RCI Lawsuit Settlement Agreement

[Theo]

A lengthy settlement agreement in Murillo vs. RCI (...not yet formally approved by the court, however) is now in broad circulation. While much of it appears to constitute very little of real substance (to me, anyhow) one of the items of note is RCI's agreement to "disclosure of trading power" (but not the internal methods of detrmining same .... and apparently available only to the actual current owners of a given week, if I understand the agreement language correctly). Recent posts I've stumbled upon here seem to suggest that RCI web site changes might already be reflecting this (soon to be court mandated) "change" in RCI exchanging procedures and practices. (That said, I read nothing whatsoever within the settlement agreement actually preventing RCI from retaining and / or renting out to the general public the very best deposits).

I don't exchange my weeks. If I did, it likely would not involve RCI. I have no stake or involvement in this case and / or its outcome. Nonetheless, I am interested and curious to learn how those actually involved in "exchanging" through RCI view this new "disclosure of trading power" as effecting, either for better or worse, their exchange exercises with RCI?

P.S. The little trinket "peace offerings" within the draft agreement (choose ONE among a $100 cruise certificate, membership renewal credit, prorated membership refund, two other choices) seem to be included largely to reflect a sense of humor, being of little real value or actual cost to RCI.

[BocaBum99]

I think this is about what most people expected would come out of this. Of course, disclosure of trading power is a good thing that wasn't shared before. I wonder if this sets precedent for other exchange companies with hidden trading power formula.

[lawren2]

Originally Posted by BocaBum99

I think this is about what most people expected would come out of this. Of course, disclosure of trading power is a good thing that wasn't shared before. I wonder if this sets precedent for other exchange companies with hidden trading power formula.

If they are publicly traded it should.

Originally Posted by theo

Nonetheless, I am interested and curious to learn how those actually involved in "exchanging" through RCI view this new "disclosure of trading power" as effecting, either for better or worse, their exchange exercises with RCI?

JMHO it validates everything we have been able to ferret out about RCI's secret trading power over the years. It has made the on-line search feature more arduous to get the same results I always got.

[timeos2]

EXACTLY the ending predicted from day 1. No restrictions on RCI, a small token of information revealed that won't hurt them one way or the other and the ever popular $100 worthless certificate. I sure do think that a class action was the way to bring RCI to its knees - NOT!

I hope this puts an end to the whining about illegal or underhanded use of deposits at RCI as there simply is no factual basis for such claims. Anyone who reads the RCI agreement has to realize you are turning over your rights under their terms and if you choose to do that you ave no complaint.

Can we now move on to either making RCI work for us or simply dropping them as an option rather than the never ending chorus of "I can rent it but I can't trade for it"? It looks like you'll see your trade power now - just like points tells you what they value your time at - and if it isn't equal or greater than what you want you won't get it. Clean and simple. Like for like. The way it was always supposed to be. If you don't agree that a mud week in South Carolina isn't as valuable as a nice Orlando week in January then DON'T GIVE THEM YOUR MUD WEEK! Try to get value for it somewhere else. You too may find it is virtually worthless but in any case it wasn't up to RCI to give it value. Case closed. Thank heavens.

[kennyw]

Originally Posted by timeos2

If you don't agree that a mud week in South Carolina isn't as valuable as a nice Orlando week in January then DON'T GIVE THEM YOUR MUD WEEK! Try to get value for it somewhere else. .

The problem is, they won't tell you until after you have deposited. In many cases by the time you find out what your trading power is your week will already have been given to someone else and you can't get it back. If they don't tell you ahead of time this agreement is as worthless as the $100 credit.

Another thought, If they don't assign a required trading power to available weeks in the bank you still will have to do the same searches you do now to see what you can get.

EDIT I just read over yonder the disclosure must be made before depositing.

Before I get too excited will someone please explain this to me:

C. Priority For Weeks Program Exchange Fulfillment. Commencing on or before
August 31, 2010 and continuing for a period of two (2) years from the date on which the benefit provided in this Section ILC is first made available by RCI or August 31, 2012, whichever is earlier, each Deposit of Vacation Time for the purpose of an Exchange right, made more than one year in advance of the starting date of such Vacation Time, shall be available exclusively for Exchange by Members and eligible members of the RCI Points exchange program (subject to balancing as required by Section II.A.(2), above) for a period of thirty-one (31) days from the date of Deposit, including the initial Deposit day, and shall not be available for any other purpose, including, without limitation, Rental. In addition, upon each such Deposit of Vacation Time, as well as with respect to Deposits made less than one year in advance of the starting date of the deposited Vacation Time, RCI will make available that Vacation Time to satisfY an active and pending Exchange Request, based on the Trading Power criteria set forth in Section IX.A below. If no such Exchange Request exists upon the Deposit date, RCI will make the deposited Vacation Time available for both Exchange and Rental, should RCI wish to offer the Vacation Time for Rental. Notwithstanding the foregoing in this Section ILC:

[timeos2]

Originally Posted by kennyw

The problem is, they won't tell you until after you have deposited. In many cases by the time you find out what your trading power is your week will already have been given to someone else and you can't get it back. If they don't tell you ahead of time this agreement is as worthless as the $100 credit.

But they will. They tell you that IF you deposit TODAY its worth XXX. Tomorrow - who knows.

Originally Posted by kennyw

C. Priority For Weeks Program Exchange Fulfillment. Commencing on or before
August 31, 2010 and continuing for a period of two (2) years from the date on which the benefit provided in this Section ILC is first made available by RCI or August 31, 2012, whichever is earlier, each Deposit of Vacation Time for the purpose of an Exchange right, made more than one year in advance of the starting date of such Vacation Time, shall be available exclusively for Exchange by Members and eligible members of the RCI Points exchange program (subject to balancing as required by Section II.A.(2), above) for a period of thirty-one (31) days from the date of Deposit, including the initial Deposit day, and shall not be available for any other purpose, including, without limitation, Rental. In addition, upon each such Deposit of Vacation Time, as well as with respect to Deposits made less than one year in advance of the starting date of the deposited Vacation Time, RCI will make available that Vacation Time to satisfY an active and pending Exchange Request, based on the Trading Power criteria set forth in Section IX.A below. If no such Exchange Request exists upon the Deposit date, RCI will make the deposited Vacation Time available for both Exchange and Rental, should RCI wish to offer the Vacation Time for Rental. Notwithstanding the foregoing in this Section ILC:

If a deposit is made with a start date of more than a year away then it will be used exclusively for trade for 31 days - no rental allowed. But you STILL have to have the trade power to get it. That doesn't change. No silok purses from sows ears anymore.

[dougp26364]

Originally Posted by timeos2

EXACTLY the ending predicted from day 1. No restrictions on RCI, a small token of information revealed that won't hurt them one way or the other and the ever popular $100 worthless certificate. I sure do think that a class action was the way to bring RCI to its knees - NOT!

I hope this puts an end to the whining about illegal or underhanded use of deposits at RCI as there simply is no factual basis for such claims. Anyone who reads the RCI agreement has to realize you are turning over your rights under their terms and if you choose to do that you ave no complaint.

Can we now move on to either making RCI work for us or simply dropping them as an option rather than the never ending chorus of "I can rent it but I can't trade for it"? It looks like you'll see your trade power now - just like points tells you what they value your time at - and if it isn't equal or greater than what you want you won't get it. Clean and simple. Like for like. The way it was always supposed to be. If you don't agree that a mud week in South Carolina isn't as valuable as a nice Orlando week in January then DON'T GIVE THEM YOUR MUD WEEK! Try to get value for it somewhere else. You too may find it is virtually worthless but in any case it wasn't up to RCI to give it value. Case closed. Thank heavens.

What can I say. When your right, your right. Now, were's the helping of crow I should be looking for?

I still have no desire to use RCI as my exchange company and will endeavor to buy timeshares associated with I.I., with a strong internal exchange system or for our own personal usage. So far I've had little to no complaints about availability with I.I., DRI's points exchange reasonably well and I've had no issues trading Marriott to Marriott. As with anything in the timeshare industry, that's all prone to change with the direction of the wind.

[BocaBum99]

Originally Posted by dougp26364

What can I say. When your right, your right. Now, were's the helping of crow I should be looking for?

I still have no desire to use RCI as my exchange company and will endeavor to buy timeshares associated with I.I., with a strong internal exchange system or for our own personal usage. So far I've had little to no complaints about availability with I.I., DRI's points exchange reasonably well and I've had no issues trading Marriott to Marriott. As with anything in the timeshare industry, that's all prone to change with the direction of the wind.

Doug,

What was your prediction?

[dougp26364]

Originally Posted by BocaBum99

Doug,

What was your prediction?

Not really a predicition so much as a hope that rentals of weeks deposited for exchange would come to a screaching hault. In reality I knew that the contract read when you give them your week, it's thier's to do with as they please.

IMO, RCI is no longer set up for the timeshare owner but as a money making machine with the ability to lawfully take what they do not pay for and profit from it in the form of rent, membership dues paid by the unsuspecting and promoted by developers who also do not have the true owners best interests at heart.

[Theo]

Originally Posted by BocaBum99

Of course, disclosure of trading power is a good thing that wasn't shared before. I wonder if this sets precedent for other exchange companies with hidden trading power formula.

Keep in mind that no evaluation formulae, procedures or algorithms will actually be revealed in any way under the current terms of this agreement as pertains to trading power. The "disclosure of trading power" really doesn't amount to much more than a "search first" option --- an option which is hardly innovative and which exists already with both II and RedWeek...