Original Message:
Re: BUYING DEVELOPER vs RESALE (typical scenario) (by Marie M.):
erics243 wrote:Hi,I am on my last day within my recission period. My wife and I purchased 308K points at the new San Francisco Wyndham for $46K. It seemed like a good deal until I dug in more. What are the benefits to keeping this and the VIP status? The thought was to by resale points as an add-on later and keep the VIP or possibly try for gold over time. Is it worth the massive premium or should I bail out now wow I have the chance?
Thanks,
Eric
RESCIND RESCIND RESCIND IMMEDIATELY!!!!!!!!!!!
Then do homework. I'm positive you will come to the conclusion that the exorbitant price you paid buying from the developer is not worth the benefits of VIP status.
I recently purchased on Ebay 140,000 points at a southeast Wyndham/Fairfield Florida property I love. The price was $297. plus $598. in closing costs and resort transfer fee. (I own many more FF Points bought previously the same way). I will be able to reserve nights or weeks at your new San Francisco resort ten months prior to the check-in date. Since it's a new resort still in sales (not that many owners yet), there should be good availability at the 10 month period, for quite a few years to come. By the time that availablity for owners from other resorts to reserve dwindles (if it ever happens--may not), then owner resales should start coming on the secondary market at a fraction of the price they paid buying from the developer.
Many Wyndham/Fairfield VIP owners are very dissatisfied with the changes that keep being made to the program, decreasing the value of their benefits, and even eliminating some perks altogether. That's why you will see people who own 1 million plus points dumping them on Ebay, or selling them on sites such as Redweek.
I suggest you join (it's FREE) the Wyndham owners group: http://forums.atozed.com/ and learn a lot of valuable first-hand information from owners.
If you still somehow feel that the VIP benefits are worth the huge price being charged by the developer, you can always buy back the same package after you rescinded it. Don't fall for the bs line that you received some extra special price that will never be offered again. As a matter of fact, if you rescind, they will probably call you and offer a much lower price to get you to re-purchase.
To rescind, FOLLOW THE PRESCRIBED PROCEDURE EXACTLY. If it says that it must be sent by US mail, send it that way, certified, return receipt requested. Do not use Fedex or UPS. If you are supposed to return booklets or other materials, do so. Just keep copies of any diocuments you signed. I don't know if you live close to the resort but if you do, and decide to go there in person to deliver the rescission letter, ALSO send another letter by mail or whatever other procedure that is specified in your contract. By law it is supposed to be prominently placed near where you sign the contract. If you have paid all or part of it by credit card, immediately notify the cc company that you have rescinded the purchase and want a refund of any monies paid and/or that no further charges be accepted from Wyndham.
I hope you can get out of this in time. Otherwise, you have probably made the most costly mistake of your life. Good luck. Please let us know how it turns out.