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Transferring existing timeshares to HHI Coral Resorts

Kingsman

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We recently visited HHI with our RCI exchange. Staying at the Coral Sands resort (6736) was a wonderful experience, but of course they wanted to speak to us about updating our current owner status. We have a 2 BR deed for Parkside, Williamsburg VA (MF $763) and a Studio at Mayan Palace, Mayan Riviera, Mexico(MF $439).
The Coral rep offered to take those two properties off our hands for a 3 BR at Coral Sands (MF $300), and give us 25000 more points with RCI.
Both our places are paid for and the combined MFs are feeling like a waste of money. My wife is in negotiations with the sales rep right now.
Does this sound like a good deal?
 
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tschwa2

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No it's not a good deal. A $300 mf's mean it's a triennial so you only get the points every 3 years. They will only market your other timeshares - most likely by giving them to an eBay type seller but until they do sell and if they do not sell you will still own them too.

Rescind now.
 

pacodemountainside

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99% of the time dealing with Developer is bad for you. Unless you are upgrading at resort where you own what are they going to do with trade in?

Ask them to write up like trade in on car where all you pay is net difference.

Insist you take all applicable written documents back to room to carefully read.

Remember any thing the sales persons verbalizes is worth the toilet paper it is written on.

If you are getting thousands more than your TSs are selling for on e-bay run.
 

getaways

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RCI points for a weeks ownership from Coral re

I figured I would bump this thread since it is exactly what is going on with me.

I own a weeks unit at Vistana in the Courts fixed week 47 worth 22 trading power points in RCI.
The offer from Coral is $13,900 for a takeover of the balance of a week..yea whatever - but then I was told that they could take the Vistana week and give me a credit of $13,000 which they would take $6,500 off the $13,900 and the other $6,500 would be given to me when they sold the unit or at the latest 6 months later when they would be forced to fire sale the unit.
What would I get.. It is basically a triannual unit but they are giving 20,200 RCI points per year and the total maintenance fee is 880 every 3 years. I am getting a bonus because the MF was paid in 2014 and not due again until 2017 with me getting the 20,200 points in both 2015 and 2016 basically free of paying the maintenance fee.
I am not sure about the RCI points and have no experience with them. The salesman showed me that getting a unit during late Oct would be 7500 points when I compare this to me exchanging into Hilton Head for this trip (which was done less than a month ago) it cost me 10 trading power points from my weeks account... So in my head I am thinking this cost me almost half the points (45.5%) I am getting for $725 MF where I could pay an annual fee of less than $300 and get the same week for less (only 37.1%) of the annual points I would get.

HELP... please

-If someone could give me more information about RCI points and the value of that compared to weeks. Is 20,200 a decent amount of points? We travel mainly offseason and normally we are only using 6-14 of the weeks trading power points.
-Is there something I am missing that someone else sees?
-Would I have a problem with still owning a week at Massanutten which would still be going into the weeks account then also having a points account?
-I had a very bad feeling about the $6500 coming back to me in 6 months or less but it seems to be clearly written in the paperwork and on sheets that he filled out about the sale that I took with me.

So here I am with 5 days to rescind and not sure what to do. I never expected to be in this position just wanted the $150 for doing the update :D

Thanks for any thoughts, help or information you could provide.
 

tschwa2

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The two biggest concerns I would have would be not only would you not get the $6500- you potentially will still own the other week also. They are not going to market your timeshare for $10,000+ they are going to give it to an ebay reseller who takes resort trade ins, probably CJ's. They will market it on ebay for a month or two maybe in the $3000-5000 range but it isn't going to sell until the price comes down to $500 or less including all closing fees.

A triennial gold week is going to have no resale value plus requires a $500 transfer fee and $1000 (as do all Coral Resort resales) in prepaid MF's in order to sell or transfer the timeshare out of your name. I could not imagine you would be able to find a taker without you fronting a minimum of $1500.

The RCI 7500 deals still require a $209 exchange fee and they often have the same kind of availability as the $269 Last Call rentals. The exchange fee never goes on sale but the Last Calls can periodically be had for $199 plus tax. Also know that the 7500-9000 rci points only happen 30 days prior and only for inventory that has 10 tpu's or less on the weeks side. If it is higher than it will cost the normal points costs.

Also the rci points membership averages to about $100 per year (no 2 for 1 type discounts ever offered) with a multiyear membership. It would cover your Massanutten in the rci weeks account as well.
 
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getaways

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Thank you for your reply and information.
I feel fairly confident that they have written into the contract enough about Net Return being $6500. I think that would be OK. Interesting thought about moving the Vistana week and if there is a guarantee of sale there.
Just out of my curiosity.. Do you know how many RCI points a week would normally cost somewhere in Orlando in November booking a couple months in advance?
The fact that they really don't want you to ever be able to sell your week with adding all those fees is certainly a huge concern. I think this is reason enough to pass on this deal.
I have been thinking about ways to get rid of my Vistana week and this seemed like a way to get away from the $725 annual MF and get it down to only $300. Since there is at least a little value in the Vistana week and I could at least get rid of it at some point even if for free - it would be a mistake to get into something I could never get out from under.
Thanks again for the info.
 

tschwa2

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Are there any statements like these in your contract that you had to initial?

1. I have been given no oral or written guarantee or assurance as to when or if my timeshare/vacation interest will sell.


2. I have been given no oral or written guarantee or assurance as to the price that my timeshare/vacation will sell.


3. I understand that my purchase of a timeshare is not contingent upon the sale of my existing timeshare/vacation interests.

Looking at next November the average 1 br Orlando goes for 25,000-30,000 points. The mid to low end 2 br resorts go for 40,000-50,000 and the higher end ones go for 70,000-80,000.
 

RuralEngineer

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Coral Resorts

You do not want to pick coral resorts as your business partner. I enjoy Island Links but I would not trust anything from Sales. Note the numerous lawsuits.

Stephen
 

getaways

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Thanks again for the replies.
Now to write up a rescind letter.

Appreciate the help
 

drguy

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A trade in worked for us at Grand Luxxe. We eliminated $7000 - 8000 in mfs per year. The transfer to the "selling" company was another $595 per contract, so it took us three years to break even because our GL unit is no maintenance fee if we don't use it.
Yes, we paid the developer money. But, that allowed us to get out of a lot of timeshares that we could not fully utilize and were losing money on maintenance fees.
 

carl2591

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A trade in worked for us at Grand Luxxe. We eliminated $7000 - 8000 in mfs per year. The transfer to the "selling" company was another $595 per contract, so it took us three years to break even because our GL unit is no maintenance fee if we don't use it.
Yes, we paid the developer money. But, that allowed us to get out of a lot of timeshares that we could not fully utilize and were losing money on maintenance fees.

one in a 10,000 good deal for you..

the OP's deal is NOT a good deal. GET OUT NOW.. i would learn a lot more about TS before talking to another sales person. All that will get you is more TROUBLE.
 
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