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Holiday inn Club timeshare rescind

Dsmith2206

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Was just in Gatlinburg TN and did the Holiday in Time Share club. They definitely do not give you enough time to think anything over or do any research. Of course they know if you walk out and don't purchase it then your chances of purchasing is slim to none. Since I was a holiday inn vip and in the military they game me what seemed like some awesome incentives. extra points and a discounted price etc. I didn't want to miss the opportunity to lock that in so of course I purchased the 150k points. 3k down and now I ran across Tug after doing some homework. Luckily I made it clear I wouldn't purchase without having an out. They were hesitant to say it but assured me I had 10 days. So I would now like to rescind my purchase. All I got was the 250 for attending the meeting. Is there anything I need to do other than write the letter stating we want to cancel?
 

dioxide45

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Nothing else. Follow the recission instructions in the contract to the letter. Send it with some type of trackable method. Don't deliver it in person. How much did you pay? @Grammarhero
 

Dsmith2206

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we payed $2970 deposit and the total after that came out to $26973 for 150k points & 150k bonus match points.
 

Talent312

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You, my friend, were hornswoggled by pirates. Definitely Rescind.
As Dioxide says...
There is a clause in your contract which provides instructions on how to rescind.
Follow those instructions to the letter, even if you think there's a better way.

Typically, you must send a written letter that ID's the contract:
List the buyer(s) (each must sign), the date, the property & add a copy of page 1.
Typically, you must use USPS, and should do it certified, return receipt.

Mail it to the address stated in the contract... not the place where you bought it.
Do not contact or accept calls from the sales peep with whom you did business.
They do not process rescissions, and will only try to change your mind.

There is a "sticky" post above the regular topic list which covers this.
.
 

Dsmith2206

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You, my friend, were hornswoggled by pirates. Definitely Rescind.
As Dioxide says...
There is a clause in your contract which provides instructions on how to rescind.
Follow those instructions to the letter, even if you think there's a better way.

Typically, you must send a written letter that ID's the contract:
List the buyer(s) (each must sign), the date, the property & add a copy of page 1.
Typically, you must use USPS, and should do it certified, return receipt.

Mail it to the address stated in the contract... not the place where you bought it.
Do not contact or accept calls from the sales peep with whom you did business.
They do not process rescissions, and will only try to change your mind.

There is a "sticky" post above the regular topic list which covers this.
.
just read it all seems easy enough the letter will go out Monday on day 6 I appreciate it.
 

Gypsy65

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Timeshares in themselves are not a horrible thing unless you never use them or if you paid way too much

If you want points in HICV there are a couple resorts associated with them that you can buy on the secondary market for a lot less. Just do a little research here and ask questions

Also
If you do end up buying points I think you will find that a 150k pkg is or can be on the low side
 

LannyPC

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Since I was a holiday inn vip and in the military they game me what seemed like some awesome incentives. extra points and a discounted price etc. I didn't want to miss the opportunity to lock that in...

That's a line many TS salespeople use with any potential buyers regardless of their occupation. If you were a human trafficker and brothel madam, they would have offered you the human trafficker and brothel madam discount at the same price.

But as others have stated above, follow the rescission instructions to the letter including who signs it, where to send it, what method to send it (likely USPS Certified Mail, receipt requested), and what to say in it. You just saved yourself $30,000 plus potential interest.
 

Dsmith2206

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Timeshares in themselves are not a horrible thing unless you never use them or if you paid way too much

If you want points in HICV there are a couple resorts associated with them that you can buy on the secondary market for a lot less. Just do a little research here and ask questions

Also
If you do end up buying points I think you will find that a 150k pkg is or can be on the low side
we definitely do want to do a time share hopefully resort style so we can take the kids and enjoy a vacation. we like to do smaller vacations not a week and usually off peak but if we can find the right deals we will definitely jump on a resell opportunity. I definitely have to do some more home work before purchasing though.
 

BingoBangoBongo

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I ”researched“ for 5 years before buying. I’m about to close on two HGVC deeds and honestly I have been lurking around here absorbing some great info and we’re at a stage in our life that we can put them to good use and I feel there are some very good resale opportunities out there now, but resale is the only way that makes sense to me anytime.
 

silentg

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Enchanted Isle.
I ”researched“ for 5 years before buying. I’m about to close on two HGVC deeds and honestly I have been lurking around here absorbing some great info and we’re at a stage in our life that we can put them to good use and I feel there are some very good resale opportunities out there now, but resale is the only way that makes sense to me anytime.
I like your name. My mother in law and her two sisters were referred to as Bingo, Bango and Bongo by thier husbands .
 

TUGBrian

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very happy you found us in time to rescind! 30k worth of savings is a pretty good way to start 2021!
 

jhallmark

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Dsmith2206, did you pay $26,973 in total or $2,970 down and $26,973 financed for a total of $29,943? For $29,943, it works out to $0.1996 per point and at $26,973 it is $0.1798 per point.

In another post, the buyer said they had paid $0.13 per point, so I'm trying to better understand if pricing varies per point based on where it is sold or based on some other factor.

Thank you!
 

Bmatrose

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Dsmith2206, did you pay $26,973 in total or $2,970 down and $26,973 financed for a total of $29,943? For $29,943, it works out to $0.1996 per point and at $26,973 it is $0.1798 per point.

In another post, the buyer said they had paid $0.13 per point, so I'm trying to better understand if pricing varies per point based on where it is sold or based on some other factor.

Thank you!
it depends on how much they can sucker you into paying for it
 

jimkin

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Dsmith2206, did you pay $26,973 in total or $2,970 down and $26,973 financed for a total of $29,943? For $29,943, it works out to $0.1996 per point and at $26,973 it is $0.1798 per point.

In another post, the buyer said they had paid $0.13 per point, so I'm trying to better understand if pricing varies per point based on where it is sold or based on some other factor.

Thank you!
I paid $0.0167 per point about 10 years ago and I think prices are cheaper now. Buy resale.
 
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