BUYING DEVELOPER vs RESALE (typical scenario)

Did your rescission work out ok?

alexc72 wrote:

Did your rescission work out ok?

I am not sure if this is directed to me, but YES it did work out. They processed the rescission quickly and without any hassle. They did try and sell me an option to take one year of points at a reasonable cost, but we declined this as well. I did go on to purchase a resale on ebay for about 1/15th the original cost. I get sick thinking about what might have been without you all's help and guidance. Thanks for asking.

Eric

Thanks Eric, and yes it was directed at you :-)

I just sent in my rescission form along with a letter today, so I'm hoping that mine gets processed w/o hassle as well!

Sorry to bug you again Eric, but do you have the address you sent your rescission form to or a phone number from the letter they wrote you? I just want this to go smoothly. THanks!

alexc72 wrote:

Thanks Eric, and yes it was directed at you :-)

I just sent in my rescission form along with a letter today, so I'm hoping that mine gets processed w/o hassle as well!

You have to make sure the rescission was within the 7 day period from the day you purchased .... if it's past the rescission period then you own a timeshare .... there's no legal rights after that time.

Hi,

The address we sent to was Wyndham Vacation Resorts Inc. Contracts Department P.O. Box 94443 Las Vegas, Nevada 89193

There was a number where we were able to reach the contracts department, but I don't recall what that was at the moment. I believe it was in the master contract if I recall. Hope that helps.

Jayjay Gatlinburg Town Square - Is this considered a points resort now? If the sellers transfer their RCI points membership to me, will this guarantee that I will receive points from the resort each year? Is the exchange program membership separate - do I have to submit to the Developer a required applicable fee? I trust your advice.

jamesm913 wrote:

Jayjay Gatlinburg Town Square - Is this considered a points resort now? If the sellers transfer their RCI points membership to me, will this guarantee that I will receive points from the resort each year? Is the exchange program membership separate - do I have to submit to the Developer a required applicable fee? I trust your advice.

I don't know if GTS is a points resort or not. Points are not my expertise as I previously owned only weeks, but I would assume the amount of points the previous owner has would be transferred if it is a points resort and if you should buy ...... yes the exchange system is a separate entity (RCI or II) .... you have to pay a yearly fee to belong and you're charged a fee each time you make an exchange.

The developer is not involved in a private transfer of ownership except that the resort has to be notified of the transfer which a reputable closing company would handle .... some resorts (don't know about GTS) charge a transfer fee but not all do.

Re: >> Gatlinburg Town Square...considered a points resort now? <<

Yes (as indicated in the 2009 RCI Points directory), but no fixed week owner is ever REQUIRED to convert to Points, so there is undoubtedly still a mixture of BOTH "Points" and "Weeks" ownerships at that facility.

Re: >> If the sellers transfer their RCI points membership to me, will this guarantee that I will receive points from the resort each year? <<

Assuming you mean if you BUY the Points ownership, the answer is probably, but NOT necessarily. At some facilities (...not at most facilities, but certainly at SOME) a "weeks" ownership converted to "points" ownership reverts back to "weeks" upon each and every subsequent sale (...so that the resort can charge a conversion fee over and over again). You should endeavor to find out and confirm this particular facility's policy directly from the resort at (865) 436-2039.

Hope this helps you.

We purchased many points from Wyndham and believe this can be passed onto our children in the future. That is what we were told. We have a deeded property point ownership. If this is not true, how can we find out? We wanted to leave this to our children and future grandchildren. Does anyone else believe the same way? Please respond.

richellez wrote:

We purchased many points from Wyndham and believe this can be passed onto our children in the future. That is what we were told. We have a deeded property point ownership. If this is not true, how can we find out? We wanted to leave this to our children and future grandchildren. Does anyone else believe the same way? Please respond.

We are Wyndham owners and have been for quite a while. Yes, we understand that our ownership rights can be passed down to our children and have discussed this with Owner Services people from time to time. We want to keep our ownership in a vacation trust so that, upon our deaths, the ownership is not split up among our kids--which would lose them major VIP rights. We use Wyndham points, though some resale buyers may have fixed weeks. Either should be capable of being willed. In fact, they MUST go somewhere and maintenance fees will continue to be billed to someone after our passing! (You might want to leave some money for that purpose!)

Our ownership contracts are with specific Wyndham resorts and are based on specific buildings or units even though we are not required to actually go to that location and can use the points anywhere in the Wyndham system.

There has been talk of Wyndham going to a Vacation Club format such as Bluegreen has. I am not entirey sure how that affects new owners who buy under that system, but we also own with Bluegreen Vacation Club and know that can also be passed down. The only thing we own that is time limited is in Mexico and that can also be passed down if there are unused years. MD

adahiscout wrote:

In fact, they MUST go somewhere and maintenance fees will continue to be billed to someone after our passing! (You might want to leave some money for that purpose!)

jayjay wrote:

jamesm913 wrote:

Jayjay Gatlinburg Town Square - Is this considered a points resort now? If the sellers transfer their RCI points membership to me, will this guarantee that I will receive points from the resort each year? Is the exchange program membership separate - do I have to submit to the Developer a required applicable fee? I trust your advice.

I don't know if GTS is a points resort or not. Points are not my expertise as I previously owned only weeks, but I would assume the amount of points the previous owner has would be transferred if it is a points resort and if you should buy ...... yes the exchange system is a separate entity (RCI or II) .... you have to pay a yearly fee to belong and you're charged a fee each time you make an exchange.

The developer is not involved in a private transfer of ownership except that the resort has to be notified of the transfer which a reputable closing company would handle .... some resorts (don't know about GTS) charge a transfer fee but not all do.

If the timeshare goes into the Estate, the Estate would be distributed to the heirs and retitled as necessary. It can't just sit there forever. I suppose one heir could relinquish a TS in favor of another heir or the estate could sell the TS and distribute the resulting income. If it just sat in an undistributed estate, it seems to me that fees could gradually eat up the estate without doing anyone any good! MD

adahiscout wrote:

If the timeshare goes into the Estate, the Estate would be distributed to the heirs and retitled as necessary. It can't just sit there forever. I suppose one heir could relinquish a TS in favor of another heir or the estate could sell the TS and distribute the resulting income. If it just sat in an undistributed estate, it seems to me that fees could gradually eat up the estate without doing anyone any good! MD

If this is correct, I cannot see how MFs can drain an estate. Can a resort put in a claim for several years worth of MFs?

In the Wyndham (formerly Fairfield) system, resale points are NOT treated the same as developer purchased points. (We were told that they code the resale points in their system.)

We have bought resale points, and they did transfer to us as points (and managed to escape the scrutiny of FF, but that was many years ago.)

However, the differences do not always matter... except if you are using your VIP privileges, especially your Reciprocal Advance Reservation Priority (ARP). Resale points supposedly can not be used to get ARP at a different resort... however, I can't see how they could prevent you from reserving early at the resort those points are tied to.

Resale points also do not count toward becoming VIP (or going to Gold or Platinum levels).

The ARP can be important in the Wyndham system. Certain resorts (all of Myrtle Beach) reserve fast - if you don't use your home resort 13-month ARP, you won't get a 2-bedroom at Myrtle Beach. And you should know (we found out the hard way), that you must own the number of points you wish to use at that resort... for instance, if you own 154,000 points in M.B., you can NOT reserve a 189,000 point unit on 13-month ARP (obviously making up the difference with points from a different resort)... you've got to own all 189,000 points in M.B. to reserve at 13 months.

I don't think this is a problem at most other Wyndham resorts... Old Town Alexandria is also hard to get into, and I expect that National Harbor (D.C.) will also be (it's new this year.)

The PlusPartners program is an add-on. They try to promote getting into PlusPartners as a reason to buy more developer points... personally I can't see much value to it. It attaches to the points, and I really don't know if it transfers... probably not. We finally got in it when we recently bought developer points (oh, when did I switch off my brain?!)

After 20+ years owning various timeshares, we like the Wyndham resorts, but watch out for the fine print.

We have used Plus Partners (Wyndham) to pay for a cruise with points. You can also book a motel/hotel with points, rent a car, etc. if you have a lot you want to use up! I'm not sure whether their RCI Nightly Stays benefit is tied to Plus P or not, but that lets you get less than a week with RCI even if you are in Weeks, not RCI Points, in many cases. You may, however need to pay an extra cleaning fee for short stays which may make just a couple of nights impractical. MD

Yesteday, I purchased 146K points from Wyndham, for $16,000. The aim was to match my 154K points for a total of 300K points and VIP status. My first property is deeed in Star Island, FL and the new one in Atlantic City. The new monthly charge is $78. Is this the best Wyndham offer to purchase 146K points and is the VIP status worth it. I have seven days to cancel.

VIP is not worth 16K, you could get 180K pts on the internet for less than $600 including all transfer cost. $15.4K in not worth VIP status. If I were you and could cancel the contract, I would. Stan.