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

[ChrisinHouston]

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.

 

[Luanne]

This should help you:

How to rescind (cancel) my timeshare purchase?

How to Cancel a Timeshare Purchase - Free timeshare advice article

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.

 

[MOXJO7282]

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.

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.

 

[ChrisinHouston]

Thanks. Lesson learned. I canceled via email and they responded that they agree to cancel.

 

[Luanne]

Thanks. Lesson learned. I canceled via email and they responded that they agree to cancel.

Personally I wouldn't trust email. I would send the letter as well.

 

[jwalk03]

Thanks. Lesson learned. I canceled via email and they responded that they agree to cancel.

Does your contract specify that email is an acceptable way to rescind? If it does not specifically say that is allowed you should follow what it says. (Typically a certified letter)

 

[ChrisinHouston]

Personally I wouldn't trust email. I would send the letter as well.

I have an email and text messages. They both say that both sides agree to cancel. I’ll send a letter tomorrow.

 

[CericRushmore]

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.

 

[dioxide45]

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.

A timeshare sales person never mentions the capital/opportunity cost.

 

[ChrisinHouston]

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.

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…

 

[TUGBrian]

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!

 

[rickandcindy23]

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.

 

[ChrisinHouston]

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!

Agree. I plan on renting through this forum now.

 

[ChrisinHouston]

Anyone know what the timeshare rescission deadline is for st John?

 

[m61376]

Welcome to Tug and congrats on saving a ton of money.

 

[TheTimeTraveler]

Anyone know what the timeshare rescission deadline is for st John?

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!










.

 

[jwalk03]

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!

Best to read the contract as the recession information should be clearly detailed there.

 

[ChrisinHouston]

Its under Florida law as it turns out. 10 days.

 

[dioxide45]

Its under Florida law as it turns out. 10 days.

What phase was it?