What happens when you rescind a timeshare upgrade? do you keep your old contract?

[Wako]

My parents have been in this for well over a decade most of the time they never used it but everytime they have they paid for a new upgrade. The salesman told them that if they don't upgrade maintenance fees would continue to come out of their estate then they'd come after me, along with other threats and nonsense about their contract being "spit out of the machine" because it had things on it it shouldn't have.

They signed a contract on the 7th in Hawaii, I convinced them to rescind but they are concerned what affects that will have on what they previously owned.
Thank you for your help.

 

[tschwa2]

If they rescind the current contract, it will revert to exactly what they had 30 seconds before signing that contract.

 

[Passepartout]

^^^^^ What this said^^^^^

 

[Wako]

Well it turns out they actually signed on the 3rd...
Thanks for your help.

As far as getting out of this, Diamond doesn't buyback a timeshare. They take it back for a $1000 fee?
So the $80,000 they've paid in not including maintenance is nothing?

 

[Passepartout]

Well it turns out they actually signed on the 3rd...
Thanks for your help.

Oops. Hawaii allows 7 calendar days to rescind. If they signed on the 3rd, day 1 is the 4th, so the 7th day was the 10th. I'm afraid they are upgraded. And I think DRI will play hard ball on a late rescission.
Well, Wako. Stick around TUG. About half of us bought our first timeshares from the developer, so you're (or going to be) in good company. Learn (and share with your parents) what you find here to make the best- and don't fall for another upgrade!
Best wishes

Jim

 

[Wako]

Oops. Hawaii allows 7 calendar days to rescind. If they signed on the 3rd, day 1 is the 4th, so the 7th day was the 10th. I'm afraid they are upgraded. And I think DRI will play hard ball on a late rescission.
Well, Wako. Stick around TUG. About half of us bought our first timeshares from the developer, so you're (or going to be) in good company. Learn (and share with your parents) what you find here to make the best- and don't fall for another upgrade!
Best wishes

Jim

My parents are way to susceptible to scammers to be involved in this they'll keep falling for salesman's lies. They once gave Indian scammers their bank account info to get "Obama care" the scammers didn't know its real name was the affordable care act when I got on the phone. I had to get my parents to change their checking account.

I need to find out how to get them out of this whole thing and reduce that damage that has been done If anything is even sell-able.

 

[Grammarhero]

My parents are way to susceptible to scammers to be involved in this they'll keep falling for salesman's lies. They once gave Indian scammers their bank account info to get "Obama care" the scammers didn't know its real name was the affordable care act when I got on the phone. I had to get my parents to change their checking account.

I need to find out how to get them out of this whole thing and reduce that damage that has been done If anything is even sell-able.

Unfortunately, it’s nit worth very much. You should forbid your parents from going on any Ts presentation.

 

[Passepartout]

Wako, unfortunately TSs today are worth zero to maybe 20% of their retail cost- and the more valuable ones are the hotel branded ones, and Diamond ain't one of them.

The value od TSs is in their use and the memories they can afford families. Unfortunately unscrupulous players will swoop in with schemes to further separate prospective sellers from their money. DO NOT fall for any 'Get You Out Of Your Timeshare' scheme. We have never found even ONE that wasn't a scam. Once they have your money, they have no incentive to do anything to rid you of it.

Teeny Tiny good tidbit. Diamond has a scheme to deed it back to them, It isn't free, but in the end your parents are free. Another tactic is to leave it in their names and upon their eventual 'departure', all potential heirs simply refuse the inheritance as a negative asset. No one is forced to inherit anything.

Good Luck!

Jim