Bought MVC membership 2 months ago and want out now.... what to do?

We bought into the MVC membership 2 months ago (hence past the legally allowed rescind period). Upon booking our first holiday through II, we realised our 23k points could not get us much and we had to settle for our 3rd choice destination. On top of that, we had to pay for further II fees of a few hundred dollars. In any case, we still went ahead to book the "vacation" for this year end with II.

BUt as we sat down to calculate all that we will be paying over the years, we realised we are paying way too much for what we are getting or have been promised.

What we have paid so far - (a) Initial deposit of US$7.5k, and (b) II exchange fees of about US$200. The monthly instalment will only kick in next month.

We wrote to the sales person and also called MVC member services on our intention to pull out of the deal and even showed them our calculation of how the actual deal is very different from their sales pitch - basically it is a misrepresentation.

They said we can back out but will lose all that we have paid so far.

Can I hear some views of how we should proceed? I feel so painful to have to lose the whole deposit....

m.

marrybrown said:

Can I hear some views of how we should proceed? I feel so painful to have to lose the whole deposit....
m.

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My first thought is that I am sorry to hear the program is not what you expected. Iam sure you have ran the numbers many times and are convinced you don't feel you will get what you paid for. I can only guess as to how much money you have committed to complete your purchase. I am sure there are many people on this board who later have regretted their purchase and just tried to make the best out of that situation. Not knowing your situation getting out maybe the most economical and best value for your future money.

I am surprised that Marriott is willing to let you walk away for $7500 and thats probably not such a bad offer on their part. If it was me in your shoes I would have an attorney write a letter threatening a suit if they don't refund all your money and the reasons why you felt you were cheated. That letter may costs you a few hours of an attorney's time. If there is any merit to it they may refund your money or just to make you go away quietly.

I will be interested to hear how others think you should proceed. Good luck.

marrybrown said:

Can I hear some views of how we should proceed? I feel so painful to have to lose the whole deposit....

m.

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If I read this correctly, you must have bought 23K Destination Club (DC) Trust Points and paid a few hundred dollars which would be your annual DC Club dues (not II exchange fees, although these dues include II corporate membership with no additional II charges)

If so, that is a lot of points and a very large amount of money which should allow you to get plenty of MVC resort choice and long/multiple booking(s).
And if you are wanting to book MVC resorts, you would do this through MVC directly, not II.
You would only use II to book non MVC resorts, which I suspect may not be your primary objective?

You might want to quickly have a discussion with MVC to fully understand what you really can get with your purchase before making a final decision on pulling out / losing your deposit.

I am VERY surprised that they offered to let you out for $7,500. They don't have to do that, and could hold you to your contract. Yes, that's a significant price to pay, but if you recognize that purchasing was a mistake that will take additional purchases to get what you want, you should take them up on it,

It's probably not much more of a financial hit than if you'd bought a new luxury car and decided to sell it in 2 months.

Good Luck

I don't think the OP bought 23,000 DC. I think she paid $23,000 for DC, which is probably between 1500-2000 DC. In that case she is correct, it's not getting her very much. It's a shame that people buy DP without really knowing what they are getting.

I find it funny in her post the "US$7.5" term is used. I might believe she is NOT a US resident or citizen. This could explain Marriott offer to let her walk.

Whether she has a 23,000 points or a $23,000 debt is immaterial, IMHO. Her choices are "to walk" or "to pay" ...

And it is HER choice - $7,500 might be a lot of money --- she should have decide differently before signing that CHARGE SLIP or writing that check. And if she can not afford the monthly payment plus the year MFs, exchange fees, travel expenses, holiday on-site expenses .... she should realize $7,500 might be a cheap get-out. Esp if she or her funds are US based - lawyers fees, collection fees, credit history ding....

ilene13 said:

I don't think the OP bought 23,000 DC. I think she paid $23,000 for DC, which is probably between 1500-2000 DC. In that case she is correct, it's not getting her very much. It's a shame that people buy DP without really knowing what they are getting.

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Ah, now that would explain a lot.
Yes, $23k sadly buys very little in DC points, whereas 23k points would have given the OP a huge amount.
If that is the case, I fully understand the dilemma.
It is always going to be difficult to prove a misleading sales pitch, as none of this will be in writing.
Personally, if I really thought I had been misled/missold by the sales pitch and could provide any reasonable supporting evidence of this, I would try even at this late stage to seek for the purchase to be revoked.
Failing that, it is a basic, personal decision between biting the bullet and losing the deposit or accepting the probable need to have to pay more for what you really want.

If I was the OP I'd bite the bullet and take the $7,500 offer. Yes that's a lot of money but I don't see any lawyer being able to prove a misrepresentation without any paperwork to show what their salesperson told them. It will be, at best, a we said/they said situation and that won't help the OP.

IMO, Should the OP pursue legal avenues they will only add to the costs with little chance of a positive outcome....and there's a risk that Marriott takes away the $7,500 offer as well. A cost accountant would probably tell the OP to treat the $7,500 as a sunk cost and to make any decisions based on future costs/benefits...that would make the decision/course of action pretty clear IMO.

ilene13 said:

I don't think the OP bought 23,000 DC. I think she paid $23,000 for DC, which is probably between 1500-2000 DC. In that case she is correct, it's not getting her very much. It's a shame that people buy DP without really knowing what they are getting.

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Thats what I think also. It is indeed a shame that people buy into the program without fully understanding it. It makes me wonder how many people are out there in the same boat as OP whom we will never know about. At least when I bought my developer week, I knew what I was getting (sort of). Now with points people are just buying a bunch of salesmen promises. If I was the OP I would rely on TUG to learn as much as possible and then try to make the most out of their purchase. They also have the ability to stretch, bank, borrow, and rent points. Lemons to lemonade. Learning all they can about these options IMHO will help them get the most value out of their purchase. Good luck Marybrown.

I, too, just purchased DC points for the first time (1,500 per year) but before I did I asked MANY MANY questions to my sales rep, researched online (how I found this useful forum) and talked to people who had the program. I never would spend this much money without understand what I'm getting into (and not just info from a sales person).

My sales rep clearly told me that if I use all of my points on MVC resorts I will get the best value by far. However, if I use II or other options through Marriott (like the Explorer Collection, World Traveler Collection) I won't get as much for my money.

I asked to see examples of points needed for the various options and her point was made clear. I can potentially stay a week at a beautiful MVC resort (50 to choose from) for a week for as little as 600-700 points, depending on the time of the year, or I can stay one night somewhere else for even more points. She told me multiple times, the best value is in the MVC resorts although there are other options.

MarryBrown,

As the other posters have commented, we could give you a more informed view if you were more specific about what you paid and how many points you received. In addition, it would help if you were more specific about what you were seeking in terms of a vacation timeshare experience when you originally purchased it.

Bottom line is that since some of the money is already spent and cannot be gotten back, you should (try to) remove the emotional angst around the past expenditure. Your thought process should turn to whether the remaining amount of new money which you are committed to spending is worthwhile given both the resale market and what you are seeking from a timeshare.

Marrybrown, is it possible you're talking about Points in the Marriott Asia-Pacific system? (IP address is Singapore.) That might explain the confusion about how many Points you've purchased and how much you've spent, and, there also may be different laws/regulations that will apply.

In either case, whether it's AP Points or Destination Club Points, I agree with the others who say that if Marriott is giving you the option of walking away from the deal now despite the mandated rescission period having already expired, that might be your best option. It's an expensive lesson to be sure, but it's not often that they extend an offer to let buyers walk away owing nothing more.

Passepartout said:

I am VERY surprised that they offered to let you out for $7,500. They don't have to do that, and could hold you to your contract. Yes, that's a significant price to pay, but if you recognize that purchasing was a mistake that will take additional purchases to get what you want, you should take them up on it...

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Agree. Back when I was a young bond trader an old timer told me something that has stuck with me all my life. He said "Always remember that your first loss is your best loss". His point was don't delay, things can always get worse.

George

ilene13 said:

I don't think the OP bought 23,000 DC. I think she paid $23,000 for DC, which is probably between 1500-2000 DC. In that case she is correct, it's not getting her very much. It's a shame that people buy DP without really knowing what they are getting.

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The OP clearly stated 23k points but I think you must be right since a deposit on the purchase would surely be at least 10% and $7.5K would thus equate to $75k total price and thus be around 6500 points at todays prices.

There are so many inconsistencies in the post that I am not sure about it at all. However as already stated - only two choices Pay up or walk.

Ah - just seen Susan's post - Singapore IP address would definitely indicate MVCIAP point purchase - at the recent price I was quoted of $1.25 per point then 23K points would be in line with a $7.5k deposit with the rest on finance. However typically MVCIAP does not do in house finance and it would have been externally financed. So I would guess that the debt might be with an external finance house or bank - that makes things more compex, especially if MVCIAP already had its money from the bank that made the loan.

SueDonJ said:

Marrybrown, is it possible you're talking about Points in the Marriott Asia-Pacific system? (IP address is Singapore.) That might explain the confusion about how many Points you've purchased and how much you've spent, and, there also may be different laws/regulations that will apply.

In either case, whether it's AP Points or Destination Club Points, I agree with the others who say that if Marriott is giving you the option of walking away from the deal now despite the mandated rescission period having already expired, that might be your best option. It's an expensive lesson to be sure, but it's not often that they extend an offer to let buyers walk away owing nothing more.

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If this is related to MVCIAP points then the II costs do make sense since MVCIAP membership does not come with a corporate II account and the member must source their own II account. MVCIAP does provide the first year membership as part of the deal but thereafter the II account is purely a personal one.

If you could buy what you just bought, but on the resale market and lose your current deposit and still come out ahead, cancel your contract and shop resale instead. Although from what others have posted, you sound unclear on what you bought. What is the total sales price and what is your annual allotment of points?