# Trying to decide to rescind?



## Forevertravel (Aug 18, 2014)

Hi!

I've read things here a few times and have learned some about time sharing but I'm still VERY new to this process.

Anyway my husband and I purchased a few months ago at a silverleaf presentation (we didn't feel the sales were high pressure we just thought we liked the deal) in Galveston (for Branson property). It was white deed week 3, a re-deed so we got the old bonus time, reduced MFs and it was presidential for $9k. Minimal RCI points bc it's third week in jan in a place that gets very cold

We then got invited to the "new owners meeting" where we talked for hours (still didn't feel high pressure but hate the time it takes) but we talked them toward a red deed for us bc we figured out that could get us better travel options in the future. So now yesterday we "changed" to a red (thanksgiving week), luxe lodge (lock off w/o the presidential title), with the benefits of our previous deed transferred (old bonus time structure/fees, reduced MFs) and more RCI points (40 bc we can deposit each side separately) for $15k.....

I am wondering if we got an ok deal? As in with the RCI, potential rent out value, and our own ability to meet family there during some thanksgivings (it's about halfway btwn houston and Chicago).

I know ppl on this board often say I can get a TS for $1 but I am just wondering if the $1 options typically work out like the above or are they only useful in certain situations? I looked at re-sales of holiday hills in Branson and many are pretty costly (some are down to $5-6k but are in the dreadful white season). Holiday hills seems to be pretty well regarded....

I'm not exactly sure how the rescind dates work but we have 4-5 days so I'm trying to gather info now.

Also if we rescind would that mean we don't own at all or does that just undo the new deal (meaning we get stuck w the white deed again)? Obvious worst part part is that it's developer financed but if we purchased the ones I've seen I'd also have to finance and I'm not positive interest would be lower....

Thanks!


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## Forevertravel (Aug 18, 2014)

*Also....*

I'm wonering if we do rescind and purchase from someone else how we go about having RCI and a unit worth a good amount of points?


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## vacationhopeful (Aug 18, 2014)

Okay - let us understand the situation.

You spent $9,000 on a loser, bad week #3. Gone MONEY. Bye, Bye on YOUR $9k.

2 days ago, YOU spent another $6,000 to try and correct the GONE & LOST $9K.

And you want us to tell you, after spending $15,000 that is a GOOD DEAL?

NO. NO. no. AND no again. NOT A GOOD DEAL.
*RESCIND TODAY -- NOT tomorrow as some states ONLY have a 3 day rescind window.*

Your first $9,000 is GONE MONEY. But the 2nd deal is just as bad OVERALL. *You can get GREAT RCI points deals for under $100 for sure.* Keep your $6,000 to pay for future MFs. And if you don't want to keep Week 3 - give it away - might have to include PREPAID MFs for a year or two & pay for the transfer & closing costs. Or you could ask the resort if you can GIVE IT BACK TO THEM ... just don't PAY anyone who calls, sends a post card, or a letter saying THEY have a buyer for your timeshare -- that is the NEXT SCAM that happens to people who are trying to get rid of the yearly MFs.


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## vacationhopeful (Aug 18, 2014)

Forevertravel said:


> I'm wonering if we do rescind and purchase from someone else how we go about having RCI and a unit worth a good amount of points?



RESCIND FIRST ... 

*Read TUG for 6+ months EVERY DAY and learn a whole lot more about timesharing*. If you or your kids went to college, you would EXPECTED them or yourself to spend a GOOD effort to learn stuff for the $15,000 you had to spent (on timeshares, but is it any different than $15K in college tuition bills?).


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## Forevertravel (Aug 18, 2014)

Let me back up and make my post clearer.....

This is all financed so far, if I rescind I get the down payment back. The 9k deal was changed to the 15k deal so 15k is the total

From reading around here I'm beginning to think rescinding is a good idea anyway (whether or not my previous post was completely clear).

So now I am mostly wondering how to get a timeshare that does well in RCI as my husband and I try to travel as much as much as possible (1-1wk vacay and a few weekends per year) and we like the idea of TSing whether or not we made a small mistake (small bc we can, and probably will, still back out).


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## csxjohn (Aug 18, 2014)

Forevertravel said:


> Hi!
> 
> I've read things here a few times and have learned some about time sharing but I'm still VERY new to this process.
> 
> ...



It is against RCI rules to rent out exchanges you obtain from them!  This will eventually lead to many problems for you.



> I know ppl on this board often say I can get a TS for $1 but I am just wondering if the $1 options typically work out like the above or are they only useful in certain situations? I looked at re-sales of holiday hills in Branson and many are pretty costly (some are down to $5-6k but are in the dreadful white season). Holiday hills seems to be pretty well regarded....
> 
> I'm not exactly sure how the rescind dates work but we have 4-5 days so I'm trying to gather info now.
> 
> ...



I'm not familiar with that resort so I don't know how hard it would be to reserve Thanksgiving week there.  If it's easy then no need to buy that particular week.

When, and not if, you rescind you will go back to what you had before you signed the latest deal.

It is generally a very bad idea to finance a timeshare deal.

Since you have so many questions you should rescind now.  If, after thorough research you find that the deal is worth the money, they will give it to you later.  Believe me, they will give the same deal to you or better.

Don't listen to the sales people, they get paid on commission and if you don't buy, they don't get paid.  Do your own research then decide, but RESCIND NOW!

Others familiar with that resort will give you more specifics but buying resale makes sense 99.9% of the time.

Stay out of those meetings, they aren't set up to educate you, they are set up to separate you from your money, plain and simple.


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## Forevertravel (Aug 18, 2014)

And my other question was now that we signed the new 15k deal does that toss us back into the original $9k deal or are we done completely?

We didn't buy second TS we changed white to red with better season....


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## tschwa2 (Aug 18, 2014)

You can only rescind the deal that you just made (because you are in the rescission period).  When you rescind it is like that deal was never made.  So you will still own (and owe on if financed) what you walked in with that day.

I agree it is a bad deal.  (As was the first one but too late to do anything about that now.)  Once you get a better idea how things work, you can look at giving that one away.


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## csxjohn (Aug 18, 2014)

csxjohn said:


> When, and not if, you rescind you will go back to what you had before you signed the latest deal.....



Re read my post.


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## Forevertravel (Aug 18, 2014)

You posted as I was typing, I saw it right after.

Thanks for your help!!


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## csxjohn (Aug 18, 2014)

Forevertravel said:


> You posted as I was typing, I saw it right after.
> 
> Thanks for your help!!



I know, that happens a lot and I wasn't trying to be rude or mean, I just wanted to make sure you understood that you will still own the original purchase.

Is your rescind letter in the mail yet??


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## Hophop4 (Aug 18, 2014)

I have been a SL owner for many years.  We love Branson during Thanksgiving week.  I have seen several weeks on Ebay go as cheap at $60 last week.  The only problem with buying resale is the Bonus Time will not transfer but sometimes it does but no guaranty it will.  If you do have Bonus Time you need to be sure you own Red Week in order to make use of the Bonus.  The best SL weeks that will give you the best RCI trading power would be at SL Seaside Galveston during July or summer.  RCI always has lots of availability for SL weeks.  You just have to book the week you want early to get the dates you need.  

If you decide to rescind, like others said I think you will still own the white week since the rescind period is long gone on that.  Branson on week 3 is pretty much dead and a white week using Bonus is on white time.  You cannot use any of the Red time with it.  You would be able to do SL Internal Exchanges but only using White time at any SL Resort.

If you have any questions about SL, please ask,  I will be happy to help you.


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## csxjohn (Aug 18, 2014)

If you exchange your white week with an independent like DAE, you will not be limited to a season.  Your choices will be  slimmer than with the larger exchange companies, a lot slimmer but no seasons to worry about and it's free to join.


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## Hophop4 (Aug 18, 2014)

csxjohn said:


> If you exchange your white week with an independent like DAE, you will not be limited to a season.  Your choices will be  slimmer than with the larger exchange companies, a lot slimmer but no seasons to worry about and it's free to join.




Will the independents take a week like that???


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## csxjohn (Aug 18, 2014)

Hophop4 said:


> Will the independents take a week like that???



I'm going to the DAE site to look around and I'll see what I can.  Not all resorts allow you to deposit with anyone you want and I know that DAE has turned down some units but it's rare.

I let you know what I find out.  If anyone wants to call them I suggest talking to Elsa.  She has been very helpful to me in the past.

Update:  DAE has two silverleaf resorts in their directory for Branson, Holiday Hills and Ozark Mountain.  This tells me they have had exchanges there in the past.

http://www.daelive.com/helpdesk/contactus.aspx

For specific questions, call them, ask for Elsa and go from there.


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## Hophop4 (Aug 18, 2014)

Thanks, that's good to know.  I am seeing a SL week 3 in Branson will only give 10, 9 and 8 for lockoff TPUs.   She could use it for SL Internal Exchange or RCI Deposit and combine two years worth to increase the TPUs some.


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## Ron98GT (Aug 19, 2014)

Forevertravel said:


> Hi!
> 
> I've read things here a few times and have learned some about time sharing but I'm still VERY new to this process.
> 
> ...


In the OP's post, they mention RCI Points a couple of times.  I assume they are actually referring to TPU's (a Weeks TS/account) and not actual RCI Points.


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## Hophop4 (Aug 19, 2014)

Yes, Silverleaf is not a points resort just weeks.  When depositing with RCI TPU'S are assigned.


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## Forevertravel (Aug 21, 2014)

*Response*

Hi all,

I'm kind of terrible on boards because I only check every few days. Anyway we did decide to rescind and sent a letter based on the requirements in our contract and some of the things we saw on here. I think we will end up with the white and did find out that we can trade it for 16-18 total TPU(?) by depositing each room separately and for the relatively small trips we may take in the near future (Las Vegas or random CA trip) that's sufficient and will actually get us a few credits to combine with next year's.

For the independent trading companies that were mentioned if they don't have seasons how are points/credits assigned? As far as I understood (which could be incorrect) RCI also doesn't have a red, white blue system but rates resorts based on activity per week (ie more things going on at certain times of year). Is it the same for the others? Can we get a value for our unit/values for trips we might be interested in before depositing?

Thanks for ALL the advice!


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## csxjohn (Aug 22, 2014)

Forevertravel said:


> ...For the independent trading companies that were mentioned if they don't have seasons how are points/credits assigned? As far as I understood (which could be incorrect) RCI also doesn't have a red, white blue system but rates resorts based on activity per week (ie more things going on at certain times of year). Is it the same for the others? Can we get a value for our unit/values for trips we might be interested in before depositing?
> 
> Thanks for ALL the advice!



I have only dealt with DAE and VRI*ety and I'm more familiar with DAE.

DAE does not consider the season you give them.  You give them a week, you get a week in return period.  Well comma really, you will pay a size upgrade fee if you take a unit with more bedrooms than you deposit.

VRI*ety did consider seasons and used red, white, and blue in that order.  Along with a fee for a size upgrade you also pay an extra fee for a season upgrade.

With both of them you can see everything in inventory without making a deposit first and even non members can see this.  You see it all, pick what yo want then pay any upgrade fees.


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## VegasBella (Aug 22, 2014)

My take: 

If you're questioning it, rescind. You can almost surely rebuy the same or similar deal later if you choose. 

If you educate yourself and are willing to spend some time, you can get a better deal. It might take 6 months reading TUG or it might take 1 month or 12 months, depending on how quickly you acquire and apply new information as well as you current experience and interest in real estate, bargain hunting, negotiation, etc.

If you choose not to rescind, please understand that you're paying for the convenience of not having to spend more time and effort getting a better deal. It's a choice you can make, but can you afford it? If you're financing with an interest rate higher than say 5% then chances are this is not really within your budget.

Personally, I do not think it's wise to ever finance a timeshare purchase. The interest rates are often very high and it's simply not a good investment. That's my personal opinion. Obviously do what you will.


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## BWB24 (Aug 31, 2014)

Forevertravel said:


> Hi!
> 
> I've read things here a few times and have learned some about time sharing but I'm still VERY new to this process.
> 
> ...



It sounds like the same thing that happen to me! On August 15th I was sold on a biennial white week at the Hill Country Resort in Canyon Lake, TX for $7000. They convinced me to make another appointment with them yesterday.... at the store in Irving, TX on 8-28. and up sell me. Which I wasn't expecting. Mind you already regretting my first purchase. I let them sell me on that again, a red week this time. For $12,500? Biennial still. But they are saying I got hooked up, cause he gave me free VIP bonus time from the first purchase. Sun - Thurs is Free and Fri - Sat is 49.95 a night. That was probably what sold me on it in the first place? And that I could bring my dog. But now from the second meeting I learn you can bring your pet for a $100 fee. Which he never mentioned that... I guess I'll take back the upgrade ASAP... and take the loss. Wish I could take it all back! Which I called a lawyer today and made sure I couldn't do that. There is something about these time share things.... I always get sold on. But usually I have buyers remorse the next day and take them back! But they finally got me this time..... Is the white deed totally worthless? I can't imagine them respecting my bonus time when I just have a white deed. I'm sure it will always be full when I try to book! I would like to talk to owners and get their satisfaction level.


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## Larry M (Sep 11, 2014)

*Will the independents take a week like that?*



Hophop4 said:


> Will the independents take a week like that???



Well, DAE took week 12 at Fairfield Bay from me and opened their entire program with no restrictions.


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## Latte Lover (Sep 27, 2014)

*DAE?*

What does DAE (exchange program) stand for, or is that the full name? I'd like to look into using them.


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## DeniseM (Sep 27, 2014)

Latte Lover said:


> What does DAE (exchange program) stand for, or is that the full name? I'd like to look into using them.



Dial An Exchange - http://www.tugbbs.com/forums/forumdisplay.php?f=49


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## csxjohn (Sep 27, 2014)

Larry M said:


> Well, DAE took week 12 at Fairfield Bay from me and opened their entire program with no restrictions.





Latte Lover said:


> What does DAE (exchange program) stand for, or is that the full name? I'd like to look into using them.



You don't even have to be a member of Dial an Exchange to see their entire inventory.

www.daelive.com

They don't take every unit out there but they take most.  Once you join you can take any unit they have in exchange for your unit.

If you take a unit with more bedrooms than you are giving up, you pay an upgrade fee of $75 for each room size.

There is no upgrade fee for going to a better season.


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