Newbie gotta start somewhere

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

Just got back from Maui...and of course couldn't pass up 150 bucks to sit through a timeshare pitch. Agreed to stay 2 hours; ended up leaving after 3 and a half. They almost had me...actually they got me. Signing out got me one more "closer" for a smaller deal:308,000 pts good for year and a half for $2500.00 with an extra 154,000 points thrown in after 8 months and/or added on to any further purchase I might make within the year and a half.

The deal I was or am considering:Wyndham Bali Hai on Kauai, 308,000 points Bi-annually, monthly FSP assessment:$45.50, 1 year Leisure Discount Club included. So-called dicounted price: $20,163.00. I don't know what 'Fair Share Plus" is.
There is a charge for conversion to Fair Share plus of $2,395.00, and another identical charge for enrollment in "Plus Partners" Don't know what either one of those is. There also is listed a FW Conversion Fee of $189.00 per conversion. What's that? Filing fee: $195, and Title insurance, if I want it, of $150.00. I've looked on a couple re-sale sites and havn't found many better deals. Where else to look, or am I gettin a good deal? Somewhere in these postings I read that $17,000 should buy me between 850K and 1.7 million points. Again where to find such bargains? Also salesman said its good to have home TS in Hawaii 'cause it's all in "Red" high season and that's worth more somehow when I want to stay somewhere else.Care to explain that?
Also, (reminiscent of a new car salesman who told me the gas mileage was actually 10 miles more to the gallon than the sticker says) the TS sales person claims that due to a glitch in the Wyndham point software VIP members have for over three years been getting their full 308,000 points each year instead of every other year.
Also wondering how long points can be "banked " before they expire and like my condo at home, can a TS owner get hit with a "Special Assessment"?

Should I hold off (so I can learn more about what the h... I'm doin' or go forward with this deal?) oh yeah, I like luxury and beach front locations and I vacation 10 days to 2 weeks twice a year.

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

Welcome mikenic ,

The general recommendation is not to purchase from the developer because of inflated prices. I can't comment on your purchase but I'm sure you will get a response soon from those who do know a lot more about it.

I will say though, that for $20,163.00 you really need to know exactly what it is that you are getting AND how to use it. There are so many different timeshare systems around, it is wise to spend a lot of time reading so you can work out what would suit your needs and budget best. For that reason I would suggest RECIND NOW.

The deal I was or am considering:Wyndham Bali Hai on Kauai, 308,000 points Bi-annually, monthly FSP assessment:$45.50, 1 year Leisure Discount Club included. So-called dicounted price: $20,163.00. I don't know what 'Fair Share Plus" is.

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

Is 154k "throw in" in the contract? Is all these points no need of MF? If so, you get 462k for $2500, or $5.4 per 1K. Currently, Wyndham is renting the points to owner at $8/k. The market between owners renting is around $5/k or less. Since you also get VIP, so not a bad deal if there is no MF involved.

If you buy from developer, it will include the Plus Partnership fee.

$189 is if you have Wyndham convertable fix week, and you buy some points from developer, at the time, you can convert the fix week to the point system. And that is 189 per week max 4 week.

All TS will have chance to get Special Assessment. It does not mean it will get.

Whe I first look at resale market, I thought the cheapest one I can find is 50% off. Now, I usually see sites with less than 30% developer cost. Have you looked at the eBay?

Most of the part, point are points, so you need to look at lowest MF. I believe Hawaii has the highest points per week. thus reduce its MF per point. And mostly will have deveoper set with no reservation funds, or cover all the unpaid MF due, plus developer may cover some cost shared by common ground. If they just cover the pool cost, or all the house keeping cost by tap few HK crew or front desk crew into their sale force, you will see a very low MF.

The stuff you mentioned by Saleperson are not true. Since when use, point are point. And there is no guarantee the MF will be kept lower.

Yes, you have ways to bank these points for 2 or 3 extra years, but your package does not have that feature. If you try to bank internally, you will need to bank before the use year beginning. Since you currently are VIP owner, you can bank it 3 month after your use year starts.

Jya-Ning

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

For $20,000 you can buy 7-8M points on the resale market.

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

Take your $20,000, and buy 154K resale points. Total cost: we'll be generous and say $2,000 (but it will be less).

Take the $18K you have left over, and buy some decent tax-exempt bond funds at Vanguard. Let's say it throws off about 5% per year. $900 should be more than enough to pay the MFs on that 154K points, with maybe a few dollars left over that you can save for future years' payments as they increase. When you decide you don't want the points anymore, give them away, and you'll still have around $18K plus or minus left.

If you keep the deal you have, you'll be paying MFs every year out of pocket, and you'll have nothing to show for your $20K when you're done.

[timeos2 Senior Member Find all posts View Profile Close timeos2]

DO NOT buy Wyndham at retail pricing or you will regret it

You can buy the points you need to accomplish staying at the resort(s) for under $2500. The rest is fluff and nothing of value to you -only money in the pockets for Wyndham sales people. You don't need to support them. The Fairshare Plus System (FSP - points) is a GREAT one and you'll have access to over 100 internal resorts plus all that RCI has to offer by BUYING RESALE (same as if you paid that $20K retail) and also have $17-18K still in your bank account. All other ongoing fees are the same either way so what did the extra $18k buy you? NOTHING> Be thankful you were exposed to a great system and now know to buy it right. Resale!

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

Been there before.

I have been to a few timeshare pitches before and the deal always gets sweeter the longer you hold out, almost to a point of "How can I refuse". But luckily my wife is more strong willed than me and always says no in the end. After each pitch I go online to see how much the units go for in the aftermarket arena and always find a better deal. However, if you are looking at a brand new facility with a name like Marriott you will need to wait a few years before seeing any good deals in the aftermarket arena. My advice; never buy directly from the developer unless; 1) It’s a brand new pristine facility; 2) Its in a perfect location; 3) They are offering the ideal unit (I.e. location and size); 4) You are getting the date of use you want; 5) The facility is owned by a trusted name with good resale value; 6) You intend to use the timeshare every year; 7) it is a deeded property and your children can inherited the unit; and 7) You absolutely must have it now and cannot wait. If all of the previous apply then go ahead and buy from the developer and enjoy a wonderfull vacation spot.