Just rescinded contract, now what?

[Krista Miller]

I want to start by saying that I'm so glad that I found this website! Here is my story: I attended a Timeshare presentation at Vacation Village, the beginning of December and I fell victim to the hype and glamour and believed all the promises; (like a lifetime of travel to luxury resorts at Motel 6 prices). Needless to say I walked out of there leaving a $4,000 deposit (paid with a debt card) and signing a sales contract for $29,775 for a 2 bedroom (A&B lockout) deeded week 51 at Mizner Vacation Village in Westin, Fl. They also "threw in" 2 extra weeks to use anytime we want at any exchange resort. What sold us on the deal was that they said that we had 4 weeks a year to exchange at any Gold Crown resort anywhere in the world and the most we would have to pay is the exchange fee of 219.00. After I returned home and started my research I found out that we paid way too much for this and we could get much better deals buying resale. After reading the TUG article on rescinding contracts. I immediately started the process. It was the 10th day and I had to act fast. I typed the letter (I used the exact same letter in the TUG article) and took it to the post office and mailed it certified mail. I took a picture of the postmark and sent it via email to the company headquarters letting them know I would be exercising my legal right to rescind. It has been 7 days since they received the letter and I just checked my bank account today and the full amount of the deposit was returned today!!!
Now I have a couple questions for you experts out there....
1. Do I need to do anything else to protect myself legally or my credit from this purchase? I have mailed all of the documents as well as all owners documents and the exchange catalog. Will they cancel the deed or do I need to request that?
2. And now that we know what NOT to do, what do we do now? We would love to experience worldwide travel through timeshare ownership. But we want to do this without breaking the bank and without all the deceptive sales strategies. Where do I begin?
Thank you again for this wonderful website!

 

[Passepartout]

Congratulations! You did good, and thanks for telling us.

I don't think the TS outfit will try any 'funny business' as regards not cancelling your deed or any later charge. You can safely move on from this. Just keep the receipt and picture of the postmarked letter just in case.

Now, as to learning about TS without the salesweasel's lies. Just hang around TUG. Research the Newbies section as well as checking out the different systems that interest you. It appears you live in the Midwest, so possibly BlueGreen or Wyndham might work for you. Consider renting a few TS vacations. The TUG Marketplace or Last Minute Rentals are good places to do that. Since timeshare Maintenance Fees (MF) have escalated, and there is a limit of $100/day on LMRs, you can often rent for less than the cost of the underlying MF on that resort. In fact If I was to start over, I'd seriously consider never buying.

Welcome to TUG. You gave a bit of reading o do.

Jim

 

[Rent_Share]

Wait, up to 45 days to receive your refund.

Read the articles in the Advice Sections

Search the BBS for items that interest you or are not quite clear

Rent to get a sample of what you think is right for you, lather, rinse, repeat

 

[Passepartout]

Wait, up to 45 days to receive your refund.

Rent to get a sample of what you think is right for you, lather, rinse, repeat

David, they got their refund within 7 days. Pretty good- even almost unheard of as most people wait over a month without hearing anything before their money miraculously reappears .

 

[Cheryl20772]

Now I have a couple questions for you experts out there....
1. Do I need to do anything else to protect myself legally or my credit from this purchase? I have mailed all of the documents as well as all owners documents and the exchange catalog. Will they cancel the deed or do I need to request that?
2. And now that we know what NOT to do, what do we do now? We would love to experience worldwide travel through timeshare ownership. But we want to do this without breaking the bank and without all the deceptive sales strategies. Where do I begin?
Thank you again for this wonderful website!

Ah Krista, welcome to TUG! Congratulations on catching this thing on time. You are now sitting in the proverbial catbird seat.

Most likely the deed could not have been recorded this soon, so that wouldn't be a legal issue. The deed just stays in the original owner name.

As far as your timeshare future goes, first you should analyze what your needs are and then study all the various kinds and brands and see which can best fill your needs. Then you analyze at what kind of ownership you need. Most likely everything you need for your analysis can be accessed through TUG.

 

[Rent_Share]

David, they got their refund within 7 days. Pretty good- even almost unheard of as most people wait over a month without hearing anything before their money miraculously reappears .

So many posts looking for a retroactive refund, I didn't take the time to read the entire post - so sorry

 

[Steve NH]

2. And now that we know what NOT to do, what do we do now? We would love to experience worldwide travel through timeshare ownership. But we want to do this without breaking the bank and without all the deceptive sales strategies. Where do I begin?
Thank you again for this wonderful website!

Take your time.. Any good deals on the resale market will still be around for a long time.
As mentioned, browse this site and learn, learn. Ask questions. You will know when you are ready for "The next step"

 

[Krista Miller]

Than you!

Thank you all for the encouragement and advise! I can't wait to put all these tips to use!

 

[theo]

<snip> 1. Do I need to do anything else to protect myself legally or my credit from this purchase? I have mailed all of the documents as well as all owners documents and the exchange catalog. Will they cancel the deed or do I need to request that?

No deed would yet have even been prepared, let alone officially recorded. In point of fact, it would have been outright unlawful for them to record a deed before the applicable state law rescission period had passed.

2. And now that we know what NOT to do, what do we do now? We would love to experience worldwide travel through timeshare ownership. But we want to do this without breaking the bank and without all the deceptive sales strategies. Where do I begin?

As others have already wisely advised, rent and do lots of research before buying (resale only, not from any developer at truly exorbitant pricing). This site (TUG) is a virtual treasure trove of first hand knowledge and extensive experience. Spend a few MONTHS reading and reviewing here before even considering purchasing anything, anywhere.

Good job on rescinding. You certainly just made it under the wire in your "last eligible day" timing, but a win is still a win.

 

[Ron98GT]

I attended a Timeshare presentation at Vacation Village, ... they said that ... the most we would have to pay is the exchange fee of 219.00.

I guess they conveniently forgot to mention the yearly Maintenance Fee (MF). Apparently they also forgot to mention your yearly RCI membership fee?