Is my agent trying to trick me out of rescinding? Is my rescind info correct?

[Grammarhero]

Why do they provide a Fax number and 'aptly named' email id? Is that a trick to misdirect the buyer from following the correct legal procedure?

FAX: 702-227-3298

RECISSIONS.WVR@WYN.COM

CA require TS resorts to accept rescission by fax and possibly by emails.

California Code, BPC 11238.

In other states, Wyndham not obligated to accept faxed or emailed rescissions.

 

[HitchHiker71]

15% is usury! TS is a depreciating asset like an automobile. Mush worse in that it instantly depreciates 100% to ~$0 resale value in the blink of an eye at the end of the rescission period!
Borrowing against a depreciating asset at any interest rate greater than the rate of inflation is a terrible idea! ~0% is the only acceptable rate, imo!

There should have been a page containing Loan information and additional disclosures showing how much this loan will cost over 10 years. You would have paid ~15,000 in interest!

View attachment 16023

I would say the same thing just in a different way. An asset is something that appreciates in value over time and/or generates income. By my definition a TS is not an asset. It is a luxury purchase and a liability. Luxury purchases should never be financed. Either you pay in cash up front or pay it off using zero percent loans on a credit card within 6-12 months of purchase.


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[HitchHiker71]

Why do they provide a Fax number and 'aptly named' email id? Is that a trick to misdirect the buyer from following the correct legal procedure?

FAX: 702-227-3298

RECISSIONS.WVR@WYN.COM

At the end of the day, follow the rescission guidance embedded in the signed contract to the letter. The signed legal documents reign king. The day the legal documents contain verbiage that explicitly allow for email or fax based rescission is the day I will start supporting it.

Even if a state like California says otherwise due to state law - you may still end up having to employ an attorney to enforce it or dispute it worst case, which is never cheap. Hope for the best, plan for the worst right? The best way to avoid all manner of potential issues is to follow the rescission paragraph provided in the signed contract (legal document).


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[dgalati]

I would say the same thing just in a different way. An asset is something that appreciates in value over time and/or generates income. By my definition a TS is not an asset. It is a luxury purchase and a liability. Luxury purchases should never be financed. Either you pay in cash up front or pay it off using zero percent loans on a credit card within 6-12 months of purchase.


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Time value of money. Rule of 72 is one that I learned at a very young age. It takes 36 years to double your money if it is invested at 2%. At 10% you will double it every 7.2 years. It frightens me to think about negative interest rates ;-(

 

[kaljor]

Thank You! I am going to mail it out tonight via UPS. It doesn't have to be USPS to be certified right? What do you mean by "it doesn't matter as long as you have the receipt showing the date it was mail. it MUST be processed"? I just have to have proof that they received it within the 7 day window right? Who knows how long they take to process it.

If you're still in New York, the Grand Central Post Office is open until 9 tonight, the Farley Post Office on 8th Avenue across from Madison Square Garden is open until 10. Both are open tomorrow too but with shorter hours.

 

[ACT-1]

THANK YOU ALL!! I have written out my rescission letter and will mail it tomorrow morning certified USPS to

10750 West Charleston boulevard
Suite 130
Las Vegas Nevada 89135

P.O. Box 94443
Las Vegas Nevada 89193-8944

Wyndham Consumer Finance (found this address in my contract)
P.O. Box 98944
Las Vegas Nevada 89193-8 944

6277 Sea Harbor Drive
Orlando, FL 32821

I also figured out why i could not find the instructions for rescinding in my contract documents. They made me sign a document saying that i will receive an electronic copy of the NYC offering plan. i remember them saying something about a flash drive. i looked inside the box i got with the documents and it is conveniently missing...

What should i include with my letter? the other thread said the "Cover page of your purchasing agreement" but im having trouble determining which document that is. What exactly does it say on top of the page? I have one that says "retail installment contract security agreement", "pre-authorized auto pay set-up form", "salepoint owner information sheet", and "club wyndham ownership review". There are also 45 other pages that i did not list....Does anyone have an example of what the cover page of the purchasing agreement should look like? How long is this document usually, and what information does it contain?

Thanks again!

 

[Karen G]

Don’t worry about which page to include. Just write a simple statement that you are exercising your right to rescind the purchase contract dated XXX of whatever timeshare you bought. Be sure each person who signed the contract signs the rescission letter.

 

[SNA27]

I would say the same thing just in a different way. An asset is something that appreciates in value over time and/or generates income. By my definition a TS is not an asset. It is a luxury purchase and a liability. Luxury purchases should never be financed. Either you pay in cash up front or pay it off using zero percent loans on a credit card within 6-12 months of purchase.


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Yes, I agree! Even though TS is a real property by legal definition, it behaves worse than a luxury automobile!

And if the auto purchase contract has no rescission period, TS purchase shouldn't either! Take that deception tool away from sales weasels! I would rather have 1 day to consider the purchase than have 10 days to rescind it! Just my preference, since life doesn't allow rescission and I have never been able to rescind anything in my life!

 

[pauljeffrey10]

i purchased a timeshare on 12/30/2019 at the NYC Wyndham 45 location. I did some research the next day and found the barrage of negative reviews that this timeshare company has ad got cold feet. Since it is still within 7 days of my contract signing, i decided to rescind the contract. I contacted my agent and tried to ask her how to cancel since there were no instructions on how to cancel in my contract, only that there was a 7 day period. She said that she did not know how to cancel and that she would have to ask her manager but that the office is closed until Monday. i tried to ask for her manager's contact info but she said she is not allowed to give that out. I told her that i had found some information online and read to her the info in the pinned thread on TUG. She said that it sounded "outdated" and advised me to not send the letter to the Nevada address because "i shouldn't send my personal info out there like that"

Can anyone confirm that this address and phone number is current as of 2020? Has anyone had experience rescinding a contract from NYC?

PO BOX 94445
LAS VEGAS NEVADA 89193

10750 WEST CHARLESTON BOULEVARD
SUITE 130
LAS VEGAS NEVADA 89135

FAX: 702-227-3298

RECISSIONS.WVR@WYN.COM

I have always used the NV address. Agree with all other comments here. USPS certified, signature required. The date you mail it is what matters. Usually takes about 4-6 weeks to process .
By the way, those RCI certificates are worthless. They are based on available inventory - and there never is any. I had multiple certificates and could never use a single one. Just trash.
BEWARE OF THE SALES PEOPLE AT WYNDGAM 45 . I caught them in outright lies. They were also under investigation by the NY attorney general .

 

[schoolmarm]

Now that you have your recission in progress, you can take a look at eBay to see if you can find a low maintenance fee resort points package for a steal. The resorts are really nice and I save a bunch of money over having to get hotels for my travels. It is SALES that gives Wyndham Destinations a black eye. And they are ruthless in NYC. Learn a bunch from the TUG board...decide WHEN and WHAT is right for you. Look at the map...are the resorts in places that you want to go? Check out RCI...are there resorts you would like to go to (for an additional fee)?

I like Wyndham because the points are very flexible and you DON'T have to go for a whole week on a set day of the week. I travel a lot for business and got Wyndham to avoid expensive hotels in the DC area. I DO go to NYC and Nashville on a regular basis and have used the timeshares when I've had conferences in Atlantic City, Orlando, WIlliamsburg, DC, NYC, Nashville, Chicago (lost this resort, so sad), and on a research trip throughout the south. As a timeshare owner you also get a discount one the hotel family. This was handy in the midwest and south where there are no resorts.

It's a good product. Sales, especially at NYC, is really pushy and just a hair away from being totally deceitful.

 

[55plus]

I've read about this issue more than once. One would think a timeshare developer is required to provide the address and information required to rescind, not just the number of days to rescind. Policy and/or law may require all the information be provided; it may be the sales weasel who removes it from the package in hopes to delay rescinding time enough to exceed the timeframe.

 

[raenap]

FYI....this is from the contract we signed on 9/5/20....yes we rescinded. Thank goodness I came across this website. Just reading all the posts I was able to get what I needed.
I just wanted y'all to know they have updated the shipment process to include any overnight delivery service (not just USPS) as long as it proves where and when you sent it. They also only have 20 days to process your request instead of 45 days.

 

[CPNY]

FYI....this is from the contract we signed on 9/5/20....yes we rescinded. Thank goodness I came across this website. Just reading all the posts I was able to get what I needed.
I just wanted y'all to know they have updated the shipment process to include any overnight delivery service (not just USPS) as long as it proves where and when you sent it. They also only have 20 days to process your request instead of 45 days.

View attachment 26507

@Grammarhero

 

[CPNY]

FYI....this is from the contract we signed on 9/5/20....yes we rescinded. Thank goodness I came across this website. Just reading all the posts I was able to get what I needed.
I just wanted y'all to know they have updated the shipment process to include any overnight delivery service (not just USPS) as long as it proves where and when you sent it. They also only have 20 days to process your request instead of 45 days.

View attachment 26507

Did you rescind gaffer finding this site? We like to track how much tug has saved people over the years. Mind sharing how much your contract was for that you rescinded?

 

[Herk]

Did you rescind gaffer finding this site? We like to track how much tug has saved people over the years. Mind sharing how much your contract was for that you rescinded?

post #12 on this thread...

Rescission question

Does Wyndham typically acknowledge that they received your rescission letter? I know they don’t have to by law, but saw that some people posted that they received an email. I also had to put $0 down, so if they don’t have to confirm rescission, I am not sure how I know it went through! I got...

tugbbs.com

mentioned saving $16,125

 

[CPNY]

post #12 on this thread...

Rescission question

Does Wyndham typically acknowledge that they received your rescission letter? I know they don’t have to by law, but saw that some people posted that they received an email. I also had to put $0 down, so if they don’t have to confirm rescission, I am not sure how I know it went through! I got...

tugbbs.com

mentioned saving $16,125

Thank you!!

 

[vv813]

Just curious what info is in flash drive.

 

[raenap]

Just curious what info is in flash drive.

A full list of all their locations and RCI locations. Instead of giving you books of all the locations they put it on a flash drive.....
Not sure if anything else is on there.

 

[LannyPC]

They also only have 20 days to process your request instead of 45 days.

It says that in their contract that they will do so. However, legally they have up to 45 days to do so. Nonetheless, it's great that they will do it within 20 days.