Definative Answer - Will DRI Take Back an Unwanted Timeshare?

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

I asked the question some time ago on the DRI forum and just today received an answer. I've copied it here . . .

"What are the exact circumstances? How do we surrender our ownership? I have a US Collection Points Contract I'd like to surrender which meets your qualifications above. Who do we call and at what number, or who do we email and at what address???"

Dear DWMantz,

Thank you for your post and inquiry on the Diamond Resorts International® (DRI) member forum. We are glad to answer this inquiry for you.

Yes, under certain circumstances, you can surrender your vacation ownership interval. There cannot be any active loans on the account, the 2009 maintenance fees and dues for THEClubSM must be paid in full and there can be no usage for this year on the account. For members of THE Club, this includes booked reservations, exchanges, or other redemption opportunities such as member benefits. If you are a deeded traditional owner, your deeded week cannot have been used or deposited for use with an exchange provider such as RCI® or Interval International® .

If you own a deeded property and fit the above described conditions of no loan and maintenance fees being paid for 2009, you may request to have a warranty deed sent to you for signature before a Notary Public. Once we receive the notarized document back in our office, it will be sent to the County Recorders office for recording. When the deed has been recorded, you will no longer be responsible for the interval.

However, if you own an interval in one of the three U.S. Collections, in addition to the conditions of paid in full loan and 2009 maintenance fees being paid up, there is an $250 cancellation fee. The Mutual Release Agreement (MRA) will be mailed to you for signature before a Notary Public. When we receive the notarized MRA and payment for the $250 cancelation fee, your account will be canceled and you will no longer have any responsibility for or benefit from your timeshare interval.

If you would like to pursue this, please call our Customer Service Representatives at 1.877.DRI.CLUB. They will verify your account to confirm you meet the criteria above and then conference your call to our Loss Mitigation team who will speak with you further regarding your request.

We recognize that every member of THEClubSM has needs that are unique to them. DRI is dedicated meeting those needs, and to providing its guests with effortless and relaxing vacation experiences every time, for a lifetime. Customer service is a key component to DRI's success and we can assure you that our goal is to deliver honesty and transparency at every interaction with DRI's team members.

Thank you again for your post.

Regards,

CeliaD

U.S. Moderator | Diamond Resorts International® | Tel: (877) 374 2582 (Mon - Fri 6:00 AM to 7:00 PM , Sat 7:00 AM to 3:30 PM)

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

I asked the question some time ago on the DRI forum and just today received an answer. I've copied it here . . .

"What are the exact circumstances? How do we surrender our ownership? I have a US Collection Points Contract I'd like to surrender which meets your qualifications above. Who do we call and at what number, or who do we email and at what address???"

Dear DWMantz,

Thank you for your post and inquiry on the Diamond Resorts International® (DRI) member forum. We are glad to answer this inquiry for you.

Yes, under certain circumstances, you can surrender your vacation ownership interval. There cannot be any active loans on the account, the 2009 maintenance fees and dues for THEClubSM must be paid in full and there can be no usage for this year on the account. For members of THE Club, this includes booked reservations, exchanges, or other redemption opportunities such as member benefits. If you are a deeded traditional owner, your deeded week cannot have been used or deposited for use with an exchange provider such as RCI® or Interval International® .

If you own a deeded property and fit the above described conditions of no loan and maintenance fees being paid for 2009, you may request to have a warranty deed sent to you for signature before a Notary Public. Once we receive the notarized document back in our office, it will be sent to the County Recorders office for recording. When the deed has been recorded, you will no longer be responsible for the interval.

However, if you own an interval in one of the three U.S. Collections, in addition to the conditions of paid in full loan and 2009 maintenance fees being paid up, there is an $250 cancellation fee. The Mutual Release Agreement (MRA) will be mailed to you for signature before a Notary Public. When we receive the notarized MRA and payment for the $250 cancelation fee, your account will be canceled and you will no longer have any responsibility for or benefit from your timeshare interval.

If you would like to pursue this, please call our Customer Service Representatives at 1.877.DRI.CLUB. They will verify your account to confirm you meet the criteria above and then conference your call to our Loss Mitigation team who will speak with you further regarding your request.

We recognize that every member of THEClubSM has needs that are unique to them. DRI is dedicated meeting those needs, and to providing its guests with effortless and relaxing vacation experiences every time, for a lifetime. Customer service is a key component to DRI's success and we can assure you that our goal is to deliver honesty and transparency at every interaction with DRI's team members.

Thank you again for your post.

Regards,

CeliaD

U.S. Moderator | Diamond Resorts International® | Tel: (877) 374 2582 (Mon - Fri 6:00 AM to 7:00 PM , Sat 7:00 AM to 3:30 PM)

WOW, that is definitive, by saying that your 2009 MFs and other fees must be paid and you cannot have used any reservations or benefits, you are paying the developer to take the interval back. I would hope that anyone who finds TS4Ms would offer it here for free first.

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

Just to clarify, even though I posted as such, I am NOT looking to get rid of any timeshares personally! I am, however, quite interested as a regular follower of this forum and as a DRI member who is trying to understand all the nuances of my system.


I totally agree with Spence that this is NOT a great deal, particularly if we are talking Points Collection Contracts, because not only must MFs be paid and there be no use, but the owner must pay DRI $250 to take it off their hands.

HOWEVER . . . with this economy, and particularly with aging seniors, I can see several circumstances where one might need to get out of timeshares period, and where this DRI offer would really be a godsend.

I also agree with Spence that it would be great if people would post their timeshares for sale at $0 on sites like Ts4MS and TUG before giving them back to the developer like this.

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

Not a bad option at all for a number of people...

Paying $250 is much better than paying $3,500...

It will be interesting to see if they keep this in place, as Diamond hasn't exactly been developing a reputation for consistently following through on things like this! I know about 35 Polo Tower owners that were left out in the cold on deedbacks from last year that were never completed.

Of course, a year ago Diamond was actually spending a few dollars for the reacquisition- so without any expense to them- I hope this program continues!

[julieab Member Find all posts View Profile Close julieab]

There cannot be any active loans on the account, the 2009 maintenance fees and dues for THEClubSM must be paid in full and there can be no usage for this year on the account. For members of THE Club, this includes booked reservations, exchanges, or other redemption opportunities such as member benefits. If you are a deeded traditional owner, your deeded week cannot have been used or deposited for use with an exchange provider such as RCI® or Interval International® .

Wow! How convenient they left that tidbit out of another post on their forum about deeding back the ownership. Here's what they had said previously:

Yes, under certain circumstances, you can surrender your vacation ownership interval. There cannot be any active loans on the account, and the 2009 maintenance fees and dues for THEClubSM must be paid in full.

If you own a deeded property and fit the above described conditions of no loan and maintenance fees being paid for 2009, you may request to have a warranty deed sent to you for signature before a Notary Public. Once we receive the notarized document back in our office, it will be sent to the County Recorders office for recording. When the deed has been recorded, you will no longer be responsible for the interval.

That's very misleading of them! Somehow I'm not surprised.

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

I'm about to give two points memberships back

The advertisement for two Diamond Sun Options points collection has gathered no interest from this websites classifieds.
Free if you want them including 2009 points
I would be more than willing to give these programs away then return them.
We'll see how responsive Diamond is at deed backs at this time of year.

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

I hope you understand why you may see little response . . .

First, your timing is not good. 2009 points are now practically useless, unless you can and did save them all into 2010. Most people have already made all their reservations for 2009, and other than 2010 II reservations, there's not much that can be done with 2009 points, even if they are free. In addition, DRI is taking a minimum of two months to complete a transfer, meaning that nothing may be able to be used by a new owner until it's too late to do so.

Second, we are all now facing our MF bills for 2010 which are already arriving in mailboxes and due by Jan. Whoever would take your 15,000 points, will need to pay around $2000 in MFs for those points (after the 2010 15% or so increase).

You may also get very little response until early 2010. This end of year will probably see a record number of timeshares hitting the market as owners try to sell before having to pay 2010 MFs.

Although it sounds horrible and expensive, the only way to get rid of them may be to pay 2010 MFs on them and then to give away that 2010 use.

Sorry!!

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

Thank you for your response.
Timing is everything and all things considered the home location, the small point value, the higher annual fees, only nineteen locations and the cost of transferring each, this is only attractive to a select few people who know and use this system.
Diamond has accomplished it's desire to make these unattractive in the resale market.
Putting these up for free seemed like a waste of time but it allows forum readers to be aware of lessons in futility and whether this deed back is still allowed.

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

Tabbyc

Be patient. Also list these on TUG in the Cheap Timeshares section. That listing is free also.

In time, someone will probably come along and want these.

I sold 21,000 points earlier this year with no 2009 use or MF's for $2000 - big loss, long wait, but it did sell and the new buyer will now pay all those new 2010 MF's that I don't have to!

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

PS - It's not that there is no market.

There are plenty of DRI owners. However, everything is tight for everyone, so few people are buying.

As you say, timing is everything. MFs are just coming due for 2010, and it appears they are going to increase again this year by at least 15%, some far more.

DRI hasn't killed the resale market. Nobody is buying right now.

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

Diamond has effectively made this particular product undesirable except to a select group of Diamond owners.
Ebay would charge too much to list and history shows this would not sell.
I'll give the tug list a chance but it just seems a waste of money to pay the 2010 fees when the desirability and circumstances behind this particular product will not change.
Resales of RCI and Interval affiliated properties has not been as brisk this year but that is only based on spending less advertising dollars and being selective about buying only resorts that have proven demand.
Deedback on these two memberships makes the most sense.
$250 a piece is fair dinkum to avoid the 2010 fees.

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

Is there such a Diamond animal as "use only"?

I am a "use-only," fixed week, timeshare owner -- have been for more than 24 years.

We own in SXM -- Pelican (I know, another can of worms). At one time, Flamingo was "fixed week", and was a part of Pelican.

Now, that Diamond has taken over Flamingo. If someone purchased a Flamingo unit, do they have to be contend with points, and all the other extras I keep reading about? Or, can you simply purchase a unit at Flamingo, and simply go there every year (fixed week, for example) -- no exchanges, points, serious thoughts, etc., involved.

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

Now, that Diamond has taken over Flamingo. If someone purchased a Flamingo unit, do they have to be contend with points, and all the other extras I keep reading about? Or, can you simply purchase a unit at Flamingo, and simply go there every year (fixed week, for example) -- no exchanges, points, serious thoughts, etc., involved.

You can do that but the sales force will try to insinuate that you will somehow be a lesser citizen, this has been my experience and also what has oft been reported on this BBS by owners of any resort that now has a points program or even those that don't but rely on RCI points products.

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

Spence,

Thanks for such a quick reply.

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

We tranferred both contracts by contacting a person who rents time at Diamond points locations.
I offered to pay the $500 transfer fees but he offered to split it with me.
End of story.