Cancel timeshare question [Wyndham]

[BZ Grandma]

I purchased into Club Wyndham 5 days ago. I am considering rescinding it within the 10 day time frame without any penalties.
It was 20,000 for 126,000 pts. 4,000 was put on credit card thru Wyndham (won't get it for 2 weeks).
Everything I have read about canceling within the 10 day time frame says that is the best time without being out any money.
I know I won't be out the 16,000 but what about the 4,000 that has been charged to the card?
Is everything "erased" if rescinded within the 10 days?

Also, any happy Club Wyndham owners want to share the good, the bad and the ugly of your time share.

Thanks for any info.
Jil

 

[Passepartout]

I purchased into Club Wyndham 5 days ago. I am considering rescinding it within the 10 day time frame without any penalties.
It was 20,000 for 126,000 pts. 4,000 was put on credit card thru Wyndham (won't get it for 2 weeks).
Everything I have read about canceling within the 10 day time frame says that is the best time without being out any money.
I know I won't be out the 16,000 but what about the 4,000 that has been charged to the card?
Is everything "erased" if rescinded within the 10 days?

Also, any happy Club Wyndham owners want to share the good, the bad and the ugly of your time share.

Thanks for any info.
Jil

Hi Jil. Welcome to TUG. Rescind ASAP. You will get all your money refunded and affairs will be 'erased' back to before the contract was signed. If you signed up for a credit card to put down a payment, that's a different issue. You will get the money, but it will be up to you to pay back the card and cancel if it- if that's what you wish.

We suggest sending the rescission letter USPS Certified w/return receipt so you have a record of it being delivered. Make sure that everyone who signed the contract as buyer, also signs the rescission letter. You might include a notation in the letter that 'Promotional Materials will be returned under separate cover' then send back their junk by the cheapest means.

We're glad you found us in time to save thousands. These memberships are available on the resale market for pennies. Study here on TUG, and be informed. TSs are a little complicated and impulse of the moment at a sales meeting is NOT the way to make an informed decision.

Again, Welcome.

Jim

 

[TheTimeTraveler]

RESCIND and don't even think twice about it!



.

 

[T-Dot-Traveller]

I purchased into Club Wyndham 5 days ago. I am considering rescinding it within the 10 day time frame without any penalties.
It was 20,000 for 126,000 pts. 4,000 was put on credit card thru Wyndham (won't get it for 2 weeks).
Everything I have read about canceling within the 10 day time frame says that is the best time without being out any money.
I know I won't be out the 16,000 but what about the 4,000 that has been charged to the card?
Is everything "erased" if rescinded within the 10 days?

Also, any happy Club Wyndham owners want to share the good, the bad and the ugly of your time share.

Thanks for any info.
Jil

Welcome to TUG

Wyndham is a good resort system.
You can buy 126,000 Club Wyndham points resale and save a lot of money.

If it was me :
1 ) I would RESCIND NOW
2) Read enough TUG Wyndham Forum information about buying resale
3) Figure out how many points would best meet your vacation goals ( my guess is more than 126K)
4) Buy a resale Wyndham contract that has a lower cost per 1000 points than CWA .
4) Use some of your savings of $ 20 K to enjoy more vacations using more points at a lower cost.

 

[moonstone]

As others have said, definitely rescind ASAP! Follow the instructions in your paperwork (often near the signature page) to the letter! You will get a full refund as demanded by law. It may take a few weeks but you will get it. Do your research and learn all you can about Club Wyndham and the other systems to see what is right for you and your vacation style. Then look for a free or resale one.
We dont have Wyndham, but with our free timeshare (RCI Points pkg) we can stay at the same resort, in the same or bigger unit, at the same time, as the folks who paid many thousands for theirs.


~Diane

 

[BZ Grandma]

Hi Jil. Welcome to TUG. Rescind ASAP. You will get all your money refunded and affairs will be 'erased' back to before the contract was signed. If you signed up for a credit card to put down a payment, that's a different issue. You will get the money, but it will be up to you to pay back the card and cancel if it- if that's what you wish.

We suggest sending the rescission letter USPS Certifie w/return receipt so you have a record of it being delivered. Make sure that everyone who signed the contract as buyer, also signs the rescission letter. You might include a notation in the letter that 'Promotional Materials will be returned under separate cover' then send back their junk by the cheapest means.

We're glad you found us in time to save thousands. These memberships are available on the resale market for pennies. Study here on TUG, and be informed. TSs are a little complicated and impulse of the moment at a sales meeting is NOT the way to make an informed decision.

Again, Welcome.

Jim

Thank you very much for this info and I'm so glad I found this site!

Still a little confused about the credit card part. Are you saying when I rescind this they will send the money (4,000) directly to me and not just issue a credit to the credit card directly? And when they send the money to me, I can, at that time pay the credit card off?

Thanks again for all your help Jim,
Jil

 

[BZ Grandma]

As others have said, definitely rescind ASAP! Follow the instructions in your paperwork (often near the signature page) to the letter! You will get a full refund as demanded by law. It may take a few weeks but you will get it. Do your research and learn all you can about Club Wyndham and the other systems to see what is right for you and your vacation style. Then look for a free or resale one.
We dont have Wyndham, but with our free timeshare (RCI Points pkg) we can stay at the same resort, in the same or bigger unit, at the same time, as the folks who paid many thousands for theirs.


~Diane

Thank you Diane for this very helpful information!
Jil

 

[BZ Grandma]

Welcome to TUG

Wyndham is a good resort system.
You can buy 126,000 Club Wyndham points resale and save a lot of money.

If it was me :
1 ) I would RESCIND NOW
2) Read enough TUG Wyndham Forum information about buying resale
3) Figure out how many points would best meet your vacation goals ( my guess is more than 126K)
4) Buy a resale Wyndham contract that has a lower cost per 1000 points than CWA .
4) Use some of your savings of $ 20 K to enjoy more vacations using more points at a lower cost.

I have been reading about how you can buy resale, thanks for this great info.
Will be rescinding for sure!

 

[BZ Grandma]

RESCIND and don't even think twice about it!



.

Thanks for your response, will be doing this today!

 

[Passepartout]

Thank you very much for this info and I'm so glad I found this site!

Still a little confused about the credit card part. Are you saying when I rescind this they will send the money (4,000) directly to me and not just issue a credit to the credit card directly? And when they send the money to me, I can, at that time pay the credit card off?

Thanks again for all your help Jim,
Jil

Jil, I honestly don't know the mechanics of a credit card down payment refund. They may indeed just refund it back to the card. Either way, if you applied for a new credit card in conjunction with the purchase, that is a separate thing from the rescission.

After you get the rescission letter in the mail, is a stressful time. While the developer MUST process a timely (within the 10 days) rescission, they are under NO obligation to inform you of the progress of it or tell you when it's been done, and credit card refunds can take up to 45 days. Usually is takes less, but who knows and the stress that comes from a bill coming in for a credit card payment when you know there's a refund due that covers it basically stinks.

You'll have plenty of time to hang around TUG and decide if timeshare is REALLY something you want to be involved with.

Jim

 

[TUGBrian]

congrats on saving 20,000 bucks!

 

[gottashiner]

I am a Platinum VIP with Wyndham. Rescind!!! Love the Wyndham resorts but definitely not the ownership of points. Once you own, no way to get your purchase price back or even close to what you paid. If I could get my money back, I'd be done. but I've spent way to much to just give it away so we vacation when we can and rent out points to cover our maintenance. Wyndham keeps changing the rules and taking benefits away from owners. Definitely not the company we signed up with about 20 years ago. Run from ownership until Wyndham gets their head out of their butt.

 

[Barblich]

Yes, I am glad you are recinding. I am a Wyndham owner and I purchased my points resale. I actually purchased 2 EOY (every other year) contracts. 1 is odd years and 1 is even years. I don’t recommend you do it that way. That is just what I have. I paid $1 dollar for each contract which each has 126K points With no closing costs, just the minimal transfer fees. While this does come with an RCI account, except for access to last minute and no points needed vacations, I don’t find that very valuable. I pool my points so I have them when I need them. To me, the value of Wyndham points contracts (and BTW My home resort is Wyndham Palm-Aire in Pompano, FL) is the access to urban locations with 1 or two night stays. I find that Wyndham is one of the few TS systems that has locations in downtown areas and I find value in that. I have used my points for stays in NYC, DC, Chicago & San Diego. If you are only planning on using your purchase to do exchanges in resort areas for a week at a time, you’ll find that 126k points won’t go very far. Now truth be told I do own other timeshares (none that I have paid more than $50 for) that are part of my ”real” RCI account. Here I use those RCI points to go to resorts for a week, including wyndham resorts if I wish. However, While I like Wyndham, I will usually use my points to stay in higher end resorts such as Hyatt or Hilton. The best advice you have received here is recind, do your research here and then buy a resale that will give you the benefits you were looking for with the Wyndham purchase. You’ll find you will probably get even more benefits than you realized, and if you do your resale right, it will only cost you your annual maintenance fees and no “mortgage.”

 

[dioxide45]

After rescission, the only think you will be left with is a $0 balance credit card that you signed up for in order to charge the deposit. The card is a separate application and contract. You can keep or cancel it as you wish.

 

[HitchHiker71]

If you require any guidance on how to rescind - we have a sticky thread here that answers the most frequently asked questions and provides how-to type advice:

Sticky - HELP! How can I cancel/rescind my recent Wyndham timeshare purchase

How To Rescind Your Recent Wyndham Timeshare purchase This post is designed to be a quick guide on how to rescind your timeshare purchase from Wyndham. If you are not purchasing from Wyndham, or want a more in-depth guide please refer to this TUG advice article...

tugbbs.com

If you're curious as to how to evaluate whether you are a good match for timesharing, here's a couple of articles I found helpful during my travels:

Did I Do the Right Thing?

Q: I just bought Wyndham points at the resort. Did I do the right thing? A: This is a question that has been asked, ever since they started selling timeshares in the ’60s. It’s a reasonable questio…

wyndhamexperts.org

Is timesharing right for me?

The purpose of this article is to establish what we consider to be a few hard and fast rules to live by when attempting to determine conceptually if timeshare ownership is a good match to meet your vacation style. If you’ve done any searching on the internet about timeshare ownership, you...

wyndhamexperts.org

There are several other well written articles on that site that may be worth your time reading. And last but not least - any questions you have during your timeshare travels - please feel free to post them here to TUG - lots of very knowledgeable timeshare owners here that are always willing to lend a helping hand!

 

[dtdt]

I purchased into Club Wyndham 5 days ago. I am considering rescinding it within the 10 day time frame without any penalties.
It was 20,000 for 126,000 pts. 4,000 was put on credit card thru Wyndham (won't get it for 2 weeks).
Everything I have read about canceling within the 10 day time frame says that is the best time without being out any money.
I know I won't be out the 16,000 but what about the 4,000 that has been charged to the card?
Is everything "erased" if rescinded within the 10 days?

Also, any happy Club Wyndham owners want to share the good, the bad and the ugly of your time share.

Thanks for any info.
Jil

We love our wyndham property, but there is a big learning curve on using our timeshare to get the best value. DO NOT BUY FROM WYNDHAM!! Buy on the second hand market and you will be much happier. BTW, 126,000 points wont get you much. We bought 740,000 points resale for $5000!!

 

[BZ Grandma]

TUG has the nicest people! Everyone that posted a comment was so helpful, I truly felt the love. Such great advice too.
I did send my cancel letter in Monday, now to do some research on here to see if a timeshare is something for me.
Thanks again everyone!
Jil

 

[BZ Grandma]

I am a Platinum VIP with Wyndham. Rescind!!! Love the Wyndham resorts but definitely not the ownership of points. Once you own, no way to get your purchase price back or even close to what you paid. If I could get my money back, I'd be done. but I've spent way to much to just give it away so we vacation when we can and rent out points to cover our maintenance. Wyndham keeps changing the rules and taking benefits away from owners. Definitely not the company we signed up with about 20 years ago. Run from ownership until Wyndham gets their head out of their butt.

This is a big reason I rescinded, Wyndham has the power. They can change or take benefits away whenever they want. Owners have no say! Thanks for your help, Jil

 

[BZ Grandma]

Yes, I am glad you are recinding. I am a Wyndham owner and I purchased my points resale. I actually purchased 2 EOY (every other year) contracts. 1 is odd years and 1 is even years. I don’t recommend you do it that way. That is just what I have. I paid $1 dollar for each contract which each has 126K points With no closing costs, just the minimal transfer fees. While this does come with an RCI account, except for access to last minute and no points needed vacations, I don’t find that very valuable. I pool my points so I have them when I need them. To me, the value of Wyndham points contracts (and BTW My home resort is Wyndham Palm-Aire in Pompano, FL) is the access to urban locations with 1 or two night stays. I find that Wyndham is one of the few TS systems that has locations in downtown areas and I find value in that. I have used my points for stays in NYC, DC, Chicago & San Diego. If you are only planning on using your purchase to do exchanges in resort areas for a week at a time, you’ll find that 126k points won’t go very far. Now truth be told I do own other timeshares (none that I have paid more than $50 for) that are part of my ”real” RCI account. Here I use those RCI points to go to resorts for a week, including wyndham resorts if I wish. However, While I like Wyndham, I will usually use my points to stay in higher end resorts such as Hyatt or Hilton. The best advice you have received here is recind, do your research here and then buy a resale that will give you the benefits you were looking for with the Wyndham purchase. You’ll find you will probably get even more benefits than you realized, and if you do your resale right, it will only cost you your annual maintenance fees and no “mortgage.”

Thank you for taking the time to really explain this so detailed, it is such a big help! Palm-Aire is where I did this at too.
Now that I have rescinded, I will be doing my research to see if a timeshare is right for me.
Thanks again,
Jil