Adding Points - Questions from a new forum member, please help.

[tazmindog Junior Member Find all posts View Profile Close tazmindog]

Hi,

I'm new to this forum but thought before adding points through Bluegreen, I'd do some research on the web and see if it's the best option. Any suggestions would be most appreciated.

We have 11,000 points and are deeded at Shore Crest in South Carolina. We traded our deeded week in about 3 years ago.

I just went to an owner's update at The Fountains in Orlando using my Bonus Time. During the update, this is what was brought up and offered:

1. My deed is in a "high hurricane area" and should some major damage occur, a special assessment could be billed to us. We wanted to get rid of our deeded week at Ana Maria Island because we had a substantial special assessment fee billed due to damage there and major renovations. That was why we traded that in - we didn't want to have to face a special assessment again.

The saleperson said the only way to change our deed was to upgrade our points and turn this deed in for another. The other properly where we would be deeded is The Fountains.

2. Currently we have 11000 yearly. The salesperson recommended going to every two years and front loading. Again, converting to that would be by adding points. Our maintenance fees would go up about $130 a year. (Yes, we still pay our fees as we haven't done referrals that actually show up.)

3. Purchase Terms:
Price - $21,350
Down Payment $6,370.00
Equity Credit $6,650.00

Amount financed - $14,980.00

Which I think means we are getting 5,000 points for $8,330 which comes to $1.67/point. If I do the math and calculations right.

4. Our interest rate goes down from 15+% to 12+% (I know, pathetic rate and will probably eliminate and go with a different means of payment).

5. We front load 32,000 points.

6. The "We'll do this for you" is:
Charter Certificate - VIP Program (bonus time unlimited - currently 7 days????, reenrollment in Traveler's Plus that I let expire, RCI fee waive although already have lifetime RCI membership. Doesn't sound like much other than the bonus time being unlimited.

Additionally, 2 free weeks a year at RCI for 3 years.

Would this be a wise decision to 1. Get the deed into a less-hurricane stricken area, 2. get the unlimited bonus time, 3. get the front loading of points? Do they ever drop the price by haggling??

Or would we be better hanging out with our 11,000 points and looking for a decent resale (although I don't like the idea of paying 2 different maintanence fees).

Sorry this is so long, but I don't want to be in the "regret mode" late. Oh, the reason I have some think time is my husband was not with me and I have a limited power of attorney awaiting his decision. Gives me a little leeway.

Thanks!

[Robo Member Find all posts View Profile Close Robo]

I'm not sure about the special assessment, so I'll leave that for others to answer.

I do have a question regarding the MF structure you're on. Are you paying $290 plus $.026 per point?

If so, and you add another new MF contract, you aren't paying additional MF. This is the situation we are in. We have 7k and 15k contracts that are new MF. We pay one $290 fee + .026*22,000 = $862.

In other words, if you are on the new MF program and buy new MF resales, there is no advatage (at this time) to combining contracts with the developer.

I wouldn't rush into anything. They typically use the high pressure, need to buy it today, measures. You can typically come back and get the same rate later.

[BocaBum99 Super Moderator Find all posts View Profile Close BocaBum99]

Welcome to our Bluegreen Forum. You've come to the right place to get answers to your questions. Please feel free to post as many questions as you would like.

Wow, there are so many lies in what you were told that this may require some follow up answers.

First, special assessments for the vacation club are for the most part born by all vacation club owners. There are a few exceptions, so it depends on how you acquired your points. It doesn't matter where you are deeded. It just matters how you acquired your points.

Second, you already have unlimited bonus time. So, you are considered a VIP and they can't/won't take that away from you. That 7-day limit is totally bogus. The Charter Certificate is like a diploma you put in a frame that will cost you several thousand dollars to show off.

Third, you are on the old maintenance fee program since you bought 3 years ago. If you want lower maintenance fees, you need to sell your current points and buy new program points. You can do this with Bluegreen, but you can probably save a ton of money doing it a different way. If you would like some help doing it, send me a PM and I'll help you out.