Anyone successfully got out of their contract after rescind date passed?

[squierjosh]

Knowing what I know now about RCI Points, and all their random fees, I'm REALLY regretting buying it. The sales person never mentioned ANY fees beyond the yearly maintenance. He deliberately withheld information that I didn't get until my RCI package arrived, weeks later. He also said I could use points straight up for hotels and it was comparable to using them for resorts, when it obviously isn't. And, he sold me a package that doesn't have enough points to even use points for hotels, so he lied about that.

I feel I have some legitimate beefs, but not sure if I can get out of it. I'm set on a house and cars, I may just let it go into foreclosure and take the loss and hit on my credit.

 

[aong44]

which company
did you buy from?

 

[Passepartout]

You can always try. First, though see if they will allow you to give it back. You may lose your down payment, but maybe not.

Unfortunately, even though you say, "But the salesman told me....." and "I was promised...." and "I was never aware until I got the package of....". None of that matters. What matters is what your contract that you signed on the day you bought it says. It also included the information that you have (x) number of days to review the contract and the seller is legally bound to rescind the contract during that time. After that time you own it- and are bound by it's details and restrictions.

Others have occasionally gotten sellers to take buy backs if they can prove fraud. Can you? Do you have any of those pieces of paper the salesman showed you with the circles and arrows? Can you afford the TS? Is there hardship? You are going to have to come up with some compelling argument for them to take it back. Just saying it isn't a good deal isn't enough.

Sorry.

Jim

 

[squierjosh]

Maybe they will just take it back and be happy with the down payment and MF that we already paid.

You can always try. First, though see if they will allow you to give it back. You may lose your down payment, but maybe not.

Unfortunately, even though you say, "But the salesman told me....." and "I was promised...." and "I was never aware until I got the package of....". None of that matters. What matters is what your contract that you signed on the day you bought it says. It also included the information that you have (x) number of days to review the contract and the seller is legally bound to rescind the contract during that time. After that time you own it- and are bound by it's details and restrictions.

Others have occasionally gotten sellers to take buy backs if they can prove fraud. Can you? Do you have any of those pieces of paper the salesman showed you with the circles and arrows? Can you afford the TS? Is there hardship? You are going to have to come up with some compelling argument for them to take it back. Just saying it isn't a good deal isn't enough.

Sorry.

Jim

 

[squierjosh]

Breezy Point in MN.

which company
did you buy from?

 

[Passepartout]

Maybe they will just take it back and be happy with the down payment and MF that we already paid.

That's your best hope. (imo) A little begging and grovelling might help. If your wife can muster some tears, that wouldn't hurt either.

Unfortunately since it appears you didn't pay cash for the whole thing, you can't even give it away. Defaulting on the loan would result on something more ugly than just blowing off future MFs.

We wish you well.

Jim

 

[rickandcindy23]

We recently had a back-and-forth on another thread, and someone said leaving out information isn't lying. I feel it is. It's misrepresenting the product.

Another person, I think on the same thread, said he'd never been lied to by a timeshare salesperson. Nothing turned out to be lies; everything was as he was told; he was happy with his salesperson.

In your situation, I would write a detailed letter to the Attorney General of the state the timeshare is located. I would also contact the BBB of that local area. Sometimes a little pressure is all you need.

What resort and area is this? Florida's Pam Bondi is all over timeshare weasels. She would likely do something.

Taking a hit on your credit could mean ten years. The seven years of bad credit starts officially after the last contact reported to the credit reporting agencies by this company for payment. I would never let them hit my credit as a young person.

We bought our first timeshare in 1981 and regretted it immediately. We tried to rescind and couldn't because there were apparently no laws in place. Or the developer lied to us that no such law was in place. We read the contract and didn't find a rescind clause. We were stuck, and we were young. Turned out to not be terrible after all. We have owned it long enough to make it nearly pay for itself 30 years later. Sadly.

 

[Ridewithme38]

We bought our first timeshare in 1981 and regretted it immediately. We tried to rescind and couldn't because there were apparently no laws in place. Or the developer lied to us that no such law was in place. We read the contract and didn't find a rescind clause. We were stuck, and we were young. Turned out to not be terrible after all. We have owned it long enough to make it nearly pay for itself 30 years later. Sadly.

Do you still own the first TS you bought? Thats awesome that you are still happy with it!

 

[squierjosh]

I could bring my 3 year old daughter with and make her look all pathetic and dressed poorly.

If we owned it outright, I wouldn't care. But mortgage payments on top of MF on top of special assessments on top of dues on top of exchange fees on top of insurance isn't what we signed up for.

That's your best hope. (imo) A little begging and grovelling might help. If your wife can muster some tears, that wouldn't hurt either.

Unfortunately since it appears you didn't pay cash for the whole thing, you can't even give it away. Defaulting on the loan would result on something more ugly than just blowing off future MFs.

We wish you well.

Jim

 

[ronparise]

It wasnt me, but I have a friend that got out of a Wyndham contract after the rescind period..They even made corrections at the credit bureaus

 

[presley]

Just do whatever is best for your family. As you said, you have your house and car already. Needing to have a clean credit is only necessary if you plan on going into debt. Debt has destroyed so much for so many.

If I were in your shoes, I'd do whatever I could to get the resort to take it back. I wouldn't pay another bill from them if I was 100% sure that I didn't want it. Then, if they don't agree to take it back, file BBB complaint and whatever else you can do. Let them spend their own money to foreclose on you if they won't help you.

 

[rickandcindy23]

Do you still own the first TS you bought? Thats awesome that you are still happy with it!

Yes, this resort is where I was on the board for about five years. But I got a week free and sold my lesser week (our original was week 25, and our better week is 28). Then I found a ski week 12 on eBay for pennies. That week is worth a lot of TPU's, but I use it for PIC with Wyndham.

 

[ronparise]

In my friends case with Wyndham, she couldnt drill through the bureaucracy to find the right people to talk to or perhaps they just wouldnt talk to her as long as she was making her loan payments and mf

When she stopped paying they called her

The lesson here is as long as you are making your payments they have no reason to talk to you

 

[squierjosh]

THis is a pretty small resort compared to Wyndham. The resort is in the hills of norther MN, and they sell stuff out of a little office down in the Twin Cities. Shouldn't take long to get to someone that matters.

In my friends case with Wyndham, she couldnt drill through the bureaucracy to find the right people to talk to or perhaps they just wouldnt talk to her as long as she was making her loan payments and mf

When she stopped paying they called her

The lesson here is as long as you are making your payments they have no reason to talk to you

 

[heathpack]

If you can't get out of it, figure out how to use the heck out of it. I know nothing about RCI, so I cannot help you. But learn every loophole and trading trick you can.

Shortly after I bought my Hyatt, Hyatt instituted a big rules change that majorly impacted me (negatively of course). I became very determined to figure out how to get everything I could out of the unit. Now I am very comfortable with trading the heck out of the thing & I am very happy.

Since you are looking to go to Florida, I think you should be able to get some pretty decent bargains unless you are trying to go during prime season.

Good luck. There are some real RCI experts here, read & learn if rescinding doesn't work.

H

 

[puppymommo]

If someone were able to get out of their contract after the recission period, they probably signed a non-disclosure agreement so they wouldn't be able to tell you about it.

 

[hellolani]

I managed it about 6 weeks after the rescission period ended

I did it through letter writing and copying everyone, the President & CEO whose email I found googling online, and posting the whole correspondence here at TUG. I outlined every misrepresentation - exactly how each possible use of our membership was positioned by the salesman and what I found to be the reality after research. I'm pretty sure our experience is not the norm, but it is possible to self advocate without having to resort to costly and unlikely legal remedies. If you search my posts on TUG for a year ago you'll find the whole thing.

 

[Patri]

But mortgage payments on top of MF on top of special assessments on top of dues on top of exchange fees on top of insurance isn't what we signed up for.

This is a lesson not to buy what you can't afford in cash. What charges didn't you know about? MF is routine, special assessments are hit and miss depending on quality of management (did they have some ongoing and not mention to you?), exchange fees are the norm. What dues? What insurance are you talking about?

 

[LannyPC]

I don't know if this has been mentioned or not but, while we're talking about trying to rescind your contract,remember to never pay any party money that claims it can cancel your contract.

There are many companies like this posting Google ads on sites like this claiming they can cancel your contract after the rescission period or even that they can get you out of it while you still owe a mortgage.

 

[squierjosh]

He only mentioned the MFs. A couple people on here mentioned exchange fees and dues, neither of which the salesperson mentioned. Same with the travel insurance ($89?).

Paying in cash wouldn't make a difference, then it would just be one big lump sum of cash wasted rather than spread out over a few years. Either way, there are fees he did not mention during the presentation, and he lied about using points for hotels - even though I asked.

QUOTE=Patri;1253208]This is a lesson not to buy what you can't afford in cash. What charges didn't you know about? MF is routine, special assessments are hit and miss depending on quality of management (did they have some ongoing and not mention to you?), exchange fees are the norm. What dues? What insurance are you talking about?[/QUOTE]

 

[bogey21]

I'm pretty sure our experience is not the norm, but it is possible to self advocate without having to resort to costly and unlikely legal remedies.

I agree. It takes time, a lot of effort and patience, but IMO this is the way to go.

George