I have acquired a 77K pt UDI contract from my sister at FF/Wyndham Myrtle Beach/Westwinds, effective with use year 2008 (1/1/08-12/31/08). I learned today that while my sister retained the 2007 use (because of the delays with the first closing agent) and mine doesn't start until 2008, the MF payments (debit) was now my responsibility, effective immediately with the September payment due. When I asked Wyndham about it,they said "that's just the way it is . . . once your name is on the account, there is no way for us to bill or collect from the former owner . . . it is your responsibiliity to collect the MF's you're going to pay through the end of the year for their 2007 use/points."
While this isn't an issue for me or our transaction, because it is within the family, this could have posed a real issue and hassle had I bought via eBay or some other resale channel. I can't imagine having to ask a former owner/seller to reimbursement me for the $164 I'm going to end up paying for their 2007 use.
So for those who are buying FSP points from someone with your ownership scheduled to start in the following use year, be sure that your purchase documents protect you and assure you're not holding the bag for the MF's for someone else's use.
The other thing is that because nobody from Wyndham's financial department contacted me about setting up the MF debit (either by checking account or credit card), they had sent me an invoice on 8/31/07 which included a $5.00 billing fee. I would encourage anyone buying, to stay on top of Wyndham throughout the process so as to avoid extra fees such as this.
While this isn't an issue for me or our transaction, because it is within the family, this could have posed a real issue and hassle had I bought via eBay or some other resale channel. I can't imagine having to ask a former owner/seller to reimbursement me for the $164 I'm going to end up paying for their 2007 use.
So for those who are buying FSP points from someone with your ownership scheduled to start in the following use year, be sure that your purchase documents protect you and assure you're not holding the bag for the MF's for someone else's use.
The other thing is that because nobody from Wyndham's financial department contacted me about setting up the MF debit (either by checking account or credit card), they had sent me an invoice on 8/31/07 which included a $5.00 billing fee. I would encourage anyone buying, to stay on top of Wyndham throughout the process so as to avoid extra fees such as this.
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