# Brand new to forum... took the plunge on a purchase and now regret



## tito12121 (Feb 26, 2017)

Hi all,

Let me introduce myself, my name is Manny, I am 31 with a girlfriend and no kids from NYC. 

Im sure you have seen this before, and the famous phrase, I wish I would have found this site prior to purchase. 

However as far as I know I may still be saved. I was in Orlando yesterday and to get discount tickets to Disney, my friends and I agreed to the 1.5 hour presentation which turned into a 6 hour nightmare. The presentation was at Holiday Inn Orange Lake right by Disney, a huge and beautiful resort which made the Holiday Inn waterpark look like a motel. 

We were presented with the standard salesman who showed us rooms, vaguely explained benefits and then tried to get us to sign on the dotted line. I was intrigued most by International travel options especially Europe and the French Polynesian which would be available through RCI and IHG. Also, I have family moving to Orlando and figure I will visit at least once a year. To be honest, the whole points system looked appealing honestly but I wanted pricing. We were first showed the common "outsider" price which was 200,000 points at .21 cents per point which amounted to a crazy amount of money. Then we were showed the offer. 12k for 103,000 points on a bi yearly basis so points would be given every two years and fees would be split up. This was still too rich for my blood. When we said no we were taken to another agent who supposedly cut the middle man out and got us a deal for $7500 for 107,000 points bi yearly at the Holiday Inn Gatlinburg Smoky Mountain. To me, the location did not matter as I just wanted the points and freedom to use them anywhere in the US and the world. They sweetened the deal when they said I could add 5 credit cards to the IHG member points system to get extra bonuses and travel deals. I am a heavy card user and figured 10-15k points a year could come in handy. To total was 9k including closing costs and first year fees. I can pay the money off easily in the next year or two by transferring the balance to an empty card with 0 interest and paying heavily on it because I hate monthly payments. Also I am usually very late to plan vacations, normally within a month or two so I took the plunge and signed adding two hours to the already 3 hour ordeal. When I got the book I realized how many points would really be needed to take advantage of the system, these resorts are pretty pricey but considering I normally do 5-6 day trips, I figured I could still get at least one local vacation a year with about 53000 points. Then I realized RCI would be half so in order to go international I would probably be able to get maybe 1 vacation every 2 years out of it. Also the other last call deals and bonuses seem appealing.  I like the system, I think it will be beneficial but can I get a better deal? Does RCI or IHG have a vacation club that I can sign up for with points to get what I really desire. I was given the Pitch once at a Lifestyle VIP resort in the Dominican Republic but did not look into it further. 

Besides that, I guess I can rescind the contract (any help or template for the letter will be greatly appreciated) I signed up for the TUG and plan to be an active member if I keep what I have or get something else. 

If a acquire a resale unit on the aftermarket can I still get the points? or does it convert to the standard week system and then I have to "buy" into HICV again for god knows how much. Or should I just keep what I have and hold on to it for as long as it takes to pay for itself, if that is even possible considering the Yearly fees I will be paying. 

Heres some more details. The unit itself is in Smoky Mountain, Peak time for a 1 bedroom. It equals to 107,000 points every other EVEN year starting 2018. Looks like ive prepaid and can borrow from next years points to use it this year. This investment looks like it will cost me $500 a year. $374 in Maintenance and Taxes ($362 Maint and $12 Tennessee Tax) Plus the yearly membership fee of $126 for HICV. Also there are booking fees when booking which I believe are $60 for HICV and $40-$200 on RCI depending on Days stayed RCI points convert at 2:1. IHG not sure what fees are but points convert at 5:4 ratio giving me about 86,000 points. Not having access to RCI and IHG websites for 6 weeks means that I wont know what I could get for the amount of points ive purchased until way after the Rescind period. Once again my main priority is International travel. I get great package deals already when I fly in the US using all the main websites. I have flown to Vegas, Orlando, and California for cheaper than the flight or close to it by booking with a hotel attached. Even on International trips I feel like the hotels are almost "given away" when purchased with a flight. 

My girlfriend is a teacher and has vacation time in December, February, April, and the summer. My vacations are pretty flexible, I usually only need about 30 days to be able to take a week off and as little as 2 weeks to take 3-4 days off (wed-mon getaways). 

Please help, I now have 9 days to make a choice.


----------



## vacationhopeful (Feb 26, 2017)

Immediately SEND your RESCIND letter tomorrow ... as the US Post Office will be open to accept your CERTIFIED MAIL letter which YOU have to send to the address in your sales paperwork. 

Then (and ONLY then) take the time to think whether or not, you want to buy any timeshare for pennies on the dollar this developer offer to you was. 

Also ... almost all timeshares .. even points system, have a FRI-FRI or a SAT-SAT format for checkin days of the week ... how their timeshare resort's housekeeping is managed for checkin. (Some resorts also have SUN-SUN checkin days, too). No resort is truly points ONLY .. as there would be too many orphan nights over a year (nights not booked). 

Also, timeshares were original ONLY reserved or owned for 7 night intervals. Fixed week ownership is how this business was started, sold and owned.


----------



## Passepartout (Feb 26, 2017)

Manny, I agree with Linda. ABSOLUTELY RESCIND. The instructions to do so are in the packet of papers you got. Follow them. THEN, and only then, you are welcome here to study the many timeshare companies. They can ALL be bought for pennies on the retail dollar, and with some teeny-tiny exceptions come with ALL the benefits you get from buying from the developer.

There is no hurry, Good resale weeks are available all the time. One thing (or two) you wrote that may be troublesome. To use timeshares requires planning. Not last-minute availability for the most part. To get the really desirable properties- like ocean front multiple bedroom places in Hawaii require reserving a year before use. And you mention Europe. In Europe, timeshares are generally out in the countryside- not in cities.

But first things first. Write that Rescission letter and get it into the mail tomorrow.

Welcome to TUG.

Jim


----------



## Karen G (Feb 26, 2017)

Hi, Manny, and welcome to TUG. Glad you found us in time! I also urge you to rescind while you still have time. If you have any questions or concerns at all, you should rescind and do more research.  This TUG advice article  will give you all the information you need to prepare your rescission letter. Be sure to follow the instructions in your contract and be sure that everyone who signed the purchase agreement also signs the rescission letter. Send it by certified mail so that you have proof that you mailed it within the rescission time period.


----------



## jackio (Feb 26, 2017)

I agree with the others - RESCIND.  I own HICV points, and 53,000 will not get you a 1BR in prime time for a week.  One week in my Las Vegas units is 79,000 at low season and 98,000 in high season.  I just had to use over 48,000 to book 3 nights in September.  Plus you will be paying $126 per year in club fees even if you only have enough points to go every other year.
There will be plenty of opportunities to get something that will meet your needs at a price you can live with.  Rescind and stick around to learn from the many experts here.
Good luck.


----------



## TUGBrian (Feb 26, 2017)

congrats on finding us in time to save 9,000 bucks!


----------



## vacationtime1 (Feb 27, 2017)

Rescind now; research later.

You have only a few days to rescind but you have as long as you need to research.  Take your time (think: several months).  Prices are not going up in the interim so there is no penalty to waiting.

If you eventually decide that timesharing is for you, buy resale.

You may not have found TUG before you purchased, but you did find TUG in time.  Congrats.


----------



## rickandcindy23 (Feb 27, 2017)

You should look into something in a point system, maybe Hilton would be a great option for you, since you like Orlando and live in NY.  I would rescind and then take the time to look at options on the resale market.  Holiday Inn is not on par with Hilton.  It's just not.  And what you were buying was probably not a big enough points package to do what you really want.   

Since most of us on TUG made at least one huge mistake buying developer, we sure get a kick out of foiling those same people by telling people to rescind and buy resale.  

I personally prefer my exchanges through II, and we intentionally purchased resale Marriott and Starwood weeks for that purpose. 

You don't want to know the stupid mistakes I have made in my life with timeshare purchases.


----------



## taffy19 (Feb 27, 2017)

You have only one chance to rescind but you have many chances to buy again later and even from the same developer as well as re-sale from other sources too.  Re-sale purchases will save you money but research first and take your time so you know exactly what you are buying.  You may even find a better deal from a complete different developer that has more resorts to choose from.


----------



## DaSoul (Feb 27, 2017)

Rescind rescind rescind and after that research research research.


----------



## tito12121 (Mar 1, 2017)

Thanks Everyone!

I sent my letter, found a template online and customized, I read the 30 pages of signatures until I found what I needed buried in there. I was given 10 days as per Florida law. I sent my letter via Priority mail with signature. I hope I did everything right and even if I lose a few bucks from the deposit it will be well worth it. 

I have looked into other points systems. Bluegreen looks interesting but seems that even on the resale market might be expensive if I want to get the extra "perks" of bonus time and other deals because I have to buy through an authorized reseller (Pinnacle) where 3000 points can still cost me $4500. After that, getting additional points on eBay seems pretty easy and affordable. Does anyone know if it is worth it to get the "charter club" extra benefits from bluegreen or will I be fine if I get the standard resale ones as for my purposes. However it seems that Bluegreen points or Timeshares dont trade well with the other big systems like RCI and II for international travel and they only have a couple of units outside of the US that I could enjoy within their system. 

I'm sure now that I want a points system but some of the real nice ones I have looked at like Marriott seem to be really expensive. I hear starting at 20k. What are some of the other points based systems I can look at which may have low initial cost. I dont mind starting small with something that can net me a few weekend trips and upgrading from there with time.


----------



## Karen G (Mar 1, 2017)

You need to send your rescission letter by certified mail so that you have the receipt from the post office showing the date you mailed it. That will prove that you mailed it within the rescission period.

You should get ALL your money back.


----------



## Passepartout (Mar 1, 2017)

tito12121 said:


> Thanks Everyone!
> I'm sure now that I want a points system but some of the real nice ones I have looked at like Marriott seem to be really expensive. I hear starting at 20k. What are some of the other points based systems I can look at which may have low initial cost. I dont mind starting small with something that can net me a few weekend trips and upgrading from there with time.



You better look at Wyndham. Or Worldmark- though they are more plentiful in the West. What you will find is that those weekend trips are pretty expensive. If in RCI, there is an exchange fee of about $250 EACH. That's on top of the points expenditure. In Wyndham, it's 'housekeeping' You get one for each (unknown number to me) bunch of points (usually enough for one 7 night stay). Then you pay.

You also seem fixated on timeshares outside the US. They are NOT like TSs here or in Mexico. Often smaller hotels in rural areas. Very few are in urban areas most Americans want to travel to.

Glad you got the rescission going. You will get back ALL of your deposit/down payment. That's what rescission means. 'to put affairs back as if it never happened.'

Jim


----------



## TUGBrian (Mar 1, 2017)

Im pretty sure BG points on the resale market are still free....paying for additional "perks" is certainly an option...but unless you find that value in it...its not required.

you can also rent from existing owners without ever having to buy or own yourself!


----------



## tito12121 (Mar 13, 2017)

I received a credit for my deposit back to my CC. No letter yet but I'm assuming my rescission was accepted. I hope to continue using my membership here to research further until I am sure of what I want. I keep watching eBay and classified ads and have seen some "good" deals already but I'm sure there will be more to come, I'm sure whatever I do get will be better than what I almost committed to. Thanks again!


----------



## Zenmum2 (Mar 11, 2018)

Karen G said:


> You need to send your rescission letter by certified mail so that you have the receipt from the post office showing the date you mailed it. That will prove that you mailed it within the rescission period.
> 
> You should get ALL your money back.


Hi I sent my letter for Orange Lake and got all but $50 back they charged me for the materials (book etc) they gave me and referred to a page in the contract that allows for this. I sent my letter priority with a tracking number, then worried it wasn’t certified...but it worked out for the most part. Personally I feel I should have been given a free dang time share for the pain and suffering of going through the demo day :/


----------



## LannyPC (Mar 11, 2018)

Zenmum2 said:


> Personally I feel I should have been given a free dang time share for the pain and suffering of going through the demo day :/



Well, I'm glad you got your money back.  And if you want a "free" timeshare, you can find many available.  Just check out TUG's free giveaway section for all the TSs that people are wanting to shed.  Many owners are even offering to pay closing costs and even the next MF.

But before accepting any TS, whether free or low-cost, do a lot of research about the ins and outs of owning TSs.  Do a lot of comparisons and contrasts such as owning vs. renting; weeks vs. points; floating vs. fixed; name brands (eg. Marriott, Vistana, Wyndham, etc.) vs. independents; intending to trade a lot vs. primarily using your home week; timeshares vs. hotels/motels/AirBNB,  etc.

There will be plenty of free TSs out there now and in the foreseeable future so don't rush into anything.  Just enjoy the fact that you got your refund and then use the time to do some research and soul-searching to see what suits you and your family best.


----------



## Zenmum2 (Mar 11, 2018)

I don’t think ownership is for me. Anything that requires the amount of pitch that goes into the demo scares me! I’ll be happy to rent one from time to time minus the pitch.


----------



## Passepartout (Mar 11, 2018)

Zenmum2 said:


> I don’t think ownership is for me. Anything that requires the amount of pitch that goes into the demo scares me! I’ll be happy to rent one from time to time minus the pitch.


Good decision. Today, reflecting on the 'statutory' increases in Maintenance Fees (many have built in +- 5% annual increases) the cost of ownership- combined with a lack of a viable resale market or the ability to simply turn unwanted weeks back to the HOA, makes renting the most logical- and in many cases lowest cost way to enjoy luxurious vacations. The only time (imo) that ownership makes much sense is when one wants to go to a specific place, year-after-year. Hawaii, or certain high demand holiday weeks come to mind.

For lots of TUGgers, who own a variety of different types of ownerships, timesharing has become a 'hobby'. playing the 'game' of where to go and how to parlay what you own into the most lucrative exchanges. This game simply isn't for everyone. It's fun for the players, though.

Jim


----------



## Zenmum2 (Mar 11, 2018)

I like glorified camping vacations too...I appreciate luxurious but it’s not a need. I can see the whole specific place and game part, that it would work for many people though!


----------



## Mosescan (Mar 11, 2018)

Passepartout said:


> Good decision. Today, reflecting on the 'statutory' increases in Maintenance Fees (many have built in +- 5% annual increases) the cost of ownership- combined with a lack of a viable resale market or the ability to simply turn unwanted weeks back to the HOA, makes renting the most logical- and in many cases lowest cost way to enjoy luxurious vacations. The only time (imo) that ownership makes much sense is when one wants to go to a specific place, year-after-year. Hawaii, or certain high demand holiday weeks come to mind.
> 
> For lots of TUGgers, who own a variety of different types of ownerships, timesharing has become a 'hobby'. playing the 'game' of where to go and how to parlay what you own into the most lucrative exchanges. This game simply isn't for everyone. It's fun for the players, though.
> 
> Jim


And there are no winners, only survivors!


----------



## silentg (Mar 11, 2018)

If you like Orange Lake, there are plenty of timeshares for sale or rent there.
We own there and love it!
Silentg


----------



## vacationhopeful (Mar 11, 2018)

tito12121,

You might want to look at RCI Points ... not TPUs (which have numbers under 99 per week). RCI Points have BIG numbers, like 66000, 75000, 54000 .. down to small units or really offseasons or bad resorts, like 17000. At the 10 month mark, all points play the same for ALL unbooked RCI Points units. Yes, there is PLANNING in advance for HOME WEEK, HOME RESORT and HOME GROUP ... at 13 months out, at 12 months out and again at 11 months out ... at 10 months til checkin, all RCI Points play the same ... but Exchange Fees do vary based on the booking windows (13 month is YOUR week, no exchange fee ...etc). But learn WHAT HOME RESORT and HOME GROUP means before buying anything. I own several VRI Resort weeks in RCI Points and USE "Home Week" and "Home Resort" booking windows. 

Plus my weeks are lockoff units ... with 1 side as a 1/1 and the other is a studio unit.

Just part of LEARNING what is available and how to think about using.


----------

