Latest Conversion info

[dwmantz Senior Member Find all posts View Profile Close dwmantz]

Conversion Info From Diamond

Don't want to go through a Sales Office to join THE CLUB?
Don't know how?

Found on the Diamond Forum . . .

For owners who currently do not participate in THE ClubSM, enrollment of deeded weeks for exchange within THE ClubSM exchange program requires completion of both a membership enrollment agreement and an assignment agreement.

These contract documents are typically completed at one of our sales offices, but you do have the option of contacting our Ownership Enhancement team to step through the process, or just ask questions. They will first review your ownership and determine eligibility to deposit in THE ClubSM. If eligible, they will inform you of how many points the ownership will be awarded, review any administrative fees required, and then forward the document(s) required to complete the enrollment.

The Ownership Enhancement team can be contacted toll free at 1-800-966-1392, or directly at 1-623-587-0060 between the hours of 10 AM to 7 PM Pacific Standard Time (PST) Monday through Thursday, or between 10 AM to 2 PM PST on Friday.

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

Well, how did it go?
What can you tell us?

Hey there,

Here it goes. There were several "lame" reasons mentioned why not to buy resale, but here are the more seemingly valid reasons to buy through a sales office. I was told that in order to convert they would require you to purchase a minimum of 10,000 points at the going rate of about 30,000 - $35,000. I was told that you will have two separate accounts or more depending on how many individual shares you want to convert. Also, maintainence fees would be higher because points would be held in two separate accounts making booking high point vacations difficult because you would have to pull from both accounts. A perk to buying in house was that we would be owners at two resorts giving us the home advantage and that Diamond would be adding to these resorts in California and at that time, we would recieve home advantage there also. They offered us a one time special deal of adding an additional 3,000 points to our current allotment for $10,000.

Today, I called the Ownership Enhancement team as noted in the message about from dwmantz. I spoke to a wonderful lady named Lynn. I asked her about converting points. She said, "for $3500 they will convert our current property (mind you, I did not say that we were current owners with Diamond) and give us another 1000 points. I was thrilled to hear such a thing. The more I talked with her the more info. I gave her. And at las, I admitted to being current owners and wanting to buy resale. She then put someone else on the phone who started asking me questions and then said that it would cost us $14,427 to purchase 3,000 points. She then said that she did not think that Diamond was still offering the conversion. Rats!!! I was so close to a straight answer with Lynn and now I am doubting my next move. Resale? retail?
Can you guys who have several accounts tell me how the points are deposited in your account? Are you maintainence fees astronomical?

[mace Senior Member Find all posts View Profile Close mace]

Cobrien
Resale, you better forget Retail

Let me preface what I say by stating that I believe you may do much better but
I converted 4 weeks all 4 bedroom holiday weeks and bought 8000 trust points to do the conversion (2000 points per contract) for a total of about $10,000 which gave me a total 71,000 points per year. One account and I pay a single management fee, the Maintence Fees are itemized and paid separately mine are still deeded meaning they were not turned into the trust. I have heard of separate accounts but I believe they were Florida/Hawaii trust points or udi points at a given resort that were not converted into the club or something. I'm sure someone else can speak more fully about this area. However you should know if you talk to "n" sales centers I believe you will get "n" different quotes, my advice is keep hanging up until someone says something you like. Also my MFs are considerably less than the fees associated with the trust points they want you to buy. Say no to Retail!

Best of Luck

[dwmantz Senior Member Find all posts View Profile Close dwmantz]

Sounds Like More MisInformation

*** I think you may be reading these posts INCORRECTLY! ***

I don't believe Spence is confirming zero dollar conversions. The rule is $2995 for any group of points/deeds or purchase a minimum amount of points per single deed converted (ie; buy another 2000 pts for a negotiated price and convert one deed to Club).

If you have only one deed or points package, the minimum cost to convert it would then be the purchase of 2000 points for $1500. But its going to be a challenge to negotiate with a saleman to get it that cheap.

But if you have multiple deeds and points packages, it should be fairly easy to get the $2995 rate. If you can't, email Spence and he'll get you to a person who can do it for you.

BUT THERE IS NO FREE LUNCH!

This should be the rule. I have no idea what that saleman is talking about. It sounds like he doesn't either. Maybe Spence can make sense of "seperate accounts". There should be only one. Maint Fees should be the same as anyone else for CSV-1 points and not off the scale at all.

[dwmantz Senior Member Find all posts View Profile Close dwmantz]

SAY NO TO RETAIL not resale

Let me preface what I say by stating that I believe you may do much better but
I converted 4 weeks all 4 bedroom holiday weeks and bought 8000 trust points to do the conversion (2000 points per contract) for a total of about $10,000 which gave me a total 71,000 points per year. One account and I pay a single management fee, the Maintence Fees are itemized and paid separately mine are still deeded meaning they were not turned into the trust. I have heard of separate accounts but I believe they were Florida/Hawaii trust points or udi points at a given resort that were not converted into the club or something. I'm sure someone else can speak more fully about this area. However you should know if you talk to "n" sales centers I believe you will get "n" different quotes, my advice is keep hanging up until someone says something you like. Also my MFs are considerably less than the fees associated with the trust points they want you to buy. Say no to Resale!

Best of Luck

I assume you meant to advise NOT to buy RETAIL! Not to say NO to RESALE. It would appear you purchased resale and then converted. It would also appear you overpaid somewhat for conversion. However, that said, you did FAR BETTER then if you purchased RETAIL! You should have been able to convert all four deeds through assignment without buying any additional points for a flat fee of $2995.

[mr1Dude Junior Member Find all posts View Profile Close mr1Dude]

Bringing resale into Club

Wanted to share this info and confirm what is being offered by Diamond currently. First, I have a deeded resale I got off of bidshares at Grand Beach Ph I, not in the Club or in the Trust. I booked my first exchange (via RCI) for june 08. In email I got a letter from Paul Shosted, Director of ownership enhancements thanking me for my exchange and soliciting me for the club.

"Vacation ownership with THE ClubSM is easier and more flexible than ever before. Diamond Resorts International® owners who are not members of THE ClubSM have requested we provide an opportunity to easily transition into becoming a member of THE ClubSM. We are happy to announce that, for a very limited time, you can now join THE ClubSM and enjoy all the benefits of becoming a member including:

* Easier exchanges,
* Flexible vacation lengths and destinations,
* More trade options,
* Increased vacation time,
* And additional benefits available only to members of THE ClubSM.

As a member of THE ClubSM, you can customize your vacation every time, for a lifetime. Call our special team of qualified vacation consultants for THE ClubSM at 1.800.966.1392 to learn more about our commitment to your relaxation. simplified."

Respectfully,
Paul Shosted
Director of Ownership Enhancement
Diamond Resorts International®
1.800.966.1392

So when I got this email, I called the number above and spoke with a rep named Dani. She told me I could bring my resale into the club for 2995, but if I wanted to add some points to my account I could buy 2000 pts for $4,200 and they would let me into the club without the 2,995 conversion fee.

There you have it. I dont know how long they will keep this offer available but I can confirm it is out there.

mr1dude

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

Hey Dude,
Thanks for the input. The sales organization overall has not got the word that Mr C wants to play straight. He wants to make money but he wants to play straight. Paul Shosted seems to be a little more under the thumb than the outlying sales teams.

If anyone has the problems that cobrien seems to be having, please send them to me in a detailed email and I'll get them headed in the right direction.

Wanted to share this info and confirm what is being offered by Diamond currently. First, I have a deeded resale I got off of bidshares at Grand Beach Ph I, not in the Club or in the Trust. I booked my first exchange (via RCI) for june 08. In email I got a letter from Paul Shosted, Director of ownership enhancements thanking me for my exchange and soliciting me for the club.

"Vacation ownership with THE ClubSM is easier and more flexible than ever before. Diamond Resorts International® owners who are not members of THE ClubSM have requested we provide an opportunity to easily transition into becoming a member of THE ClubSM. We are happy to announce that, for a very limited time, you can now join THE ClubSM and enjoy all the benefits of becoming a member including:

* Easier exchanges,
* Flexible vacation lengths and destinations,
* More trade options,
* Increased vacation time,
* And additional benefits available only to members of THE ClubSM.

As a member of THE ClubSM, you can customize your vacation every time, for a lifetime. Call our special team of qualified vacation consultants for THE ClubSM at 1.800.966.1392 to learn more about our commitment to your relaxation. simplified."

Respectfully,
Paul Shosted
Director of Ownership Enhancement
Diamond Resorts International®
1.800.966.1392

So when I got this email, I called the number above and spoke with a rep named Dani. She told me I could bring my resale into the club for 2995, but if I wanted to add some points to my account I could buy 2000 pts for $4,200 and they would let me into the club without the 2,995 conversion fee.

There you have it. I dont know how long they will keep this offer available but I can confirm it is out there.

mr1dude

[mace Senior Member Find all posts View Profile Close mace]

I assume you meant to advise NOT to buy RETAIL! Not to say NO to RESALE. It would appear you purchased resale and then converted. It would also appear you overpaid somewhat for conversion. However, that said, you did FAR BETTER then if you purchased RETAIL! You should have been able to convert all four deeds through assignment without buying any additional points for a flat fee of $2995.

Ofcourse I bought RESALE
But who has gotten the deal of 2995 for all "currently" held resale deeds, I know of Spence's provision clause and he probably has gotten a great deal for just $3000 or $5000 and 2000 trust points all future conversion for 1 year. However if you have the deeds in hand you have MFs staring you in the face, so with all do respect I'm happy with the deal and I'm not too sure that this $3000 deal isn't per deed sure seems like it is and you have to do the Spence provision. If it isn't then great, but who has gotten this deal up to now did you dwmantz lets not steer people in the wrong direction the rule of thumb I remember is purchase of the timeshare + closing cost + conversion should be under 33 cents per point. Mine turned out to be $15600/71,000 = 22 cents per point, maybe the rules have changed since last winter but I would have lost close to $5000 in MFs if I had waited instead I have Vacationed for free as well as many of my relatives, with respect to MFs.

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

Every situation is different and yours was just one of them. We need your experiences posted here as well as everyone else's. You were armed with all the available information and you made a decision that worked for you. You're enjoying your membership, in my book, that's what counts.

Ofcourse I bought RESALE
But who has gotten the deal of 2995 for all "currently" held resale deeds, I know of Spence's provision clause and he probably has gotten a great deal for just $3000 or $5000 and 2000 trust points all future conversion for 1 year. However if you have the deeds in hand you have MFs staring you in the face, so with all do respect I'm happy with the deal and I'm not too sure that this $3000 deal isn't per deed sure seems like it is and you have to do the Spence provision. If it isn't then great, but who has gotten this deal up to now did you dwmantz lets not steer people in the wrong direction the rule of thumb I remember is purchase of the timeshare + closing cost + conversion should be under 33 cents per point. Mine turned out to be $15600/71,000 = 22 cents per point, maybe the rules have changed since last winter but I would have lost close to $5000 in MFs if I had waited instead I have Vacationed for free as well as many of my relatives, with respect to MFs.

[dwmantz Senior Member Find all posts View Profile Close dwmantz]

Ofcourse I bought RESALE
But who has gotten the deal of 2995 for all "currently" held resale deeds, I know of Spence's provision clause and he probably has gotten a great deal for just $3000 or $5000 and 2000 trust points all future conversion for 1 year. However if you have the deeds in hand you have MFs staring you in the face, so with all do respect I'm happy with the deal and I'm not too sure that this $3000 deal isn't per deed sure seems like it is and you have to do the Spence provision. If it isn't then great, but who has gotten this deal up to now did you dwmantz lets not steer people in the wrong direction the rule of thumb I remember is purchase of the timeshare + closing cost + conversion should be under 33 cents per point. Mine turned out to be $15600/71,000 = 22 cents per point, maybe the rules have changed since last winter but I would have lost close to $5000 in MFs if I had waited instead I have Vacationed for free as well as many of my relatives, with respect to MFs.

You're obviously not pleased with my reply. I tried to word it so as not to offend, and obviously failed. For that I apologize. The $2995 rate for a package conversion is very real and is supposed to be the standard, as Spence has pointed out numerous times. The lowest verified per point purchase for a single contract's conversion, that I have seen, was 1000 additional points purchased for $1500. Everything I've read on this forum and others, all the advice of the experts, seems to point to these two numbers ($2995 for a package, and $1500 for a single contract) as being the conversion floor. Not everyone has reported getting the lowest possible prices. Apparently, it takes negotiation. Anything close however, is still a screaming bargin from direct sales office purchase.

[mace Senior Member Find all posts View Profile Close mace]

Not offended just confused as to whether that price has been verified, I hope it is verified because more units would be brought into the club making everyone's experience better.

[dwmantz Senior Member Find all posts View Profile Close dwmantz]

The Standard is a Proven Fact

It has been clearly proven to me. The question is, will it become the standard our Chairman has decreed it should be, or will salesman and women of any level, and their desire for commissions and higher sales numbers keep getting in the way.

As Spence says "The sales organization overall has not got the word that Mr C wants to play straight. He wants to make money but he wants to play straight. Paul Shosted seems to be a little more under the thumb than the outlying sales teams. If anyone has the problems that cobrien seems to be having, please send them to me in a detailed email and I'll get them headed in the right direction."

As long as I've known it, conversions have been a hidden secret; a game for skilled negotiators. I think the very best good is established by making this knowledge public.

Perhaps our Chairman could put something in writing on the Diamond Fourm settling this issue once and for all?

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

Resale

Hey there,

I just got off the phone with a timeshare realtor in Lake Tahoe. She is selling 5500 points for $4,000. This is for the Lake Tahoe Vacation Club (deeded property) where we currently own 5500 points. Nancy said that consumers are converting daily. She said, as I have heard before, that Diamand will be contacting you about converting into the club. She recommended waiting for them to convert because they are more likely to 'wheel and deal' and give you a break on the 2,995.00 conversion fee. Worse case scenerio, if I am not happy for whaterver reason, we can get most if not all of our money back selling. Something she did say that was very interesting is that the "Trust" that Diamond is promoting which is a new thing, prohibits resale. You can't sell a Trust. The recent presentation we went on was making it sound valuable, but in reality, it is a trap and a bad move.
I know that alot of the misinformation that I have been getting has stemmed from the fact that we have not actually had property to convert. As I said in a previous message, yesterday during my conversation with the Owner Enhancement team I was told, yes! we will convert for 2,995.00 and sell you an extra 1000 points for $500.00. When they found out that we were current owners and had not yet purchased the resale someone else got on the line and said that she did not believe that Diamond was still offering conversion. I don't know how people can sleep at night.
It does look like we are going to take the jump and purchase the extra points. I will let you all know how that turns out when the dust settles.

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

Something she did say that was very interesting is that the "Trust" that Diamond is promoting which is a new thing, prohibits resale. You can't sell a Trust.

I'm not sure that's the case. What can't be sold is The Club membership, which they sell you as part of conversion. You can still sell your Trust membership, but whoever buys it from you won't get The Club privileges unless they convert again.

[Bill4728 Super Moderator Find all posts View Profile Close Bill4728]

Hey there,

I just got off the phone with a timeshare realtor in Lake Tahoe. She is selling 5500 points for $4,000. This is for the Lake Tahoe Vacation Club (deeded property) where we currently own 5500 points.

Spence has reported that 5500 "trust" points have been selling on Ebay for about $1100 plus closing costs. link

So instead of buying Lake Tahoe for $4000 and converting to the trust, you could buy trust points now for $1100. Granted you'll not get the full "Club" memebrship but you'll get the 19 resorts in the "trust". But if you wanted, you could buy the trust points for $1100 and convert them to full "club" for $2999 and pay the same $4000 as the Lake Tahoe which wouldn't be in the "club".