I want to rescind my Capital Vacations deal we made this Friday.

[ingeborgdot]

I posted some info on someone else's thread, but didn't want to hijack it so I am starting my own.
We have owned Timeshares since 1992. We have owned with many different places. We have sold them to companies willing to buy them for us to come to their timeshare company etc, etc, etc.
Well, 6 years ago we went to the presentation at Stormy Point and liked the option they had about if you didn't use the timeshare you could pay your maintenance fees, and then get them all back, all but around $100 or so. So, we bought an every 3 year stay deal to get lower MF since we have not been traveling so much anymore. Now, with CV taking over, they have since disbanded that program and they say you can't do that anymore. Ok, no problem. I'll use it.
The other day we went to a presentation by CV to see what had changed and found out they are going to the points program. We went into our little meeting with our host and he preceded to tell me how things have changed and what was happening to our week and to our MF. He had a list showing what our MF was now, and how it was going to change. Not that it might change, but he said it was going to change. He said if we owned a week, the MF were going up 20% every year from now on. Not that they might, but that they were for sure going to do that to people who owned weeks instead of points. He had the list all ready and it showed ad 20% increase next year etc. with 20 years from now being around $9650. So, add up all the years and it totaled around $65,000 for those 20 years.
Our MF our only $252 annually right now. I can't believe that in 20 years they would go up that much, but he said that is what they were doing.
I don't know enough about how this whole scheme operates, but I was not looking forward to this and my wife was almost in hysterics.
He gave us 3 options.
1. Keep what we have and pay that $65,000 for 20 years for a once every 3 year vacation
2. Pretty much do it today, and only pay $25,000 plus $1800 annual maintenance fee but do get 300,000 points which after checking can get you 6 to 8 weeks during certain times of the year at certain places.
3. Or wait and do it, but then pay $50,000 plus $1800 annual MF for the same 300,000 points.
Well, the way our mindset was at this point, I was scared, my wife was upset, so we decided the best deal would be 2.

Someone on the other thread mentioned to rescind the deal.
Will I get my money back I paid down?
Has anyone on here ever done it before or know of someone that has?
How do I get my deeded one back so I can give it away like someone on here suggested to do?
All I know now is that I want to get as far away from a TS as I can if this is the way they are going to be. I almost consider this extortion. I know he didn't put a gun to my head, but he didn't give me any good options.
I told him I would just give it back to him, and he said I could not do anything like that.
All I want is some help. Even though I've owned for a long period, I'm still not as knowledgeable as many of you on here are.
I do like to travel, and with the new points, I would have more time, but I would also be paying over a 10 year period $18,000 for MF if they don't go up any, and $25,000 for the buy in. I could take some nice trips for that much money.
I'll look into the rescind part and see how that works. If I do rescind, and get my deed back, what happens if I am not able to give my deed away? I don't want it anymore. I don't want to pay anything anymore.
Help please.
Thanks so much for listening.

 

[ingeborgdot]

I just found the info in our contract that says we have 5 days from the signing to cancel this contract. Can I call and do this?

And if I have to send a letter, does anyone know what I need to write???

 

[letsgobobby]

the rescind instructions should be in the contract. have you found them?

 

[rapmarks]

Write the letter simply stating the contract number, you wish to rescind, get both signatures, bring it to post office and get it postmarked and send it in.
I think you better not attend any more of those presentations.
if you want real information, read up on Tug. And if you really want more timeshares, there are all kinds of free ones offered on this site.

 

[ingeborgdot]

the rescind instructions should be in the contract. have you found them?

Yes. It says I have 5 days from the date of purchase. It goes to South Carolina, but goes by the postmarked date and not when they receive it for the 5 days.

 

[ingeborgdot]

Write the letter simply stating the contract number, you wish to rescind, get both signatures, bring it to post office and get it postmarked and send it in.
I think you better not attend any more of those presentations.
if you want real information, read up on Tug. And if you really want more timeshares, there are all kinds of free ones offered on this site.

So, when I get the rescind letter sent, what happens to the deeded week I had before?
I will just give it back to them if they will take it.
But, are they really going to raise the MF 20% every year for those deeds to Stormy Point? I don't want it anymore if that is the case.

 

[4TimeAway]

You're a trusting soul.

A timeshare salesperson told me. His only to sell you in under 90 minutes that you have need that he can solve. Pretty sure you get what I'm saying here.

Let's think about the original situation:
1. You were happy.
2. It was cheap or at least affordable.
3. You never wanted to change, you just wanted to live the simple life.

Salesperson enters the picture and makes up some story, that he's the sole keeper of and can't point to any legal disclosure on. But... get this.... He is here to save you money. Sure, he makes 15% commission off you, but really, he's just helping.

Pretty sure there's oversight on MFs are assessed and the increases tends to be across all owners and not selective to only one type. Did he state his offer and its MFs wouldn't go up for 20 years, or did he just not mention that they would? Probably the latter, there people manipulate, obfuscate and twist in the wind facts, numbers and reality. Amazingly it always shows their ideas and giving them money is the best. What are the odds?


Others can offer better advice on the Rescind Process, but please send certificated mail, delivery confirmation, etc. and do exactly as the form says. Personally, I'd send the 3 copies so the mail cannot lose them and one to myself and keep it sealed.

 

[ingeborgdot]

You're a trusting soul.

A timeshare salesperson told me. His only to sell you in under 90 minutes that you have need that he can solve. Pretty sure you get what I'm saying here.

Let's think about the original situation:
1. You were happy.
2. It was cheap or at least affordable.
3. You never wanted to change, you just wanted to live the simple life.

Salesperson enters the picture and makes up some story, that he's the sole keeper of and can't point to any legal disclosure on. But... get this.... He is here to save you money. Sure, he makes 15% commission off you, but really, he's just helping.

Pretty sure there's oversight on MFs are assessed and the increases tends to be across all owners and not selective to only one type. Did he state his offer and its MFs wouldn't go up for 20 years, or did he just not mention that they would? Probably the latter, there people manipulate, obfuscate and twist in the wind facts, numbers and reality. Amazingly it always shows their ideas and giving them money is the best. What are the odds?


Others can offer better advice on the Rescind Process, but please send certificated mail, delivery confirmation, etc. and do exactly as the form says. Personally, I'd send the 3 copies so the mail cannot lose them and one to myself and keep it sealed.

Trusting is one thing, but put stupid in the mix. I really should have taken more time and learned about TS. I really want to be done with them now. I know they say I can give my deeded one away, but I would rather just give it back to them and be done with it forever.

 

[4TimeAway]

I understand.

Nobody likes to feel foolish, but it seems like you'll be able to undo this and get back to where you started. It will take a bit of work, but you will learn something that might come in handy later. I think of all the lessons people have learned with money that is not as correctable as yours (Bernie Madoff, so many scam stocks, etc.).

For me, TS is a forced vacation and an easier way to share experiences with family. It seems some of the properties are at about a 50% discount to retail and with that savings you can get a larger space. People can have their own rooms, you can have a kitchen to cook meals, etc. We aren't taking money with us when we die. As long as TS is a small expense and not making you suffer financially, it seems like it can be a great option. Some of the people on this BBS are truly amazing and have so many ideas and ways to travel more, travel better, and spend less.

I'd say timeshares are a love/hate relationship and can be very polarizing. It's mostly the sales process and people not understanding the manipulation being performed on them. It seems once through the sales process and enjoying the vacation time it might be worth the struggle.

Maybe learning more about TS that is worth this challenging lesson.

Good luck.

Hopefully someone else can talk about the Rescind.

 

[tschwa2]

You can't give it back to Capital if they don't want to take it. You can contact owner services to see if they are accepting deedbacks and if so how much are they charging to do that. I have a feeling that they are not and in that case you would need to find someone willing to buy it or accept it as a gift. Your rescission puts everything back as it was before you signed the current contract that you are rescinding.

 

[letsgobobby]

first rescind. do exactly what the instructions say.

Trusting is one thing, but put stupid in the mix. I really should have taken more time and learned about TS. I really want to be done with them now. I know they say I can give my deeded one away, but I would rather just give it back to them and be done with it forever.

First, rescind according to the directions in the contract and follow them exactly. Deal with that issue first, you have a very short window of time to get out of a $25,000 mistake.

You have lots of time later to deal with how to dispose of the TS you have. I promise there are cheaper ways than the $25,000 way.

 

[TheTimeTraveler]

So, when I get the rescind letter sent, what happens to the deeded week I had before?
I will just give it back to them if they will take it.
But, are they really going to raise the MF 20% every year for those deeds to Stormy Point? I don't want it anymore if that is the case.

Write a letter: "After careful consideration I have decided to exercise my legal right to rescind my purchase of contract # 123 made on September 15, 2023". Go to the Post Office first thing on Monday, September 18th and get it mailed exactly as below. Be sure to have any buyer who signed the purchase contract to also sign the rescission letter.

Send it via USPS CERTIFIED MAIL and retain a copy of the Postmarked Receipt for your records. It may not be received for weeks but that does not matter as it is the physical Postmarked date of mailing that actually counts.

They have NO obligation to provide acknowledgment of your rescission BUT they do have to act on it as required by law. Everything will go back to where things were before you decided to purchase this (your Deed returned and money returned). Allow up to 45 days (actually usually sooner).

One other thing; Do not accept any phone calls trying to talk you out of it. All they want to do is to buy time and get past the legal rescission date. Pay NO attention to those phone calls by those hungry salespeople.




Smart move to rescind. Become a member of TUG and go out and celebrate your good decision.






.

 

[TUGBrian]

grats on finding TUG in time to rescind and save a fortune!

 

[ingeborgdot]

grats on finding TUG in time to rescind and save a fortune!

So, you think it is a wise decision to rescind? Why? Not questioning, just curious. I can tell you are an expert on all of this.
How do I save a fortune if I keep my deeded timeshare?
Everyone has been great on here. I have enjoyed our TS over the years. I like the larger rooms, the getaways with II etc. I just didn't want to spend anymore money on it as we are getting older.
I wouldn't mind keeping the deeded one if I had to, but I don't want to pay $10,000 in 20 years if I'm still alive. If, that is true of what he says about the MF going up.

 

[ingeborgdot]

Write a letter: "After careful consideration I have decided to exercise my legal right to rescind my purchase of contract # 123 made on September 15, 2023". Go to the Post Office first thing on Monday, September 18th and get it mailed exactly as below. Be sure to have any buyer who signed the purchase contract to also sign the rescission letter.

Send it via USPS CERTIFIED MAIL and retain a copy of the Postmarked Receipt for your records. It may not be received for weeks but that does not matter as it is the physical Postmarked date of mailing that actually counts.

They have NO obligation to provide acknowledgment of your rescission BUT they do have to act on it as required by law. Everything will go back to where things were before you decided to purchase this (your Deed returned and money returned). Allow up to 45 days (actually usually sooner).

One other thing; Do not accept any phone calls trying to talk you out of it. All they want to do is to buy time and get past the legal rescission date. Pay NO attention to those phone calls by those hungry salespeople.




Smart move to rescind. Become a member of TUG and go out and celebrate your good decision.






.

Thanks so much.

 

[rickandcindy23]

I have never seen an increase of maintenance fees like that. That was a total lie to get you to buy, and you almost fell for it, but thank goodness you did not fall for the lies they told you. I have never in my life gone to a presentation like that one because I would have called that salesperson out so loudly, you could hear me all of the sales' floor.

You are saving a fortune. Your fees are not going to increase like that.

Now I put Capital Vacations on my list of timeshare brands to despise, and we own one that was recently taken over by that company (Foxrun in NC). I will let you know what happens to our fees at Foxrun for 2024. But I would bet it will be a pittance of an increase.

 

[rickandcindy23]

The perfect line for this salesperson would be, "So you are saying that Capital Vacations is a terrible management company because they cannot keep costs under control?"

 

[Passepartout]

Watching this Capitol Vacations takeover with interest. They have taken over as the mgmt company for the two TSs we own. One, previously was managed by VRI and the other by Trading Places.

They try to increase MF by 20% & I'll happily default.

Jim

 

[ingeborgdot]

I can't believe how great everyone on here is. Why didn't I come on here sooner and learn more. It was probably the shock of what he was showing us that made me go brain dead. It wasn't until after I had a chance to calm down and think a little bit that I decided to question what he was saying. Then I found this forum that I had joined many years ago, but hadn't done any posting or reading. Hands down one of best and more informative of all forms I belong to for sure. And also some of the best people. I'm going to keep reading and posting as long as I have my deeded TS, since I won't be having a points one thanks to everyone's advice.

 

[Bwolf]

Watching this Capitol Vacations takeover with interest. They have taken over as the mgmt company for the two TSs we own. One, previously was managed by VRI and the other by Trading Places.

They try to increase MF by 20% & I'll happily default.

Jim

The management contract for our timeshare specifies VRI as the management company but acknowledges that Capital owns VRI. Our Directors are watching with interest.

Also, our condo docs specify a MF increase, year over year, may not be more than a certain percentage, which is less than the 20% mentioned. Our Directors set the budget, not the management company, so I'm sure they will set a reasonable increase, to account for exploding insurance costs that all timeshares face, but an increase significantly less than the maximum allowed.

The Directors of any reasonably well managed timeshare previously solely administered by VRI who may feel Capital is intruding too much into the business affairs of the timeshare should consider all options and act accordingly.

Those who own at timeshares whose Board of Directors agreed to join the "Capital Advantage" plan should be exceedingly concerned and act in their own Best Interest because, IMHO, their Directors have been negligent over the past few years and are using the "Capital Advantage" plan as an escape to avoid accountability at the hands of owners who may, otherwise, have come to realize the Board was not acting in the best fiduciary interest of the resort.

 

[tschwa2]

So, you think it is a wise decision to rescind? Why? Not questioning, just curious. I can tell you are an expert on all of this.
How do I save a fortune if I keep my deeded timeshare?
Everyone has been great on here. I have enjoyed our TS over the years. I like the larger rooms, the getaways with II etc. I just didn't want to spend anymore money on it as we are getting older.
I wouldn't mind keeping the deeded one if I had to, but I don't want to pay $10,000 in 20 years if I'm still alive. If, that is true of what he says about the MF going up.

If your timeshare is going to go up that much than Capitals trust which is just the average of all the timeshares in the trust will also go up that much. Often changing to a trust that is the average of all the weeks in the trust results in higher fees than keeping a deeded prime time timeshare.

So you currently pay under $300 per year but it sounded like a good idea to pay $25,000 plus $1800 in in MF's. If the $300 would go up to $9000 per year in 20 years that $1800 would likely be $30,000+ per year in that same scenario.

 

[ingeborgdot]

If your timeshare is going to go up that much than Capitals trust which is just the average of all the timeshares in the trust will also go up that much. Often changing to a trust that is the average of all the weeks in the trust results in higher fees than keeping a deeded prime time timeshare.

So you currently pay under $300 per year but it sounded like a good idea to pay $25,000 plus $1800 in in MF's. If the $300 would go up to $9000 per year in 20 years that $1800 would likely be $30,000+ per year in that same scenario.

I agree totally. We were blindsided when we went in and he came out with all this info. After I had time to process all the crap he was giving us, I realized he may be full of it. That is why I came on here to see. I knew something was wrong with that picture, but I just was too slow to process it. Stupid mistake for sure. Thanks for rubbing it in.

 

[Maple_Leaf]

Stupid mistake for sure. Thanks for rubbing it in.

Don't kick yourself, kick Capital Resorts. They're con artists. Fear is the most effective persuasion and they use it to bend you to their will.

 

[ingeborgdot]

Don't kick yourself, kick Capital Resorts. They're con artists. Fear is the most effective persuasion and they use it to bend you to their will.

I feel real bad for my wife. She was a wreck through all of this. I am pretty pissed that I would fall for it, but I am more pissed at him. To think they can sleep at night when they tell these lies. I guess it shows you what kind of a person he was.

 

[4TimeAway]

I feel real bad for my wife. She was a wreck through all of this. I am pretty pissed that I would fall for it, but I am more pissed at him. To think they can sleep at night when they tell these lies. I guess it shows you what kind of a person he was.

Reward and celebrate that you will never go to a presentation again. EVER!

Hopefully as time passes, you'll both look back on this as time you stood up, got your money back and prevented a mistake. No doubt this will apply to other areas of your life as well.

So, few of life's mistakes have rescind wording. Can you image if we could undo mistakes with just a stamped letter?


PS- There appears to be many TUGBBS Members ready with training, knowledge and data to go and fill those presentation seats. On the other hand, there are many that have all that but decided it's not worth their time.