday. One to their PO Box and one to their physical address. Certified return receipt. Date stamped by PO clerk. Took pictures of the mailings. Tracking says they both will arrive on Monday. $22 grand stays in the bank. Thank y'all for the help!!!