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Advice During Rescind Period - What to Look For?

AKO

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Was in Las Vegas and went to one of the VV Grandview tours. Ended up purchasing a TS at another location (VV Bonaventure - Weston, FL) because the price seemed adequate with the bonus weeks. Never researched timeshares before other than they can be treacherous. We purchased a 2 bedroom for $5,000.

I am reviewing the contract and would like some advice on what things I should be looking out for. Also any ideas on understanding the season thing (red,white,blue) and other useful information wold be greatly appreciated.

Additional info:
Resort: VV at Bonaventure
Week Num: 25
Usage: Biennial Even
Unit Type: 2 Bedroom
First Year Occupancy: 2022
Exchange Program: RCI Weeks
 

Limace

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All I can say is rescind now and then research.


Sent from my iPhone using Tapatalk
 

Passepartout

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It's not a bad product, just overpriced by about $4,999. Beware that you only have 3 days to rescind in Nevada. So if you're going to do it, better hurry to the post office pronto!
 

TheTimeTraveler

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Rescind Immediately. You can go back to buy at anytime you want (but you won't want to).

You only have ONE opportunity to rescind so do it while you still can.



.
 

tschwa2

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It's not a bad product, just overpriced by about $4,999. Beware that you only have 3 days to rescind in Nevada. So if you're going to do it, better hurry to the post office pronto!
OP needs to look at his contract but Florida law with the 10 day rescission should apply both when you purchase in Florida or if the property you bought (even from another state) is in Florida. Still not a lot of time and we don't know when he bought.
 

Passepartout

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OP needs to look at his contract but Florida law with the 10 day rescission should apply both when you purchase in Florida or if the property you bought (even from another state) is in Florida. Still not a lot of time and we don't know when he bought.
It appears that he purchased in Nevada, so most likely Nevada law would cover the sale- even though the 'home;' resort is in Florida. There might be enough 'wiggle room' to argue either way. But I wouldn't want to chance it.
 

tschwa2

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It appears that he purchased in Nevada, so most likely Nevada law would cover the sale- even though the 'home;' resort is in Florida. There might be enough 'wiggle room' to argue either way. But I wouldn't want to chance it.
The contract will have the correct information. I've read the Florida statute. Their law covers Florida timeshares purchased in other states.
Fla. Stat. Ann. § 721

CHAPTER 721
VACATION AND TIMESHARE PLANS
PART I
VACATION PLANS AND TIMESHARING
(ss. 721.01-721.32)

721.02 (4) Require every timeshare plan offered for sale or created and existing in this state to be subjected to the provisions of this chapter.


Generally where more than one state law covers the sale, the more lenient rescission law prevails. I believe that if you buy a timeshare in Florida even resale from a private owner or even ebay, you still get the 10 day rescission period and if the purchase contract doesn't include that info, you may even have a full year to legally get out of it.

Florida is very developer friendly with its timeshare laws but it does have one of the longer state rescission laws and it does extend that rescission protection to all of its timeshares.
 
Last edited:

Ty1on

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It's not a bad product, just overpriced by about $4,999. Beware that you only have 3 days to rescind in Nevada. So if you're going to do it, better hurry to the post office pronto!
In Nevada, a purchaser has the right to cancel a timeshare contract of sale until midnight of the fifth calendar day following the date the contract was executed. As stated in NRS 119A. 410 this right to cancel may not be waived and notice must be given to the developer by certified mail or personal delivery.
 

Passepartout

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OK already. I stand corrected. I still say the OP should consider rescinding ASAP and if they still want a timeshare after studying and weighing their use against the cost should consider buying at resale instead of from a developer while on vacation.
 

Ty1on

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OK already. I stand corrected. I still say the OP should consider rescinding ASAP and if they still want a timeshare after studying and weighing their use against the cost should consider buying at resale instead of from a developer while on vacation.
Agree he should rescind. Even though he has five days, there is no harm in rescinding in 3 days or one day after purchase. Though my copy pasta mentions that a rescission can be delivered in person, it's a bad idea to give the salesman another whack at you, AKO, so just send a certified letter with return receipt precisely per the instructions found in your contract.
 

Eric B

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It's not a bad product, just overpriced by about $4,999. Beware that you only have 3 days to rescind in Nevada. So if you're going to do it, better hurry to the post office pronto!
You're off by a dollar. Those units are regularly available via Timeshare Nation for free.
 

AKO

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Going to be mailing off the cancellation tomorrow or Friday. We purchased on Monday and having a few days to cancel is what let us pull the trigger.

Are there any good primers on buying resale? Do things like bonus weeks transfer to new owners, what questions to ask, etc?

I went into this because I think the real value is in the RCI membership.
 

Passepartout

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Going to be mailing off the cancellation tomorrow or Friday. We purchased on Monday and having a few days to cancel is what let us pull the trigger.

Are there any good primers on buying resale? Do things like bonus weeks transfer to new owners, what questions to ask, etc?

I went into this because I think the real value is in the RCI membership.
Congrats! The best primer is hanging around TUG. Look at the newbies forums. Especially the pink 'Stickies' at the top of each forum. There's a questionnaire at the top of the Buying, Selling, Renting forum to fill out and post that will give us some guidance of what you want. Otherwise all you get are anecdotal vacation stories.

Often 'bonus weeks' are included with resales. And Most TSs are affiliated with RCI, or II the two biggest exchange companies. Both have low cost last-minute rentals. There is usually an extra membership fee, and exchanges come with extra fees too.

Anyway, WELCOME to TUG!

Jim
 

Eric B

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There is a lot of good information on buying resale here on TUG.

Specific to Vacation Village, common experience is that the bonus weeks do transfer to a new owner. My experience has been that when you purchase from them, you get a printed certificate that includes an offer code to call RCI and provide that will result in bonus weeks being added to your account - RCI has never asked for the printed certificate when I've done that or checked anything and I believe others that bought resale have been able to activate the same offers.

The bonus week benefit has some value, but if it is the short availability period (2-45 days) the inventory is typically the same as what is available to anyone in RCI as last call vacations, which cost just slightly more - your savings would not cover the retail purchase cost.

I do like the Vacation Village resorts and own several, they all have their own pluses and minuses. My preference is for the ones that are dual-affiliated with RCI and II; I believe VV Bonaventure is, but the ones in Williamsburg seem better traders to me. I don't have personal experience with trading a Bonaventure week as I don't own one, though.
 

AKO

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Thank you everyone for the feedback. Mailed the cancellation earlier today. Currently going through a lot of the threads here on TUG and looking at listings here and on other sites like redweek and SMTN.
 
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