Ovation

Rent_Share · Feb 20, 2015

By setting a "strike resale price" of 3 cents a point aren't they establishing a prima facie case, that what they selling in the showroom, is worthless ?

Currently they can argue the resale market is inefficient, but once the developer starts playing, they set the bottom/

JudyS · Feb 20, 2015

LLW said:
They are pushing this to Worldmark owners also, where there is no home resort. But it sounds like they are also starting with the owners who have owned for the longest time. Probably because those people bought at lower prices than the newer owners, and might not find their offering price as ludicrous, or so they think.

I received this Ovation email, and I have only been a Worldmark owner for a year. I purchase resale. No idea why they think I might want out (although I haven't actually booked anything yet with my Worldmark credits -- maybe that's the reason.)

comicbookman · Feb 20, 2015

Rent_Share said:
By setting a "strike resale price" of 3 cents a point aren't they establishing a prima facie case, that what they selling in the showroom, is worthless ?

Currently they can argue the resale market is inefficient, but once the developer starts playing, they set the bottom/

Not really. A used car lot buys the cars at less than they sell them. All they are setting is a wholesale rate. They just have to make it easier to sell to them at 3 cents than to me or you at 3 cents.

ronparise · Feb 20, 2015

Rent_Share said:
By setting a "strike resale price" of 3 cents a point aren't they establishing a prima facie case, that what they selling in the showroom, is worthless ?

Currently they can argue the resale market is inefficient, but once the developer starts playing, they set the bottom/

I don't know that wyndham sees 3 cents as the right price. That number was pulled out of my backside, but it makes sense to me and it is certainly not the bottom of anything. I own a lot of wyndham points that I bought at the bottom and my average price was less than 1/4 penny a point. Three cents would be shooting the moon from where I sit.

The fact is 3 cents is 16% of 20 and that's what they sell for at the resorts and 16% is what wyndham tells Wall Street is their cost of goods sold ie their development cost, is.

Take 16% to worldmark and you get a 48 cent per credit resale target which is about what brokers sell this suff for today

Back to Wyndham. 3 cents is my dream... You may see this as a bottom . As a seller I see it as so high as to be almost unbelievable. And high enough that it will put me out of business......that's a good thing. No?

jebloomquist · Feb 21, 2015

I would not consider selling my points, at this time, but at 3 cents per point, I would get back about $75,000 more than what I spent on them originally. And, this includes spending $40,000 on my first of three developer purchase. Ouch.

I can't match Ron's 1/4 cent per point, but outside of developer purchases, my average cost per point has been about 3/4 of a cent.

Jim

LLW · Feb 21, 2015

JudyS said:
I received this Ovation email, and I have only been a Worldmark owner for a year. I purchase resale. No idea why they think I might want out (although I haven't actually booked anything yet with my Worldmark credits -- maybe that's the reason.)

The Ovation email is in the monthly electronic newsletter ("Pulse" or "Insider") that all owners on record receive (although their mailing list is inaccurate - many owners don't receive it, after multiple attempts to correct WM's records). I don't know if you are the targeted audience if you haven't received any phone calls. Many WMO members have reported getting phone calls (offers to buy their accounts) in the last few months, although the "Ovation" name is so new that even many WM insiders had not heard of it (Owner Care sounded quite non-plussed about it when I called them about something else).

I have an account that has an old account number (targeted). I don't think they know that I bought it resale. The phone calls from the one person "from Worldmark regarding your Vacation Ownership" are relentless. I must have received about eight messages in the last few days, and that has been when we haven't returned their messages. The usual sales calls stop after 1 or 2 messages.

craigrdavis · Feb 23, 2015

Interested if anyone has heard back from Wyndham regarding this program and gotten any "official info" on their buy back program.

Craig
Wyndham Resale Owner since 2007

Conan · Feb 23, 2015

I started with Limited Edition (now called Ovation) in December. For me it's a two-step process:

Step 1, deeding my resale points back to Wyndham for no consideration, under what they call the Cap Program. Title Services took 2 months to accomplish that and I'm now rid of those points.

Step 2, deeding my non-resale points back to Wyndham in exchange for use of that number of points, per year, for three years, maintenance-free and dues-free. Strictly speaking Step 2 is the Limited Edition Program, and Cap Program + Limited Edition Program = Ovation.

That's the only offer I'm aware of - - I haven't heard anything about surrendering points for cash. Maybe points for cash is something that's been invented in this thread purely as a hypothetical?

I've now begun the step 2 process and I've been issued a case number. I'm supposed to be getting a letter from the fellow in charge of the program in a week or so. I have his name and direct dial number (he confirmed to me that Limited Edition is part of Ovation) but I won't post it here, since new cases must be started with Owner Assistance anyway before he can take it up.

As far as timing goes, I continue to pay my maintenance fees monthly. (These have been adjusted downward since I no longer own my resale points.) When the Limited Edition/Ovation process finishes (meaning that title services issues the deed, I sign and send back, and title services accepts it), I'll be done paying maintenance and the three-year clock will start for the Limited Edition/Ovation program.

Meanwhile I can book a reservation with my remaining points in the usual manner, but it needs to be for a vacation within the next month or so, since the day they receive my Limited Edition deed all pending bookings will vanish. But if I can fit that final points vacation in, I can use all of my remaining 2015 points for it even though I'm only a couple of months into paying my calendar year 2015 maintenance fees.

Conan · Feb 23, 2015

wilson14 said:
I have been on the phone for 10 minutes getting transferred around. It seems like nobody at Wyndham even knows about this program.

Call Owner Services and tell them you're interested in the Limited Edition program. They've recently been trained in that program, but nobody's told them it's now called Ovation.

Conan · Mar 1, 2015

Update on terminology:

Wyndham may be willing to accept a deedback of your resale points but they won't give you anything for them. They call that the CAP Program.

Wyndham is also willing to accept a deedback of points bought from them but only from 100 or so selected locations, in exchange for three years' free use. They call that the Limited Edition Program.

If you own some points bought resale and other points bought from Wyndham in those 100 or so locations, they require you to get rid of all your resale points via CAP before they will do the Limited Edition acquisition of your remaining points.

Ovation is the name Wyndham gives to the combined CAP and Limited Edition programs, but most people at Owner Services don't know that. So if you're calling you should tell them you're interested in the CAP and/or Limited Edition program.

ausman · Mar 1, 2015

Conan said:
Wyndham is also willing to accept a deedback of points bought from them but only from 100 or so selected locations, in exchange for three years' free use.

Anyone have a list of the 100 or so locations they can post or email me.?

Conan · Mar 1, 2015

basham said:
Anyone have a list of the 100 or so locations they can post or email me.?

They're listed on the back page of the Limited Edition brochure, which I have.

If you would like to name the properties you're curious about I can look them up. Either here, publicly, or by private message if you prefer.

MULTIZ321 · Mar 1, 2015

Conan said:
They're listed on the back page of the Limited Edition brochure, which I have.

If you would like to name the properties you're curious about I can look them up. Either here, publicly, or by private message if you prefer.

Hi Conan,

That's a generous offer. If you have the ability to post them publicly on Tug, I'm sure many would appreciate seeing that list.

Best regards,

Richard

Rent_Share · Mar 1, 2015

MULTIZ321 said:
Hi Conan,

That's a generous offer. If you have the ability to post them publicly on Tug, I'm sure many would appreciate seeing that list.

Best regards,

Richard

Scan and file attachment would be the easiest for you

Conan · Mar 1, 2015

Rent_Share said:
Scan and file attachment would be the easiest for you

OK, here's the same document scanned .jpg and .pdf

http://1drv.ms/1ALYpkH

http://1drv.ms/1vPHqhd

wilson14 · Mar 1, 2015

Are Club Wyndham Access owners eligible for the Limited Edition program?

Hobo1 · Mar 3, 2015

There is/was Cash for Points

Conan said:
I started with Limited Edition (now called Ovation) in December. For me it's a two-step process:

Step 1, deeding my resale points back to Wyndham for no consideration, under what they call the Cap Program. Title Services took 2 months to accomplish that and I'm now rid of those points.

Step 2, deeding my non-resale points back to Wyndham in exchange for use of that number of points, per year, for three years, maintenance-free and dues-free. Strictly speaking Step 2 is the Limited Edition Program, and Cap Program + Limited Edition Program = Ovation.

That's the only offer I'm aware of - - I haven't heard anything about surrendering points for cash. Maybe points for cash is something that's been invented in this thread purely as a hypothetical?

I've now begun the step 2 process and I've been issued a case number. I'm supposed to be getting a letter from the fellow in charge of the program in a week or so. I have his name and direct dial number (he confirmed to me that Limited Edition is part of Ovation) but I won't post it here, since new cases must be started with Owner Assistance anyway before he can take it up.

As far as timing goes, I continue to pay my maintenance fees monthly. (These have been adjusted downward since I no longer own my resale points.) When the Limited Edition/Ovation process finishes (meaning that title services issues the deed, I sign and send back, and title services accepts it), I'll be done paying maintenance and the three-year clock will start for the Limited Edition/Ovation program.

Meanwhile I can book a reservation with my remaining points in the usual manner, but it needs to be for a vacation within the next month or so, since the day they receive my Limited Edition deed all pending bookings will vanish. But if I can fit that final points vacation in, I can use all of my remaining 2015 points for it even though I'm only a couple of months into paying my calendar year 2015 maintenance fees.

Several Wyndham owners, I was one and elected to cash out, received letters last year offering a deed sell back. The offer was a little under 2.5 per point but it made sense for us to get out of Wyndham. Some on this site were critical of our decision because we took a loss but it would have cost us much more not to take the offer. Wyndham is a good product but we learned, the hard way, we would rather rent from a Wyndham owner then be one.

roseamb60 · Mar 7, 2015

Gadf I Sucessfully am out Used Wyn Limited Edition

Hello Wilson Call and ask them I got rid of my four VIP contracts just the other day I have the Wyn Limited Book Iam glad that I am out for good My points at an older Legacy resort had more then doubled i the last few years
My maintenance fees were as high as my property taxes t Iam glad that Wyn decided to offer this program
As Ron mentioned perhaps the default will stop or decline significantly Defaults hurt everyone cept Wyn Other companies have offered buybacks for years
BTW mentioned seniors being affected Er good and bad Iam not offended at l some might be S ome seniors are passive most nto Iam not I am consumer advocate I fight for seniors but please do check on you friends loved ones if need be very good point this person mde Ihave been thourghly disgusted by Wydham's tactic at times high pressure etc but I did enjoy my 26 years of ownership JHMO Rose :clap:

roseamb60 · Mar 12, 2015

Lol my Bad

Hi Meant to say in my last post that my maintenances fees at a Tennessee Legacy resort had doubled in the last four years Probably due to lots of deaults Rose

POHRN46 · Mar 15, 2015

Unfortunately, so true!

TravLer21 · Mar 20, 2015

Ovations

I just called the Wyndham number that was given to my wife (888-884-4321). After a wait of 15 minutes, I asked them for information on Ovations. I was told to call another number (855-312-9040) and spoke to a woman whom I asked for information regarding the program. She told me that you have to own at certain resorts (mine is one of them-National Harbor) and that the contract must be paid in full. Furthermore, they are offering nothing but release from paying maintenance fees. Nothing more according to this person. I told her that I had heard about points and monies being offered, but she plead ignorance. I'd like to hear from anyone who has accepted the terms of Ovations and what the terms were. Thanks.:annoyed:

TravLer21 · Mar 20, 2015

Limited edition

I just re-called the 855-312-9040 and, instead of asking about Ovations, I asked about the "limited edition program". I spoke with a different person than previously who told me that the program was active. She is to email me a brochure (not yet received) about the program. There is NO CASH offer other than the three years of travel (don't have the details on that yet). Legal papers will not be sent unless there is verbal over-the-phone commitment.

Conan · Mar 20, 2015

TravLer21 said:
I just re-called the 855-312-9040 and, instead of asking about Ovations, I asked about the "limited edition program". I spoke with a different person than previously who told me that the program was active. She is to email me a brochure (not yet received) about the program. There is NO CASH offer other than the three years of travel (don't have the details on that yet). Legal papers will not be sent unless there is verbal over-the-phone commitment.

See these threads for details about Limited Edition.
http://tugbbs.com/forums/showthread.php?t=223967
http://tugbbs.com/forums/showthread.php?t=223660&page=2

TravLer21 · Mar 21, 2015

Deed back

Only a few people have mentioned cash deals (cents per points), but has anyone actually gotten paid plus received the three years of points in exchange for the "deed"? I don't recall ever getting a letter about a buy back. Certainly the sales folks don't mention this at the "update" meetings.

comicbookman · Mar 21, 2015

TravLer21 said:
Only a few people have mentioned cash deals (cents per points), but has anyone actually gotten paid plus received the three years of points in exchange for the "deed"? I don't recall ever getting a letter about a buy back. Certainly the sales folks don't mention this at the "update" meetings.

I think all the "cash" talk has been speculation. I do not recall anyone actively checking on the program mentioning cash.

Ovation

Rent_Share

JudyS

comicbookman

ronparise

jebloomquist

LLW

craigrdavis

Conan

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MULTIZ321

Rent_Share

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