Another Rescind Question [merged]

Hello all: I am new here. My husband and I were dopes and bought into a Sheraton (now Vistana) Flex vacation package while in Myrtle Beach last week.

We came home the next day and realized the error of our ways and immediately drafted and express mailed USPS a letter to the address on the form.

Purchase date was 8/25. deeded in FL so I have 10 days. Letter dated 8/26; express mailed and delivered saturday 8/27. I have the express mail receipt and the printed drop off receipt from when the post office scanned it in.

the cancellation clause simply stated in writing, by any mail means..didnt have to be certified or return receipt. I express mailed it for speed and sake of tracking.

I included in the letter the Loan #, date of sale, our address / contact info and typed both of our names exactly as they were printed on the documents (and we both signed above it). I stated we hereby are cancelling the sales agreement and pursuant to section whatever it is (721 something?) we are in our legal 10 day time period to do so.

I did NOT send any copies of paperwork or other materials? Should I have? Do I need to send another letter with a copy of the mortgage/loan info? I still have time.

I also called the # I found on google yesterday to get someone to confirm it was actually received. I left a VM for someone. Was that wrong? Should I not call? I just want confirmation that the document was received and being processed.

I really did not know that people buy these things for like $1 on ebay and will thoroughly spend time researching here on the best way to do this.

Thank you in advance!

Welcome to TUG!

If it gives you peace of mind, you might send another rescission letter via certified/return receipt and include a COPY of the signature page of the contract for ID purposes.

This company is one of the honorable players and won't play games with the rescission like some may. You can pretty well rest assured that your rescission will go through without a hitch.

If they gave you a 'buyer's kit' or anything, you should also send that back. Get a postal receipt, and if there is anything of value in it- like a tablet- insure it.

I don't know that you'll find a lot of Sheraton/Hyatt/HGVC/Marriott timeshares on eBay for a buck, but you can certainly beat the sox off retail price from the developer. Stick around TUG. Learn. Rent a few times, then if you decide TS is for you, you will be educated and informed buyers.

Again, Welcome.

Jim

thank you. I think I will do that.
We did receive a big book, but the sales lady said there will be new books coming with the marriot sale and she shouldnt really be giving us the one she gave us b/c the new books would be coming in soon. I will follow up and send another letter with a copy of the contract, just for piece of mind.

Welcome to TUG and congrats on your decision to rescind and become more educated before buying.

There is a ton of information here on TUG and very many helpful folks. Sometimes, the amount of information and side-bar conversations can be overwhelming.

You don't need to be an expert to own a timeshare, but you do need to exercise 'due diligence' before investing in your vacations. While the timeshare may be 'free' or nearly so ($1), the maintenance fees and dues etc... come due every year and continue for as long as you own.

Once you've calmed down and have time to review, consider filling out the "what to buy for newbies..." questions in the link below and find out what is right for your vacation goals and desires. Be as honest as possible. Timeshares offer a great solution for spending time with family and/or loved ones () and making lasting memories.

What to buy for newbies....
http://tugbbs.com/forums/showthread.php?t=208742

Welcome!

ps: consider becoming a member of TUG, it's the best $15 you'll ever spend.

MrsM52304 said:

I also called the # I found on google yesterday to get someone to confirm it was actually received. I left a VM for someone. Was that wrong? Should I not call? I just want confirmation that the document was received and being processed.

Click to expand...

It sounds like your call was successful, so no harm done. The reasons we say "don't call" are:

-You often cannot reach the person or Dept. in charge of rescinding - so you talk to the wrong person.

-In many cases you will be given incorrect info. over the phone, from someone who simply does not know what they are talking about, or is intentionally misleading you.

-If you talk to sales, they will pull out all the stops to talk you out of rescinding.

-You can only rescind in writing - so talking to them on the phone has no legal standing - so no matter what they tell you, it doesn't count.

Now that you have rescinded and called, don't call again, and don't accept their calls. Let your answering machine pick up and listen to the message. At this point, chances are that any calls will be from someone trying to change your mind - don't call them back.

Many times people are afraid that they won't be allowed to rescind if they don't return their calls - NOT TRUE. Your right to rescind is established by state law. The resort does not have the authority to deny your right to rescind, as long as you rescind on time.

Now just be patient, sit back, and wait for them to process it. It can take 45 days.

If you haven't already done so, you should also send a copy of the recession, with a brief cover letter, to your credit card company, if you paid the deposit with a credit card.

Good luck!

congrats on finding us in time to save a fortune!

I did join and pay the membership to TUG b/c I figured it would be worthwhile with all the info on here.


also, the Sheraton office in Florida did call both me and my husband but we missed the calls. He called back and someone did confirm that our letter was received and refund will be processed within 15 days.

So I guess that is all I can ask for.

Look forward to reading more about the value of timeshares on here.

It's better to find a property you like on this forum. This is a better way to go, since you don't have to put out the $20k in advance to Vistana.

[Advertising deleted - please post it in the Bargain Deals Forum.]

MrsM52304 said:

thank you. I think I will do that.
We did receive a big book, but the sales lady said there will be new books coming with the marriot sale and she shouldnt really be giving us the one she gave us b/c the new books would be coming in soon. I will follow up and send another letter with a copy of the contract, just for piece of mind.

Click to expand...

Interesting. The sale to Marriott was just the hotels, not the timeshare part. Wonder what changes in their timeshare program would result from the sale.

How to give your timeshare away on TUG:

http://www.tugbbs.com/forums/showthread.php?t=132509

GreenTea said:

Interesting. The sale to Marriott was just the hotels, not the timeshare part. Wonder what changes in their timeshare program would result from the sale.

Click to expand...

b/c now the Mariott hotels are an option for booking via the timeshare. at least that is how I understood it.

Rescind Success!

We just got our refund and a confirmation letter from the mortgage company that the rescind is complete.

Surprisingly we havent received any calls from the Sheraton Sales reps in myrtle beach. I thought for sure we would have.

thank you all for the advice. I'll be reading up on all the great info here over the next few months