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Bought, Rescinded, Now What?

mmt38

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First off, I want to thank you all for this site. My sister and I purchased a Holiday Inn Club Vacations TS this past weekend. The deal was 100K points EOY in even years with a 100K bonus for 2016 for $10K plus $850 MF EOY. The actual deeded unit was a 2/2 in Orange Lake, I think week 2. We never planned to use it, it was just presented as what we needed for a deed.

I immediately got online after we got back to our hotel because once you actually got time to think (every time we were alone the salesman would come back with another question or more information) about everything the salesman said things just didn't add up. For instance, he asked us where we would go if we could go anywhere and we of course chose some popular overseas destinations. He showed us the RCI chart saying we could have a week at any of those for 40-49K points. When it came time to look at the contract and he was pitching 100K points I asked if the chart he showed us before was in HICV points and he said yes, the chart was after conversion. I am still not sure if that is true but it doesn't seem likely that we could go for a week in New Zealand for 40K points and still have 60K left over. When I asked about what we do if we don't want it anymore he said that we could sell it privately (since he said HICV would buy it but not for the best deal) and that we would be looking to sell for more than we bought since it is such a great deal.

Long story, shorter...I just mailed the rescind letter today after telling my sister I would research our options and let her know what I find. I will mail the manual back this week as well and hopefully be done with that contract.

So the next step is figuring out what now so I have answered the questions I saw in another post.

1) Where do you want your home resort to be?
Somewhere on the east coast. We are originally from Williamsburg so that could be an option but we wouldn't necessarily stay in the resort when we went back.

2) Do you want to visit your home resort at least half the time, or do you want to trade more than half the time?
We would like to mostly trade. The idea of a points based system is appealing and actually which turned our thoughts from "no way are we getting a timeshare" to "maybe this could work".

3) What are your 5 top trade destinations?
UK, Greece, New Zealand/Australia, US northeast, US west coast

4) How many people do you usually travel with?
2-4. My sister and I travel together but sometimes my mother and brother join as well

5) Can you travel any time, or are you locked into the school schedule?
We can travel any time.

6) Can you make firm plans 12 or more mos. in advance?
Yes

7) Can you vacation for a full week at a time?
Yes, but we like the flexibility for long weekends as well

8) What level of accommodations do you prefer on a scale of 1 to 5 stars?
3+? We aren't particularly picky. Allowing dogs for the US locations is a plus.

9) How much can you afford to spend upfront, without financing?
Would like to stay below $3K but could go up to $5K for the right fit

10) How much can you afford to spend every year for a maintenance fee that will come due right after Christmas, and increase each year?
Would like to stay in the $500-$800 range if possible.

11) Are you a detail oriented planner?
Yes

12) Do you understand that once you buy a timeshare, it may be very difficult to sell or give away, and you are responsible for all fees, until you do?
Yes. I would like if we can find something with resale value even if that is just to say we sell it for $1. I don't want something that is super hard to offload even for free.

Sorry for the long post. Thanks in advance for the help!
 

TUGBrian

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so glad you found us in time to rescind and save 10 grand!

you could take that same amount of money and easily travel for the next 7 to 10 years on vacations by just renting while you decide on what is the right interval to buy for you and your family (if you decide at all)

Best advice is take the time to learn, its a buyers market....deals are always there...and if you want to enjoy wonderful vacations, you can rent at any resort in the world for far less than youd expect!
 

DeniseM

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Sample rescission letter:

Gentlemen:

Regarding contract "123" for purchase of a timeshare at "ABC" resort. We are exercising our legal right to cancel this contract. We expect a full refund of our deposit of "$123." Do not make any additional charges to my credit card. Please confirm my legal rescission in writing.

Sincerely,

John Husband
Jane Wife

Along with the letter, send a copy of the main page of the contract.
 

Passepartout

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Congratulations on the rescission! Welcome to TUG!

For a resale, I have one word for you. Wyndham. You would need to select a home resort, but they have lots to choose from- heavily weighted to the East side of the country.

I think you might be a little light on annual cost, because they include an RCI membership that would cost another nearly $100 on it's own. Many TUGgers own Wyndham, (I don't) so they will be able to point you in the right direction.

When exchanging, there are additional costs, and other than Caribbean or Mexican locations, timeshares are (generally) not up to U.S. standards. In Europe, they are in the countryside, not cities (Europeans LIVE in cities and don't want to vacation there), but TSs make a good base to day-trip from.

As I said, Welcome. Forget about 95% of what the sales weasel told you. It was mostly lies. Strat reading in the newbies forums, and at the 'stickies' at the top of other forums than interest you. Use the 'search' function. I can't imagine any timeshare related question that isn't answered there, but if you get stuck, by all means just ask. We're a pretty nice bunch. No flames allowed.

Have some fun here.

Jim
 

vacationhopeful

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Wyndham most likely would be a good fit. Just need to look at the top 5 places you would LIKE to travel to and the season & unit size to figure out HOW many points you should buy.

Each deed has a $299 transfer fee to Wyndham. So buying 1 deed for 308K is cheaper in & out costs than 2deeds of 154,000 points each. Actually, you might want MORE or LESS points for your vacationing plans. NYC is expensive in points but Patriot Place in Williamsburg is cheaper in points than Governor's Green - also in Williamsburg, but newer. Kingsgate in Williamsburg might be just right... says Goldilocks.

Annual deeds are not a bad idea ... as planning is 1/2 the fun plus weekends eat up many more points than midweek stays.

Research is fun and cheap ... should include a couple of rentals stays ... I knew my first timeshare stay at a resort was NOT where I was going to go every year or 5. I knew I wanted to be a SNOWBIRD in the Ft Lauderdale/Pompano Beach area ....

And my buy in cost for my Snowbird weeks in the FLL area is chump change ... less than your developer purchase costs. ;) Of course, there are the MFs ....:(
 

mmt38

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so glad you found us in time to rescind and save 10 grand!

you could take that same amount of money and easily travel for the next 7 to 10 years on vacations by just renting while you decide on what is the right interval to buy for you and your family (if you decide at all)

Best advice is take the time to learn, its a buyers market....deals are always there...and if you want to enjoy wonderful vacations, you can rent at any resort in the world for far less than youd expect!
Thanks.

When you say rent are you talking about straight from the resort or other TS owners? One of the things we really liked from the presentation was last calls. I think I saw a forum around here like that but do I have to be a TS owner to take advantage?
 

mmt38

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Sample rescission letter:

Gentlemen:

Regarding contract "123" for purchase of a timeshare at "ABC" resort. We are exercising our legal right to cancel this contract. We expect a full refund of our deposit of "$123." Do not make any additional charges to my credit card. Please confirm my legal rescission in writing.

Sincerely,

John Husband
Jane Wife

Along with the letter, send a copy of the main page of the contract.
Found this advice in another post and used it. Mailed the letter this morning. I saw in another thread that the poster said they declined the deposit charge with their card company, do I need to do that as well?
 

Passepartout

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If anything, you could alert the CC that a rescission is in process. But if you used the CC for the down payment, they'll refund it to the card.

If you rent, rent from an owner. There are many offered up in the Marketplace (red stripe above here) or for $100/night or less in the Last Minute Rentals forum within 45 days of move in.

But thee is no hurry to do anything. The good deals are not going to end. Thousands of timeshare owners are aging and stopping traveling. Thousands of TSs are for sale or rent at pennies on their original dollar cost. And frankly, if you bought one tomorrow you wouldn't be able to get it transferred and a week booked until next year anyway, so cool your jets.

Do some studying, reading, be an informed consumer. You will make less mistakes than most of us have. And have great vacations.

Jim
 

theo

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Sample rescission letter:

Gentlemen:

Regarding contract "123" for purchase of a timeshare at "ABC" resort. We are exercising our legal right to cancel this contract. We expect a full refund of our deposit of "$123." Do not make any additional charges to my credit card. Please confirm my legal rescission in writing.

Sincerely,

John Husband
Jane Wife

Along with the letter, send a copy of the main page of the contract.
If / when the developer involved is Westgate, it is socially acceptable (and entirely appropriate) to use a more gender-neutral salutation in the rescission letter.
I suggest "Dear Lying Parasites:" as just one option to consider. :D

P.S. A rescinding purchaser can request written confirmation (and some developers might provide it), but understand clearly that no developer has any such obligation.
The only legal obligation of the developer is to process a timely and properly submitted rescission and issue a full refund. No more, no less.
 
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