Help - should I cancel my purchase?

[cccsr]

We just returned from a company paid trip to Vagas where we attended a seminar and ourchased a 2 bedroom lock out for $19,995 for the 5th week of the year(super bowl week) ( no pressure-ha ha).
We( Wife and self), like to vacation once or twice annually. We have lots of airline miles and will travel more at retirement, in two to three years. We are located in Kansas(center of country). Most of our family are east of the Mississippi.
My concerns and questions are as follows:
1. We do not gamble and will probably never go to Vagas again. So, is it
wise to purchase at this location?
2. Will it be diffucult to trade for other locations? ( I still owe the wife a vacation in Maui in Febuary), but most will be east of the Mississippi, the carribean or Mexico.
3. And we have 4 exrta weeks annually. What will be the diffuliculty using those?

I know I asked a lot of questions, but any help would be appreciated.

 

[AwayWeGo]

Rescinda-Sinda-Sinda.

"New" timeshares are no such thing. By the time you show up for your timeshare week, somebody else will already have stayed in your unit ahead of you -- i.e., all timeshares are used-used-used by the time you get there & unpack. That's why it makes no sense to pay full freight for a "new" timeshare that in reality is used any way you shake it.

By resale. Save thousands.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[Dave M]

As a moderator, I edited your title to reflect what the primary question should be and to get more attention to your post than a simple "Help" might have drawn.

I'll cut through your questions by strongly suggesting that you rescind - for all of the reasons that others will discuss. The best reason is that you paid far too much for what you purchased compared to prices on the resale market.

According to Nevada law, you have five days from the date you signed the contract and

The notice of cancellation may be delivered personally to the developer or sent by certified mail or telegram to the business address of the developer.

I suggest you send the cancellation letter by certified mail (requesting a return receipt) so that you have proof of mailing and proof of delivery.

As for your questions....

When buying a timeshare, it generally makes sense to buy where you would be happy vacationing because getting the exchange you want is never a certainty. The exchange companies can only confirm an exchange for you based on what weeks owners at the resort you want make available for exchange. Even then, your week must be a powerful enough trader to get that exchange you want.

Whether you can make effective use of those extra four weeks is something we can't tell you for sure, but keep in mind that those extra weeks are almost certainly the less desirable weeks that most people don't want.

 

[thinze3]

Listen to Dave

CCCSR -

Please listen to DaveM and execute your right to cancel your contract. Dave is one of the most experienced Tuggers on this board.

After you cancel your contract, come back to this bulletin board and ask lots of questions. Ask about companies, location, quality, price, size, availability, tradeability, activities, seasons (silver, gold, platinum), etc.. etc...

We all have a bit of knowledge (some more than others) that when put together adds up to a great deal of knowledge. Then, when you feel comfortable, go buy the exact timeshare you want for a very fair price.

Good Luck

 

[johnmfaeth]

Rescind while you can, you most likely overpaid by a LOT.

Do your homework, you can always buy it again if you want.

There are thousands of timeshare resorts. At least buy where you want to go sometiimes.

 

[cccsr]

Thanks for your help

Thanks to each of you, Awaywego, Dave M, Thinze3 and Johnmfaeth, for your input. I am on the way to the post office to cancel the contract.
I really appreciated your input.

 

[Dave M]

Congratulation on your decision! You won't be sorry!

As others have suggested, stick around here and absorb some knowledge to find out whether timesharing fits your needs. Whether it does or doesn't, you can be secure in the knowledge that your trip to the post office has saved you $$$$.

 

[billymach4]

Wow That was Fast!

I like those Quick, and Fast Rescind decsions. :whoopie: You made a good decision!

 

[Mel]

Now that you have rescinded, and accepted the advice quickly, you are ready to start your education!

Obviously, timeshare appealed to you, or you wouldn't have made the original purchase. If you had come to use a week from now, too late to rescind, we would have advised to to make the most of what you purchased, but now you get the benefit of the full knowledge base of the members here.

You will read plenty of posts giving advice about what to purchase, how much to spend, and so forth, but the reality is that your timeshare purchase will be for you, and many personal factors will play a part. Take some time to consider how you want to vacation - do you want to travel just as a couple, or will you take family or friends along (usually, sometimes, or never)? What type of resort interests you: a full-service resort where you will be pampered, a shack on the beach, or something in between?

You might want to start slow, and purchase enough now to cover your current vacation needs, then build a "portfolio" at retirement, once you better understand how everything works.

If there is one area you are likely to visit somewhat regularly, you might want to purchase there, to avoid extra fees those times you use your home week. Or you might choose a "resort group" which allows you to directly reserve space at a number of resorts that interest you. But your first purchase should probably be a membership to TUG, because it gets you access to more information. Assuming you have the $20,000 available to spend, you should be able to purchase 2-3 good weeks, or a decent points package, and have money left over to put toward maintenance fees - that's the one thing that's not negotiable.

Welcome aboard, and hopefully we'll hear about your well-informed purchase decision a few months down the road. But don't rush things. If you're not sure about a purchase, that good deal will always be available later, and a better one might show up too.

 

[Dave M]

Assuming you have the $20,000 available to spend....

If you have to borrow and can't do it with a home equity loan or by refinancing your home loan, you'll likely pay 14% to 18% in interest that won't be deductible for tax purposes, thus more than doubling your purchase cost over the typical 10-year timeshare loan repayment period.

For that reason, the frequent advice on this topic is to keep your timeshare purchase budget to a level that allows you to pay cash for your timeshares.