advice on selling

[brigian]

Hello everyone,

I have a contract that I no longer require. I will list it on tug market place but just hoping to get some insight on value if any. Also not sure who/how to use for the transfer. I have 84000 every year Smoky Mountains. Is it worth anything or do I need to give it for free ?

Thank you in advance and Happy New Year TUGgers.

 

[whitewater]

If bound to "sell" free or may be better to give back via ovaition because any compensation (nothing likely) will get dragged out via transfer process with wyndham. All the time you are paying MFs eating into any profits/growing losses all the while.

 

[brigian]

If bound to "sell" free or may be better to give back via ovaition because any compensation (nothing likely) will get dragged out via transfer process with wyndham. All the time you are paying MFs eating into any profits/growing losses all the while.

I once read that not all contracts are part of the ovation program ? Do we know if Smoky Mountains is ?

 

[brigian]

Called Wyndham and was on hold for 1.5 hours before I hung up.

 

[TUGBrian]

id imagine january is perhaps the absolute worst time to call ovation (for hold times)

 

[Sandi Bo]

id imagine january is perhaps the absolute worst time to call ovation (for hold times)

My guess is that most contracts are eligible. I've heard here of one person saying Ovations wouldn't take something.

When I checked early this year - all 5 of mine were eligible. And if developer purchased they also give you use of the points for 2 years. My contracts are UDI (3 developer and a resale) and a converted fixed week (resale). Ovations indicated they'd take them all.

 

[enutts]

I believe you also need to have the full points available for the next upcoming use year. Basically you can't have credit pooled them.

 

[jmurp62]

I just had a very pleasant experience with an Ovation counselor named April. There was less than 3 minutes hold time. I started the process of giving back 5 105K deeds. These are my highest 5 MFs and all were accepted. I realize I get nothing for them (all resale) but I was surprised at some info she gave me. They are now taking on average 8 weeks to process since there is such a high volume of deed backs. Last year it took like 3 weeks total. She also said they will not touch 2017 points or any reservations made with them. They will take the points from these contracts beginning in 2018. The resorts accepted were Fairfield Bay (2), Fairfield Harbour, Ocean Ridge and Myrtle Beach. This should help reduce my monthly fees a lot and I will still have just over a million points!

 

[iaminak]

I just had a very pleasant experience with an Ovation counselor named April. There was less than 3 minutes hold time. I started the process of giving back 5 105K deeds. These are my highest 5 MFs and all were accepted. I realize I get nothing for them (all resale) but I was surprised at some info she gave me. They are now taking on average 8 weeks to process since there is such a high volume of deed backs. Last year it took like 3 weeks total. She also said they will not touch 2017 points or any reservations made with them. They will take the points from these contracts beginning in 2018. The resorts accepted were Fairfield Bay (2), Fairfield Harbour, Ocean Ridge and Myrtle Beach. This should help reduce my monthly fees a lot and I will still have just over a million points!

I'm curious (and admit I don't know much about Ovation), but what is the advantage of giving it back through this program vs. selling it on ebay and maybe making a little money? Is it just not having to fool with all the paperwork?

 

[jmurp62]

iaminak, the MFs on these deeds are very high. The lowest is $8.30 per thousand points. I didn't want to give them back but I also didn't want to deal with the paperwork and the hoping someone would bid. I love Wyndham resorts and have met many others who feel the same. I was just at Bonnet Creek for a month in November (going back next week for 6 weeks!!) and talked to a lot of folks in the infamous hot tub sessions, lol. I tried very hard to sell for minimal to folks and no one bit. I will try again this trip before I pull the plug and give them to Wyndham who will turn around and sell these 105K contracts for $15,000 or more. I just retired and can't afford the $1,000 a month and also got tired of the rental game. So, I reluctantly will give back. If anyone is interested in any 105K contracts feel free to contact me.
Murf

 

[iaminak]

That makes sense... thanks for the explanation! I've learned so much more about how to get the best use of what I have through this forum

 

[brigian]

I just had a very pleasant experience with an Ovation counselor named April. There was less than 3 minutes hold time. I started the process of giving back 5 105K deeds. These are my highest 5 MFs and all were accepted. I realize I get nothing for them (all resale) but I was surprised at some info she gave me. They are now taking on average 8 weeks to process since there is such a high volume of deed backs. Last year it took like 3 weeks total. She also said they will not touch 2017 points or any reservations made with them. They will take the points from these contracts beginning in 2018. The resorts accepted were Fairfield Bay (2), Fairfield Harbour, Ocean Ridge and Myrtle Beach. This should help reduce my monthly fees a lot and I will still have just over a million points!

Thanks for the advice. My next question is - is my contract worth anything or should I just give it back ?
84000 UDI Smoky Mountains - low maintenance fees. $424/year.

 

[jmurp62]

brigian, 84K isn't a lot of points but it just might be what someone needs to get them to a VIP status. Have you tried listing here or on ebay and see what happens? I would call them at 1-855-312-9040 to see if your contract qualifies first. If it is taking Wyndham 8 weeks or more to get the ball rolling I would suggest maybe listing it while the paperwork processes maybe.

 

[iaminak]

brigian, 84K isn't a lot of points but it just might be what someone needs to get them to a VIP status.

...but you can't get to VIP off a resale, right?!?

 

[nicemann]

...but you can't get to VIP off a resale, right?!?

Correct it is not supposed to count towards PTO.

 

[Ty1on]

Thanks for the advice. My next question is - is my contract worth anything or should I just give it back ?
84000 UDI Smoky Mountains - low maintenance fees. $424/year.

The problem is that the transfer costs ($299 Wyndham fee + $150-$200 transfer company) eat up the market value of a contract that small to the point where you aren't making enough for it to be worth the hassle of selling vs deeding back. Just mho.

 

[jmurp62]

...but you can't get to VIP off a resale, right?!?

OOPS, my bad. You're right

 

[Jan M.]

Please correct me if I'm wrong but doesn't UDI (undivided interest meaning points in one contract) mean that if you are trying to book using ARP you have to have enough points in a single contract to book at the ARP window? So 84,000 points isn't going to get you much at that 13 month window. Which is one of the big reasons many people aren't interested in the smaller point contracts these days even when they are sold cheap or free.

 

[Ty1on]

Please correct me if I'm wrong but doesn't UDI (undivided interest meaning points in one contract) mean that if you are trying to book using ARP you have to have enough points in a single contract to book at the ARP window? So 84,000 points isn't going to get you much at that 13 month window. Which is one of the big reasons many people aren't interested in the smaller point contracts these days even when they are sold cheap or free.

I misread. Ron is right, as usual.

You have to have sufficient points tied to that resort, but not necessarily on a single contract.

 

[ronparise]

Please correct me if I'm wrong but doesn't UDI (undivided interest meaning points in one contract) mean that if you are trying to book using ARP you have to have enough points in a single contract to book at the ARP window? So 84,000 points isn't going to get you much at that 13 month window. Which is one of the big reasons many people aren't interested in the smaller point contracts these days even when they are sold cheap or free.

No that's not true

If you own two 84000 point contracts at the same resort you can make a 168000 point ARP reservation

I owned several labelle Maison contracts of various sizes and they were treated as one large pool of points when I made Mardi Gras reservations

 

[Jan M.]

Thanks for explaining it Ron! Another thing I'm not clear on is whether you pay a program fee for each contract or resort or just one program fee regardless of how many contracts or different resorts.

 

[Ty1on]

Thanks for explaining it Ron! Another thing I'm not clear on is whether you pay a program fee for each contract or resort or just one program fee regardless of how many contracts or different resorts.

Program fee is per thousand points across all your contracts, with a minimum of $128.

 

[Jan M.]

Program fee is per thousand points across all your contracts, with a minimum of $128.[/QUOTE

Is the program fee a fixed amount above the $128 minimum or is there a graduated scale that you pay less per thousand with the more points you own?

 

[Ty1on]

If you have over 231K points, it is a flat $0.55 or $0.57 per thousand, depending on whether you are Plus Partners (retail).

 

[Jan M.]

If you have over 231K points, it is a flat $0.55 or $0.57 per thousand, depending on whether you are Plus Partners (retail).

Thanks, I think I finally have it straight in my head.

One more question you might be able to answer for me. Do owners who bought resale always have to pay for transaction fees, housekeeping credits and guest confirmations or do they get some free based on the total number of points they own or per deed. I do remember years ago before we owned enough points to be VIP that I had to pay attention to the number of transactions and housekeeping credits but it has been so many years that I don't remember how that worked either.