Need advice about cancellation of my WorldMark by Wyndham membership

I know I'm going to get chastised here, because I've seen it happen on other posts. So if you feel like giving your $0.02 about how I didn't do my research or how I made a hasty decision, please PM me your thoughts. I'll read them.

My situation is this: On May 3, 2015 I attended a timeshare presentation by Wyndham for a WorldMark membership. I had never considered a timeshare before, but I had 'won' a cool vacation package at an event the night before attending the required timeshare presentation. Initially I hadn't planned on buying in, but as the presentation went on, it actually sounded like a decent opportunity to travel to more places. I'm in the unique situation where my girlfriend works for an airline and I can get some pretty sweet travel benefits, so it actually sounded like something worthwhile.

I ended up buying in.

It's now June 30, 2015 and I'm feeling a little overwhelmed with my commitment. Especially since I realized that it's better to buy resale memberships. I hadn't even known this was an option, as I didn't have a moment to do any research.

I setup a PayPal Credit account that offers me no payments with no interest for the first 6 months for my initial down payment. I've currently made my first payment of ~$250 for membership dues. I haven't paid anything towards my down payment.

My contract says that I have 15 days to make a cancellation request if I want to receive a full refund of any payments. Obviously I'm well beyond that date. And being out ~$250 isn't really a big deal for me.

What I'm trying to determine is, if I follow the cancellation requirements, am I out the $250 and whatever else fees I have paid, or what happens with the down payment?

I just need a little advice, because it's not really clear to me at this point.

The Purchaser Cancellation Rights reads:

Purchaser Cancellation Rights RCW 64.36.150

As a prospective purchaser, you may, for seven days following execution of an agreement to purchase a timeshare, cancel the agreement and receive a refund of any consideration paid by providing written notice of the cancellation to the promotor or to the promotor's agent. If you did not receive the disclosure document, the agreement is voidable by the purchaser until the purchaser receives the document and for seven days thereafter.

You may cancel you contract without and cancellation fee or other penalty, or stated reason for doing so, by mailing or by hand delivery of notice of cancellation to:
Wyndham Resort Development Corporation,
Attention: Account Servicing Operations - Rescission Department
6277 Sea Harbor Drive
Orilando, Florida 32869

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I haven't seen any documentation about cancellation fees or penalties, and I'm definitely beyond my 7 days. What are the penalties for canceling after the 7 days? I can't find that info anywhere...

I have a written note saying:

To whom it may concern,
I [name], member#: [member#], am writing to inform you of a notice of cancellation of my membership as of this date: [date]

[name]
[member#]
[contract#]

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Is this sufficient? Can someone tell me what to expect? Sorry for the long post. I'm feeling worried....

The penalty is that they will not accept your cancellation - it's simply too late to cancel.

At this point, you need to figure out how to best manage what you bought. If you financed with Wyndham, I'd start by looking for different financing at a lower interest rate.

Since you are past the date of cancellation, they can demand that you pay and show a default on your credit report. If you don't pay again, they will probably go after you with a collection agency. Can they make you pay? I don't think so. You'll have to deal with the credit hit, but I don't think they can garnish wages or anything like that.

EDIT TO ADD: Buying resale isn't necessarily better, it's just a lot less expensive. If you like what you bought, you can use it and enjoy it. Worldmark is an exceptional timeshare program with a lot to offer.

presley said:

Since you are past the date of cancellation, they can demand that you pay and show a default on your credit report. If you don't pay again, they will probably go after you with a collection agency. Can they make you pay? I don't think so. You'll have to deal with the credit hit, but I don't think they can garnish wages or anything like that.

EDIT TO ADD: Buying resale isn't necessarily better, it's just a lot less expensive. If you like what you bought, you can use it and enjoy it. Worldmark is an exceptional timeshare program with a lot to offer.

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they can take you to court, get a judgment and yes eventually actually garnish your wages (with court approval) more likely the will foreclose (it is real estate), repossess the time share and still come after you for costs etc.

Thank you much for your replies.

I guess the best thing I can do is to pay it off as quickly as possible so as not to incur the high interest hit.

If anyone has any other ideas/advice I'm all ears. I'm going to sit down with the sales associate who set me up and she what she has to say, but I'm not really expecting anything to come from it.

My primary reason for cancellation is that with all the extra fees, I'm worried that the annual amount spent on fees is larger than what I would normally spend for vacationing in a year. Guess I'll make the best of it and use this as a life learning opportunity :/

I would NOT sit down with the sales person - they will just tell you more lies.

Sales people CANNOT cancel your contract, and they have a vested interest in protecting their commission.

Chances are that she will come up with a bogus scheme to sell you more points, to "make it more affordable."

Seriously, don't do it.

Thanks for the heads up DeniseM.

Any more advice? =P

Shulin said:

Thanks for the heads up DeniseM.

Any more advice? =P

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Right now - your options are:

1) Default and deal with the consequences

2) Keep what you bought and pay it off as quickly as possible.

If you choose option #2, I would look for cheaper financing ASAP. An equity loan on your house is often a good, tax deductible option, at a much lower interest rate.

Shulin said:

Thanks for the heads up DeniseM.

Any more advice? =P

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Go to wmowners.com and learn how to use your Worldmark credits.

While you are well beyond the cancellation window, you could still try going up the chain and trying to negotiate an out. I have heard some people have been successful taking this route. The key is to "work collaboratively but persistently"... i.e., you're not trying to make enemies, but you've realized this is not something you can take on right now, and wouldn't they like to work with you so you might speak positively rather than negatively about the company? And that while the timing isn't right now, perhaps it would be in another year or two, and wouldn't W want to be considered at that time rather than working with Marriott or Starwood?

It probably helps to have an exigent circumstance that impacts you as rationale (death in the family, severe illness, lost job, etc.) but even without such it may be that you can successfully negotiate your way out of it. You might even be so bold as to offer to "buy" yourself out... in consideration of their sales expenses, etc. you're willing to make a one-time payment of say $1500 to be free and clear.

Even at $1500, you'd be far ahead buying resale.

A year ago, I'm not sure you'd have much success with this path. But now I'm not so sure, because Wyndham has been aggressively buying back and "helping owners out" over the past 6 months in a way that I haven't seen before (see the "Ovation" threads). No doubt, the people you reach via phone are not going to be the ones you need to reach. So you will need to be persistent.

brigechols said:

Go to wmowners.com and learn how to use your Worldmark credits.

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+1.
There are a few posts at wmowners.com from people who have gotten Wyndham to cancel due to lots of lies. However, they had them dead to rights with written proof and it won't work for most. It can't hurt to try, but you are likely a WM owner.

Go to wmowners.com and learn how to use what you have. Look through the stickies to learn all the ways to stretch your membership. I think you will find that you can bring your costs down to less than you would normally pay for vacations. One of the big advantages of WM is the ability to 'rent' credits from other owners. This allows you to take more vacations (or book for friends or relatives) without paying extra for maintenance fees.

And stay away from the sales desks.

Sue

Echoing all of the above and adding that anybody who says they can cancel your contract for you for an upfront fee is just trying to scam you.
Scammers troll TUG looking for folks in your situation and try to convince them to let them handle it. To date no one on TUG( except perhaps a shill with one post) found any company that will take your money and cancel your contract.

I'm with the majority. Approach Worldmark, try to negotiate a cancellation and if that fails join us. You will learn to love WorldMark and with your access to cheap airfare you will come out ahead of many here.