Help! Wanting to Rescind GEVC TS Purchased this morning! What needs to be in the letter?

[k048409]

Hi! My fiancé and I purchased a GEVC/RCI Timeshare/membership program this morning. Immediately after getting in the car, we had second thoughts. I found the info below on how to send a Letter of Rescission but there aren't any details on what needs to be in it. Does anyone else have experience with canceling a time share with GEVC/RCI? Or know what information should be in the standard cancellation letter?

(1) BY SIGNING THIS CONTRACT YOU ARE INCURRING AN OBLIGATION TO PURCHASE A TIMESHARE INTEREST. YOU MAY, HOWEVER, CANCEL THIS CONTRACT WITHOUT PENALTY OR OBLIGATION BEFORE THE SIXTH DAY AFTER THE DATE YOU SIGN AND RECEIVE A COPY OF THE PURCHASE CONTRACT, OR RECEIVE THE REQUIRED TIMESHARE DISCLOSURE STATEMENT, WHICHEVER IS LATER.

(2) IF YOU DECIDE TO CANCEL THIS CONTRACT, YOU MAY DO SO BY EITHER HAND-DELIVERING NOTICE OF CANCELLATION TO THE DEVELOPER, OR BY MAILING NOTICE BY PREPAID UNITED STATES MAIL TO THE DEVELOPER OR THE DEVELOPER’S AGENT FOR SERVICE OF PROCESS, OR BY PROVIDING NOTICE BY OVERNIGHT COMMON CARRIER DELIVERY SERVICE TO THE DEVELOPER OR THE DEVELOPER TO THE DEVELOPER’S AGENT FOR SERVICE OF PROCESS. YOUR NOTICE OF CANCELLATION IS EFFECTIVE ON THE DATE SENT OR DELIVERED TO GLOBAL EXCHANGE DEVELOPMENT CORP., 27405 PUERTA REAL, SUITE 100, MISSION VIEJO, CA 92691. FOR YOUR PROTECTION, SHOULD YOU DECIDE TO CANCEL YOU SHOULD EITHER SEND YOUR NOTICE OF CANCELLATION BY CERTIFIED MAIL WITH A RETURN RECEIPT REQUESTED OR OBTAIN A SIGNED AND DATED RECEIPT IF DELIVERING IT IN PERSON OR BY OVERNIGHT COMMON CARRIER.

 

[RX8]

The cancellation letter doesn’t need to be fancy nor does it need to include reasons why you are cancelling. It can be as simple as “Please cancel the purchase for (enter the timeshare resort) with contract # (enter the contract number from your contract if there is one) effective today”. Be sure that the letter includes all parties listed on the contract and all parties must sign the cancellation letter.

Send the cancellation letter exactly as instructed in the contract. Send certified receipt requested (this is your proof of mailing). Finally, no need to call them, or accept their phone call, as they are bound by the contract and state statutes to cancel the contract and returns 100% of your money.

Congrats on rescinding and saving thousands! How much did you save?

 

[callwill]

Saw this on another thread. Probably a good idea:
"While I'm at the post office sending it by certified mail, I would always send a second copy by separate regular mail, with a certificate of mailing from the post office, which is very cheap. That way, if the TS company for some reason refuses or doesn't receive the certified mail, you always have a legal presumption of delivery of mail that was correctly addressed, stamped, and mailed."

 

[Grammarhero]

Hi! My fiancé and I purchased a GEVC/RCI Timeshare/membership program this morning. Immediately after getting in the car, we had second thoughts. I found the info below on how to send a Letter of Rescission but there aren't any details on what needs to be in it. Does anyone else have experience with canceling a time share with GEVC/RCI? Or know what information should be in the standard cancellation letter?

Mind sharing the rescission price? As half of us initially bought developer/retail TS, there is no shame.

 

[k048409]

It was 6885 with 19.9% interest + 395 annually. They were offering 3 other trips for free in addition to the timeshare plan, so we got caught up in the value of the 3 trips actually exceeding amount we would pay

 

[k048409]

The cancellation letter doesn’t need to be fancy nor does it need to include reasons why you are cancelling. It can be as simple as “Please cancel the purchase for (enter the timeshare resort) with contract # (enter the contract number from your contract if there is one) effective today”. Be sure that the contract includes all parties listed on the contract and all parties must sign the cancellation letter.

Send the cancellation letter exactly as instructed in the contract. Send certified receipt requested (this is your proof of mailing). Finally, no need to call them, or accept their phone call, as they are bound by the contract and state statutes to cancel the contract and returns 100% of your money.

Congrats on rescinding and saving thousands! How much did you save?

There's no information (like my address/ phone number) that I need to include in the letter?

 

[rickandcindy23]

It's a club. Basically you get to use RCI. It's something one of Rick's friends bought and regretted. I told him not to do it, but he did, and he recently asked what he can buy that will get some nice timeshares and not the low-level resorts he sees with this membership.

 

[Patri]

There's no information (like my address/ phone number) that I need to include in the letter?

Put in your address if it will make you feel better. They probably have it and your phone, but you don’t want them calling you now.

 

[WorldT]

There's no information (like my address/ phone number) that I need to include in the letter?

The contract number is already linked to all that information. Just make sure your enter the correct number and you are good. But like the last poster said, you can include it if you want. They may call you whether you include it or not to try to convince you to stay. SAY NO. Better yet, DON'T ANSWER.

Your name (and the names of everyone on the contract)
Your signature and date (and the signatures of everyone on the contract)
Name of resort you purchased
Contract number (s)
Date and location the presentation took place.

No explanation required. Just say you a rescinding the purchase.

 

[TUGBrian]

congrats on doing your research and saving 6900 dollars!

stick around for a bit and do some reading and you will be amazed at what you can get on the resale market for that same amount... or get an even BETTER timeshare ownership than you just bought for free!