OK well we just got home from our tour and uh, yeah, we got suckered into doing it TODAY. I never researched timeshares because we had NO intentions to buy -- I was only in it for the gifts. But lo and behold, they got us. Then I came home, started thinking about the costs, went online and found you all. I know the thing to do is rescind and we plan to fax our rescission tomorrow with a follow-up by mail. I wonder if we lose our 10% deposit even during the cooling-off period?
This is with Welk resorts. Anybody know how they do it? The contract is ambiguous in that there is a liquidated damages clause that we lose our deposit ($1295) if we don't complete the transaction -- this clause is not limited by time. There is a separate cooling-off period clause where if we rescind within seven days we will have no "obligation or penalty." By definition, an acceptable liquidated damages clause is not a penalty, and this clause properly states that, so I wonder if they would try to keep the deposit and say "It's not a penalty, it's liquidated damages" even during the cooling-off period. I hate to lose a deposit for almost the same amount of money that I could get a whole resale timeshare for! Did that make sense?
By the way, thanks for all the helpful info on here. We are not giving up our timeshare dream, just hope to get it way more cheaply!
This is with Welk resorts. Anybody know how they do it? The contract is ambiguous in that there is a liquidated damages clause that we lose our deposit ($1295) if we don't complete the transaction -- this clause is not limited by time. There is a separate cooling-off period clause where if we rescind within seven days we will have no "obligation or penalty." By definition, an acceptable liquidated damages clause is not a penalty, and this clause properly states that, so I wonder if they would try to keep the deposit and say "It's not a penalty, it's liquidated damages" even during the cooling-off period. I hate to lose a deposit for almost the same amount of money that I could get a whole resale timeshare for! Did that make sense?
By the way, thanks for all the helpful info on here. We are not giving up our timeshare dream, just hope to get it way more cheaply!