RCI Timeshare
Feb 22nd, 2003, 03:35 AM
#3
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I'm trying to figure out the good/evil thing right now. Before my grandmother died (20+ years ago) she bought a timeshare in Lehigh Acres, FL. She had 2 red weeks in a studio unit. My mom and aunt's have been keeping up the maintenance on this unit all these years, occasionally taking advantage of the place or exchanging for weeks at other resorts.
This summer my family would like to take a group of kids to South Padre Island in TX and we've been looking at renting a condo. My aunt suggested I try to take advantage of the exchange program with the family condo. This hasn't been easy so far, but maybe I'm going about it wrong.
In the first place, RCI won't talk directly to me, they want my aunt (the primary owner) to make the arrangements. That's complicating things. In the second place, we need a 3 bedroom condo or a 2 bedroom and a one bedroom. This doesn't seem like it should be a problem since there are 4 weeks "banked" and my aunt will let me use as many as I need to make the trade, but, RCI wants to trade even for even - studio for studio - and it's hard to get them to say yay or nay on using up multiple banked weeks toward extra units during the same week.
However, if we can work this out it will be a sweet deal. Where else can a get a beachfront condo for a week for $474 plus a small exchange fee. Even if we end up with 3 studios and 3 exchange fees, the cost will still be less than $1000 for beachfront accomodations for 8 people. Not too shabby.
If I were buying a timeshare I would do it with an eye toward its future exchange value. Do you really want to spend your vacation at the same place every year? I would also look at the resale market where it seems you can pick up weeks for WAY less than the original price. It will take you less time to pay it off then all you'll have to deal with is maintenance fees.
Good luck.
This summer my family would like to take a group of kids to South Padre Island in TX and we've been looking at renting a condo. My aunt suggested I try to take advantage of the exchange program with the family condo. This hasn't been easy so far, but maybe I'm going about it wrong.
In the first place, RCI won't talk directly to me, they want my aunt (the primary owner) to make the arrangements. That's complicating things. In the second place, we need a 3 bedroom condo or a 2 bedroom and a one bedroom. This doesn't seem like it should be a problem since there are 4 weeks "banked" and my aunt will let me use as many as I need to make the trade, but, RCI wants to trade even for even - studio for studio - and it's hard to get them to say yay or nay on using up multiple banked weeks toward extra units during the same week.
However, if we can work this out it will be a sweet deal. Where else can a get a beachfront condo for a week for $474 plus a small exchange fee. Even if we end up with 3 studios and 3 exchange fees, the cost will still be less than $1000 for beachfront accomodations for 8 people. Not too shabby.
If I were buying a timeshare I would do it with an eye toward its future exchange value. Do you really want to spend your vacation at the same place every year? I would also look at the resale market where it seems you can pick up weeks for WAY less than the original price. It will take you less time to pay it off then all you'll have to deal with is maintenance fees.
Good luck.
Feb 22nd, 2003, 04:09 AM
#4
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My very first suggestinon for 'Zmoney' and 'edeevee' or anyone else that is interested in timeshares, or needs to know about exchanging go to Theh Timeshare Users Group BBS at www.tug2.net. This is a BBS that is RUN by owners and users...NOT the developers or the resorts. Learn about timesharing BEFORE you buy. There are some extremely smart people on that BBS.
Timeshares for us have been good. As an investment that you are looking to that will 'make money' it is not. Timeshares do not rise in value (darn).
But we have taken some wonderful vactions in places we probably would never have gone to in the first place, thinking it would be too expensive. And yes, as the second writer says...buy resale red weeks with low maint. fees.
As far as RCI goes, they are the largest exchange company in the business. Interval International is the second largest. They are reliable, BUT you must know how to use the system. Again, by going to TUG you can learn how to do it. I have. And it usually works for me.
Edeevee..yes, your relative has to be the one to talk to RCI, otherwise anyone could call RCI and try and use someone else's units. Trying to make an exchange such as you want and where you want right now for this summer will be very hard, if not impossible, as most owners plan a year in advance to get the location they want. Again, I strongly suggest that you check out www.tug2.net and see if they can help you.
Usually, what RCI tells you about making equal exchanges is correct..a studio for a studio, but sometimes you can get lucky (we have) and get a 2 or 3 br. for a smaller unit.
Wish I had your email address, as I could write more privately. You can email me at [email protected] if I can be of further help.
Timeshares for us have been good. As an investment that you are looking to that will 'make money' it is not. Timeshares do not rise in value (darn).
But we have taken some wonderful vactions in places we probably would never have gone to in the first place, thinking it would be too expensive. And yes, as the second writer says...buy resale red weeks with low maint. fees.
As far as RCI goes, they are the largest exchange company in the business. Interval International is the second largest. They are reliable, BUT you must know how to use the system. Again, by going to TUG you can learn how to do it. I have. And it usually works for me.
Edeevee..yes, your relative has to be the one to talk to RCI, otherwise anyone could call RCI and try and use someone else's units. Trying to make an exchange such as you want and where you want right now for this summer will be very hard, if not impossible, as most owners plan a year in advance to get the location they want. Again, I strongly suggest that you check out www.tug2.net and see if they can help you.
Usually, what RCI tells you about making equal exchanges is correct..a studio for a studio, but sometimes you can get lucky (we have) and get a 2 or 3 br. for a smaller unit.
Wish I had your email address, as I could write more privately. You can email me at [email protected] if I can be of further help.
Feb 22nd, 2003, 07:46 AM
#5
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We've owned timeshares through the RCI network since 1989 and have never looked back or had one regret. Keeping in mind that we own in Hawaii, which does have the highest exchange power of all destinations in the RCI system, which means that we will get priority for our exchange requests over owners of timeshare other than Hawaii, we have never had a problem getting what we want when we wanted it. A good example of this is that we're going to Ixtapa next week on an exchange to a specific resort we requested, and this exchange request was granted fairly quickly, in spite of the fact that we're traveling during prime season. Timeshares are never good investments as far as increasing in monetary value, but for us, it has a great deal of value based on what kinds of vacations and destinations we enjoy, especially our beloved Kauai! Resales are definitely the way to go, which we learned as we went along - you'll get the same benefits for a lot less than you'd pay through the developer. All in all, we've found RCI to be good to work with, and have enjoyed the quality, variety and flexibility it offers. Good luck!
Feb 22nd, 2003, 09:49 AM
#7
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Thank you everybody.
I'm only asking because I had an opportunity while I was in Las Vegas. I had no inlcinations of making a purchase. I went for the $50 and 3 free hotel nights in FL.
The first offer was approx. $12,000 with $395 maint, one week. Then the 2nd offer was approx. $6990 with the same maint. I kept refusing and the price kept dropping. I was tempted to make a purchase on the last offer but I did not have enough knowledge about timeshares. I didn't want to get swindled. The last offer was $3990, $395 mintance every other year, 2 weeks a year and...other things I do not remember. What do you think? Did I bypass a chance of a lifetime?
I felt sorry for those people who make a purchase after the first offer. What a con-job.
I'm only asking because I had an opportunity while I was in Las Vegas. I had no inlcinations of making a purchase. I went for the $50 and 3 free hotel nights in FL.
The first offer was approx. $12,000 with $395 maint, one week. Then the 2nd offer was approx. $6990 with the same maint. I kept refusing and the price kept dropping. I was tempted to make a purchase on the last offer but I did not have enough knowledge about timeshares. I didn't want to get swindled. The last offer was $3990, $395 mintance every other year, 2 weeks a year and...other things I do not remember. What do you think? Did I bypass a chance of a lifetime?
I felt sorry for those people who make a purchase after the first offer. What a con-job.
Feb 22nd, 2003, 10:00 AM
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No, I don't think you passed on a chance of a lifetime. We got suckered into one of those RCI presentations in Maui about 10 years ago when timeshares were just starting. RCI offered us a 1 BR for 2 weeks (not guaranteed, only 1 week was) and maintenence fees of about 650 per year (not a guaranteed rate either). We purchased it. When we got home and did the math we realized we made a big mistake. We tried calling RCI to switch our timeshare vacation rooms and it was impossible. No availibility for the time we wanted. We got scared. Would there be no availibility for our own timeshare in Maui? The maintenence fees increase steadily. We like staying in hotels that have room service. Resale rates are about 1/3 of what you purchased it for. And our timeshare was not on the beach, the main reason we go to Hawaii. We were able to get out of the contract and never regretted it for a minute.
Feb 22nd, 2003, 10:10 AM
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It's true that the maintenance fees are a pain-in-the-you-know-what and that they will likely rise as time goes on. However...it still hasn't been prohibitive enough for us to change our minds. zmoney, I guess it'll boil down to where you would be buying and what kind of trading power your location has in the "food chain" of RCI. As for the price of the unit itself, I'd still go through the resale market if I were you, because most people who are selling their units are very anxious to make a deal and it's likely you'll get a lot less B.S. than you would from the developer.
Feb 22nd, 2003, 11:49 AM
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For CNMiranda..timesharing has been around for a whole lot longer than the 10 years you mentioned. We bought our first one in May of 1983 and they were around before then. We knew little of timeshares at that time, but realized that we would have fees to pay yearly, and that they would probably go up. We have never regretted owning, although we have one that is not a good trader, but we work with the system.
It's best to learn first, then decide whether you want to buy and be tied into the fees and how to work the system. Again, I tell people to go to the Timeshare Users Group BBS and learn all you can from other timeshare owners.
It's best to learn first, then decide whether you want to buy and be tied into the fees and how to work the system. Again, I tell people to go to the Timeshare Users Group BBS and learn all you can from other timeshare owners.
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