I welcome all comments for those who are current owners, whether they are negative or positive.
Here's my situation. I haven't bought. I went to a 2 hour presentation, and we turned the guy down. They sweetened it several times, but we declined. The timing's off. When I took this package I knew I had been referred by a friend that is with BlueGreen. We are interested in doing it because we do travel, we wouldn't need 180k points. Maybe 77k to start with. So give me the lowdown. My buddy couldn't since he's with BlueGreen and that's all he knows. We found out BlueGreen is own by RCI who is owned by Wyndham.
So what's the consensus on these types of ownerships? Good thing? Bad thing? I mean we enjoy traveling and love the option of being able to go pretty much to two spots they have resorts in already but pay out the nose to go, and they have resorts in other places we'd love to go, and then there's the RCI connection.
I helped my now ex dump one of these. She got $2k for her's, I think when she sold it. I would never ever buy from them directly. There is a huge secondary market which is way cheaper. For what you pay in to it I think you could just get an hotel room a few times a year. If you can pick one up super cheep on the secondary market it might be an ok deal. I doubt that I would ever buy one of these.
posted: Sep. 4, 2012 @ 7:19a
Ok. Here's where I run into more questions. I asked the guy who did the presentation to us that if we weren't happy could we get out of it. He said yea, we would probably have to sell through a realitor or something. And this is how I found this forum by googling and I saw where someone said you could buy it through another entity, but you don't get some of the perks.
I want to see if it's wasting money or not. My fiancee and I enjoy traveling. We're already discussing trying to plan a trip the year after next to Colorado, our problem is when we try to book these trips we don't know the hotel that we're getting into. We took a trip to Chattanooga and stayed at a Comfort Inn and it was not exactly clean. The same with a Ramada in Pigeon Forge. We do rent a condo in Myrtle Beach from time to time, but for the price we pay for a week vs what a points package with Wyndham runs, we could take 2 weeks of Vacation and have it paid off.
Can I ask why she wanted to unload it?
posted: Sep. 4, 2012 @ 10:00p
All time share/points systems are rip offs (even the biggest/most prestigious names in the business)...there are always maintenance fees of some type or nature that squeeze the dollars out of you overtime...so essentially there is no period where it costs nothing to use and in fact over time becomes more expensive as cost of supplies/labor goes up and taxes for the properties increases...these cost increases are passed directly onto the owner/member. From experience these fees go up year-over-year and in cases significantly...there is no cap nor limitation as to what is financed by the owner (if they say there is...have an attorney review...the contracts are long and filled with contradicting mumbo-jumbo that a normal person will not understand...this is by design to trap you)...
As far as resale if your not happy...this is an absolute joke/flat out lie. As the previous poster stated...there is a HUGE secondary market where you can literally buy in for 0.1-.50 per dollar (or in many cases the owner will give you the property and pay for all fees to transfer if they can find a sucker)...this is where you have an attorney really review your rights as a seller (right of first refusal).
My opinion: one cent on a dollar in the secondary market even too much when you account for: the contractual chains (have a lawyer review the contract...if they do...they will tell you to run away and run fast), ever escalating costs due to inflationary forces and at whim improvements financed through the owners/club members, the impossibility to sell without significant financial loss and substantial effort and the idea that for the remainder of your life you will feel obligated to leverage this property since your paying for it... If your young, think about issues around week/property lock in when your kids are in school and is the room/suite that you are buying into will support your family size in the long run...
posted: Sep. 5, 2012 @ 7:35a
Thanks. Like I said any and all comments are welcomed. We done the presentation Saturday. They sent out a letter on Aug. 27th saying I had been pre-approved for a loan no less than $25k. I think since we're so young and we don't own a home (due to the nature of my job) we're going to start looking at a house somewhere in the mountains we both agree on that could be used for vacation, hunting, and retirement or if we decide it's time to stop bouncing around to live in for good.
posted: Sep. 5, 2012 @ 12:00p
My wife's family owns about 500,000 points and we use just about all of them each year for family vacations. So I don't have experience with owning but each one I have been too I have enjoyed. Very clean, spacious, and in good locations. We are actually heading to Tennessee to a Wyndham for a vacation soon.
posted: Sep. 6, 2012 @ 2:38a
It's the fees that they keep raising over time that killed the deal for me. If it was a one time purchase, and maybe even a minor fee for use I would be ok with it. My suggestion would be to see if someone on the forums or craigslist would 'rent' you the time share for less than a hotel room when you want to use them. If you buy from a non secondary market expect to loose at least 90% of your money when you resell.
posted: Sep. 6, 2012 @ 7:28a
I appreciate all the responses. That's one thing they never disclosed was the rising fees.
posted: Sep. 6, 2012 @ 9:12a
Yes. If you ask them during the presentation they will tell you that the maintenance is just a small fee in the overall scheme of things. But when you read the contract, there is no cap in how much it can rise. Plus, at least on the ones without points, where you actually "own" a week or two, you can even be assessed with special assessments like a condo association. So at least on that front, I think the point scheme is better on your side.
posted: Sep. 6, 2012 @ 1:03p
We have owned at Disney since 92' couldnt be more happy. Have used Disney resort over 30 visits, points are flexible can go several shorter times a year, and several disney cruises with our points. Yes the fees do go up, over the 20 years they have gone up about 30.00 per year. We own another we bought on eBay in Vegas for about $100.00, third year fees have gone up 4.00. We could not stay in vegas at a 2rb delux on 849.00 per week. Check on TUG and redweek.com for more info.
Senior Member - 5K
posted: Sep. 6, 2012 @ 6:10p
Read the contract carefully. Many contracts contain recourse clauses which require the original owner to pay the maintenance fee if subsequent owners fail to pay ( assuming you can sell or give it away). You may not even be able to get rid of these fees through bankruptcy if the timeshare company refuses to take the timeshare back. Past fees can be discharged but new ones may still accumulate post bankruptcy.
posted: Sep. 12, 2012 @ 11:47a
The best place for this question is on the Timeshare Users Group or TUG boards. Here is a link to their Wyndham Vac Club board.
In general, NEVER buy from the developer. Many people on TUG are literally giving their Wyndham TS away for free.
Besides price, there are a host of other consideration (like annual maintenance fees) and the folks on TUG will educate you if you wish. Also, you DON'T need a paid membership to post questions or read the boards.
Senior Member - 6K
posted: Nov. 1, 2012 @ 8:20p
My biggest complaint would be they dont have locations in major cities, that arent beach, mountains.... Also lack of availability/have to plan well in advance, in some locations (new orleans, D.C., San Diego); usually always available in Orlando. If you do buy (off eBay), buy only 70% of what you think you need, as you dont always travel to same locations and they arent everywhere. You can pool your points, over years, to accumulate for use. YOu can also rent additional points, though they have made this less attractive. Also use a title/closing agent. Timeshare Transfer Inc, vero beach fl, is reasonable.
posted: Nov. 2, 2012 @ 10:07a
In general, it's never wise to buy into something unless you are 110% sure you're going to use it. You can say now that you travel all the time, but what if some life event comes along and you can't travel as much? You're now stuck with an albatross of a contract which becomes a money pit. There's always people on sites like VRBO or Craigslist who just need bookings and will give you some great deals on rentals. For example, I found a really nice and cheap 3br condo near Disney last year. The rate was well under the norm and the place was awesome. What's even better is they're knocking off $100 for my stay next year. Which is good, because it costs a fortune to fly 2 adults and 3 kids to Florida. (Although I'll have a little help from my Southwest Visa )
posted: Dec. 4, 2012 @ 4:04p
I own a Hilton timeshare that bought in the secondary market off of eBay. I love it! We are currently staying at all the Hilton timeshares (which are very well-kept properties). The locations are good. But they concentrate in too many areas and aren't spread out as much as I would like. However, I can easily trade my Hilton points through RCI and opens up a whole other world. As a pp mentioned, check out the forums at TUG. That's the place to ask this question.
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