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Add to existing credits by buying from another owner?

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 PostPosted: Sun 16 Jul 2017 7:31 pm   

Joined: Sat 13 Nov 2010 8:21 pm
Posts: 3
Hello,
I hope someone can help me with this question.
Over the years, a family member bought far more credits than he can use - or pay for. So we are now able to use and enjoy Worldmark vacations, as we have bailed him out when he cannot make payments.
We will be inheriting all these credits some day.
But meanwhile, he now wants to buy even more. His logic is that by doing this, he'll get an extra perk. He (and we), can have multiple stays of less than a week, without having to pay the extra cleaning fees.
My wife says we shouldn't discourage this purchase, because we'll inherit the perk along with the obscene number of credits.
Here is my question. It seems to me that since you can buy credits from current owners who want to unload them, and you get a much better deal than from Worldmark (or Wyndham?).
SO...can't this family member simply buy his extra credits from the secondary market?
Shouldn't everyone buy this way, thus saving 70-80 cents on the dollar?
Or if he does, will Worldmark somehow prevent him from adding these credits to his own pile, so that he doesn't end up with this prize perk?
Sorry if my question is unclear. I'm still an outsider looking in, trying to get the lay of this land I'll someday reside it much of the year.
Thanks so much.


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 PostPosted: Sun 16 Jul 2017 7:42 pm   
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Joined: Sat 05 Sep 2009 7:00 am
Posts: 1111
Location: Richland WA - wish it was in the U.P. in the fall
I suggest you do everything you can to keep this family member from ever talking to the sales people ever again. The "perk" is a piece of bait with a hook attached. If he has more points than he can handle now, he doesn't need any more. If he needs more - the secondary market is the place to go. The perk there is you get to keep a lot of your hard earned money.

Just my opinion.

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Yooper Tom - Worldmark Fan

Purchased original resale points late in 2008. Added more in 2010. Added second account in 2014.

EXCHANGES - Sedona Summit, Villas at Cave Creek, Newport Coast Villasx2, Shawnee River Village, Welk Resort Villas, Sheraton Desert Oasis, Marriott's Grand Chateau, Sunchaser Villas at Riverside, Willowbrook at Lake Harmony (for our son), Four Seasons Residence Club Scottsdalex2, Westin Kierland Villas, Sedona Vacation Club at Los Abrigados, HVC at Flamingo (thanks Seth and Ann), Four Seasons Avariax3, The Ridge at Sedona, Palm Canyons, Marriott Canyon Villas


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 PostPosted: Sun 16 Jul 2017 8:17 pm   

Joined: Fri 27 May 2005 6:15 am
Posts: 2726
You are correct that buying on the resale market for 0.30/credit gives you the same access to WM resorts as buying from the developer at up to $3/credit.
The logic is false; saving $100 +/- for a housekeeping fee but paying an extra $25000/10000 credits from the developer makes no sense. Your family member needs to step away from the sales desk.
Sounds like they have bought into the sales hype. Sit them down with paper and pencil and calculate how much those extra credits and those saved HK fees will cost. Include the cost of credits plus the cost of the additional maintenance fees. Seeing it on paper in black and white should help.

The no housekeeping part sounds like they are trying to get him to Platinum level in Travelshare. Add into your calculations the additional travel share dues in addition to maintenance fees. Travelshare/platinum can make sense for a few people. However, this situation with somebody who is struggling to pay for what they already own, isn't one of them.

There is another option for avoiding housekeeping fees. The first 1500 or so accounts were sold without the obligation to pay housekeeping. These sometimes come on the market and maintain their no housekeeping aspect; they are called NHK or grandfathered accounts. You can check the For Sale section to see what they sell for. They sell for a premium so you need to make sure you will use it enough to make up the extra cost.

Personally, I think the owner needs to think about shrinking their account by splitting and then selling off the excess. It won't sell for anything near the purchase price but it will get rid of the yearly maintenance fees for the credits not being used. In fact, looking at selling prices should give your family member an understanding of how much they have overpaid by buying from the developer. Essentially, once you walk out of the sales room, you lose 90% of the value.

Sue

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Resorts Visited: All WA, OR, ID, MT, CO, UT resorts + Las Vegas Blvd, Reno, South Shore, Rancho Vistoso, Bison Ranch, Fairfield Sedona, Big Bear, Bass Lake, Angels Camp, Marina Dunes, San Francisco, Windsor, Clear Lake, Kona, Kauai, Oceanside, Pismo Beach, Solvang.

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 PostPosted: Mon 17 Jul 2017 5:16 am   

Joined: Tue 06 May 2014 2:12 pm
Posts: 1196
Location: Salem, Oregon
It seems that one of your questions was not answered. Yes when you buy WM Credits/Points on the secondary market they can be added to your account. They are treated differently. On the account Page it would show WM Credits (these are the Secondary market/resell Credits) uses and and WTS (Travelshare Credits). WM Credits can be used to Book at all WM Resorts. Travelshare Credits can be used to Book all WM resorts, WMSP, and Wyndham Pass Resorts. These resell Credits can be combined into the Account at time of Purchase. If they are combined later there is an additional fee of $299. There are pluses and minuses to having more than one account. If you have one Account the MF's are slightly less per Credit. If you have multiple Account this allows more bonus time and more Waitlist.

However as many others have counseled - is this something your Relative should do? Can she/he really afford it?

Edited to add the following "Resell Points/Credits can not be added to Travelshare Points/Credits to achieve a higher Travelshare Level/Status. They are separate and distinct Points/Credits in the Account and tracked separately.

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Tom and Patti
Joined Worldmark August 2002
Las Vegas-Boulevard, Victoria, Seaside, Windsor, Clear Lake, Running Y, Coral Baja, Kona, Kihei, Tropicana, Oceanside, Sydney, Daytona Beach, Coffs Harbour - Terraces, Gleneden, Canadian, Fiji, Rotorua, Kapa'a Shore, Mission Valley, Camlin, Arrow Point, West Yellowstone, New Orleans, Park City, St. George, Seven Mile Beach, Long Beach Wa, Reno NV.
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II - Newport Coast.
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RVC - Cabo, Cancun.
DRI - Le Manoir Des Deux Amants Connelles France, Royal Regency Vincennes France, Paniolo Greens, Sea Mountain, Point at Poipu.
Newly planned and Reserved: Leavenworth.


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 PostPosted: Wed 19 Jul 2017 4:01 pm   

Joined: Tue 08 Apr 2008 7:34 am
Posts: 11991
Location: San Francisco Bay Area, CA
A key point that your wife is overlooking is that your family member sometimes can't make the payment. If this member somehow forgets to pay and inform you, he/she can lose all the credits. Assuming the family member is taking a loan for the additional credits, not just the additional credits are at risk, but also the also the rest of the insane amount of credits. This loan will eventually pass down to you and you will be responsible for the loan, if you want to keep the account. You might not need the insane amount of credits and the dues that come along with it, even if there is no loan.

If your family needs more credits, you can also rent one time credits from members on this forum or on the WMtC forum. This way you don't need to commit long term.

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Owner since May 2008
Resorts Visited: Anaheim (3), Angels Camp (2), Big Bear, Clear Lake, Coral Baja, Dolphins Cove, Indio, Las Vegas Blvd, Leavenworth, Marina Dunes, Park City Miners Club (2), Phoenix South Mountain Preserve, Pismo Beach, Rancho Vistoso, Reno (2), Seattle-Camlin (2), SD Mission Valley, San Diego, SouthShore(12), Solvang, Windsor(11), Wolf Creek (2) II: FSA (2), Grand Luxxe Nuevo Vallarta, Hyatt High Sierra(2), Hyatt Highlands Inn, Paradise Village, Marriott Grande Chateau, Marriott Grande Vista, Marriott Grand Residence, Marriott Harbour Lake, Marriott Newport Coast Villas(3), Marriott Summit Watch, Marriott Timber Lodge(17), Monarch Cabo Azul(2), Red Wolf Lodge, Ridge Tahoe(5), Ridge Sierra, Welks Northstar Lodge(6) RCI: Disney Grand Californian, Grand Mayan/Mayan Palace Riviera Maya, Grand Mayan Cabo, Grand Mayan Nuevo Vallarta, Hilton King's Land, Playa Grande, Sheraton Hacienda del Mar


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 PostPosted: Wed 19 Jul 2017 10:53 pm   

Joined: Thu 19 Apr 2007 6:52 am
Posts: 1269
Location: Spokane, Wa.
By being late on the payment you can lose the Travelshare benefit. Surprised it hasn't already happened


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