# Just purchased retail... how do I rescind?



## hstraf (May 21, 2011)

OK.. my wife and I are in Hawaii, and we just ended up purchasing a timeshare from Wyndham.

It seemed like a great deal, until I returned home and started looking at google and found these forums.. and realized we can purchase "resale" points for WAY WAY WAY less then we just paid at the sales center.

We paid $47k for a "Big Island" condo timeshare that gives 300k points per year. (Monthly maintenance fee is $120.)  We also received a 300k point one-time bonus.

So now.. I am trying to understand if I am able to cancel this purchase. I did some basic searching on rescind, but I'm not sure of the specifics.  

I'm pretty sure I should try to get out of this.. but:

1. How do I actually cancel the purchase?  (Rescind)

2. Will it end up costing me anything to rescind?

Thanks for any advice.

- Confused, and a bit slow.. apparently.


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## hstraf (May 21, 2011)

BTW - after my research, I do think Wyndham is a pretty decent deal at "resale" rates.  I like their point system a lot.

But we paid retail and from what I can see... it is just WAY too much, when we can get the same thing for much less.

Hopefully we can cancel this and then I'll look at getting into it via resale...

Thank for any advice you can give.


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## ace2000 (May 21, 2011)

Read the paperwork you recieved with your contract.  If you can't find anything, go back to the sales department and ask, but be very firm with them.


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## rrazzorr (May 21, 2011)

*Read this and act quickly*

http://www.tugbbs.com/forums/showthread.php?t=74493


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## ronparise (May 21, 2011)

My wife and i did the same thing, bought, then got cold feet, then rescinded.

We were in Florida, and each State's rules are a little different so you may not find this in the same place in your contract, and the time requirements etc, may be different; but look here....

In the mess of paper you signed should be a "Purchase and Sale Contract" Ours is 3 pages . On page 3 directly above the signature block is a section in bold type that starts off saying *"You may cancel this agreement..."* In there is the address to send your notice.(Account Controls and Administration in Las Vegas for us) Be sure to reference the contract number in your letter

My wife also got on the phone and got the phone number and an email address for that department. and we also sent our request by email

By the time they got our certified mail they had already started the cancel process based on our telephone and email request. 

Unlike the sales department, I found the folks at the cancellation department  to be courteous, helpful and accommodating. it is their job to undo what the sales department has done and they did it without argument,

Once done, continue your reading here and elsewhere. If you decide that timeshares are right for you you can shop the secondary market. and find deals like the 500000 point contract from the Wyndham Kona Hawaiian Resort currently available...high bid currently under $1000. 

Most of us here would agree that Wyndham offers a great product that we are happy to own and use and that except for the sales department, the Wyndham people we meet on the phone and at the resorts are wonderful to deal with

Rescind that retail contract


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## Passepartout (May 21, 2011)

Welcome to TUG. Follow Ron's advice exactly. Most importantly, time is of the essence! If too much time has passed since you signed your contract, it's likely that you- like many- are committed. If this turns out to be the case, stick around TUG- maybe join- and learn how to make the most out of your purchase. This is applicable whether you bought retail or resale.

Good luck!

Jim Ricks


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## timeos2 (May 21, 2011)

hstraf said:


> BTW - after my research, I do think Wyndham is a pretty decent deal at "resale" rates.  I like their point system a lot.
> 
> But we paid retail and from what I can see... it is just WAY too much, when we can get the same thing for much less.
> 
> ...



You got it exactly right. Great deal at resale - you're being ripped off big time at retail!  Rescind now as others have posted & then go get a nice 300K package for little or nothing at resale, pay the annual fees & enjoy the great Wyndham system with exactly the same rights as you would have had by paying tens of thousands more (and too much)!  I know it's hard to believe but it is true.  Rescind now.


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## Tia (May 21, 2011)

Rescind now exactly as contract states, and should not cost you anything other then postage and a little time.


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## hstraf (May 21, 2011)

Thanks everyone!

I am feeling very relieved right now.  I dug through all the paperwork they gave us, and finally found the Purchase and Sale Contract that Ron mentioned...and see the rescind instructions.

We have 7 days to rescind.  Phew!!

(If we don't give back all the paperword, they will charge us $25, but otherwise.. they have 15 days from the date they receive the cancellation letter to refund our money.)

I'm debating whether to keep the paperwork, as I really do like the timeshare/points system, and would like to know how it all works.  Between the paperwork and the info on this website, I think there is a lot of great info to figure it out..  

So.. thanks again.  I hope this thread helps someone else who "accidently" signed on the dotted line and now wants to cancel their Wyndham contract.

(And I'll probably see you all later on these forums once our vacation is over and we're back in reality where I can research this stuff further.)


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## timeos2 (May 21, 2011)

hstraf said:


> Thanks everyone!
> 
> I am feeling very relieved right now.  I dug through all the paperwork they gave us, and finally found the Purchase and Sale Contract that Ron mentioned...and see the rescind instructions.
> 
> ...



Send the rescind letter but ask or just hold onto the paperwork. If they want it back they will ask but usually that isn't an issue.  Just get that rescind notice in ASAP EXACTLY as they say to do it (use that exact method - mail as they say DON"T substitute UPS or FedEx or whatever  - do it as it states to protect yourself).  

Glad you found us & learned that the "deal" wasn't one and that a resale purchase makes far more sense.  Good luck & enjoy your learning all about timeshares - especially Wyndham and how best to get value out of that system.  Always buy resale is step number 1.  Rescind any retail sale is right up there.  VIP is worthless (as it is available to a buyer today) is number 3.


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## ronparise (May 22, 2011)

Wyndham never asked me for anything back, and they returned all my money. 

But if they do want your stuff back, its no big deal. The only thing worth keeping in my view, is the directory and once you become an owner (resale) you can request a copy from the Website. In the meantime you can download a copy here:  Directory

By the way...if your sales person was anything like ours, be prepared for a series of phone calls asking (sometimes demanding) that you reconsider. They may even be a little insulting as they try to save the commission ( I would guess as much as $10000)


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## vacationhopeful (May 22, 2011)

ronparise said:


> Wyndham never asked me for anything back, and they returned all my money. True for me also.
> 
> They may even be a little insulting as they try to save the commission (* I would guess as much as $10000*)



As for the income - Wyndham pays the actually salesman the standard RE commission split in the area (6%, salesman got 1.5%). If the floor supervisor gets involved, they get a cut off the original salesman and their floor cut. Broker of record gets a cut. A top performer's cut gets increased above the standard RE commission cut. Everything is commission ONLY after 3 months of training time - no show up pay, but can borrow something off "future" earnings as a weekly draw.

3-4 years ago I had very good info on one sales regional awards dinner. Top Salesman for the YEAR was 1099 reported for $235,000. 2nd was $225,000. 3rd was $185,000. Then it dropped way down. Top office performers made most money - but there are FEW of them. And they work everyday. Dinner was the carrot-stick .... crystal placard, photo for top 3 performers with income annouced but not their splits percentages. Most kept their desk if they pulled around $3,000 of commissions per month.  And this was during the "good years" of the ecomony and credit.


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## ronparise (May 22, 2011)

Ok so I am probably off on the commission

By the way there is no "standard" commission in real estate at least not in Florida where I am licensed...commissions are always negotiated.

And if there was a standard split and if it was 50% and if the total commission is 6% the salesmen get 3% (often times there are 2 salesmen) My split with my broker is significantly more than 50%

Another aside; When wyndham acts as sales force for a condo development (WAAM) the total "commission" is more like 50%-60% of course the sales staff sees only a small percentage of that...most goes for marketing and Wyndhams profit


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## Rob&Carol Q (May 23, 2011)

Glad you found the rescind instructions!  My only advice is do not wait until Day 7 to go find a mailbox.

well, maybe not my only advice...don't even bother with phone calls but do register your letter so that you have proof of mailing.

Slightly different subject...$47k for 300 pts?!?  Guess the Big Island really rocks!  Then again, extrapolating out what I paid a decade(+) ago, yeah, I can see it.  Do yourself a favor and run an ebay search for Wyndham Points and see if you can find the same package there.  The price will shock you.  Make it a point to check the completed sales as well since that's the true market price right now.

That said, I rather like Wyndham.  I would like it more resale but my Bride and I can't fix that now.  How to deal with it?  I have a celebratory beer on the first night of every Wyndham stay where I acknowledge they won the first round.

But I'm winning the war...


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## theo (May 23, 2011)

*It's THE LAW, not "benevolence" from Wyndham...*



hstraf said:


> I dug through all the paperwork they gave us, and finally found the Purchase and Sale Contract...and see the rescind instructions.
> 
> We have 7 days to rescind.  Phew!!



Wyndham (and any and every other entity involved in timeshare developer sales) is *required by law* to provide you with written notification of your legal right to rescind (cancel) your contract and to provide you with clear and specific written instructions on the procedure by which to do so. 

Only the time period to cancel varies from one state to another (e.g., as few as 3 days in Massachusetts, up to as many as 15 days in Alaska). It's 10 days in Florida, but in most other states it's 5-7 days. 

I mention this detail only to make very clear (...just in case you believed otherwise for even one moment...) that the developer (Wyndham, in this particular instance) has *not* extended to you some sort of kindness or courtesy or consideration in affording you an opportunity to cancel  . They are *legally required* to do so, plain and simple. 

In any case, congratulations on getting smart before exiting "vacation mode". You've just saved yourself tens of thousands of dollars.


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