timeshare company charge to join RCI

My timeshare company went bankrupt and was taken over by another property manager. Kainoa. They are charging $7000 for the right to join RCI. I don't think RCI gets any of this. Is this a fair and normal way to get my Maui Banyan into RCI system. We never paid a fee to get into Interval 10 years ago. $7000 paided and not getting but the right to spent more money . paid to much ? What do you think about this....anybody pay such fees?

My timeshare company went bankrupt and was taken over by property manager Kainoa. They charge $7000, for the right to join RCI. RCI has is yearly fee, $179. I do not think RCI gets any other fee but the $179. Is this a fair and normal way of doing business, in order to get my Maui Banyan week into the RCI system. Do other companies charge. We never paid to join Interval fifteen years ago. This time our first year was paid by Consolidated (bankrupt). When we first bought out timeshare. In June we forked out $7000 grand. And for this you get the right to spent more money. Did I pay to much? Wood like to hear any comments from someone who has been down this road. Thank you...

It depends if you want to exchange or not .... it's not mandatory to belong to any exchange company if you own a timeshare week .... many people travel to their own timeshares each year.

Whether or not you paid too much for your timeshare initially (don't know anything about the cost of timeshares in Hawaii) is irrelevant since you already own it = water under the bridge.

Donald, It just means that the management co will be selling the remaining units as RCI points. If you wanted to start to use II you would still be able to but since you never joined you must be content using your timeshare in which case you don't need to worry about exchanging. There are also independent exchange companies like Trading Places Maui, DAE and others that you can look into and not have to worry about paying another $7000.

thanks for the fast reply. Timeshares sure can gobble up the money! I'm halfway into payments on an RCI membership. RCI,gets none of this. Another bonus for the prop. manager. thanks jayjay

thank you for help. Money goes under the bridge and into other pockets.

Look at the contract you signed. See if you have a period of time to rescind (take back) your decision. If you do, and are still in that time period you should probably reconsider. The "deal" you were offered will probably always be available the chance to get your money back will never come again once the time to rescind is up.

If it is too late you just need to learn to make the best of it. Just keep in mind that you are looking at about $120 extra annually to maintain an RCI points membership even if you never exchange and another $80-$209 per exchange.

As to who gets the money for your points conversion. Usually your resort or management company keeps about half minus the rci fee which I believe is around $500 these days. Presumably they use the money to upgrade systems to allow check in different days of the week and any increased management cost associated with the flexibilty of using points. Any additional money should be used for general property improvements although some management companies use it for themselves. The other half that you paid goes to marketing the points upgrade. Any "gifts"offered to owners who sit down for the update come out of this. Salaries and commissions for the salesfolk involved come out of this and any other marketing expenses- setting up appointments, etc.

tracey75 wrote:

Look at the contract you signed. See if you have a period of time to rescind (take back) your decision. If you do, and are still in that time period you should probably reconsider. The "deal" you were offered will probably always be available the chance to get your money back will never come again once the time to rescind is up.

It looks like, from reading his post above, that he has owned for 15 years so rescission is impossible.