How to get out from Vistana Timeshare Contract after rescission period, but before the Loan starts ?

[bnass]

Hello Everyone,


Since we are back Home(We are not living in the US), we have been trying to reach out the Vistana Teams with no luck.
We have signed the a contract one month ago (so we are after rescission period). And we just found out, many hidden details and will not have the capacity to finance it.

We have contacted customer services by phone and sent many emails to several adresses, without getting any response.

I am reaching you today as we really need your help to cancel the Vacation Ownership Interest Contract. Until now, they took 20% of the timeshare amount.

We have found many details, not presented by the Sales Rep:
1. Upon our initial investment into the VOI we felt this was an opportunity we could afford. Now that we have taken the time to properly analyze our financial situation, we will have no financial capacity to pay it .
2. While there are many unique opportunities found at this location, there are many other expenses associated with owning a VOI that we did not account for.

We haven't used yet any of the services and the Loan has not yet started; Loan starts in about one month and half.

We would like to know how we can cancel this contract? (With the less damages if possibe. There will be damages anyway and we accept it, as we trusted someone that sold us something that does not exist)

 

[byeloe]

Smarter people than I will likely offer advice. You didn't say where you live or how the loan payments will be paid. It seems that your only option is to not pay the loan and deal with collections and possible credit score hit. Depending on where you live your credit may not be an issue.

 

[bnass]

Thank you @byeloe for your feedback.
I live in France. But i would like a solution, without problems in the future.
The problem is that the Loan has not yet started. So, i am looking for a way to reach the company and prevent it from starting.

 

[VacationForever]

Once it is past the rescission period, there is no real legal way to get out of it other than not paying on the loan. There are a ton of scamming exit companies who will take your money with the promise of getting you out of it. Don't pay any money because they cannot do anything for you either.

 

[emeryjre]

bnass, If you expect the seller to help you in this process, it will not happen. They are not going to return your calls, answer your emails, cancel your contract or anything else you would like them to do. You signed an agreement and they will not help you in any way to get out of the agreement.
The first thing you have to do is accept this for a fact.
The next thing you will need to do, is see if you have any legal protection and rights of recission by being a citizen of France. I have no idea what your legal options might be as a French Citizen signing an agreement in the US, perhaps someone else has some ideas.
But give up on the notion that the seller will be of any assistance unless compelled to by some legal requirement.

 

[DavidnRobin]

^^^^ This ^^^^

If defaulting doesn’t affect your Credit Rating, then default. Walk away - and take it as a lesson learned (proper research prior to buying a luxury item.


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[byeloe]

Thank you @byeloe for your feedback.
I live in France. But i would like a solution, without problems in the future.
The problem is that the Loan has not yet started. So, i am looking for a way to reach the company and prevent it from starting.

Did you finance the purchase on a credit card?

 

[dioxide45]

Unfortunately, you signed a contract. Which is binding. You don't have any ways to get out of this without repercussions. At worst if you walk away, don't make first payment they will foreclose and you will lose your down payment. Doubtful it would impact your foreign credit rating, but only you can really determine that.

 

[bnass]

Thank you for your feedbacks.
@byeloe, The two first purchases 20% of the amont has been done on my credit card.

I am having family and i really don't want any credit rating issues, even that in short term i am not impacted.

emeryjre,
As French citizen, contract should be in our original language. (to make sure there are no misunderstandings)
In addition, in the european law, the seller can only purchase a credit card after the recission period has elapsed and contract accept - which wasn't the case. But i believe in US, soil the state rules applies first. Not sure.

 

[byeloe]

The two first purchases 20% of the amont has been done on my credit card

How will the remaining 80% be paid?

 

[bnass]

@byeloe,

There are many options:
- By check or wire transfer, to pay off the 80% left amount
- Or we have found some Loan documents, that seems it will be launched automatically, if we do not pay off the 80% left amount.

Thank you for your help

 

[Passepartout]

bnass, One assumes you are an adult and freely signed the contract. You had several days to carefully look over the contract and if there was a problem, you could have rescinded it during that time. The fact that now you want to terminate it really doesn't matter. The seller will not- cannot- provide you any help in 'getting out' of a legally drawn contract.

You are free to not pay the ongoing cost of this and eventually, it will be foreclosed upon. This MAY have consequences. You will certainly lose whatever money you paid at the beginning- and any money you pay going forward. Of course, in the world of timeshares, you would be out this money anyway. I have no way of knowing what financial agreements exist between U.S. lenders and EU residents. A default (not paying) MAY result in a report to your credit report- all these things seem to happen on a random fashion. Maybe nothing will happen. I doubt the lender will spend much time and resources calling and sending late notices etc. to France.

If it were me, and I truly didn't want this purchase, I would not pay and take whatever consequences might (or might not) happen. It might take closing your credit card or bank account if that's how the loan was set up to pay.

Having a bad credit score or mark will not affect your travel to the US.

Good Luck.

 

[bnass]

@Passepartout,

Thanks for this information.
Is this bad credit score can affect employment, especially with the US firms ? There are some companies, that do a background check.

 

[Passepartout]

Is this bad credit score can affect employment, especially with the US firms ? There are some companies, that do a background check.

That's possible, but if you get a bad credit report (in the US credit agencies) you have the right to file a letter of explanation/mitigation on your file. If it's made clear that credit ding is to a timeshare financing default, many firms would not view this too seriously. Businesses that might do a credit check on potential hirings would primarily be concerned if a judgement were ruled that would cause them to pay the judgement. If you default, you're a LONG way from being sued. Maybe YEARS. It may not happen at all, and the lender may just write it off as uncollectable. They got their 20% and can sell the interval to someone else.

 

[VacationForever]

@Passepartout,

Thanks for this information.
Is this bad credit score can affect employment, especially with the US firms ? There are some companies, that do a background check.

Do you already have a social security number here? If so, it will affect your credit history in the US. Only financial type employment or housing rental are they legally allowed to run a credit history check. Credit history check is separate from regular background check for employment.

 

[daviator]

If you don't have a social security number in the USA, I think it is unlikely that your credit report in the USA would be impacted. Everything is tracked by the SSN, and if you don't have one, there is no place to report the foreclosure.

I also think it's HIGHLY unlikely that your credit in France will be affected. Basically I think you will lose the money you've paid, and you may get a few nasty threatening letters in the mail, but I don't think there's much they can do to you.

 

[bnass]

@daviator,

Really thank you for your feedback. I confirm that i don't have an USA SSN.

I am really feeling being scamed. In all the senses.
They have already taken 20% deposit.
That i am ready to conceed as i am responsible for trusting them, and not being aware of all the impacts. I shouldn't be signing the contract. What is frustrating is that they will be getting the Loan anyway. And this was their goal.
I am just feeling being used to get the money. Instead, i would have prefered to stop the Loan, that just doesn't makes sense as their points no one will be using them.

This type of companies takes advantage of the system which in my opinion does not sufficiently protect the consumer.
They should not be selling something that has no cost in the market or no one wants to pay for.
They should not pretend, they take back the contract If anything goes wrong...and mislead people.

 

[Passepartout]

@daviator,

Really thank you for your feedback. I confirm that i don't have an USA SSN.

I am really feeling being scamed. In all the senses.
They have already taken 20% deposit.
That i am ready to conceed as i am responsible for trusting them, and not being aware of all the impacts. I shouldn't be signing the contract. What is frustrating is that they will be getting the Loan anyway. And this was their goal.
I am just feeling being used to get the money. Instead, i would have prefered to stop the Loan, that just doesn't makes sense as their points no one will be using them.

This type of companies takes advantage of the system which in my opinion does not sufficiently protect the consumer.
They should not be selling something that has no cost in the market or no one wants to pay for.
They should not pretend, they take back the contract If anything goes wrong...and mislead people.

I don't know what you want. With all due respect, you had something like 10 days to study the contract and rescind it and get ALL your money back, just like no purchase had happened. After that time passed, the sale is considered done, and in reality, you owe the agreed-upon price. Without a Social Security account to assign a credit report, you may well escape with nothing lost but the down payment. In the overall scheme of things, you got off lucky. Every week here, we hear from nice people who bought, just like you did and did not rescind, who will face large payments and legal penalties that will follow them for years- sometime a decade or longer.

We wish you well. Let us know how this works out, so we can more accurately tell others.

 

[bnass]

@Passepartout,

All what we want is getting out from this contract with the less damages. We have been scammed.
For the recission period, we was not aware of it. The sales Resp told us that they can take back the contract at any time.

 

[DavidnRobin]

@Passepartout,

All what we want is getting out from this contract with the less damages. We have been scammed.
For the recission period, we was not aware of it. The sales Resp told us that they can take back the contract at any time.

You have received expert opinions - you should take it. You will not be able to get out of the contract - your choice is to default or make the best of it.


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[zjhasan1976]

Why don't you speak with a lawyer in France to see what the short and long term repercussions of defaulting are from an EU/French perspective? People here can only advise you from a North American perspective. We run on credit ratings and credit history so defaulting can turn into a big deal here if we are planning purchasing property or getting a loan. The timeshare sales industry is based on lies, misrepresentations, lack of ethics and half-truths. That's why that most ppl don't even go for Owner updates and we have pages of speculations.

 

[bnass]

@zjhasan1976,

Effectively, i have found in France an association of timeshare victims that are used to this cases.
They have shared with me some advices and they will be in charge of contacting Vistana.
They will try to find an amicable settlement. Otherwise, they will initiate legal proceedings to get out from this contract.


Thanks a lot for your help

 

[EnglishmanAbroad]

@zjhasan1976,

Effectively, i have found in France an association of timeshare victims that are used to this cases.
They have shared with me some advices and they will be in charge of contacting Vistana.
They will try to find an amicable settlement. Otherwise, they will initiate legal proceedings to get out from this contract.


Thanks a lot for your help

As mentioned earlier on this thread. Just beware if they are charging you anything upfront for these services. There are dozens of companies in the US who promise to do similar things but rarely/never deliver on their promises once they have your money.

 

[dioxide45]

@zjhasan1976,

Effectively, i have found in France an association of timeshare victims that are used to this cases.
They have shared with me some advices and they will be in charge of contacting Vistana.
They will try to find an amicable settlement. Otherwise, they will initiate legal proceedings to get out from this contract.


Thanks a lot for your help

Legal proceedings may cost you more than simply defaulting and there is no guarantee you will be out as a result of such proceedings. Any legal proceedings will need to be adjudicated in the United States by US attorneys. The timeshare contract will stipulate that only what is in the contract is binding and any verbal promises or representations are not enforceable. Proceed carefully before throwing more money at the problem.

 

[bnass]

@dioxide45 and @EnglishmanAbroad,

Thank you for your comments.
There is no cost planned. As i mentioned it's an association and they are already having funds to defend such cases.
The only cost that can come is to be a member. This costs 70 euros per year. And there are no obligations to pay it now, no obligations to renew the membership of any hidden clauses...