They'll try to keep your deposit
I just went though the cancellation process the in March 2014. We were impulsive and got caught up in their hype. That night, I did some online research after signing a contract. I notified my sales agent of my intent to cancel the day after we signed. She brought in her supervisor to our meeting and then she said the only way they could "help" us out to cancel was for us to pay off the entire security deposit of almost $8000. My jaw dropped and I asked them about the five day cancellation policy. They said it only applied to the rest of the contract but didn't apply to the deposit--TOTAL BS!! I then told them I'd talk to my wife and reconsider our options.
That night, I visited this web board and saw the threads where people were successful in getting their security deposit back. I drafted a cancellation notice and the next day I went to drop it off. They asked me to return later in the day with my wife, contract, ID's and credit card for a meeting with one of the supervisors. I had a feeling they were going to try to get me to sign a new contract so I didn't bring any of the requested items except for the cancellation notice. At the meeting, he was very belligerent and threatened legal action if I didn't pay the rest of the deposit. He said, I signed a waiver to the five day cancellation period for the deposit and that Mexican law required that I forfeit the deposit-TOTAL BS!! I told him I spoke to the PROFECO office in Cabo and they advised that Mexican law say's that I'm entitled to a full refund if I cancel within the five days. He said Profeco wasn't a legitimate organization and that the only way he could "help" me was to pay the rest of the deposit and to sign a new contract forfeiting the deposit.-TOTAL BS!!! I gave him our cancellation letter and left his office. I also sent a letter from the Fed Ex location in Cabo.
I tried to not have this situation ruin the rest of our vacation but it was very stressful. We returned home on day three of the five day grace period and I then emailed and faxed the same letter to
memberservices@resortcom.com. I also sent an additional letter to ResortCom via Fed Ex.
It's now day five of my cancellation period and I just noticed that my credit card account no longer reflects the "pending" deposit---YEAH!!!
My only suggestion is to NOT go to the presentation without prior research. Their only goal is their commission and they'll say anything for it. If you decide to cancel, DO NOT go back to the timeshare office, they'll only try to get your security deposit and they will ruin your vacation. Just head down to the Fed Ex office and send in your letter. I followed up with emails, faxes and additional copies via Fed Ex. I don't know which notice got the job done but I felt it was better to just scatter gun the notices and thankfully they stuck.
THANK YOU ALL FOR THE INFORMATION ON THE CANCELLATION PROCESS!!