Jul 05

RCI launches Points Program for Timeshare Owners in India

Timeshare News 2 Comments »

Timeshare owners can now be part of the RCI family in India.  One of the global leaders in vacation exchange, RCI has introduced the RCI Points program in India through Cambay Family Holidays Club; part of Neesa Leisure Ltd.  With this new program, timeshare owners will be offered an enhanced trading system that gives RCI Points members greater flexibility in resort and travel exchange.

According to an RCI press release, the RCI Points membership provides ultimate vacation flexibility, variety and complete utilization of the timeshare ownership. It allows an owner to purchase a week at a resort and then deposit it into the program for points. The traditional ‘week’ is converted into points, which can be accumulated and redeemed for an exchange vacation. Unused points can be carried forward to the next year and additional points can be borrowed from next year’s allocation. These points can even be used to buy air tickets, car rentals, theme park tickets and more through various Points Partners associated with RCI.

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Jun 25

New Timeshare Ownership Program from Marriott Vacation Club

Timeshare News 1 Comment »

Timeshare Relief Mariott Vacations ClubIn 1984, Marriott became the first hospitality company to enter the timeshare industry.  Since then, Marriott Vacation Club has redefined the timeshare ownership experience.  Timeshare owners enjoy the assurance of a program from a recognized leader in the timeshare industry.

Marriott Vacation Club just launched the points-based Marriott Vacation Club Destinations program in North America and the Caribbean.  The program offers more flexibility and a more personalized experience.

This new program will allow timeshare owners to redeem points to travel within any of four Vacation Collections.

  1. Marriott Vacation Club Collection:  Access to more than 50 luxurious resorts and including added benefits such as:  any day check-in, varied lengths of stay, variety of accommodation sizes, and more choice of travel season at resorts in North America and the Caribbean.
  2. Marriott Collection: Choose from more than 3,000 hotels.
  3. Explorer Collection: Travel to new places or take a cruise with exchange for travel packages.
  4. World Traveler Collection:   Access to over 2,500 resorts in more than 75 countries through Interval International.

Timeshare owners will receive their points annually to redeem for their customized vacation.  They will also be able to save, borrow or buy additional points.  This new program also provides timeshare owners with a personal Vacation Ownership Advisor that will help with travel arrangements in the four Collections.

Keep coming back to this blog to learn about how this change will affect timeshare owners.  In short, Marriott grants flexibility to its timeshare owners, but at the same time creates a marketplace for the points and opens their timeshare units to be sold more than 50 weeks per year.

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Apr 12

Timeshare Advice From An Attorney General

Timeshare Advice 2 Comments »

Wayne Stenehjem timeshareWe found an interesting guest column piece about timeshares by Wayne Stenehjem, the Attorney General of North Dakota at www.consumeraffairs.com.  If you don’t know, Mr. Stenehjem has been quite active in investigating the minority of timeshare companies for misleading sales claims and violations of certain solicitation & telemarketing laws in the state.  So, he has some experience with timeshares and how they are sold.

In the article, Mr. Stenehjem describes what a timeshare is.  He reiterates some common knowledge that timeshares should not be viewed as investments but as vacation destinations, and that the resale value of a timeshare “may not be as high as what you paid for the plan in the first place as there are so many options available today.”

He then describes how people typically use timeshares and vacation interval plans.  The concept of maintenance fees is brought up an it’s pointed out that the “fees are likely to increase every year.”

The article concludes with a number of tips on how to avoid timeshare scams.  Most are common sense recommendations, but are also forgotten easily when prospective buyers are swept up in the hoopla of buying a timeshare (paraphrased):

  • Don’t buy a timeshare on the initial offer.  Take time to review it.
  • Read the contract.  Have an attorney look at it.
  • Research the timeshare industry & the seller.  Know what you are buying.
  • Inquire about your ability to cancel.  Different states have different laws.
  • Use an escrow account for the transaction.
  • Be aware that laws may apply to you that are different than in your home state if you purchase out of your state.
  • US laws may not apply if you purchase a timeshare outside of the country.

For more, go to http://www.consumeraffairs.com/news04/2010/04/timeshare_alert.html

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Mar 09

Timeshare Ownership – Why Force Yourself To Take a Vacation?

Timeshare Advice 1 Comment »

Timeshare Relief woman watching sunsetWhen timeshare owners purchase their timeshares, they have to develop a thought process to help them rationalize why they bought it in the first place. One reason is that the timeshare will “force” them to take a vacation every year.  The annual maintenance fee will be a reminder that they need to schedule and go on vacation.

Their reasoning is that since they’ve already paid for it, they should use it every year. However, this is faulty logic. Here are a few little things in life that get in the way of this thinking:

  • First, your timeshare unit may not be available the week you want it. It depends on scheduling.  There are rules to scheduling even with fixed-week timeshares.  If you do not schedule in time, the resort can deny your request to go to “your” timeshare.  If you’re forced into a vacation, you have to make sure you can schedule it first.
  • Next, why do you even want the hassle of a forced vacation? Life is full enough with work, family, faith, and continued good health. Wouldn’t a reminder on an electronic calendar or on your iPhone be enough to remind yourself to take a vacation?  Why prepaid all your vacations just to be reminded to go on holiday?  You don’t need to financial stress.
  • Finally, remember that New Year’s resolution you made to lose weight? Well, ownership of a timeshare is a lot like that. In other words, we want a good result, but it’s rare that many of us follow through to get it. So, your intentions of going to the timeshare every year are good, but be honest, will you follow through?

If you’re the type that does follow through on what you aim to do, then by all means, take that vacation every year. However, there are other options than buying a timeshare. You could join a vacation club or rent a timeshare – options that do NOT force you into a long-term contract that truly “forces” you to pay increasing maintenance fees and special assessment costs.  Reduce your stress, don’t buy a timeshare.

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Mar 05

How Much Is Your Timeshare Worth? Many Are Below Zero

Timeshare Costs No Comments »

Timeshares Resale Value Go Below ZeroFor anyone that has ever bought a new car, we know that sinking feeling we get as the value drops like a rock after we drive it off the dealership parking lot. Once you sign the contract for a timeshare, the impact is as if you bought and drove several new cars off the dealership lot at once. You’re going to lose a lot of value immediately.

A timeshare can lose 40% to 75% of their market value immediately after you sign the contract with the timeshare salesperson. One factor that contributes to the steep drop in value is that the salesperson and the company immediately receive their percentages on commission.

In the short time that it takes for the ink on your contract to dry, the timeshare turns into a notch on the timeshare salesperson’s belt. Immediately considered an asset to the timeshare resort, the clock starts to siphon money from the fresh timeshare owner in the form of maintenance and special assessment fees.

After a while, the timeshare resorts have little incentive to provide upkeep and to upgrade the timeshare. There is a reason for that. The timeshare contract guarantees revenue through all the fees the resorts collect from timeshare owners, so they do not need to bother with improvements. They take this money and use it to build new resorts that guarantee that they can collect even more maintenance fees from new timeshare owners.

As the timeshares age and the maintenance fees increase, there is less desire to purchase a condo unit from that location.  Most potential buyers would prefer new, more modern timeshare units.  At the same time, if the value for the increased maintenance fees paid begin to annoy timeshare owners, how do you think it will affect a potential owner who never vacationed there before?  For many owners, they end up paying for something they don’t use and no one is looking to purchase from them.   So, the value of that timeshare is negative — below zero — it’s taking money away constantly.

Timeshare Relief helps people out of this vicious downward spiral of value and get rid of those timeshares.

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