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How to understand what I have and how to give away my timeshare

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My husband and I have decided to give away our timeshare as we have not been good about planning ahead and so have been limited on what we can do with it. Our life is about to change significantly and we know this situation will only get worse. We own outright a timeshare in the Outer Banks of North Carolina, which when we bought it was an RCI affiliated resort and is worth 56500 points a year for exchanges. We pay our RCI fee (we are currently paid through 2019) and our maintenance fee each year. The resort has now been sold and is now a Diamond Resorts affiliated resort. I am not sure how this impacts our ability to get rid of this timeshare. Can we transfer our RCI membership or points to the new owners, for instance?
As I have been looking around this forum, I have realized I have no idea about what we have. The acronyms have thrown me and left me completely confused about what I can tell people I have when I post it in your Red Hot bargains forum. I know people will ask me questions that I probably don't understand as my Timeshare knowledge can be considered at a pathetic level. Any advice or insight would be greatly appreciated. I have copied the sample give away info sheet and have been able to fill in some parts of it, but the RCI points are what have left me stumped.
Thank you
 

AwayWeGo

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[triennial - points]
Takeover By Diamond Resorts Might Not Make Any Difference.

A nice Florida timeshare where we formerly owned, twice, was always affiliated with DRI & its predecessor, but was independently owner-controlled while we were owners. Our floating unit was deeded. We did not join DRI's timeshare exchange club. We joined RCI instead.

Some of our fellow owners at that timeshare were club members, meaning they paid extra annual dues for that on top of their regular timeshare maintenance fees. For that, they were able to use club points for timeshare exchanges within the club system. We just made reservations for our deeded floating week, giving us a choice of showing up & checking in, or renting out our reserved time, or depositing our reserved time with RCI.

More recently, DRI asserted itself following a court ruling allowing it to vote all the weeks owned by its timeshare club trust, disregarding an earlier agreement that it would not vote. DRI voted in its slate of company HOA-BOD members & voted out the independent HOA-BOD members & the rest is history.

Now, even though DRI is pretty much in control, nothing much changes for regular deeded owners who do not belong to the DRI club. That goes for using or exchanging or renting out their reserved floating time (once they make their reservations), & it also goes for selling or giving away paid-for & paid-up units they no longer want to own. (We deeded ours back to the company, not out of any affection for DRI but because that was quickest & easiest for us.)

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

Egret1986

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This is very, very true. This was stated yesterday during Q&A at the HOA meeting.

Please note You must use the contact info in the other thread. http://www.tugbbs.com/forums/showthread.php?t=224859


If you contact DRI in any other way, they will tell you they do not take back TS at all.

I attended the HOA meeting yesterday at Beachwoods, where the OP owns. One of the questions from an owner was whether DRI would take back his deed. The DRI Board President said that "no, we do not take back deeds."

"How do I get rid of this thing?"

The DRI President of the Board was honest in his answer that timeshares will have little to no market value, and it will be up to the owner to sell their timeshare. There is no resale program through Diamond.

I recommended TUG to a couple of people that came up to me after the meeting and told one about the DRI deed back program.

To the OP, I would say the best direction to take would be to immediately take the steps to deed back this timeshare to DRI if possible.

By the number of RCI points that you have stated, I would conclude that you have an off-season week. If you don't take the DRI deed back route (which I would highly encourage), it would be in your very best interest to reserve your week through RCI for 2017. I get the impression that you probably have not done this in the past. I also get the impression that you may have expiring points, which you could still do something with or use to sweeten the pot on a resale or giveaway.

Good job on taking the first step to come to TUG and ask questions.

I am an owner at Beachwoods and now know the pitfalls of owning RCI Points at a DRI managed resort. I stood up at the meeting yesterday and questioned why owners using their deeded week (with an RCI Points contract) were being charged the $25 daily amenity fee. DRI looks at the use of my deeded Home week as an exchange since RCI Points owners have to reserve their week through RCI.

The HOA President (DRI) indicated that this had been taken under advisement and they would be looking into it. I have recently cancelled several of my RCI Points contracts at this resort in order to avoid the add-ons of what could be up to $313 per week.

OP, I live in the Hampton Roads area also. I would be happy to assist you with any specific questions that you may have about your ownership at Beachwoods. Please click on my name and either PM or email me.
 
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