Article I - Club WyndhamSM Plus by TUGGER GoofyHobbie Key Points Club WyndhamSM Plus is a floating use program. A floating use program means that an owner of points within the program DOES NOT have the right to occupy a particular vacation unit. Whether you acquire your Wyndham points through re-sale or from the developer you are a member of Club WyndhamSM Plus. If you make a purchase of Wyndham points you will have purchased a Vacation Ownership Interest (VOI) with a floating use right at your home resort. Wyndham Resorts is owned by the stock holders of Wyndham Worldwide, Inc. (NYSE:WYN). Unless you are a stockholder, you should not consider yourself a Wyndham owner after you acquire Wyndham points. You can, however, refer to yourself as an owner of Wyndham points. The original purchaser of Wyndham points will have signed a vacation ownership contract agreement and an installment note if they financed the purchase through Wyndham. The contract (“Agreement”) spells out what was purchased. In most cases what you can expect is language that specifies the specific number of points being purchased divided by the total number of points available at the specific “property regime” that is to be the “home resort.” For example, when an original (hypothetical), retail buyer purchases 105,000 points situate at Phase IV (Tower I) at Wyndham Ocean Boulevard, North Myrtle Beach, SC the agreement should spell out in words similar to those provided below what the seller was selling and what the buyer purchased: “…a 105,000 / 456,510,000 undivided fee simple interest in Units 951-957, 1051-1057, 1151-1157, 1251-1257, 1451-1457, 1551-1556, having a Floating Use Right (‘Property’) in Wyndham Myrtle Beach At Ocean Boulevard IV Horizontal Property Regime, hereinafter referred to as “Regime,” located in Horry County, South Carolina according to the plat…filed of record in Horry County, South Carolina, subject to all provisions contained in the recorded Declaration of Horizontal Property Regime or Master Deed applicable to the…described Property.” There should be a section of the agreement that spells out the annual assessment and a section that spells out use and occupancy. In the use and occupancy section the agreement should clarify how many points (in this example we are using 105,000 points) the buyer is assigned and it should go on to say that the points “…are symbolic and are to be used by the Buyer in reserving occupancy in Buyer’s Floating Use Right as defined in the Declaration and the Reservation System Rules and Regulations of the Property Owners Association (POA)” or something along those lines. In other words the agreement should point out that the points purchased represent the purchaser’s property interest as described in the agreement. Wyndham, or its predecessor, will have or should have recorded a vacation plan use management trust agreement and use restriction (“Trust Agreement”). At the time of original purchase of the Wyndham points the hypothetical Buyer would have signed a “Vacation Ownership Assignment Agreement and Use Restriction” which would have or should have incorporated the “Trust Agreement” by reference. It is the “Trust Agreement” that spells out the terms, conditions, and restrictions of the Club WyndhamSM Plus Vacation Plan. Club WyndhamSM Plus, is a very flexible points system; but it has a lot of “nickel and dime” charges that can come into play depending on when and how you book your vacations. Wyndham resorts are found throughout the US and in many desirable foreign locations. All of the Wyndham resorts that I have visited were comfortable, well maintained and usually loaded with amenities. New Wyndham resorts continue to open even through the current recession. Though the Wyndham Vacation Resorts® brand has had a lot of success, there are hundreds, if not thousands of owners who have had their points for years and still have limited knowledge of the system. Many of these same folks are disgusted with the lack of unit availability during prime season, although they may have only attempted to make plans one to three months ahead of time. Soak up the information provided in this series of articles in little bits or all at once; but keep coming back again and again as you climb your personal learning curve. Avoid some pit-falls while you gain an appreciation of the vacation ownership product called Club WyndhamSM Plus. In the end, you should agree that the flexibility and value of Club WyndhamSM Plus is extraordinary for the price of acquisition and maintenance. Take advantage of some of the TIPS provided and you should get a lot of bang for your buck. TIP: Do Not Over Buy! Prior to a purchase of Wyndham points you may find that you need far less than you might think to get vacations you will use. If your primary goal is to use your points at a location you can drive to and you can make your plans closer to the check-in date, the number of points needed to secure your vacation can, if inventory is available, be obtained through Wyndham at up to a 40% discount depending on the resort, demand and availability. However, during prime time periods, if you do not make your reservation well in advance, at the full point rate, you may get nothing. Many believe they must own more points and make internal reservations to get what they consider to be a great vacation. Others, who know how to work the system, can maximize their vacations using the resort’s exchange company RCI® or II.
Posted on: Thu, 25 Jul 2013 18:50:51 +0000
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