Canceling Timeshare Before Down Payment

[wackymother]

This thread from 2016 just popped back up. Interesting to note that the owner of a Timeshare Release Now, Dustin Lemelin (aka Dawn Goldberg) has passed away of a drug overdose at the age of 29.

https://m.legacy.com/obituaries/mai...lemelin&pid=187975774&referrer=0&preview=True

Wow. That is very sad, even for a scammer. So young.

 

[Passepartout]

I have purchased the same orange lake resort, 45k for 11,500. I was there August 23,2018. I know you only have 5 days to rescind, but I was hoping that since my down payment is not complete until December... would I be able to cancel? Thanks I’m advnace for any tips! I need of help..

The clock starts when you sign the contract, not when you complete a down payment. They wait to begin the process of transferring the title of the property into your name from theirs shortly after the rescission period ends. Once that begins, it's a real big deal to end. The ownership forms and legal description go to the county and tax records are created showing you as a property owner in the county, etc etc. It isn't a process that can just be torn up and answered, 'Oh, the customer backed out a month late'. It doesn't work that way.

You can certainly send a rescission letter on the outside chance that the transfer process hasn't started, but I wouldn't hold out much hope at this late date. They are under no obligation to wait, They are under no obligation to honor your rescission, and they are under no obligation to inform you why.

If they honor your rescission, you owe a great debt of gratitude to the gods of good luck, because it is very unlikely.

Keep us informed if it works. Otherwise, stick around TUG and learn how to use your new timeshare and get the most from your vacations- and even perhaps if you are financially strapped, how to rent out the weeks you've bought to reduce what you owe. A word about this. You are unlikely to be able to get enough in rental income to cover both the loan note AND the annual expense of the TS, but you can reduce the cost until you get the loan paid off.

Jim

 

[theo]

The clock starts when you sign the contract, not when you complete a down payment.

Day One for starting the rescission clock is actually the day following execution of the contract. That clarification doesn't help Sinthia Sierra however, who apparently signed her contract over a month ago now.

You are otherwise certainly correct that down payment details and / or payment scheduling are completely irrelevant to the rescission period identified by each individual state's applicable law.