Points and TS Resale

[LAGreen]

I am a true newbie, so please be gentle!
I am trying to take everyone's advice and do my research up front, before buying, but there is one big thing that I don't understand. In my evaluation of weeks vs. points, I am leaning toward points but since I want to buy resale instead of new, that doesn't seem to be a good idea. So, if I decide to opt for points, should I buy at a weeks resort that then converts? It doesn't seem as though points "transfer" from the original owner to the new, resale owner (me!). Am I missing something? How does this work?
Many thanks...

 

[Spence]

You need to specify which Points system you're referring to....
RCI, RHC, Sunterra, SVC, BG, FF, MGV, WM, VI, etc, etc.....

 

[AwayWeGo]

Resale Just Means Not From The Developer

There are plenty of timeshare resellers out there, including brokers with ReMax, Century-21, etc., & some eBay Store timeshare sellers, offering resale timeshares -- including deeded points timeshares -- for way less than any of the developers are offering points deals.

So if you are asking about RCI-affiliated weeks timeshares in the process of converting to RCI Points, I think you'd still be better off buying a resale points timeshare that's already converted. That's because from everything I've seen here at TUG, many if not most converting resorts charge their owners plenty to convert the straight weeks they already own over to points.

What we did (which I don't represent as the absolute best way to go, just an example of how we got into points cheap) was buy a minimal points timeshare off eBay for $152.50 from The Timeshare Guys. Closing costs, annual fees, resort transfer, RCI Points fees, etc., brought the total up to about $1,000. That gets us a dinky annual injection of points automatically each year (15,000), but more important lets us do points for deposit if we choose with our other RCI-affiliated timeshare weeks at non-points resorts.

Right now our points account balance stands at 84,000 -- representing what's left of our original 15,000 points after 1 Instant Exchange reservation in December, plus a 4,000-point bonus for making a reservation within our 1st 90 days of RCI Points membership, plus 2 recent points for deposit transactions (one 1BR week + one 2BR week).

We also have 1 more banked 2BR week just sitting there available for an old fashioned week-for-week timeshare exchange if we choose, or available for another points for deposit transaction if we decide to go that way.

In all, we have about $3,500 tied up in 3 timeshares -- 2 weeks +1 points. Use costs -- maintenance fees, RCI membership, & exchange fees -- are on top of that.

It still works out to luxury vacation accommodations for about the cost of Motel 6 & Super 8.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.

 

[geekette]

Yes, you need to specify what points system you are thinking of buying.

As far as points transferring, you should end up owning what the original owner owned. As for "current points" transferring to you ( as opposed to getting a new alotment at anniversary date), this will vary by system and seller.

For example, if I were to sell you my interest in Bluegreen, I may offer you my unused current points, or I may not. Either way, when the deed anniversary rolls around, you would get the entire annual deeded points as the now-current owner.

Other systems do things differently and much is left to the discretion of the current owner.

As for RCI points, if you buy a week and plan to convert it to points, you absolutely must find out before you buy how much that conversion will cost. It could be many thousand dollars.

Keep asking if you are still unclear.

 

[LAGreen]

Thanks...I am looking most at RCI.

 

[LAGreen]

Thanks. From what I had read so far, IF the original owner had converted to points and then decided to resell to me, what I would be buying is the original "weeks" arrangement, not point. Of course, then, the resort could charge me, again, for a conversion if I wanted to do that.

You brought up a good point that I had not realized before in that if you, as the seller, have leftover points, you do not have to give any or all of those to me. Should your points TS remain a points TS when you sell it to me, I would then get the already-agreed-upon points from your original arrangement on the anniversary date. Is that right? Jeez, this stuff is confusing.

I am looking primarily at RCI. Thanks!

 

[LAGreen]

You certainly have done great with your initial investment! It'll be a while (i.e., decades) until I get to your level.

I certainly would prefer to buy a resale points timeshare (RCI) that's already converted, if possible. If you have any recommendations on where best to shop for such a critter, I'd appreciate it. Many thanks.

 

[Noelle]

I was struggling with the same questions you are

FWIW See the conversation on Timeshare Forums when I was researching points - some of the suggestions were helpful and I eventually made a decision that met my needs very well.

Latest update is that Land of Canaan for a limited time has been running a special sale on their Blue weeks - $500 for the points and then with a single conversion fee for multiple purchases, your costs per point to purchase and to maintain will be very competitive with some of the other points options (such as Australian timeshares),

http://www.timeshareforums.com/showthread.php?t=2529

 

[cclendinen]

RCI Points and the underlying Week ownership are transferable

Thanks. From what I had read so far, IF the original owner had converted to points and then decided to resell to me, what I would be buying is the original "weeks" arrangement, not point. Of course, then, the resort could charge me, again, for a conversion if I wanted to do that.

You brought up a good point that I had not realized before in that if you, as the seller, have leftover points, you do not have to give any or all of those to me. Should your points TS remain a points TS when you sell it to me, I would then get the already-agreed-upon points from your original arrangement on the anniversary date. Is that right? Jeez, this stuff is confusing.

I am looking primarily at RCI. Thanks!

When a RCI weeks resort is converted into the Points Program (I am not talking about Points-for-Deposit program) the Points are permanent as long the resort stays in the RCI Points Program. The HOA commits to this arrangement for three years at a time so a week converted to points is also committed for three years at a time.

If a member decides that they do not want to keep their week in points, they have the option to pull it out at the end of the three-year commitment period. RCI asks the member at the three-year period if they want to continue.

When a person sells a week that has been converted to the points program, the resort/HOA cannot make the buyer repurchase the points again because the agreement with RCI does not allow it!

RCI charges a points conversion fee. (The fee was $199.00 at the time I bought mine.) and if the RCI points account is not being transferred with the points resort, the yearly points membership fee is also required. (I think it is still $99.00)

The resort can only charge a standard transfer fee the same as they do for their weeks.

If the Resort decides to drop the RCI Points program (a few have) the points member is allowed to keep the points account for the remainder of the three year commitment period, even if they don’t own any other points resorts.

 

[Bill4728]

LAGreen,

I'm not a huge fan of RCI points ( mostly because I'm shocked by all the unethical RCI pratices written about here on TUG) when there are so many great point based TS companies out there.

I see you live in Boise. have you looked into Worldmark? They have over 50 locations, most in the west. When you want to go to a WM resort, you just make a reservation. No one has to deposit it. Of course it is first come first served so you should ask early.

Good Luck