IMO some of the best options are actually difficult to unload or one might have to given them away or pay someone to take them, namely BG and Wyndham. Thus it's imperitive one make a good choice up front.
If your estate stopped paying the maintenance fee--and as a lawyer I don't know an estate's obligation to pay MF in perpetuity--most likely the timeshare company would foreclose on the TS. Now, that might adversely affect the credit rating of the estate, but who would care?
That's likely not a major problem. Normally the estate is on the hook but usually after about a year the executor can ask to have the timeshare removed from the estate if it can't be disposed of otherwise. If owning is a good choice otherwise, I wouldn't let the estate issue be a deterrent
But you wouldn't be able to close the estate until it were settled. Normally they can be handled with a feedback if they can't be sold or transferred. And the estate would be obligated until it transferred the obligation in some way or it was legally removed from the estate.
I would suspect most would do so, otherwise they're likely to have a non performing contract plus trying to collect then foreclose. The likely issues are going to be fixed or off season seasonal floating weeks that aren't part of a system and where they are truly worth less than the fees. My info suggests that normally and in most states, a judge will remove the timeshare from the estate if petitioned to do so and there is reasonable evidence the executor has made an honest attempt to dispose of the timeshare. A year seems to be the magic time period. IMO it's something to consider but not something to be feared. One should be aware of the risk though IMO.
The reason why I bought Wyndham is to accomodate big family trips.
Yeah, that's one way to put it.
And I've been saying for years that I thought the 2042 expiration date on the more "seasoned" DVC resorts was a benefit, not a negative.
True, through their Ovation program -- but not something to even consider in a purchase decision because that program could go away tomorrow.
BUT their minimum buy-in is $4,500 AND there are additional fees. Consider instead getting a Wyndham deed for free, with, say, $700 per year maintenance fees. That's like getting almost 7 years free compared to Passport.For those of you interested in Wyndham points -- but concerned for exit strategy, you may want to consider a WinPointVIP Passport. The Passport is a non-equity 'membership' program with interesting usage rights:
In short, it is a pay-to-play program with a dependable rental partner. In many ways, it is similar to David's service for DVC rentals except the subscription element and usage fees tied closer to average dues across the Wyndham system.
- One time 'membership/subscription' fee giving you access to an annual block of Wyndham points. (Quantity of points offered to you depends on your subscription level.)
- No annual dues. Rather than pay dues on the block of points -- you'll pay a set rate when you actually choose to use the points. So, nothing goes wasted -- if I don't use a Wyndham property in 2016, or use fewer points than my subscription level, I'm not paying any fees on the unused points.
- Wyndham VIP privileges (for unit upgrades).
- Someone else does your booking for you. This might feel uncomfortable for some, as it did for me at first ... but others might consider it like a concierge service. Submit your requests and let someone else stalk inventory on your behalf.
- Pass the membership along to someone else when you wish or simply walk away from it. No exit strategy needed. No strings.
Disclosure: I bought a WinPointVIP Passport through Marc Thomas, timeshare broker, a few years back. We've completed several trips on the program and have one booked for later this year. I've been a happy camper.
Not only good at "navigating a difficult economy" but even better at "sucking every last penny out of their owners." When I bought in a mere 8 years ago, there were many aspects that benefitted owners that have now been done away with. Right after I bought, they eliminated the ability to transfer/rent points between sellers. And just recently they stopped offering large discounts for some resorts 30-60 days out. For example, they regularly cut the points requirement for their Colonial Williamsburg resorts by 50-75%. No more.
Sure, but those are the kinds of non-contractual "perks" that all timeshares give and take away when it suits them.
It seems to me that Wyndham stopped inter-member transfers so that THEY could charge $10 per thousand, or whatever it is. At that time, inter-member transfers were going for $5 per thousand. And inter-member transfers of "housekeeping points" was usually free, as a courtesy to other members. So Wyndham can now make a lot more money, while claiming the members requested that the inter-member transfers be stopped.
You're probably right. As an old and very wise friend once told me, "Never do anything that you only have one reason for doing."
Correct. But let me explain why I am unhappy. Upon purchase, and getting my measly 49,000 points, here's what I did: Put 27,000 points into RCI for $130, which got me a 2 br for 1 week at Orange Lake. I then transferred the remaining 22,000 points at $5 per point to someone who contacted me on a transfer chat board.
Right, that's a BIG substantive change Wyndham made several years ago with their RCI exchanges. No more 28K 2 bedrooms for a full week! That was a sweet deal while it lasted (we never took advantage of it), and it lasted a long time. We did get an OKW 2 BR for 126K once, but those haven't been happening for a while either.
True -- but I purchased several years ago at a lower initiation fee and am enjoying VIP perks on a measly 250k point contract. So I'm getting better reservations with fewer points and paying a per-use rate close to MF averages on only the points I use. I'm still happy -- although glad I bought when I did (years back).
Like I posted earlier, with my tiny amount (when I go to the sales pitch to get some money out of Wyndham, the sales weasels are always baffled by the amount) I have been to Flagstaff, Puerto Rico, Orlando, D.C., Poconos, Berkshires, and through RCI Israel. So the 49K works for me! Full disclosure is that I bought the 49K to fulfill my modest goal at the time of staying in Orlando for 5 nights off season annually. But then I got the 1 week in Orange Lake, and realized a week was better. And then I discovered DVC. Truth is, I'm much happier with my expensive 320 points in DVC than I am in my 49K with Wyndham that cost only $100.
