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I signed Wednesday for a 2 bedroom villa at the Westin St John and want to cancel the contract.

C

ChrisinHouston

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Resorts Owned
Marriott vacation points
Seems like a common theme. Talked into the sales conference, I had a lot to drink, multiple sales people pushing this as a must have. I own my mistake, which totals $60,000 plus residual maintenance fee of $4,100 and growing. Any tips on getting out of this? I have informed them and canceled the down payment which was done through credit card. Obviously I don't even have the docs yet as its in processing. Thanks in advance.
 
This should help you:

tugbbs.com

How to rescind (cancel) my timeshare purchase?

How to Cancel a Timeshare Purchase - Free timeshare advice article
tugbbs.com tugbbs.com

You need to check your contract for the information on how to cancel. It usually requires a letter signed by everyone who signed the contract and needs to be sent within a certain amount of time.
 
ChrisinHouston said:
Seems like a common theme. Talked into the sales conference, I had a lot to drink, multiple sales people pushing this as a must have. I own my mistake, which totals $60,000 plus residual maintenance fee of $4,100 and growing. Any tips on getting out of this? I have informed them and canceled the down payment which was done through credit card. Obviously I don't even have the docs yet as its in processing. Thanks in advance.
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Wow you just saved a ton of money. If you like the Westin St John, unless you need a super prime week I would rescind and just rent from another owner and pay nothing upfront. If you do want a super prime week then you should look for something on the resale market and buy that. Buying direct is $15-$20k higher for same usage.
 
Just curious, how did they sell the value of $60,000 upfront. Even at 6% cost of capital, that would be $3,600. With the maintenance fee $4,100, that means that this would have been $7,700 a year.
 
CericRushmore said:
Just curious, how did they sell the value of $60,000 upfront. Even at 6% cost of capital, that would be $3,600. With the maintenance fee $4,100, that means that this would have been $7,700 a year.
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A timeshare sales person never mentions the capital/opportunity cost.
 
CericRushmore said:
Just curious, how did they sell the value of $60,000 upfront. Even at 6% cost of capital, that would be $3,600. With the maintenance fee $4,100, that means that this would have been $7,700 a year.
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They just kept saying that the price would go up over time and I was locking in a great rate. The interest rate was 11.5%. I’m so glad I canceled. I also can’t believe they tried to sell me on visiting properties in Mexico for like $150 night but you have to attend another presentation. If I hear a sales person tell me to keep an open mind ever again…
 
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outstanding! so very glad you found TUG in time to dodge a 60k bullet! that is worth YEARS of essentially free vacations for you with that saved money!
 
The lesson of this story is always go into a sales presentation at your peak and not with alcohol onboard. Even though alcohol might relax you a little, that is exactly what the salesperson needs to confuse/ impress you.
 
Anyone know what the timeshare rescission deadline is for st John?
 
Welcome to Tug and congrats on saving a ton of money.
 
TheTimeTraveler said:
Do they even have one at that location? After all it is only a US Territory.

Best to ask for clarification at a sales presentation -- get it in writing!
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Best to read the contract as the recession information should be clearly detailed there.
 
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