Wyndham Timeshare presentation

[IRIS2024]

My husband and I have a Wyndham timeshare with 840,000 access points with a monthly maintenance fee of $636 per month
I attended a presentation and they wanted me to convert these points to deeded property in Hawaii and add an additional 200,000 points.
They state maintenance fees in the state will not rise as fast as the rest of the country
They also state that property in Hawaii is easy to sell and rent
They claim I should be able to pay the loan off in 2 years by renting a portion of these points out - ??
Loan is $100,000.
My husband was insistent on doing this and does not want to rescind
we are currently within the 7 day recession window
Would appreciate some advice on this

Thank you

 

[Hindsite]

There are much better ways to invest $100k to get a return than taking out a timeshare loan and exposing yourself to downturns in the rental market. Maui fires and ecomonic slow-down have been recent examples of things that reduced demand for timeshare rentals. Don't forget you'll owe income tax and possibly local taxes for renting out.

If you bought to use and the overall cost works out for you over 5-years then enjoy it. If you bought on the promise of making money without having a deep understanding of the market and researching what you could achieve by buying resale, then you probably didn't make a good decision.

All the best.

 

[BingoBangoBongo]

My husband and I have a Wyndham timeshare with 840,000 access points with a monthly maintenance fee of $636 per month
I attended a presentation and they wanted me to convert these points to deeded property in Hawaii and add an additional 200,000 points.
They state maintenance fees in the state will not rise as fast as the rest of the country
They also state that property in Hawaii is easy to sell and rent
They claim I should be able to pay the loan off in 2 years by renting a portion of these points out - ??
Loan is $100,000.
My husband was insistent on doing this and does not want to rescind
we are currently within the 7 day recession window
Would appreciate some advice on this

Thank you

Sounds like a bunch of lies to me:

Why would MF’s not rise as fast as the rest of the country? My HGVC in Vegas just went up about 3%, I’d be thrilled if my Hawaii deed only rises that much.

Even not taking interest on the loan into account, are you going to be able to generate over $4000 every month of the year renting?

I’m sure others will be by shortly to add more color to your situation.

 

[WorldT]

My husband and I have a Wyndham timeshare with 840,000 access points with a monthly maintenance fee of $636 per month
I attended a presentation and they wanted me to convert these points to deeded property in Hawaii and add an additional 200,000 points.
They state maintenance fees in the state will not rise as fast as the rest of the country
They also state that property in Hawaii is easy to sell and rent
They claim I should be able to pay the loan off in 2 years by renting a portion of these points out - ??
Loan is $100,000.
My husband was insistent on doing this and does not want to rescind
we are currently within the 7 day recession window
Would appreciate some advice on this

Thank you

SHORT ANSWER: Rescind immediately.

Long answer: Sales people always lie and this is no exception.

 

[Huskerpaul]

You and your husband were told lies to get you to sign the contract. Recind today and research more.

 

[vacationtime1]

. . . .
They also state that property in Hawaii is easy to sell and rent
They claim I should be able to pay the loan off in 2 years by renting a portion of these points out - ??
Loan is $100,000.
. . . .

You didn't buy property in Hawaii; you bought points.

Did you actually crunch the numbers on potential rental income (rental proceeds less MF's)? You would probably need 100 profitable rentals to pay off the loan; that's not going to happen in the next two years, and probably never.

They lied to you. I hope you can persuade your husband of that.

 

[davidvel]

They only reasonable advice anyone can give you is to rescind, but you state your husband refuses to do so.
You have an extra $100K to spend on a product you were lied to about? You really have no say in whether this type of money is spent? If that is the case, no one here can help you. But if I were you I'd send in the rescission and let them argue you both need to sign.

 

[Patri]

Don’t be dumb and dumber. You apparently have lots of money to even consider this, but soon you are going to have less money and no real value to show for it.

 

[IRIS2024]

My husband and I have a Wyndham timeshare with 840,000 access points with a monthly maintenance fee of $636 per month
I attended a presentation and they wanted me to convert these points to deeded property in Hawaii and add an additional 200,000 points.
They state maintenance fees in the state will not rise as fast as the rest of the country
They also state that property in Hawaii is easy to sell and rent
They claim I should be able to pay the loan off in 2 years by renting a portion of these points out - ??
Loan is $100,000.
My husband was insistent on doing this and does not want to rescind
we are currently within the 7 day recession window
Would appreciate some advice on this

Thank you

Update…I completed a recession request on 10/15 (within the 7 day period. Took it into the sales center to the person that processed closing..note, they can do the recession there. End result, he was quite nasty. Took the form, copied it, dated it and initialed it and stated he would handle it. Told us we cost him and others money, and asked us to leave and never attend another sales presentation.

We left - but, at that point I did not trust him to do the recession. I completed another form and mailed it priority mail, certified, return receipt requested to the address in the contract on 10/15. I called the address and they stated they should have it the next day. I will call on Friday to confirm they got it.

Needless to say, I will NEVER attend another sales presentation. It’s just not worth it. Learned my lesson.

Thank you for your input

 

[WorldT]

Update…I completed a recession request on 10/15 (within the 7 day period. Took it into the sales center to the person that processed closing..note, they can do the recession there. End result, he was quite nasty. Took the form, copied it, dated it and initialed it and stated he would handle it. Told us we cost him and others money, and asked us to leave and never attend another sales presentation.

We left - but, at that point I did not trust him to do the recession. I completed another form and mailed it priority mail, certified, return receipt requested to the address in the contract on 10/15. I called the address and they stated they should have it the next day. I will call on Friday to confirm they got it.

Needless to say, I will NEVER attend another sales presentation. It’s just not worth it. Learned my lesson.

Thank you for your input

No need to call. You have your tracking. You are done. Just chill and enjoy saving $100k.

 

[BingoBangoBongo]

Great news. I think the salespersons reaction tells you all you need to know.

 

[davidvel]

Update…I completed a recession request on 10/15 (within the 7 day period. Took it into the sales center to the person that processed closing..note, they can do the recession there. End result, he was quite nasty. Took the form, copied it, dated it and initialed it and stated he would handle it. Told us we cost him and others money, and asked us to leave and never attend another sales presentation.

We left - but, at that point I did not trust him to do the recession. I completed another form and mailed it priority mail, certified, return receipt requested to the address in the contract on 10/15. I called the address and they stated they should have it the next day. I will call on Friday to confirm they got it.

Needless to say, I will NEVER attend another sales presentation. It’s just not worth it. Learned my lesson.

Thank you for your input

Congratulations and thank you for letting us know. That sound you hear is the collective sighs of relief from many people here who just don't like people getting ripped off. Stick around, become a member and you can learn more about how to maximize your current membership.

You have proof of mailing that is all you need. Notice is good when posted and they don't even need to receive it. I wouldn't call. it just gives them a chance to claim they did not get it and be nasty again.

 

[LannyPC]

I wouldn't call. it just gives them a chance to claim they did not get it and be nasty again.

I will add to this. If you (the OP) call, the salesperson might also claim (lyingly) that you signed a contract and that, if you rescind, you will face serious legal or financial consequences.

Or the salesperson might up the offer saying that if you do not rescind, you will get some extra perks. Even if you do get those extra perks, they are still not worth $100,000.

 

[claraj]

@TUGBrian $100k to add to the total saved !

 

[pedro47]

Rescind and stop attending timeshare presentations on your vacation time..

 

[rickandcindy23]

There are much better products to buy than Wyndham for $100K. 18 months ago, we bought 1,000 Disney points for $100,000. No regrets with that purchase, bought direct from Disney. I had never seen points that low in cost.

By the way, Wyndham has become quite wicked toward owners who rent their points.

Another better purchase would be Marriott. You can buy Chairman's Club resale for $100K. Chairman's Club/ Marriott is a far better product.

For $100,000, you could buy resale Westin Kierland Villas 148K SO's X 6 units. That is a lot of SO's.

Wyndham's product doesn't compare to Disney, Marriott or Westin. The quality of the units, generally, is not even close. There are some that are extremely nice, like Bonnet Creek and Shearwater, but even those are not better than Marriott/ Westin or Disney.

 

[goster]

My husband and I have a Wyndham timeshare with 840,000 access points with a monthly maintenance fee of $636 per month
I attended a presentation and they wanted me to convert these points to deeded property in Hawaii and add an additional 200,000 points.
They state maintenance fees in the state will not rise as fast as the rest of the country
They also state that property in Hawaii is easy to sell and rent
They claim I should be able to pay the loan off in 2 years by renting a portion of these points out - ??
Loan is $100,000.
My husband was insistent on doing this and does not want to rescind
we are currently within the 7 day recession window
Would appreciate some advice on this

Thank you

It is scary how these salesmen can trick normally cautious and intelligent people into meekly handing over $25k, $50k, or even $100k without any research.
It happened to both my wife and me when we were in Hawaii last February. We are the stingiest people you can find, often researching for weeks (even months) before buying anything) - yet in just a couple hours we were convinced this was the best investment we would ever make. We were also proud of our negotiating skills to get this great opportunity down to $25k - with some bonus points thown in.
Fortunately we found TUG in time to see that they were leading us by the nose the entire time. We rescinded and bought double the points for $59.00. Have enjoyed our several vacations so far.

 

[heitmullerj02]

So glad you could rescind. I invested 5K in HHV, had a lovely room on 22nd floor last year. HI can be affordable, no need to spend 100K and Wyndham is picky about out renting @ certain properties.

 

[Bob & Mary]

Excellent decision! So happy for you.

 

[NowBoarding]

There are much better products to buy than Wyndham for $100K. 18 months ago, we bought 1,000 Disney points for $100,000. No regrets with that purchase, bought direct from Disney. I had never seen points that low in cost.

By the way, Wyndham has become quite wicked toward owners who rent their points.

Another better purchase would be Marriott. You can buy Chairman's Club resale for $100K. Chairman's Club/ Marriott is a far better product.

For $100,000, you could buy resale Westin Kierland Villas 148K SO's X 6 units. That is a lot of SO's.

Wyndham's product doesn't compare to Disney, Marriott or Westin. The quality of the units, generally, is not even close. There are some that are extremely nice, like Bonnet Creek and Shearwater, but even those are not better than Marriott/ Westin or Disney.

Curious, what was your Disney purchase? I have never seen points priced that low directly from Disney. I do remember one time they had a sale for Boardwalk Villas, but I think that was more like $130/pt, which was extremely low.

 

[rickandcindy23]

May of 2024, there was a deal for Disney points, bought direct from Disney, for OKW. I saw the posts on Facebook of cruisers who were offered this deal while onboard. We had a trip planned to Disney, so I told Rick about the deal, $95 PP ($115 PP but $20 reimbursed for the points for the first year, netting it to $95PP).

We had to buy 1,000, and we were thrilled to get the 2057 expiration date. We will be 102, but our kids and grandkids will enjoy the points long after we are gone. Skip was our salesperson. He separated the purchase into 4 X 250 points. I kind of wished we would have done smaller packages. Regrets are real.

 

[rickandcindy23]

Curious, what was your Disney purchase? I have never seen points priced that low directly from Disney. I do remember one time they had a sale for Boardwalk Villas, but I think that was more like $130/pt, which was extremely low.

I would buy Boardwalk Villas at $130, even if they expected 1,000 points purchased at that price. The cost is minimal, especially if I could get 20 X 50 points. Think of the resale value of those in about 10 years. But the thing is, why would I ever sell? I still haven't used points for myself at Aulani. Our kids and grandkids would love Aulani.

I remember when Disney was doing $80 per point for Saratoga Springs, and they were giving free use for current and next year with the purchase. Probably 2008. Steamboat Bill (gone from TUG) talked about the deal, and several TUG members bought back then. I think he is still on disboards.

There was another TUGger who bought Disney points direct and figured out that renting for 9 years would pay off the purchase, and she would be in the black on her points. She rented through disboards.com

 

[davidvel]

It is scary how these salesmen can trick normally cautious and intelligent people into meekly handing over $25k, $50k, or even $100k without any research.
It happened to both my wife and me when we were in Hawaii last February. We are the stingiest people you can find, often researching for weeks (even months) before buying anything) - yet in just a couple hours we were convinced this was the best investment we would ever make. We were also proud of our negotiating skills to get this great opportunity down to $25k - with some bonus points thown in.
Fortunately we found TUG in time to see that they were leading us by the nose the entire time. We rescinded and bought double the points for $59.00. Have enjoyed our several vacations so far.

It is certainly interesting. For some reason, people are more cautious with trifling purchases than tens or hundreds of thousands of dollar purchases on a complete unknown. Tell us more about what sucked you in, it can help others.

My thought is you are not as "stingy" as you claim. Spending $25,000 on a whim is not something I'd see as stingy.

 

[theo]

we are currently within the 7 day recession window
Would appreciate some advice on this

Rescind now or regret not having done so later — and stay away from any and all of these deceitful sales hyena “presentations” in the future. You asked.

 

[WorldT]

Rescind now or regret not having done so later — and stay away from any and all of these deceitful sales hyena “presentations” in the future. You asked.

The OP already rescinded!