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View Full Version : Caution to those buying FF/Wyndham Points (resales)



TimeshareVon
09-04-2007, 12:12 PM
I have acquired a 77K pt UDI contract from my sister at FF/Wyndham Myrtle Beach/Westwinds, effective with use year 2008 (1/1/08-12/31/08). I learned today that while my sister retained the 2007 use (because of the delays with the first closing agent) and mine doesn't start until 2008, the MF payments (debit) was now my responsibility, effective immediately with the September payment due. When I asked Wyndham about it,they said "that's just the way it is . . . once your name is on the account, there is no way for us to bill or collect from the former owner . . . it is your responsibiliity to collect the MF's you're going to pay through the end of the year for their 2007 use/points."

While this isn't an issue for me or our transaction, because it is within the family, this could have posed a real issue and hassle had I bought via eBay or some other resale channel. I can't imagine having to ask a former owner/seller to reimbursement me for the $164 I'm going to end up paying for their 2007 use.

So for those who are buying FSP points from someone with your ownership scheduled to start in the following use year, be sure that your purchase documents protect you and assure you're not holding the bag for the MF's for someone else's use.

The other thing is that because nobody from Wyndham's financial department contacted me about setting up the MF debit (either by checking account or credit card), they had sent me an invoice on 8/31/07 which included a $5.00 billing fee. I would encourage anyone buying, to stay on top of Wyndham throughout the process so as to avoid extra fees such as this.

brucecz
09-04-2007, 04:49 PM
I see that the other day a 154,000 Fairfield Point owership in Wisconsin could not even get :cry2:a $1 bid.

They have some nice resorts but IMO the maintence fees are to high for what you get from Fairfield.

Bruce :abused:

mshatty
09-04-2007, 04:54 PM
I have acquired a 77K pt UDI contract from my sister at FF/Wyndham Myrtle Beach/Westwinds, effective with use year 2008 (1/1/08-12/31/08). I learned today that while my sister retained the 2007 use (because of the delays with the first closing agent) and mine doesn't start until 2008, the MF payments (debit) was now my responsibility, effective immediately with the September payment due. When I asked Wyndham about it,they said "that's just the way it is . . . once your name is on the account, there is no way for us to bill or collect from the former owner . . . it is your responsibiliity to collect the MF's you're going to pay through the end of the year for their 2007 use/points."

While this isn't an issue for me or our transaction, because it is within the family, this could have posed a real issue and hassle had I bought via eBay or some other resale channel. I can't imagine having to ask a former owner/seller to reimbursement me for the $164 I'm going to end up paying for their 2007 use.

So for those who are buying FSP points from someone with your ownership scheduled to start in the following use year, be sure that your purchase documents protect you and assure you're not holding the bag for the MF's for someone else's use.

The other thing is that because nobody from Wyndham's financial department contacted me about setting up the MF debit (either by checking account or credit card), they had sent me an invoice on 8/31/07 which included a $5.00 billing fee. I would encourage anyone buying, to stay on top of Wyndham throughout the process so as to avoid extra fees such as this.

One option you have is to call FF/Wyn and set up your payment of MF for an annual payment. You get to choose the month. There is still the $5 service fee, but it is only once, not 12 times.

TimeshareVon
09-04-2007, 05:09 PM
One option you have is to call FF/Wyn and set up your payment of MF for an annual payment. You get to choose the month. There is still the $5 service fee, but it is only once, not 12 times.

Thanks for the tip Mike. In talking with them, I was able to get a couple of things done . . .

First they were gracious to waive that first $5 fee, since nobody had contacted me to set up my MF/debit account.

Second, I gave them my credit card info which they will charge monthly for the MF. That way, I can get the miles/points.

I was willing to pay the entire 2008 amount at once, but they didn't have it yet. Ironically, immediately there after, I was able to get my 2008 points rented out, so I now have that money in hand for 2008 and paying it to Wyndham monthly throughout 2008. Nice to have someone giving me money and creating a cashflow float for ME for a change!!

I actually like the monthly debit especially since this account is set up so that I'm paying monthly for the current year's use . . . but have access to the points in advance of the MF's being paid; unlike my fixed weeks where I can't do anything with them (like depositing to RCI), until I've paid the full MF for that year's use.

So far, other than spending nearly an hour on the phone this morning trying to figure and straighten things out . . . and another 45 minutes this afternoon regarding my RCI account and the Wyndham "online" account (both of which will take some time due to the transition timing with my sister's use/ownership in 2007), I'm seemingly able to navigate the landscape of being a points owner. The transfer of my 2008 points to my "renter" went smoothly as was done in a total of like an hour . . . from e-mail confirming the deal, paypal payment received and transfer of points to her account. I was surprised at how simple that was :)

tcornel
09-08-2007, 09:20 PM
Yvonne,

The handling you describe for monthly billing of udi contracts is normal and consistent with their past practices.

What is annoying is when buying or selling a contract I usuallly allow 2 months to close and transfer. However FF's processing runs from 3 weeks to 3 months. I now just tell everyone that the 2 months is an estimate and we will have to settle up after the deed is transferred on FF's records. About 25% of the time a check has to be exchanged.

Tom

EAM
09-08-2007, 10:10 PM
Von,

If you sister bought from Fairfield, the points you bought from her should not count as "resale" for VIP purposes. I would suggest making sure that Wyndham knows that this transfer was between family members.

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