Savings points before they expire... while transferring / purchasing resale!

[Hobokie]

TUG friends:

AT LAST I am buying my Worldmark (resale, OF COURSE). Took a long time to convince the hubs, but in the end I managed!

Question: The membership I am purchasing has points that expire in April. New points will be issued in April, of course, but I asked the seller if they would be willing to make a reservation ~7+ months out to save the soon to expire points. What I'm wondering is whether or not I would be able to call Worldmark when the timeshare is mine and ask for the reservation to be changed or moved? Keep in mind the reservation would be under the previous owner and not me... would I ask the previous owner to make this a "guest" reservation with my name on it?

Thanks in advance!

 

[flutprop]

Have the seller make a reservation for as far out as they can (April 2, 2020 today) to save the credits. It can be made for any location, but suggest they make it at a location that does not charge any taxes. They should not need to put your name on the reservations, as when the account is in your name at the close of the sale, you will then have all control to change dates/location. You will want to call to make any changes, and advise the reservation agent it was made with expired credits so they can make the changes you want without losing the credits during the transaction.

 

[taterhed]

Also, if it's loaded and you can't use all the credits in your use year...consider spacebank.

 

[Hobokie]

Can someone explain spacebank, please?

 

[ecwinch]

Can someone explain spacebank, please?

It is using credits to make a deposit into RCI or II. Deposits into an exchange system expire two years after they are made, so it extends the life of the credits by 2 years. You have to call the Vacation Planning Center (VPC) to initiate the transaction and it is irreversible (i.e. you cannot later put them back into WM).

Based on the number of credits you want to spacebank - the exchange dept will take your credits and deposit a WM unit into the exchange system on your behalf. So for instance, you could ask to deposit 10k in credits, and WM could deposit a 2BR Running Y summer week into your II account. Which can then use to book something in II.

 

[Hobokie]

Thanks! Unfortunately this is my first timeshare and therefore I do not (yet) have RCI or II!

 

[taterhed]

But if you purchased a WorldMark you can open both an II and an RCI account with that ownership.

I would recommend opening the interval I would not recommend RCI any longer they are too expensive and have too limited choices

Tater on my Note8 tapatalk

 

[sue1947]

I recommend you first learn to use your WM account first and leave figuring out exchanges until later. If you have extra credits you can't use, rent them out to another owner at wmowners.com/forum. There's lots to learn on how to make the most of your new account and exchanging is another layer of complication you just don't need now.

Sue

 

[Hobokie]

But if you purchased a WorldMark you can open both an II and an RCI account with that ownership.

I would recommend opening the interval I would not recommend RCI any longer they are too expensive and have too limited choices

Tater on my Note8 tapatalk

Thanks @taterhed , but I still have the issue of not being able to sign up for II until the WM is transferred to me which I expect will occur AFTER the points have expired... :-X but your point in II vs RCI is well taken, seems like a better choice from what I've read thus far.

@sue1947, I hear ya, thanks for the advice! I think I will spend some time trying to figure out my membership before I start trying to do complicated stuff. Although when that time comes, I have all of you guys and gals to help

 

[taterhed]

Sorry, didn't do the date math on that....but I'm pretty sure that owner services can convert points from a reservation to a spacebank. Don't quote me on that. It's a better way to 'park' the points until you can use them (IMO). If you can use the points....then you have no worries. Just make reservations.

There are (as @sue1947 pointed out) more than 1 ways to skin the cat:

1. Make reservations and use them
2. Make reservations and rent them
3. Rent out the points
4. Spacebank the points

All of the above assume you will have access to the points in time to reserve, occupy, rent or spacebank them. If you do not, then you can have the current owner make long range reservations to 'hold' the points until you can work with an owner service rep to modify the 'placeholder' or 'pointsaver' reservation (yes, i said that) into something that you can use...rent...spacebank.

Keep in mind: Nobody wants to rent credits that expire instantly. It takes time to successfully rent a reservation. There may not be available reservations during the times you can occupy the units.

So....back to the top.

There are your options.
I hope this helps. Happy vacation.

Did I mention that I used one of my spacebanks to snag a Hyatt Highlands 1 bedroom in late March?
Pretty good use of WM points if you ask me.

 

[talkamotta]

I too bought my first worldmark loaded. 18000 points will expire June 30th. I have contacted the selling company to contact the seller to see if they would make a distant reservation or even if the owner wants to use the points its ik. I just don't want them wasted. I haven't heard anything, is there anything I can do besides keeping my fingers crossed that it will be transferred by then.

 

[Hobokie]

@talkamotta I had the owner make a reservation for March 2020 for the 6,000 at-risk-of-expiring points. In my case, I knew it was highly unlikely this would close before the expiration (April) because I bought it in March. I bought direct from the seller (vs a broker) and she sent me the reservation confirmation. I'm using LT Transfer including escrow.

From what I've been reading, it sounds like the transfer could take up to 20 weeks! But I hear the WM/Wyndham folks are getting faster and it could be as early as 13 weeks. Good luck! I hope I'm able to use the reservation the seller made, we shall see!

 

[taterhed]

Again...just remember: you can rebook any reservation (with some caveats) after the transfer.
Just ask your questions first (here or with owner services) and then utilize a WM rep to make the ressies on the phone.
You can even 'freeze' the reservation you want by starting the booking process and then calling.

There can be some great last minute stuff to snag.