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Help! Need to rescind

vivac20

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I recently bought at Tahiti village in Las Vegas and I have upto the 17th of July to rescind. At time of purchase, I didn't know much about timeshares and thought that buying from the developer was a good deal. I thought that I was getting good value with the additional offers and free vacation offers that were given to me. But after learning from this website, I realize that I could have gotten the same for far less from the resale market.
I understand I need to send a letter through certified mail. How do I obtain such letter?
Thanks for any advice on this matter.
 

riverdees05

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You need to read your contract and see what it says about recinding and follow that to the letter. You will probably have to make up a letter to send them telling them you purchased a unit and now want to rescind. I am not a lawyer, but you probably would want to include information in your letter about when you purchased the unit, details about what you purchased, etc. and then that you have decided that you do not want it. Be sure to have a return receipt on your letter so that you have proof they received it.
 

Polly & Jere

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I recently bought at Tahiti village in Las Vegas and I have upto the 17th of July to rescind. At time of purchase, I didn't know much about timeshares and thought that buying from the developer was a good deal. I thought that I was getting good value with the additional offers and free vacation offers that were given to me. But after learning from this website, I realize that I could have gotten the same for far less from the resale market.
I understand I need to send a letter through certified mail. How do I obtain such letter?
Thanks for any advice on this matter.
As the previous advice suggested, read the contract for cancellation details. You will have to write a letter (typed or printed) detailing the contract numbers, dates, and other legal info, and "clearly" expressing your desire to exercise your legal rights to cancel.

Since time is of the essence, you should mail this out immediately, by express mail or overnight, with proper certification (proof of mailing and delievery receipt).

If there is any question you might think about having an attorney or paralegal handle the details for you, but do it immediately.

Hope this helps,

Jere
 

Timeshare Von

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Since time is of the essence, you should mail this out immediately, by express mail or overnight, with proper certification (proof of mailing and delievery receipt).
I don't think overnight or express mail is necessary. Typically they go on the postmark date, so be sure to mail it certified mail, return receipt requested INSIDE the post office. (The contract should state that in the paragraph about cancelling and appropriate notification of such.)
 

pittle

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Read the post "Just another Timshare Newbie" in this forum started by adutton. It was at the same resort and there was a lot of great information about how to rescind.
 

chemist562

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I would rescind. Send it certified mail, return receipt.

I did a tour of Tahiti Village. Their prices were way too high! I did not buy. I have seen the resale units on e-bay as little as 1/4 of what they charge. I would stay on TUG and do alot of research before buying.

Fill out the paperwork to rescind as instructed. Send it Certified mail, receipt requested. It may cost $5-6 but well worth it! Make copies and keep the return receipt that is sent back to you from the Post Office.

Bottom line: Rescind while you have the chance!
 

vivac20

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I found a one page revocation form in the package which needs to be sent by certified mail. I have untill July 17 to rescind. Although I somewhat feel duped by the sales people, I am not bitter because I have been introduced to the interesting world of timesharing!!

After doing some research, I have decided that I will take my time and buy TS in resale. I have noticed that the value of TS in resale could run above 5000 dollars for in demand properties. Where can you find financing for the purchase if I'm interested in buying?
 

johnmfaeth

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Rescind and then take some time here to get fully up to speed on the resale marketplace. Then you can buy what you want and fly to Europe for a few weeks with the savings. :D
 

lawren2

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I found a one page revocation form in the package which needs to be sent by certified mail. I have untill July 17 to rescind. Although I somewhat feel duped by the sales people, I am not bitter because I have been introduced to the interesting world of timesharing!!

After doing some research, I have decided that I will take my time and buy TS in resale. I have noticed that the value of TS in resale could run above 5000 dollars for in demand properties. Where can you find financing for the purchase if I'm interested in buying?

Hi Vivac. I grew up in Forest Hills, NY and lived there until I was 35....:hi:

You have gotten excellent advice.

Spend your time learning which system would suit your needs most before thinking about buying and financing a timeshare. You may find something in a favorable price range that you would not have to finance at all.

Timeshare might be the last thing I would borrow money to buy. There are tons of rentals that you can test drive while you consider your best option.
 

Dave M

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There are four ways to finance a timeshare purchase, listed in order of preference:

1) Pay cash. That's the overwhelming recommendation from most TUGgers.

2) Borrow on your home by refinancing your mortgage or taking out (or extending) a home equity loan. The interest rate will be relatively low and the interest will normally be tax deductible.

3) Borrow from Tammac Financial. Current interest rate is a very high 12.5% and the interest is not deductible. There really aren't any other good financing alternatives unless you want to play the game of getting a credit card with no interest or low interest on balance transfers and keep rolling the balance over to similar new credit card accounts. Banks and other traditional lending sources won't touch a timeshare loan because of the small amounts and big risks.
4) Buy from a developer and finance through the developer. Obviously this is the last choice, since you pay way more than necessary for the timeshare and a pay a very high rate of interest. Also, since most timeshare loans are written as consumer loans, not mortgage loans, the interest is generally not tax deductible.
 

Patri

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We are so glad you found us. You don't need a lawyer to rescind. Just get that letter off in time, with a return receipt requested. And don't finance a timeshare. You will be able to find one on eBay or from other sources that you can pay cash for. There are many!
 

teepeeca

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Don't forget to make a copy of the "rescind" letter, and keep it for yourself, in a safe place. You never know what the "sellers" will try to do.

Tony
 

vivac20

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So, I went ahead and I rescinded. How and when do I know if it has taken effect?

Thanks a lot for the advice that I got here. I have spent a good part of the last few days reading about timeshare resales, points, weeks, etc. and I am at this point quite confused. I think I'll be able to figure this out in the next few months.

I am moving to Charlotte, NC and am looking to purchase TS closeby with high exchange power and so far I have liked what I've seen about Fairfield resorts. I work 8 days on and 5 days off and have no children yet, so I am flexible with vacation time and will like to take 2 to 3 vacations a year with one of them being distant (like Hawaii or Carribean). Any suggestions?
 

Timeshare Von

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I'm so glad you found TUG and were able to rescind your purchase. You can now take your time and figure out what is best for your situation, both near term and more long term. You should get the green post card back to confirm their receipt of your certified letter rescinding your purchase.

Within a couple of weeks of their receipt you should see a credit back to your credit card for the deposit and initial fees. If you paid by check, they should send you a check to reimburse you 100% of what you paid when you bought. Did you return the "new owner" materials? They may call you or threaten to charge you a fee if they are not returned. If you have to return them in order to get 100% of your money back, be sure to send that certified, return receipt requested as well. Other than that, they could call to inquire as to why you rescinded but I doubt they'll bother.

I'll leave the suggestions regarding whether or not to buy FF/Wyndham or at which resort(s) to others who are more experienced with FF/Wyndham points. I have a couple of FF fixed weeks that have been satisfactory in trading through RCI, but neither is especially great. A points based system will give you the greatest flexibility in terms of resorts, length of stay, unit size and time of year. Being on the east coast, many would say FF/Wyndham is an excellent option for you.

If you are especially interested in FF/Wyndham, you may want to join the FF/Wyndham YahooGroup . . . which is free. You can do so my writing them at: Fairfield_timeshare-subscribe@yahoogroups.com . Not only are there some really bright FF/Wyndham owners there, but you will have access to a wealth of information contained in the resources files which for many of us, are invaluable.

p.s. It may be best to have this thread moved over to the FF/Wyndham forum so that it gets the most exposure to the "Wyndham" experts :)
 
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rickandcindy23

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So, I went ahead and I rescinded. How and when do I know if it has taken effect?

Thanks a lot for the advice that I got here. I have spent a good part of the last few days reading about timeshare resales, points, weeks, etc. and I am at this point quite confused. I think I'll be able to figure this out in the next few months.

I am moving to Charlotte, NC and am looking to purchase TS closeby with high exchange power and so far I have liked what I've seen about Fairfield resorts. I work 8 days on and 5 days off and have no children yet, so I am flexible with vacation time and will like to take 2 to 3 vacations a year with one of them being distant (like Hawaii or Carribean). Any suggestions?
Do you happen to be a firefighter? My husband is a firefighter and works the 48 hour weeks. I know that some departments are on that type of schedule, but it sounds much harder.

Anyway, if you can take advantage of last-minute trades, some resorts are basically giving weeks away that would work to try out. There are some listed here, though I can never find the link, so that would be a way to find some. Our resort in Colorado has a sister resort called Pines at Meadowridge. There are some weeks in their inventory that have really low maintenance fees of $224 per year and will trade into Hawaii at the last minute. Their website is www.pinesatmeadowridge.org I think you can get an annual blue week for about $500, with closing included. You can always sell it on one of the resale websites for the same price or more. No risk involved at all in that purchase. ;)

There are so many great ways to go. You can try a point system, like Bluegreen, Fairfield or Worldmark (Worldmark is such a temptation for me).
 

vivac20

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I am a hospitalist (doctor) starting out from next month. Trying to keep a lighter schedule.

I will be looking at deals such as the one posted by rickandcindy23 and would look to buy in a few months.
 

michamato

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I am also sending my letter in to rescind for the Timeshare Tahiti Village. After the long flight home, we decided that Las Vegas in general is not right for my young family. I am mailing out my rescind letter in the morning with the bathrobes they gave us as gifts. What should I expect after that???
 

DaveNV

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I am also sending my letter in to rescind for the Timeshare Tahiti Village. After the long flight home, we decided that Las Vegas in general is not right for my young family. I am mailing out my rescind letter in the morning with the bathrobes they gave us as gifts. What should I expect after that???
Just make sure you follow the rescind instructions TO THE LETTER. That includes the method you use to mail your letter.

Dave
 

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More and more people are finding TUG so the word is getting out and that is great! Congratulations to you for doing your homework right after you bought but still in time to rescind your contract. :)

You are save from the postcard companies. Never mind. ;) If you are curious, search for the word PCC or postcard companies and you will see what I mean.

I would rent a few timeshares at places you like to visit and read a lot more before you buy again. Don't buy mainly for making exchanges because exchanges seem to get harder to get than it used to be.

Buy at a resort where you like to vacation often and later too with your family. If you do that, you will be happy with owning a timeshare!
 

michamato

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I sent my rescind letter overnight express mail with delivery confirmation. I have until Monday, but didn't want to take the chance. Sending it certified mail would take 5 days or so from Boston, so that is how I sent it. The Post office assured me it was the best way to go, and in no way can they not accept it because it wasn't certified, it was with a return receipt signed confirmation so I think I am covered. Thanks for everyone's help here. I appreciate it!!! I will keep you posted on how mine turns out.
 

djs

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I sent my rescind letter overnight express mail with delivery confirmation. I have until Monday, but didn't want to take the chance. Sending it certified mail would take 5 days or so from Boston, so that is how I sent it. The Post office assured me it was the best way to go, and in no way can they not accept it because it wasn't certified, it was with a return receipt signed confirmation so I think I am covered. Thanks for everyone's help here. I appreciate it!!! I will keep you posted on how mine turns out.

Yes, the letter will be accepted, and they will recieve it but you will NOT have followed their instructions. As stated in numerous posts on this site one MUST follow the instructions given in their contract to successfully recind. What generally is said in agreements is that the letter must be sent by Certified Mail and postmarked within a specific timeframe. If you send it today (and it's postmarked today) and they receive it in October, you will still have sucessfully recinded.

In a previous job I used to have to send lots of mail to the SEC (certified) and one thing I always did in my cover letters was to type in "Via Certified Mail - #########" (that number would correspond to the number that was on the Certified Mail Form). That way whenever the letter is received, it can be tied to your receipt.

I know people want to be careful and make sure that the letter gets to it's location, but when instructions are not followed they really aren't being that careful. If the contract that you signed says "show up to our offices in a pink tutu and sing your favorite Motley Crue song" you'd best find a Motley Crue song to sing....and get yourself a tutu.
 
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