Worldmark certified exit program may be on hold

[easyrider]

It's been reported on the Worldmark Facebook group today that due to so many people using the certified exit program it has been put on hold. It's not being eliminated, just on hold, whatever that actually means. For some it means trying to find another way out.

I don't know how Wyndham gets away with this type of crap. It's also been reported that the membership transfer is taking way longer. One person reported they are on phase two of the transfer and they started in August 2024.

Bill

 

[dioxide45]

I thought you were in the process of buying Worldmark Credits, no? If that is the case, why are you currently concerned with finding another way out?

 

[bnoble]

I don't know how Wyndham gets away with this type of crap.

I don’t understand this. There is never a guarantee that a developer will take back a timeshare. If they are getting more volume in returns than they can actively sell, it seems obvious that they would slow down the rate they are taking things back.

They are already getting more picky on the Club Wyndham side. There is likely to be more of this if the consumer economy goes sideways.

 

[easyrider]

I don’t understand this. There is never a guarantee that a developer will take back a timeshare. If they are getting more volume in returns than they can actively sell, it seems obvious that they would slow down the rate they are taking things back.

They are already getting more picky on the Club Wyndham side. There is likely to be more of this if the consumer economy goes sideways.

Here is the main problem, imo. Wyndham is taking months to transfer a Worldmark membership. In some cases when there is a problem with the first or second phase paperwork, even when it's Wymdham's fault, the time line restarts adding at least an estimated 120 days , usually more, to the transfer time line. During this transfer time, the member has to keep the account current but doesn't get to use the account. The length of transfer time also gives the transferee way more time to back out of the deal.

While I don't know the exact number of WM accounts in the process of transferring , the transfer keeps the credits in the system.

The Certified Exit program wasn't even a thing until Wyndham took over management of Worldmark. Membership transfers were quick as there is no deed to complicate the name change.

What you are saying is that the exit program needs to balance with sales. What I am saying is the transfer time of resale accounts has to go back to a month instead of a year.

Bill

 

[bizaro86]

Yeah, the long transfer time is effectively a huge cost to transfer accounts, which redices the value. If they transferred in a month I think theyd still have positive value and certified exit wouldnt be an issue.

 

[tschwa2]

There was a report on a wyndham facebook group today, that they were told there is a hold on certified exit and to call back next month. In the past Diamond did quotas and stopped after accepting so many in the year. It looks like Wyndham may be heading in that directions.

 

[bnoble]

Long transfers are a different problem, and one I agree is a problem.

I don’t think that’s the reason there aren’t enough buyers for the available sellers though.

 

[dioxide45]

What you are saying is that the exit program needs to balance with sales. What I am saying is the transfer time of resale accounts has to go back to a month instead of a year.

These are two different things and not interconnected.

 

[easyrider]

These are two different things and not interconnected.

When the membership transfers within a decent time frame, like a month or less, then there is no need for the exit program, imo. In the past, there wasn't an exit program.

Bill

 

[easyrider]

Long transfers are a different problem, and one I agree is a problem.

I don’t think that’s the reason there aren’t enough buyers for the available sellers though.

I think they raised the transfer fee to $399 but that shouldn't really be a problem. To me, the problem is the time frame. The transferor but usually the transferee has the opportunity to change their mind during the transfer process. The exit program eliminates this problem.

Bill

 

[CO skier]

There was a report on a wyndham facebook group today, that they were told there is a hold on certified exit and to call back next month. In the past Diamond did quotas and stopped after accepting so many in the year. It looks like Wyndham may be heading in that directions.

About 80 million registered credits were added to WorldMark with the Moab resort late 2024. This is roughly the equivalent of 6500 WorldMark members "Certified Exiting" all at once.

More registered credits have been added since then:

• WorldMark Patriots’ Place in Williamsburg, Virginia
• WorldMark Kingsgate in Williamsburg, Virginia
• WorldMark Riverside Suites in San Antonio, Texas
• WorldMark Flagstaff in Flagstaff, Arizona

This is the first time since Certified Exit was introduced to WorldMark that a new resort was deeded to WorldMark. Wyndham pays maintenance dues on all these additional registered credits plus whatever is reacquired through Certified Exit or membership cancellations.

All these additional registered credits is my guess why the Certified Exit program may be on hold. If it is a good guess, the CE program will be on hold for at least a year while the sales department works down the inventory Wyndham currently holds.

 

[Huskerpaul]

So I guess Wyndamn thinks they are better off if a member just stops paying dues and walks away rather than give the contract back because if they do take the contract back they will have to pay the dues themselves.

 

[WorldT]

These are two different things and not interconnected.

If I have some.credits I want to let go and I have two options:
1. Certified Exit . Under 2 months and I will be guaranteed a release.
2. Give it to another individual. Timeframe is long and can even be longer even when it is Wyndham's fault. I am responsible for keeping the payments current. "Buyer" may back out taking me back to starting point.

I will take option 1. Always.

If the transfer is short (and same price as the Exit program) more people will try to give away their credit to another individual. Not always guaranteed you will find someone, but it will reduce the number of people who opt for the Exit program.

 

[CO skier]

So I guess Wyndamn thinks they are better off if a member just stops paying dues and walks away rather than give the contract back because if they do take the contract back they will have to pay the dues themselves.

Wyndham obviously knows how many "just stops paying dues and walks away" there were before and after Certified Exit was introduced and now. If it is all about the same number of walkaways, Wyndham would be ahead putting CE on hold.

 

[CO skier]

During this transfer time, the member has to keep the account current but doesn't get to use the account.

This is most definitely not true for private party sales. The selling owner has full use of the account for months and months and months until the Docusign is completed a few weeks before the transfer is finalized.

 

[easyrider]

This is most definitely not true for private party sales. The selling owner has full use of the account for months and months and months until the Docusign is completed a few weeks before the transfer is finalized.

In the past there was one DocuSign. Recently there are two phases of Docusign. When you say the owner has full use are you saying the credits can be used ?

Bill

 

[CO skier]

In the past there was one DocuSign. Recently there are two phases of Docusign. When you say the owner has full use are you saying the credits can be used ?

Bill

I recently completed the transfer of a WorldMark account. The transfer request was sent to WorldMark the beginning of September. Docusign (there is only one) received mid-February. During this 5.5 months, I had full access to the account -- used the booked vacations, transferred some credits to another account after the anniversary date, booked some overlapping reservations to hold for a short period of time, then cancelled them to rebook and add a guest name in another account.

First week of March, received an email from WorldMark acknowledging the completed Docusign (no mention of "phases"; maybe that was phase 1). The account transferred to the new owners the next day (maybe that was phase 2).

 

[bizaro86]

I recently completed the transfer of a WorldMark account. The transfer request was sent to WorldMark the beginning of September. Docusign (there is only one) received mid-February. During this 5.5 months, I had full access to the account -- used the booked vacations, transferred some credits to another account after the anniversary date, booked some overlapping reservations to hold for a short period of time, then cancelled them to rebook and add a guest name in another account.

First week of March, received an email from WorldMark acknowledging the completed Docusign (no mention of "phases"; maybe that was phase 1). The account transferred to the new owners the next day (maybe that was phase 2).

Thanks for sharing that!

The seller having usage of the account during the closing period is mostly not helpful - they've probably promised the credits to the buyer and if they were using it regularly they would have kept it. You (having another account you're keeping) would be a pretty niche case.

 

[easyrider]

I recently completed the transfer of a WorldMark account. The transfer request was sent to WorldMark the beginning of September. Docusign (there is only one) received mid-February. During this 5.5 months, I had full access to the account -- used the booked vacations, transferred some credits to another account after the anniversary date, booked some overlapping reservations to hold for a short period of time, then cancelled them to rebook and add a guest name in another account.

First week of March, received an email from WorldMark acknowledging the completed Docusign (no mention of "phases"; maybe that was phase 1). The account transferred to the new owners the next day (maybe that was phase 2).

We are in the process using a transfer company. The transfer before this one, maybe two years ago, was no transfer company involved, just us and the owner. There was only one Docusign and it took maybe six weeks to transfer. Using the sellers transfer company last January we were sent a first set to Docusign and are waiting for the second.

I'm not sure where I heard about the two phases. I think it was the Facebook WM group explaining the time line with the two phases.

Bill

 

[dioxide45]

We are in the process using a transfer company. The transfer before this one, maybe two years ago, was no transfer company involved, just us and the owner. There was only one Docusign and it took maybe six weeks to transfer. Using the sellers transfer company last January we were sent a first set to Docusign and are waiting for the second.

I'm not sure where I heard about the two phases. I think it was the Facebook WM group explaining the time line with the two phases.

Bill

Perhaps the first Docusign has something to do with the transfer company or signing the contract and actually nothing to do with Wyndham?

 

[gpj555]

This just kind of reinforces my Moto of: Rent Don't Buy Timeshares even if the the asking price is 0.00$ That little thing of MF comes up once a year and now the Emergency Special assessments just keep popping up enough to scare me.

 

[CO skier]

This just kind of reinforces my Moto of: Rent Don't Buy Timeshares even if the the asking price is 0.00$ That little thing of MF comes up once a year and now the Emergency Special assessments just keep popping up enough to scare me.

I am sure there are many like me who save thousand$ per year owning a timeshare versus renting -- get better units, too; why risk a dumpster view rental when I can book a Presidential unit with a private hot tub using my timeshare? Booking is waaay easier plus no stressing about if I really have a (rented) place to stay when I arrive months after paying for a rental.

 

[easyrider]

Perhaps the first Docusign has something to do with the transfer company or signing the contract and actually nothing to do with Wyndham?

Maybe. Either way, it shouldn't take this long to transfer a membership. Wyndham could easily add more employee's to this department to expedite matters.

Bill

 

[mountainboy]

Maybe. Either way, it shouldn't take this long to transfer a membership. Wyndham could easily add more employee's to this department to expedite matters.

Bill

*Could...
*Should...

 

[WorldT]

Maybe. Either way, it shouldn't take this long to transfer a membership. Wyndham could easily add more employee's to this department to expedite matters.

Bill

Maybe they don't care. After all, you are still paying while you wait.