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How to rescind?

BobDobalina

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Okay, so knowing little if anything about timeshares I decided to sign up when given what seemed to be a tasty offer at a recent time share presentation. But, it was always with the expectation that once I got away from the pressure salesman I would do some research and possibly rescind.

Well, I promptly found this site and discovered I should indeed do that :)

So, I have 7 business days (state of NY) to do this, and the posts I've seen here indicate to use the form provided to rescind. But, digging through the gigantic suitcase of docs they gave us, I don't see that form! Is it necessary that we use a specific form, or can I just say "Please cancel and refund all deposits, etc. etc." and fax it to 'em?

And, if that's the case, who do I fax it to? :)

Thanks, great site, and I'm glad I found it (w/in 7 business days!).

Bob
 

Dave M

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You are on the right track. No special form is required. Make sure you refer to the date you signed the contract and be sure that if someone else (e.g., a spouse) signed the contract with you, both signatures should be on the letter.

You refer to NY law, so I assume you were in NY when you signed the contract. Please confirm that. If not, the laws of another state likely apply.

The NY timeshare regulations provide that, "the purchase[r] may cancel his or her contract by mailing written notice of cancellation, postmarked within seven (7) business days of the date on which the contract was executed, to the sponsor or selling agent at the address indicated on the cover of the offering plan...."

Thus, to ensure that you comply, you should send the letter via the mail - not via FedEx or another non-post office carrier. Send it certified and get a return receipt as proof of delivery.
 

capjak

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Mail and e-Mail

I would send certified mail and send notice via e-Mail. This will show intent to cancel in case something funny happens with the snail mail.
 

Bill4728

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I would send certified mail and send notice via e-Mail. This will show intent to cancel in case something funny happens with the snail mail.
Most TS contracts say send us the letter via certified mail therefore if you send the letter via FedEx, the TS company may not accept it. But sending both ways will be OK.

So send your letter to rescind via the way the contracts says (and any other way you want).
 

BobDobalina

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I would send certified mail and send notice via e-Mail. This will show intent to cancel in case something funny happens with the snail mail.
Snail mail it is. Will get it sent certified tomorrow ... then start shopping on eBay and Remax and the like ;)

Thanks all.
 

Dave M

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Again, Bob, can you confirm that you were in NY when you signed the contract? If not, our advice might differ somewhat. As an example, some states allow as few as 3 days to cancel. Generally, the state where you signed the contract is what controls your cancellation rights, not your state of residence.
 

BobDobalina

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Again, Bob, can you confirm that you were in NY when you signed the contract? If not, our advice might differ somewhat. As an example, some states allow as few as 3 days to cancel. Generally, the state where you signed the contract is what controls your cancellation rights, not your state of residence.
Sorry, yes indeed I was in NY when signing. The property is in Vegas, however, but I don't believe that applies.
 

Aptman

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Timeshare rescinding

Hey Bob

Welcome to TUG.

So, now that you've found us, and are going to rescind, how about telling us what they sold you, how much, and what little goodies they threw in to further entice you. We're all about info, here (and it looks like it's helped you).

I was a lurker here for a long time, then figured that I at least owed it to everyone else to pay the (nominal) fee and join up. I later bought HGVC in Vegas resale for a really good deal (1 bd platinum, 4800 points for $5,700), thanks almost exclusively to the great info I found on this site.

Happy rescinding, then shopping, then timesharing!
 

BobDobalina

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Certainly.

The offer was ~$22k for a 2br gold week in Vegas, 5,000 pts. They then threw a 7,000 point bonus on top. I'm guessing we could have gotten a greater bonus if we'd tried, but that won't be an issue now.

Their initial offer, which we had no problem declining, was ~$48k for a studio platinum in NYC at their new 57th location, which equated to only 5,500 pts, but guaranteed us automatic enrollment as a VIP for a higher point conversion into HHonors points.
 

AwayWeGo

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[triennial - points]
Streamlined Procedure Would Be A Big Improvement.

I mean something like sending the timeshare a cellphone text message that simply says . . .

Rescinda-Sinda-Sinda

. . . within the officially mandated cooling-off period, of course.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
 

Talent312

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I'd have thought that our dear moderators would move this thread to the "Buying, Selling, Renting" category, where the poster will find additional information.

As for the form... Google is your friend. Specifically identify your contract by its date, the parties, and account #, if any, 'cuz otherwise they'll claim not to know which sale you're talking about.
 
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