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Bought this morning...want to throw up

Discussion in 'Vistana Signature Experiences (formerly Starwood)' started by Landslide305, Nov 2, 2017.

  1. Landslide305

    Landslide305 Guest

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    Resorts Owned:
    Sheraton Vistana Lake Buena Vista
    We are on vacation in Orlando and our hotel had discount tickets to attend a presentation at the Sheraton Lake Buena Vista. We had no intention of buying, we just wanted the discounted Univeral tickets. But, the presentation made it seem like a no brainer to us that we could spend $15,000 over 7 years then just pay maintenance fees and get a week or more near Disney every year. He made it seem like our maintenance fees would stay at 700 forever. We bought $37,000points which he said would get us a week-ten days at the resort.

    Then, we got back to our hotel and I googled it and the whole first page is all about how it’s a scam and they raise the maintenance fees every year. Does anyone have any good things to say about it? We mainly want to use it to get the family to WDW once or twice a year.

    Can we back out or did we just sign our lives away?
     
    jnbsevy and TUGBrian like this.
  2. DeniseM

    DeniseM Moderator

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    Last edited: Nov 2, 2017
  3. nativesun1979

    nativesun1979 TUG Member

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    Back out using your cancellation period. Each state has different lengths of procedures, so need to look that up. Your purchase contract should identify how you legally rescind the purchase. Buy on the resale market much cheaper.

    Sent from my SM-G950U using Tapatalk
     
    TUGBrian likes this.
  4. VacationForever

    VacationForever Tug Review Crew: Rookie TUG Member

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    Rescind and buy resale at a $1.
     
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  5. Landslide305

    Landslide305 Guest

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    If we keep it, would it be worth it? We would use it for Disney. Is it a total scam or is Sheraton reputable? Should I call our sales guy and ask him questions? I don’t want to ruin the rest of our vacation sitting in the hotel room researching online and being sick to my stomach. I felt so good about it this morning and. From what I’m reading online, none of it is good. The disparity between what he told us and whR I’m reading are like night and day.
     
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  6. DeniseM

    DeniseM Moderator

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    travelingmom, TUGBrian and VegasBella like this.
  7. r1lee

    r1lee TUG Member

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    We own at Sheraton vistana villages. With 81k staroptions for $500 + closing fee.
    We use it to go to Disney all the time, and enough to make 2weeks out of it. And I’ve got access to the rest of the vsn network.

    That’s considerably less then what you paid.

    Rescind and buy resale.
     
    Last edited: Nov 2, 2017
    Landslide305 and TUGBrian like this.
  8. canesfan

    canesfan TUG Member

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    WSJ-BV
    WLR
    Definitely rescind. That amount of options isn’t very much. You can do so much better on the resale market.


    Sent from my iPhone using Tapatalk
     
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  9. DeniseM

    DeniseM Moderator

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    Look at this chart - 37,000 Flex Options will get you 7 nights in a small one bedroom during the off-season - not 10 nights:

    Screen Shot 2017-11-02 at 4.52.54 PM.png
     
    Sugarcubesea and TUGBrian like this.
  10. breezez

    breezez TUG Member

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    Location:
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    Resorts Owned:
    WorldMark 39K
    Wyndham 406K
    RCI Points 196K
    Rescind, don’t wait an make sure you follow their policy. Do not go back to the sales guys. Do not take them your rescind papers mail them only to your rescind address in your package and send the certified return receipt. If you are in Florida the rescind period is 10 Days, but your there to enjoy vacation so do it immediately..

    After it’s in the mail drink a beverage and enjoy your vacation.

    Then when you get back home start visiting this site and reading about TS ask questions and learn.

    You can buy what you want for as little $1 resale.

    TS are great if you understand them. But they are a terrible value purchased from the developers. You pay $15K today, but if you sold tomorrow may have to give it away and pay some money to get rid of it.

    Yes MF’s go up yearly, They have to under normal circumstances. Employees pay increase yearly, materials like toiletries, dish soap, detergent etc go up, Taxes increase etc, and they have to raise prices to cover this.
     
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  11. Landslide305

    Landslide305 Guest

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    Thank you all so much. I feel a lot better. Sitting at the hotel bar with my husband and reading him all of your replies. You are awesome!!!
     
    horsecreek, UK Fan, happymum and 4 others like this.
  12. davidvel

    davidvel TUG Member

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    Don't feel better until you have mailed your rescission. Not trying to be harsh, but this is the single most important thing you can do right now. Look at your docs, hand write your rescission letter, have both you and your husband sign it. Find a copy/mailing place, and mail it out first thing tomorrow morning so you can truly feel the weight off your back.
     
  13. StarFerry62

    StarFerry62 TUG Member

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    You are getting some great advice on here - Please mail the paperwork and enjoy the rest of your vacation!!

    Do not feel bad for the Sales guy... would love to know what % of people buy and then rescind within a few days - I bet it’s pretty high!

    Also, just in case you are inclined to do so, please don’t feel bad about the fact that you signed on the dotted line... Most of us have been there... they make it sound like a no-brainer...

    I bought Westin about 10 years ago... I too was pretty sick afterwards and spent a whole night driving myself nuts... thankfully I discovered TUG within the rescind period...


    Sent from my iPhone using Tapatalk
     
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  14. DaveNW

    DaveNW TUG Review Crew: Expert TUG Member

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    Just be certain you follow the rescind instructions TO THE LETTER. That is critical. These instructions are often inside the back cover of the documents they gave you. It's in there someplace. They will tell you what to do, and how to tell them you want to rescind. The law requires they provide that information to you. But take note that there is a timeframe involved - it may be five or ten days from the date of signing to the postmark date on the rescission document. (Not the date they receive it.) Whatever that time is, be sure you're inside it. If you take care of it today, you can relax and enjoy the rest of your vacation. Don't go back to talk to them, and if anybody calls you after you send off the rescission letter, do not speak to them. They'll only lie further to get you to stay. There is nothing they offered you that you can't buy again.

    So after you do your research, if you decide you really, really want to own at that level, you can buy it again. But as others have said, you can buy on the resale market what you got this morning for as little as one dollar. Really. Not $15K. One measly dollar. Do your research, and if you find timesharing is something you want to do, it can be very rewarding - but there is a learning curve. Don't rush to buy anything, because it is generally much easier to get into something than it is to get out of. Spend time here on Tug and learn about the various systems and their options. We're a friendly, helpful bunch.

    Good luck!

    Dave
     
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  15. skibummer

    skibummer TUG Member

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    WKV x2 (Scottsdale)
    WLR (Cancun)
    SVV-Bella x2 (Orlando)
    When you send in your rescind letter send it using certified mail/return receipt, just in case they say they never got it or it gets "lost". Everyone on this forum is telling you the right thing to do. Many made the same mistake you did and others learned from their mistakes. You paid over $15,000 for only 37,000 StarOptions. You can back out and take time to breathe and research what are your options. I bought 81,000 annual StarOptions at Sheraton Vistana Villages (resale) for $611 (including all closing and transfer costs). That's six hundred. Not $20,000+ like the developer wants for that unit. I can use those StarOptions throughout the entire Vistana network. The Vistana network is a great network to be a part of as an owner, just don't buy from the developer. Rescind now, then relax and read this forum and buy resale for pennies on the dollar.
     
    Landslide305 and TUGBrian like this.
  16. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    Marriott's Grande Vista
    Marriott's Harbour Lake
    SVV - Bella
    SVV - Key West
    Someone was trying to give away 51,700 Flex Options over on the Bargain Deals forum. You certainly need to rescind. In Florida, you have 10 calendar days to do so. But do it sooner rather than later. After you do, you really don't want Sheraton Flex from resale. They are too restricted. Look in to mandatory resale. You should be able to pick up 81,000 StarOption Mandatory week at SVV for less than $1500. It would have a $1300 annual MF, but you can do a lot more with 81,000 SOs than you can with 37,000 StarOptions.
     
  17. Smithsingeneva

    Smithsingeneva TUG Member

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    As others have said, follow the rescission instructions exactly. Keep evidence that you did - such as sending it certified, return receipt requested. I also took photos of the completed paperwork since I didn’t have a copy machine handy.

    While the salespeople lie, Vistana is reputable. They will accept your rescission with no questions if you follow the proper procedure contained in your paperwork (they have to - it is the law). It is also the law that you have to follow the procedure - including the time limits.

    I bought and rescinded in Hawaii a few years ago with no issues. I had already found TUG sitting by the pool, but I wanted the document package so that I could evaluate the resale documentation when the time came (since the cost was still $15k+ resale).

    If you do buy resale, keep in mind that you do have an ongoing obligation to pay the maintenance fees. Also, use a reputable broker - recommendations can be found on other TUG threads. Research TUG and make sure you understand how Vistana works and whether it fits your needs. Buying SVR resale means you do not have access to the Vistana network through StarOptions. Sheraton has another resort in Orlando - SVV - where you would have access to the Vistana network StarOptions if you buy in a mandatory phase (you might pay a little more, though).

    Although we own WKORVN, it is mandatory so we have used StarOptions to stay at SVV three times. It is a great resort - my family loves going to Orlando and staying there. Good luck!
     
    TUGBrian likes this.
  18. wtrjock

    wtrjock Guest

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    Resorts Owned:
    Westin Kaanapali North
    We bought 2 weeks at SVVKW for $2500 on eBay. They came with 162000 SO for $2400 MF/yr. We had a Owners Update at WLMR and they told us our equity on the SVVKW is $46k! For some reason that resort is perfect for trade, but not good for rent or staying. We plan to pay the MF and trade into Kierland and Cancun mostly.

    You learn a lot from this site. Recind and ask a lot of questions. There are a lot of knowledgable people here!
     
    TUGBrian likes this.
  19. DeniseM

    DeniseM Moderator

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    Actually, it's a very nice resort to stay at, if you want to stay in Orlando - which the OP does.

    It's not a good rental simply because all of Orlando has far more supply than demand.
     
    TUGBrian likes this.
  20. vacationhopeful

    vacationhopeful TUG Review Crew: Rookie TUG Member

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    Rescind.

    LOOK at what DeniseM said above. And if you want to stay in Orlando for DISNEY and SPEND big money, buy Disney Vacation Club points (rescind, naturally). But realize, DVC changed some of the terms on using resale points .. just read up on it. I own DVC points, love staying at Disney and do so every 3 years with my small 90 pt contract. The general advice HERE (on TUG) is, use your DVC points to stay onsite Disney .. not to exchange into Nebraska (for example).
     
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  21. SandyPGravel

    SandyPGravel Guest

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    Don't throw up, not worth the effort o_O Definitely rescind, don't sweat it. But, don't delay mailing your rescind paperwork certified mail ASAP. I own in the Sheraton Network and I have rescinded three times...someday I will learn. As long as you rescind now you will be fine and you won't have to brush your teeth an extra time. :) Take everyone's advice about considering a mandatory unit on the resale market, don't ask the salesperson for advice, take your time if you decide to purchase. Thank your lucky stars that you found TUG before it was too late. Lots of people have not been so lucky.
     
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  22. emuyshondt

    emuyshondt TUG Member

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    By the way, Vistana is reasonable about accepting rescissions. They’re not out to get you. As long as you follow the process, you shouldn’t be afraid that something bad will happen.
     
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  23. VegasBella

    VegasBella TUG Member

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    Everyone on TUG will tell you to RESCIND. If that's not what you want to hear, then call your sales person.

    Pros of Rescinding:
    - save thousands of dollars
    - take time to research later (after your vacation)
    - make an informed decision later
    - did I mention that you will save thousands of dollars?

    Cons of Rescinding:
    - feel bad about agreeing to buy and then changing your mind; depriving sales person of commission
    - might be put on a list so you don't get the offers to do timeshare presentations for free stuff in the future (many TUGers would think that's a pro not a con)
    - have to spend more time in the research dept; don't get to make a spontaneous decision
    - spend a bit more time getting your timeshare when/if you buy resale
    - having to explain everything to a spouse or children who already got excited about coming back every year
     
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  24. md8287

    md8287 TUG Member

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    Agree - rescind then research. Some have said to mail letter certified. I agree but also suggest mail regular too. Regular mail can not get rejected and is accepted by courts as official.
     
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  25. Work hard to play harder :)!

    Work hard to play harder :)! TUG Member

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    Is there a sticky that talks about the ins and outs of DVC? I looked at the DVC system section and didn't find it. I don't know anything about the system, and now that I have little ones I am curious.


    Sent from my iPhone using Tapatalk
     
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