• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

Brand new to forum... took the plunge on a purchase and now regret

tito12121

TUG Member
Joined
Feb 26, 2017
Messages
4
Reaction score
4
Points
3
Hi all,

Let me introduce myself, my name is Manny, I am 31 with a girlfriend and no kids from NYC.

Im sure you have seen this before, and the famous phrase, I wish I would have found this site prior to purchase.

However as far as I know I may still be saved. I was in Orlando yesterday and to get discount tickets to Disney, my friends and I agreed to the 1.5 hour presentation which turned into a 6 hour nightmare. The presentation was at Holiday Inn Orange Lake right by Disney, a huge and beautiful resort which made the Holiday Inn waterpark look like a motel.

We were presented with the standard salesman who showed us rooms, vaguely explained benefits and then tried to get us to sign on the dotted line. I was intrigued most by International travel options especially Europe and the French Polynesian which would be available through RCI and IHG. Also, I have family moving to Orlando and figure I will visit at least once a year. To be honest, the whole points system looked appealing honestly but I wanted pricing. We were first showed the common "outsider" price which was 200,000 points at .21 cents per point which amounted to a crazy amount of money. Then we were showed the offer. 12k for 103,000 points on a bi yearly basis so points would be given every two years and fees would be split up. This was still too rich for my blood. When we said no we were taken to another agent who supposedly cut the middle man out and got us a deal for $7500 for 107,000 points bi yearly at the Holiday Inn Gatlinburg Smoky Mountain. To me, the location did not matter as I just wanted the points and freedom to use them anywhere in the US and the world. They sweetened the deal when they said I could add 5 credit cards to the IHG member points system to get extra bonuses and travel deals. I am a heavy card user and figured 10-15k points a year could come in handy. To total was 9k including closing costs and first year fees. I can pay the money off easily in the next year or two by transferring the balance to an empty card with 0 interest and paying heavily on it because I hate monthly payments. Also I am usually very late to plan vacations, normally within a month or two so I took the plunge and signed adding two hours to the already 3 hour ordeal. When I got the book I realized how many points would really be needed to take advantage of the system, these resorts are pretty pricey but considering I normally do 5-6 day trips, I figured I could still get at least one local vacation a year with about 53000 points. Then I realized RCI would be half so in order to go international I would probably be able to get maybe 1 vacation every 2 years out of it. Also the other last call deals and bonuses seem appealing. I like the system, I think it will be beneficial but can I get a better deal? Does RCI or IHG have a vacation club that I can sign up for with points to get what I really desire. I was given the Pitch once at a Lifestyle VIP resort in the Dominican Republic but did not look into it further.

Besides that, I guess I can rescind the contract (any help or template for the letter will be greatly appreciated) I signed up for the TUG and plan to be an active member if I keep what I have or get something else.

If a acquire a resale unit on the aftermarket can I still get the points? or does it convert to the standard week system and then I have to "buy" into HICV again for god knows how much. Or should I just keep what I have and hold on to it for as long as it takes to pay for itself, if that is even possible considering the Yearly fees I will be paying.

Heres some more details. The unit itself is in Smoky Mountain, Peak time for a 1 bedroom. It equals to 107,000 points every other EVEN year starting 2018. Looks like ive prepaid and can borrow from next years points to use it this year. This investment looks like it will cost me $500 a year. $374 in Maintenance and Taxes ($362 Maint and $12 Tennessee Tax) Plus the yearly membership fee of $126 for HICV. Also there are booking fees when booking which I believe are $60 for HICV and $40-$200 on RCI depending on Days stayed RCI points convert at 2:1. IHG not sure what fees are but points convert at 5:4 ratio giving me about 86,000 points. Not having access to RCI and IHG websites for 6 weeks means that I wont know what I could get for the amount of points ive purchased until way after the Rescind period. Once again my main priority is International travel. I get great package deals already when I fly in the US using all the main websites. I have flown to Vegas, Orlando, and California for cheaper than the flight or close to it by booking with a hotel attached. Even on International trips I feel like the hotels are almost "given away" when purchased with a flight.

My girlfriend is a teacher and has vacation time in December, February, April, and the summer. My vacations are pretty flexible, I usually only need about 30 days to be able to take a week off and as little as 2 weeks to take 3-4 days off (wed-mon getaways).

Please help, I now have 9 days to make a choice.
 

vacationhopeful

TUG Review Crew: Rookie
TUG Member
Joined
Sep 11, 2007
Messages
12,760
Reaction score
1,699
Points
498
Location
Northeast USA
Immediately SEND your RESCIND letter tomorrow ... as the US Post Office will be open to accept your CERTIFIED MAIL letter which YOU have to send to the address in your sales paperwork.

Then (and ONLY then) take the time to think whether or not, you want to buy any timeshare for pennies on the dollar this developer offer to you was.

Also ... almost all timeshares .. even points system, have a FRI-FRI or a SAT-SAT format for checkin days of the week ... how their timeshare resort's housekeeping is managed for checkin. (Some resorts also have SUN-SUN checkin days, too). No resort is truly points ONLY .. as there would be too many orphan nights over a year (nights not booked).

Also, timeshares were original ONLY reserved or owned for 7 night intervals. Fixed week ownership is how this business was started, sold and owned.
 

Passepartout

TUG Review Crew: Veteran
TUG Member
Joined
Feb 10, 2007
Messages
28,462
Reaction score
17,213
Points
1,299
Location
Twin Falls, Eye-Duh-Hoe
Manny, I agree with Linda. ABSOLUTELY RESCIND. The instructions to do so are in the packet of papers you got. Follow them. THEN, and only then, you are welcome here to study the many timeshare companies. They can ALL be bought for pennies on the retail dollar, and with some teeny-tiny exceptions come with ALL the benefits you get from buying from the developer.

There is no hurry, Good resale weeks are available all the time. One thing (or two) you wrote that may be troublesome. To use timeshares requires planning. Not last-minute availability for the most part. To get the really desirable properties- like ocean front multiple bedroom places in Hawaii require reserving a year before use. And you mention Europe. In Europe, timeshares are generally out in the countryside- not in cities.

But first things first. Write that Rescission letter and get it into the mail tomorrow.

Welcome to TUG.

Jim
 
Last edited:

Karen G

Moderator
Joined
Aug 17, 2004
Messages
9,470
Reaction score
1,983
Points
749
Location
Henderson, NV
Resorts Owned
Once owned these: FirstFairway@Walden X 2; Lawai Beach; ManhattanClub; PuebloBonitoRose; 4 South Africa--now timeshare-free
Hi, Manny, and welcome to TUG. Glad you found us in time! I also urge you to rescind while you still have time. If you have any questions or concerns at all, you should rescind and do more research. This TUG advice article will give you all the information you need to prepare your rescission letter. Be sure to follow the instructions in your contract and be sure that everyone who signed the purchase agreement also signs the rescission letter. Send it by certified mail so that you have proof that you mailed it within the rescission time period.
 

jackio

TUG Review Crew: Expert
TUG Member
Joined
Jun 6, 2005
Messages
2,046
Reaction score
1,064
Points
524
Location
Long Island, NY
Resorts Owned
Sand Pebbles, Sheraton Broadway Plantation, Hawaiian Sun Holidays
I agree with the others - RESCIND. I own HICV points, and 53,000 will not get you a 1BR in prime time for a week. One week in my Las Vegas units is 79,000 at low season and 98,000 in high season. I just had to use over 48,000 to book 3 nights in September. Plus you will be paying $126 per year in club fees even if you only have enough points to go every other year.
There will be plenty of opportunities to get something that will meet your needs at a price you can live with. Rescind and stick around to learn from the many experts here.
Good luck.
 

TUGBrian

Administrator
Joined
Mar 24, 2006
Messages
22,091
Reaction score
7,673
Points
1,099
Location
Florida
congrats on finding us in time to save 9,000 bucks!
 

vacationtime1

TUG Review Crew: Veteran
TUG Member
Joined
Sep 7, 2006
Messages
5,159
Reaction score
2,750
Points
649
Location
San Francisco
Resorts Owned
WKORV-OF (Maui)
WKV x2 (Scottsdale)
Rescind now; research later.

You have only a few days to rescind but you have as long as you need to research. Take your time (think: several months). Prices are not going up in the interim so there is no penalty to waiting.

If you eventually decide that timesharing is for you, buy resale.

You may not have found TUG before you purchased, but you did find TUG in time. Congrats.
 

rickandcindy23

TUG Review Crew: Elite
TUG Member
Joined
Jun 6, 2005
Messages
31,892
Reaction score
8,998
Points
1,049
Location
The Centennial State
Resorts Owned
Wyndham Founder; Disney OKW & SSR; Marriott's Willow Ridge,Shadow Ridge,Grand Chateau;Val Chatelle; Hono Koa OF (3); SBR(LOTS), SDO a few; Grand Palms; WKORV-OF (2),Westin Desert Willow.
You should look into something in a point system, maybe Hilton would be a great option for you, since you like Orlando and live in NY. I would rescind and then take the time to look at options on the resale market. Holiday Inn is not on par with Hilton. It's just not. And what you were buying was probably not a big enough points package to do what you really want.

Since most of us on TUG made at least one huge mistake buying developer, we sure get a kick out of foiling those same people by telling people to rescind and buy resale.

I personally prefer my exchanges through II, and we intentionally purchased resale Marriott and Starwood weeks for that purpose.

You don't want to know the stupid mistakes I have made in my life with timeshare purchases. :rolleyes:
 

taffy19

newbie
Joined
Jun 6, 2005
Messages
5,723
Reaction score
593
Points
398
You have only one chance to rescind but you have many chances to buy again later and even from the same developer as well as re-sale from other sources too. Re-sale purchases will save you money but research first and take your time so you know exactly what you are buying. You may even find a better deal from a complete different developer that has more resorts to choose from.
 

DaSoul

TUG Member
Joined
Feb 17, 2017
Messages
63
Reaction score
8
Points
68
Resorts Owned
None yet
Rescind rescind rescind and after that research research research.
 

tito12121

TUG Member
Joined
Feb 26, 2017
Messages
4
Reaction score
4
Points
3
Thanks Everyone!

I sent my letter, found a template online and customized, I read the 30 pages of signatures until I found what I needed buried in there. I was given 10 days as per Florida law. I sent my letter via Priority mail with signature. I hope I did everything right and even if I lose a few bucks from the deposit it will be well worth it.

I have looked into other points systems. Bluegreen looks interesting but seems that even on the resale market might be expensive if I want to get the extra "perks" of bonus time and other deals because I have to buy through an authorized reseller (Pinnacle) where 3000 points can still cost me $4500. After that, getting additional points on eBay seems pretty easy and affordable. Does anyone know if it is worth it to get the "charter club" extra benefits from bluegreen or will I be fine if I get the standard resale ones as for my purposes. However it seems that Bluegreen points or Timeshares dont trade well with the other big systems like RCI and II for international travel and they only have a couple of units outside of the US that I could enjoy within their system.

I'm sure now that I want a points system but some of the real nice ones I have looked at like Marriott seem to be really expensive. I hear starting at 20k. What are some of the other points based systems I can look at which may have low initial cost. I dont mind starting small with something that can net me a few weekend trips and upgrading from there with time.
 

Karen G

Moderator
Joined
Aug 17, 2004
Messages
9,470
Reaction score
1,983
Points
749
Location
Henderson, NV
Resorts Owned
Once owned these: FirstFairway@Walden X 2; Lawai Beach; ManhattanClub; PuebloBonitoRose; 4 South Africa--now timeshare-free
You need to send your rescission letter by certified mail so that you have the receipt from the post office showing the date you mailed it. That will prove that you mailed it within the rescission period.

You should get ALL your money back.
 

Passepartout

TUG Review Crew: Veteran
TUG Member
Joined
Feb 10, 2007
Messages
28,462
Reaction score
17,213
Points
1,299
Location
Twin Falls, Eye-Duh-Hoe
Thanks Everyone!
I'm sure now that I want a points system but some of the real nice ones I have looked at like Marriott seem to be really expensive. I hear starting at 20k. What are some of the other points based systems I can look at which may have low initial cost. I dont mind starting small with something that can net me a few weekend trips and upgrading from there with time.

You better look at Wyndham. Or Worldmark- though they are more plentiful in the West. What you will find is that those weekend trips are pretty expensive. If in RCI, there is an exchange fee of about $250 EACH. That's on top of the points expenditure. In Wyndham, it's 'housekeeping' You get one for each (unknown number to me) bunch of points (usually enough for one 7 night stay). Then you pay.

You also seem fixated on timeshares outside the US. They are NOT like TSs here or in Mexico. Often smaller hotels in rural areas. Very few are in urban areas most Americans want to travel to.

Glad you got the rescission going. You will get back ALL of your deposit/down payment. That's what rescission means. 'to put affairs back as if it never happened.'

Jim
 

TUGBrian

Administrator
Joined
Mar 24, 2006
Messages
22,091
Reaction score
7,673
Points
1,099
Location
Florida
Im pretty sure BG points on the resale market are still free....paying for additional "perks" is certainly an option...but unless you find that value in it...its not required.

you can also rent from existing owners without ever having to buy or own yourself!
 

tito12121

TUG Member
Joined
Feb 26, 2017
Messages
4
Reaction score
4
Points
3
I received a credit for my deposit back to my CC. No letter yet but I'm assuming my rescission was accepted. I hope to continue using my membership here to research further until I am sure of what I want. I keep watching eBay and classified ads and have seen some "good" deals already but I'm sure there will be more to come, I'm sure whatever I do get will be better than what I almost committed to. Thanks again!
 

Zenmum2

newbie
Joined
Mar 11, 2018
Messages
3
Reaction score
1
Points
3
Resorts Owned
Orange Lake
You need to send your rescission letter by certified mail so that you have the receipt from the post office showing the date you mailed it. That will prove that you mailed it within the rescission period.

You should get ALL your money back.
Hi I sent my letter for Orange Lake and got all but $50 back they charged me for the materials (book etc) they gave me and referred to a page in the contract that allows for this. I sent my letter priority with a tracking number, then worried it wasn’t certified...but it worked out for the most part. Personally I feel I should have been given a free dang time share for the pain and suffering of going through the demo day :/
 

LannyPC

TUG Member
Joined
Jul 5, 2010
Messages
4,777
Reaction score
2,406
Points
448
Location
British Columbia
Personally I feel I should have been given a free dang time share for the pain and suffering of going through the demo day :/

Well, I'm glad you got your money back. And if you want a "free" timeshare, you can find many available. Just check out TUG's free giveaway section for all the TSs that people are wanting to shed. Many owners are even offering to pay closing costs and even the next MF.

But before accepting any TS, whether free or low-cost, do a lot of research about the ins and outs of owning TSs. Do a lot of comparisons and contrasts such as owning vs. renting; weeks vs. points; floating vs. fixed; name brands (eg. Marriott, Vistana, Wyndham, etc.) vs. independents; intending to trade a lot vs. primarily using your home week; timeshares vs. hotels/motels/AirBNB, etc.

There will be plenty of free TSs out there now and in the foreseeable future so don't rush into anything. Just enjoy the fact that you got your refund and then use the time to do some research and soul-searching to see what suits you and your family best.
 

Zenmum2

newbie
Joined
Mar 11, 2018
Messages
3
Reaction score
1
Points
3
Resorts Owned
Orange Lake
:)
I don’t think ownership is for me. Anything that requires the amount of pitch that goes into the demo scares me! I’ll be happy to rent one from time to time minus the pitch.
 

Passepartout

TUG Review Crew: Veteran
TUG Member
Joined
Feb 10, 2007
Messages
28,462
Reaction score
17,213
Points
1,299
Location
Twin Falls, Eye-Duh-Hoe
:)
I don’t think ownership is for me. Anything that requires the amount of pitch that goes into the demo scares me! I’ll be happy to rent one from time to time minus the pitch.
Good decision. Today, reflecting on the 'statutory' increases in Maintenance Fees (many have built in +- 5% annual increases) the cost of ownership- combined with a lack of a viable resale market or the ability to simply turn unwanted weeks back to the HOA, makes renting the most logical- and in many cases lowest cost way to enjoy luxurious vacations. The only time (imo) that ownership makes much sense is when one wants to go to a specific place, year-after-year. Hawaii, or certain high demand holiday weeks come to mind.

For lots of TUGgers, who own a variety of different types of ownerships, timesharing has become a 'hobby'. playing the 'game' of where to go and how to parlay what you own into the most lucrative exchanges. This game simply isn't for everyone. It's fun for the players, though.

Jim
 

Zenmum2

newbie
Joined
Mar 11, 2018
Messages
3
Reaction score
1
Points
3
Resorts Owned
Orange Lake
I like glorified camping vacations too...I appreciate luxurious but it’s not a need. I can see the whole specific place and game part, that it would work for many people though!
 

Mosescan

TUG Member
Joined
Jan 3, 2018
Messages
362
Reaction score
136
Points
103
Location
Canada
Resorts Owned
HGVC - Vegas Blvd, Craigendarroch lodges x 2
Good decision. Today, reflecting on the 'statutory' increases in Maintenance Fees (many have built in +- 5% annual increases) the cost of ownership- combined with a lack of a viable resale market or the ability to simply turn unwanted weeks back to the HOA, makes renting the most logical- and in many cases lowest cost way to enjoy luxurious vacations. The only time (imo) that ownership makes much sense is when one wants to go to a specific place, year-after-year. Hawaii, or certain high demand holiday weeks come to mind.

For lots of TUGgers, who own a variety of different types of ownerships, timesharing has become a 'hobby'. playing the 'game' of where to go and how to parlay what you own into the most lucrative exchanges. This game simply isn't for everyone. It's fun for the players, though.

Jim
And there are no winners, only survivors!
 

silentg

TUG Review Crew: Expert
TUG Member
Joined
Jul 17, 2005
Messages
6,185
Reaction score
3,260
Points
649
Location
Central Florida
Resorts Owned
Fitzpatrick's Castle Holiday Homes,
Enchanted Isle.
If you like Orange Lake, there are plenty of timeshares for sale or rent there.
We own there and love it!
Silentg
 

vacationhopeful

TUG Review Crew: Rookie
TUG Member
Joined
Sep 11, 2007
Messages
12,760
Reaction score
1,699
Points
498
Location
Northeast USA
tito12121,

You might want to look at RCI Points ... not TPUs (which have numbers under 99 per week). RCI Points have BIG numbers, like 66000, 75000, 54000 .. down to small units or really offseasons or bad resorts, like 17000. At the 10 month mark, all points play the same for ALL unbooked RCI Points units. Yes, there is PLANNING in advance for HOME WEEK, HOME RESORT and HOME GROUP ... at 13 months out, at 12 months out and again at 11 months out ... at 10 months til checkin, all RCI Points play the same ... but Exchange Fees do vary based on the booking windows (13 month is YOUR week, no exchange fee ...etc). But learn WHAT HOME RESORT and HOME GROUP means before buying anything. I own several VRI Resort weeks in RCI Points and USE "Home Week" and "Home Resort" booking windows.

Plus my weeks are lockoff units ... with 1 side as a 1/1 and the other is a studio unit.

Just part of LEARNING what is available and how to think about using.
 
Top