ToughAL
TUG Member
I just came from a presentation by TERP-Timeshare Enhancement & Relief Project. It is a new project that came about after the class action suit bec resorts were renting out units to public and not members. This system works by allocating you a certain # of points based on your total TS units owned. Then they have a set # of points for rental of 1BR (6000), 2 BR (7500) and 3/4 BR (9000). In my case I would be allocated 93,000 points/yr. Ex: if I use a 2BR unit 3x dur the yr, I use 22,500 points. That leaves me 70,500 points left. As a result of the law suit, owners must receive 7.5 cents per point deposited w/TERP. So I would receive a guaranteed 7.5 cents x 70,500 points = $5,287.50 that I can then use to pay my maintenance fees.
TERP then can rent to corporate customers they have contracts with, i.e., CSPAN. ESPAN covers 100 sporting events a day around the world and they these units for their staff. (Before the class action law suit, the resorts would rent units in this manner but the TS owners did not benefit from it and instead we couldn't get a reservation when we wanted one.
The companies managing this TERP are Vacation Services Inc, Portsmouth, OH, Excess Property Solutions of Morris, IL and RR Closings is the escrow company that oversees the project is running correctly. Apparently TERP is only 2.5 yr old, although the companies running it have been in business for many yrs (VSI 25 yr o company). The buyin is $10,122 and they offer you extra points in the first yr so that TS owners don't have to come up w/cash to join the program.
I own 2 TS units and this type of program would help a lot to pay the maintenance fees but I am very leery bec I had never heard of this before. I did know of the class action lawsuit ag. the resorts. Has anyone heard of this before or know someone who is in the project. This TERP also eliminates all exchange fees or guest fees except for a $199/yr for all exchanges/etc.
If anyone knows anything about this. Please respond. Thank you.
ToughAL
Ct.
TERP then can rent to corporate customers they have contracts with, i.e., CSPAN. ESPAN covers 100 sporting events a day around the world and they these units for their staff. (Before the class action law suit, the resorts would rent units in this manner but the TS owners did not benefit from it and instead we couldn't get a reservation when we wanted one.
The companies managing this TERP are Vacation Services Inc, Portsmouth, OH, Excess Property Solutions of Morris, IL and RR Closings is the escrow company that oversees the project is running correctly. Apparently TERP is only 2.5 yr old, although the companies running it have been in business for many yrs (VSI 25 yr o company). The buyin is $10,122 and they offer you extra points in the first yr so that TS owners don't have to come up w/cash to join the program.
I own 2 TS units and this type of program would help a lot to pay the maintenance fees but I am very leery bec I had never heard of this before. I did know of the class action lawsuit ag. the resorts. Has anyone heard of this before or know someone who is in the project. This TERP also eliminates all exchange fees or guest fees except for a $199/yr for all exchanges/etc.
If anyone knows anything about this. Please respond. Thank you.
ToughAL
Ct.