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Gifted Timeshare...Worth It?

LeeF7788

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Morning all!

I'm new here and just wanted to understand how timeshares work.

My wife's aunt is wanting to give us her timeshare, located in French Lick, IN. As I understand it, she has a week in May sometime each year. The maintenance fees are around $498 and she's had the timeshare for around 30 years. My wife and I know nothing about timeshares, but understand that you can exchange them through RCI for different weeks during the year at different resorts. Our question is, are timeshares worth it?

We've read conflicting information online about being able to trade the timeshare for other times throughout the year. Does anyone have any advice they would be willing to share? We greatly appreciate it!

We also understand that she would be transferring her RCI membership to use, which is another $99/year.

Thanks for your time,
Lee
 
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WinniWoman

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Morning all!

I'm new here and just wanted to understand how timeshares work.

My wife's aunt is wanting to give us her timeshare, located in French Lick, IN. As I understand it, she has a week in May sometime each year. The maintenance fees are around $498 and she's had the timeshare for around 45 years. My wife and I know nothing about timeshares, but understand that you can exchange them through RCI for different weeks during the year at different resorts. Our question is, are timeshares worth it?

We've read conflicting information online about being able to trade the timeshare for other times throughout the year. Does anyone have any advice they would be willing to share? We greatly appreciate it!

We also understand that she would be transferring her RCI membership to use, which is another $99/year.

Thanks for your time,
Lee


I personally would not take it, especially if your goal is to always exchange it. Exchanging is a gamble and it becomes expensive, but then again, I am from the "buying where you want to go" camp, preferably within driving distance from your home. Some others might disagree with me.

You might want to start by telling us what resort it is and how big a unit it is (how many bedrooms, etc.) and what week it is she owns. The maintenance fee seems reasonable enough. I assume this is a "weeks' ownership and not a "points" ownership?
 

rapmarks

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May in Midwest will not have strong trading power, and French lick does not trade well.
 

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Just to add another perspective to what has already been said. I don't know what size unit she has: studio, one bedroom, two bedroom, but that also makes a difference in the number of TPU's, trading power units, that week will get. If she's owned that long she likely isn't a points owner unless she paid to convert her fixed week to a points week. I also just learned from my sister and BIL something I didn't know about depositing a fixed week for trade. From what they said the number of TPU's they get depends on how early they deposit their week. Another thing to consider is if it would be the week of Memorial Day weekend it might get more TPU's.

$498 in maintenance fees for a week really isn't bad. Yes you would have to pay the RCI membership fees to be able to trade the week. Her aunt could make a call to find out how many TPU's that week would get you if you weren't interested in using the week where she owns. Would the aunt consider letting you have access to her RCI account so you can go online and see the huge number of places you can go with an RCI membership? We frequently use the RCI sale weeks costing $229-$269 and no TPU's or points are needed for them.

You could keep the RCI membership to be able to use the sale and last call weeks and give away her week if you find you aren't using the week or the TPU's to go to other resorts. Under the Buying, Selling, Renting forum you will see Bargain Deals. Many people give away RCI fixed weeks or point weeks they no longer want.
 
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LeeF7788

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Thanks all! I edited it to show that she's only owned it for 30 years, as she told my wife the wrong thing (she's older and doesn't always remember without looking it up).

We're thinking it is a two-three bedroom property, but waiting on confirmation from her aunt. I believe it's around Mother's Day in May, either before or after. Also waiting on confirmation of the week and which resort/property it is at.

I believe it is a weeks ownership, yes.

We were hoping to get into her account and look around, but she's never signed up online and usually calls. She's frustrated with trying to figure that out and lives in another state. For now, she's going to send us all of the information she has on it. I'm hoping we can get some valuable information that way. She's such a sweet lady, but we don't want to take it if it's going to be more trouble than it's worth.

Thank you all so much for your time, we both greatly appreciate it!

Lee
 

rapmarks

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We looked at that resort about forty years ago stayed at the hotel and got a hard sell. It was my first timeshare sale and it was awful, and they wouldn't even let us know the price of a summer week.
 

LeeF7788

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We looked at that resort about forty years ago stayed at the hotel and got a hard sell. It was my first timeshare sale and it was awful, and they wouldn't even let us know the price of a summer week.

Was the resort nice or no? I know her aunt used to go to a ton of timeshare pitches, but I'm not sure what made her decide on this one. Thanks for your response!
 

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Acquiring a TS simply to exchange (trade) is seldom a good deal. Like this: RCI exchanges 'value for value' by assigning it a point score, and you can exchange for other resorts with similar score. AND $250 to $300 + that annual $100 membership fee, on top of that $500 annual maintenance fee to your 'home' resort. So all of a sudden that $60 a night vacation becomes $130 a night plus transportation.

Wife's auntie may be the sweetest lady in the world, but imo this gift is of more benefit to her than to you.

Jim
 

LeeF7788

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Acquiring a TS simply to exchange (trade) is seldom a good deal. Like this: RCI exchanges 'value for value' by assigning it a point score, and you can exchange for other resorts with similar score. AND $250 to $300 + that annual $100 membership fee, on top of that $500 annual maintenance fee to your 'home' resort. So all of a sudden that $60 a night vacation becomes $130 a night plus transportation.

Wife's auntie may be the sweetest lady in the world, but imo this gift is of more benefit to her than to you.

Jim

Thanks, Jim!

Are timeshares really only a good deal if you're planning to stay at that resort each year? That's what I'm starting to take away from what I'm reading. We've never been to French Lick, so can't say for sure we would want to go back every year. It sounds like trading may be harder to do and not such a great deal in the long run. We really appreciate your advice.
 

Egret1986

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I'm new here and just wanted to understand how timeshares work.

Does anyone have any advice they would be willing to share? We greatly appreciate it!

Lee

My advice would be to have a very good working knowledge of timeshares and whether or not this ownership will indeed meet your needs. Free timeshares abound. Getting rid of a timeshare ownership can be quite difficult. As has been stated previously, the location is not high demand and neither is the season.

We were hoping to get into her account and look around, but she's never signed up online and usually calls. .... but we don't want to take it if it's going to be more trouble than it's worth.

Lee

Yes, it would be great if you could go online. You would find out fairly quickly that getting what you want, when you want is no easy task. That is especially true with an ownership that does not have high demand and is a week in a non-prime season.

If you love the area and want to vacation that time of year, it could work. However, if you are looking to exchange, then there are better "free" timeshares out there. But first, understand timeshare ownership (which you won't learn in a day or a week or even a month.

Stay on TUG and learn all you can about timeshare ownership. Ask questions. Determine what your vacation wants and needs are and then ask lots more questions.

Also you can perhaps assist your wife's aunt in getting out of her ownership in other ways rather taking on a possible burden yourself. There's lots of good information on TUG about accomplishing this task. Help this sweetie out of her ownership dilemma and you two will be heroes. But I don't recommend taking on the ownership yourselves unless you adore vacations in French Lick, IN in May. I'm doubtful RCI exchanges will get you where you want to go with this ownership. Even with prime weeks in high demand areas, you still have to be a very savvy exchanger to get where you want to go when you want/can go. I've been a 30+ year RCI member and usually get to where I want to go when I want to go. However, it takes work and effort and knowing the best strategies. More than likely, if you went online into her RCI membership to look at what's available, you might be very disappointed. You will read on TUG that the good stuff isn't setting online. It requires setting up an ongoing search, usually months or even a year or more in advance. You have to have enough Trading Power Units (TPUs) that will secure what you want. To do that, it could possibly take combining two years worth of TPUs, which would double the cost of the vacation. You would have to pay to combine your TPUs and pay maintenance fees for the two years. Then you still might not get what you're wanting. There's definitely no guarantees in the exchange world.

In short order.......know as much as you can about timeshares as possible and determine if it will meet your vacation wants and needs before taking on a potential burden that has ongoing maintenance fees, potential special assessments, and can be nearly impossible to get rid of. Understand also that RCI fees are more than the annual membership fee. There are a multitude of fees that RCI charges. Before you know it, you could be paying way more for a week of vacation to go somewhere that's less desirable than where you really wanted to go.

I have made timeshare ownership work for me for 30+ years, but it's not for everyone.

Knowledge is Power.
 

LeeF7788

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My advice would be to have a very good working knowledge of timeshares and whether or not this ownership will indeed meet your needs. Free timeshares abound. Getting rid of a timeshare ownership can be quite difficult. As has been stated previously, the location is not high demand and neither is the season.



Yes, it would be great if you could go online. You would find out fairly quickly that getting what you want, when you want is no easy task. That is especially true with an ownership that does not have high demand and is a week in a non-prime season.

If you love the area and want to vacation that time of year, it could work. However, if you are looking to exchange, then there are better "free" timeshares out there. But first, understand timeshare ownership (which you won't learn in a day or a week or even a month.

Stay on TUG and learn all you can about timeshare ownership. Ask questions. Determine what your vacation wants and needs are and then ask lots more questions.

Also you can perhaps assist your wife's aunt in getting out of her ownership in other ways rather taking on a possible burden yourself. There's lots of good information on TUG about accomplishing this task. Help this sweetie out of her ownership dilemma and you two will be heroes. But I don't recommend taking on the ownership yourselves unless you adore vacations in French Lick, IN in May. I'm doubtful RCI exchanges will get you where you want to go with this ownership. Even with prime weeks in high demand areas, you still have to be a very savvy exchanger to get where you want to go when you want/can go. I've been a 30+ year RCI member and usually get to where I want to go when I want to go. However, it takes work and effort and knowing the best strategies. More than likely, if you went online into her RCI membership to look at what's available, you might be very disappointed. You will read on TUG that the good stuff isn't setting online. It requires setting up an ongoing search, usually months or even a year or more in advance. You have to have enough Trading Power Units (TPUs) that will secure what you want. To do that, it could possibly take combining two years worth of TPUs, which would double the cost of the vacation. You would have to pay to combine your TPUs and pay maintenance fees for the two years. Then you still might not get what you're wanting. There's definitely no guarantees in the exchange world.

In short order.......know as much as you can about timeshares as possible and determine if it will meet your vacation wants and needs before taking on a potential burden that has ongoing maintenance fees, potential special assessments, and can be nearly impossible to get rid of. Understand also that RCI fees are more than the annual membership fee. There are a multitude of fees that RCI charges. Before you know it, you could be paying way more for a week of vacation to go somewhere that's less desirable than where you really wanted to go.

I have made timeshare ownership work for me for 30+ years, but it's not for everyone.

Knowledge is Power.

This is extremely helpful! Thank you!

What are the special assessments?

It sounds like we need to go see her aunt and sit down and talk this through. We might also need to look at her original contract as well, as it sounds like there might be limitations to getting rid of your timeshare? Am I understanding that correctly?

Again, thanks so much. You've been a great help.
 

Egret1986

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Are timeshares really only a good deal if you're planning to stay at that resort each year?

Not necessarily. I, personally, can't imagine going to the same place every year. However, unless you own a high demand area during prime season, and you learn the nuances of timeshare exchange and optimally work the system; then you will most likely get exchanges you will not be satisfied with or that will not meet your vacation wants and needs. The fees will keep coming though.

Good for you to seek out advice!
 

Egret1986

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What are the special assessments?

It sounds like we need to go see her aunt and sit down and talk this through. We might also need to look at her original contract as well, as it sounds like there might be limitations to getting rid of your timeshare? Am I understanding that correctly?

Again, thanks so much. You've been a great help.

I have seen so many special assessments during my 30+ years of timeshare ownership. Some were worthwhile, others just a money drain because of mismanagement at the resorts. I just got hit with another one; $600 per year for three years. These are in addition to the annual maintenance fee. Many are due to underfunded reserves in order to maintain the resort or upgrade or for unplanned expenses. My current special assessment is to update the units and upgrade the amenities. It is a 9-unit complex. The unit is a top floor oceanfront 2BR condo in a high demand beach area during the Summer. I swallowed hard and paid my first installment......along with the annual maintenance fee.

Getting rid of the timeshare (and the difficulty) has nothing to do with the original contract. It's a fact of life.

Spend some time on TUG. You'll find out that free and $1 timeshares (even timeshares where people will pay you to take them) are in abundance. The timeshare system is not set up to assist owners in getting rid of their ownership when they are no longer wanted or needed. The resorts don't want to take them back, though some have been successful in pursuing this avenue.

There are scammers in abundance willing to take your money (in the thousands) to "help" you get rid of your timeshare. The catch....they want the money upfront. Then they either do nothing to get you out of your ownership or run off and you never hear from them again. Bye, bye money and you still are on the hook for the maintenance fees.
 

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Are timeshares really only a good deal if you're planning to stay at that resort each year? That's what I'm starting to take away from what I'm reading.
That is not a simple question to answer. You'll find great variety across timeshare products and how they are used.

Sorta like car buying: sedan? mini-van? suv? pick-up truck? sports car?
You'll grimace trying to take the sports car off-roading ... and likely do the same trying to park the lifted 4x4 SUV in inner-city parking garages. You might need the mini-van for hauling the family but the truck for pulling the toy-hauler. No one vehicle type can do-it-all. They are different for their own reasons.

Timesharing is similar. Different tools for different needs. That is why this forum often suggests you consider how you intend to USE the timeshare. Here is a LINK to the survey to help you organize some thoughts.

For what it is worth, two of our timeshares are points based. Kinda like joining a car club that allows you to pick a different vehicle type each week, if appropriate. Thus, we rarely go back to the same place year after year ... but instead hop across multiple destinations. So far this year (2018), we've been to Flagstaff (2BR unit; AZ), Orlando (2BR Cabin; FL) and New Orleans (Studio unit; LA). We have Pagosa Springs (1BR unit; CO) and Solvang (Studio unit;CA) booked for the coming months. Have suitcase (and timeshare reservation): will travel!

I'm glad you are researching your options regarding the family timeshare. I hope you stick around on TUG. We are a bunch of happy timeshare addicts who love infecting others with the joys of timeshare travel. :D
 
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rapmarks

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Forty years ago, they were reopening the hotel and starting the timeshares. They were nice units, there was a golf course and tennis courts. When we were there the golf course was extremely wet and barely playable. It was probably late march. I think this is a resort that is given away rather that sold, especially off season.
 

LeeF7788

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I have seen so many special assessments during my 30+ years of timeshare ownership. Some were worthwhile, others just a money drain because of mismanagement at the resorts. I just got hit with another one; $600 per year for three years. These are in addition to the annual maintenance fee. Many are due to underfunded reserves in order to maintain the resort or upgrade or for unplanned expenses. My current special assessment is to update the units and upgrade the amenities. It is a 9-unit complex. The unit is a top floor oceanfront 2BR condo in a high demand beach area during the Summer. I swallowed hard and paid my first installment......along with the annual maintenance fee.

Getting rid of the timeshare (and the difficulty) has nothing to do with the original contract. It's a fact of life.

Spend some time on TUG. You'll find out that free and $1 timeshares (even timeshares where people will pay you to take them) are in abundance. The timeshare system is not set up to assist owners in getting rid of their ownership when they are no longer wanted or needed. The resorts don't want to take them back, though some have been successful in pursuing this avenue.

There are scammers in abundance willing to take your money (in the thousands) to "help" you get rid of your timeshare. The catch....they want the money upfront. Then they either do nothing to get you out of your ownership or run off and you never hear from them again. Bye, bye money and you still are on the hook for the maintenance fees.


Wow, we had no idea about special assessment fees either. Thank you! I will spend tonight going through this site and learning more about timeshares. It seems I have a lot to learn!

That's good to know about the contract, as I thought it would have had something in it about getting rid of it. Very good to know about the scams. Thank you very much for your help!
 

LeeF7788

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That is not an simple question to answer. You'll find great variety across timeshare products and how they are used.

Sorta like car buying: sedan? mini-van? suv? pick-up truck? sports car?
You'll grimace trying to take the sports car off-roading ... and likely do the same trying to park the lifted 4x4 SUV in inner-city parking garages. You might need the mini-van for hauling the family but the truck for pulling the toy-hauler. No one vehicle type can do-it-all. They are different for their own reasons.

Timesharing is similar. Different tools for different needs. That is why this forum often suggests you consider how you intend to USE the timeshare. Here is a LINK to the survey to help you organize some thoughts.

For what it is worth, two of our timeshares are points based. Kinda like joining a car club that allows you to pick a different vehicle type each week, if appropriate. Thus, we rarely go back to the same place year after year ... but instead hop across multiple destinations. So far this year (2018), we've been to Flagstaff (2BR unit; AZ), Orlando (2BR Cabin; FL) and New Orleans (Studio unit; LA). We have Pagosa Springs (1BR unit; CO) and Solvang (Studio unit;CA) booked for the coming months. Have suitcase (and timeshare reservation): will travel!

I'm glad you are researching your options regarding the family timeshare. I hope you stick around on TUG. We are a bunch of happy timeshare addicts who love infecting others with the joys of timeshare travel. :D

That's a really good analogy. It definitely makes more sense when you put it like that. Thanks for linking that survey as well!

So, is the points system better for certain types of timeshares or? I am just thinking if French Lick would be worth many points or if we were to do a timeshare if it would be worth looking at one that might be worth more points to trade. Assuming I'm understanding that correctly. It sounds like you've gone some pretty neat places!
 

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Forty years ago, they were reopening the hotel and starting the timeshares. They were nice units, there was a golf course and tennis courts. When we were there the golf course was extremely wet and barely playable. It was probably late march. I think this is a resort that is given away rather that sold, especially off season.

Thanks for your thoughts on this! That helps!
 

WinniWoman

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The OP could just rent via Trip Beat for RCI resorts without belonging to RCI or owning.

I will also state that although we are weeks owners for 20 years we have exchanged all over the country many times with one of our off season weeks through RCI in the past and, although we no longer belong to RCI, we do occasionally exchange an off season week through the small free membership independent exchange companies like Trading Places, Platinum Interchange and DAE.
 
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Passepartout

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The OP could just rent via Trip Beat for RCI resorts without belonging to RCI or owning.
This whole question is more about whether or not to accept a gift (and help out Auntie) than low cost vacays at this point. But, of course that's a side issue.
 

rapmarks

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When we owned on lake of the ozarks Missouri, we would deposit June or September and only received 17 or 18 tpus which did not have a lot of trading power
 

WinniWoman

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Not necessarily. I, personally, can't imagine going to the same place every year. However, unless you own a high demand area during prime season, and you learn the nuances of timeshare exchange and optimally work the system; then you will most likely get exchanges you will not be satisfied with or that will not meet your vacation wants and needs. The fees will keep coming though.

Good for you to seek out advice!


People like my family like going to our home resorts every year because they are like second homes to us with sentimental value and lot of memories made. Plus they are really nice resorts and allow us to relax. It is nice to have the familiarity of a place. Our adult son still visits us when we are at them also as he feels the same way. And, we never get bored because we always have some sightseeing to do throughout the states we own in. AND- we have gotten to know other owners who go each year the very same weeks we do, which is nice. When our son was younger, he made quite a few friends at the resort he would look forward to meeting up with each summer.

That said, we do sometimes go elsewhere IN ADDITION to our timeshares and that is when we rent a timeshare from another owner, or from Home Away or through a resort directly.
 

WinniWoman

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This whole question is more about whether or not to accept a gift (and help out Auntie) than low cost vacays at this point. But, of course that's a side issue.

Yes, I know, Jim, but someone mentioned the possibility of the OP just belonging to RCI for the Last Call vacations and I wanted to point out it really is not necessary IMO.
 

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People like my family like going to our home resorts every year because they are like second homes to us with sentimental value and lot of memories made. Plus they are really nice resorts and allow us to relax. It is nice to have the familiarity of a place. Our adult son still visits us when we are at them also as he feels the same way. And, we never get bored because we always have some sightseeing to do throughout the states we own in. AND- we have gotten to know other owners who go each year the very same weeks we do, which is nice. When our son was younger, he made quite a few friends at the resort he would look forward to meeting up with each summer.

That said, we do sometimes go elsewhere IN ADDITION to our timeshares and that is when we rent a timeshare from another owner, or from Home Away or through a resort directly.

I definitely understand that. We all have different vacation preferences that should be considered when determining if a timeshare (and what timeshare) will meet our vacation wants and needs.

Like you, I have a couple of resorts that feel like second homes to me. They are located in areas I have been going to most of my life and greatly enjoy. They are drive-to locations (within 45 minutes to two hours from home). I may only get there every other year, but try to at least go once a year if I can fit them in between exploring other destinations. I never tire of returning, being familiar with what to expect, having the opportunity to be welcomed and visit with the familiar staff, visiting favorite area sites and restaurants, and just feeling relaxed in familiar surroundings. Fortunately, I have been able to have a mix of timeshares that both allow me to exchange to other destinations and to also revisit my favorites without having to exchange.

When owning one timeshare (especially a first timeshare), then it would be more practical to choose what has the best potential to meet current and upcoming vacation needs.
 

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Worldmark, DVC, Grand Pacific Palisades // Gone: Warner Springs Ranch, Seapointer (SA), WinPointVIP (?)
So, is the points system better for certain types of timeshares or? I am just thinking if French Lick would be worth many points or if we were to do a timeshare if it would be worth looking at one that might be worth more points to trade. Assuming I'm understanding that correctly.
Oh, so hard to answer via written exchanges. I've read and re-read and each time had different interpretations based on where I figured your intended inflections.

So, let's talk of timeshare "spheres of influence." Put any timeshare name inside a circle ... and draw at least 2 more large rings around that circle.
  • The center circle, with the single timeshare, represents the strategy: I will always go back to my home resort. Maybe the same week or unit number for each visit or maybe not ... but always the same resort.
  • The circle just outside the resort represents the resort's management company or developer, if the developer is still involved with the property. Perhaps the management company, which cares for one or many resort locations, offers owners at each resort an inside-exchange privilege across their 'family' of resorts. Examples of this would be VRI, Grand Pacific Resorts, Wyndham, etc.
    The owner's strategy in this sphere: I can use my home resort ... or trade it w/in the Management's/Developer's family of affiliated properties. Cool.
  • The next circle out represents the 3rd party exchange companies such as RCI Weeks, RCI Points, Interval International ("II"), SFX, DAE and others. A single resort might be affiliated with multiple exchange companies for added flexibility, and possibly, added costs. Some exchange relationships found in that sphere can only be contracted by the resort's management (such as RCI Weeks, RCI Points and II) ... some may be initiated by the individual owner (particularly with the smaller, private exchange firms).

As for point-systems ... some are "pure points" (like Worldmark the Club) where owners hold 'points' but are not given a home resort or week. Their inner-most circle is a large pool of destinations created by a developer specifically as a family of points-based destinations; the inner circle is "purpose built" for points. Others are points systems created by the management company (middle sphere) among their family of resorts. Yet others are point systems created by the exchange company (outer sphere). Gets confusing, quickly ... right? FWIW, no two point-system companies or levels use similar point values. Each is their own 'currency.' Examples:
  • A 1BR unit at Disney Vacation Club's Boardwalk Villas location (Orlando) in January is 200 DVC points.
  • A 1BR unit at Worldmark's Kingstown Reef location (Orlando) in January is 9000 WM credits.
  • A 1BR unit at Wyndham's Bonnet Creek location (Orlando) in January is 126000 Club Wyndham points.
I'm not overly familiar with French Lick Villas. It doesn't appear that their management company (the middle sphere) offers either a points-system or family of affiliated destinations for preferred owner exchanges. That may leave you two basic options, should you choose to accept this family gift:
  • Use the resort for its own features.
  • Exchange the interval through any affiliated exchange company (the outer sphere). You'll need to determine which exchange options are available for your resort and how strong is the [resort+week+unit type] inside that specific exchange system.
Just some light, fluffy research to keep you busy until the paperwork arrives, right? ;)

And Yes to what I put in bold from when quoting you. It is especially wise, before accepting a given timeshare, to comparison shop and see if you might do BETTER with a different location, different week, different system (either pure points, developer points, or exchange-system points), etc. Try every combination as you research before commitment. (Most recommend spending at least 6 months studying TUG before making any timeshare commitment.)

My apologies if I completely mis-read your question and intentions.
 
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