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Just bought a Sheraton Flex plan, still debating on rescind... (2017)

Daisy63

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I know people will say this is a bad deal, get out now. Please help me here. I don't like to stay in a vacation resort like the one we stayed this time (Sheraton Vistana Village) and this flex plan does provide the flexibility to convert points to starpoints. I bought a biennial plan with 51,700 points for $10,340. In theory, it can convert to 25850 starpoints (and each star point is worth about $0.03). It still seems like a good deal to me that I (or my kids) can get infinite starpoints for $10,340 plus maintenance fees with an option to get unlimited getaway deals... But on the other hand, I feel something is not right. I didn't see many discussions on how this Flex plan works. I personally love SPG hotels (Sheraton brands) and that's why I bought this flex plan. One thing I was concerned is the maintenance fees but they told me it's 1.8% increase in the past 15 years and this flex plan uses the combinations of 6 properties so in theory maintenance fees should be reasonable. However the growth rate of maintenance fees is not mentioned in the contract so I know they probably lied to me. Should I really rescind?
 

WBP

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I know people will say this is a bad deal, get out now. Please help me here. I don't like to stay in a vacation resort like the one we stayed this time (Sheraton Vistana Village) and this flex plan does provide the flexibility to convert points to starpoints. I bought a biennial plan with 51,700 points for $10,340. In theory, it can convert to 25850 starpoints (and each star point is worth about $0.03). It still seems like a good deal to me that I (or my kids) can get infinite starpoints for $10,340 plus maintenance fees with an option to get unlimited getaway deals... But on the other hand, I feel something is not right. I didn't see many discussions on how this Flex plan works. I personally love SPG hotels (Sheraton brands) and that's why I bought this flex plan. One thing I was concerned is the maintenance fees but they told me it's 1.8% increase in the past 15 years and this flex plan uses the combinations of 6 properties so in theory maintenance fees should be reasonable. However the growth rate of maintenance fees is not mentioned in the contract so I know they probably lied to me. Should I really rescind?
Of course something is not right, your intuition is flawless.

Rescind as quickly as you can. Follow the rescission instructions to the letter; they are clearly stated in your contract, or Public Offering Statement. Use USPS Certified Mail, do not communicate with Vistana by telephone or email, and whatever you do, don't open the door for any further discussion with those characters, they've already taken advantage of you once.
 

Daisy63

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If you want Starpoints, go and apply for an American SPG card. It will take care of your Starpoint needs! :)
I actually have SPG cards and maybe 150,000 points.. I was being greedy.... I think I'll mail in my rescind letter tomorrow. However, I still can't find a specific session on Cancellation or Rescission policy on all the documents I got. Only one short paragraph saying it has to be a written notice....
 

okwiater

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Starpoints are only worth 2-3 cents and can regularly be purchased for under 3 cents. Why pay $10k for the privilege?
 

Daisy63

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Starpoints are only worth 2-3 cents and can regularly be purchased for under 3 cents. Why pay $10k for the privilege?
Because you can only purchase 30000 points each year.... so it seems like a privilege to be able to get it forever.... (but I should trust my instinct!)
 

VacationForever

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I bought 40K this year through SPG.com at 35% discount (first batch was 30K and then recently another offer to allow us to buy another 10K). We got it for both my husband and myself... and transferred everything to my account. Much cheaper way to obtain SPG points than buying a timeshare from developer to convert to SPG points.
 

VacationForever

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Flex has not been around for that long (only the past 12-24 months)... the increase of 1.8% over 15 years is an outright lie. When you want to sell the Flex points, there is 0 value as the Staroption and Starpoint components do not transfer on resale. You need to rescind now.
 

Daisy63

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I think I'm going to do it (rescind) but at the same time a little nervous about making any mistake here.... I can't seem to find a specific session on contract regarding rescission/cancellation and was worried I might miss something.
 

VacationForever

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I think I'm going to do it (rescind) but at the same time a little nervous about making any mistake here.... I can't seem to find a specific session on contract regarding rescission/cancellation and was worried I might miss something.
Were you given paper documentation or on a CD or Kindle? It is definitely in there somewhere.
 

Daisy63

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Were you given paper documentation or on a CD or Kindle? It is definitely in there somewhere.
I have some paper documents and a kindle. Speaking of that, I'm wondering if I should return the Kindle tomorrow before I leave but I don't want to talk to them again.
i found a paragraph above my signature stating
You may cancel the purchase agreement without any penalty or obligation within 10 calendar days after the date you sign the purchase agreement or the date on which you receive the last of all documents required to be give to you pursuant to Section 721.07(6), Florida Statutes, whichever is later. If you decide to cancel the purchase agreement, you must notify the seller in writing of your intent to cancel. Your notice of cancellation shall be effective on the date sent and shall be sent to Sheraton Flex Vacation......

is this it? Do I just follow the instruction discussed in this forum?
 

VacationForever

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Yes, you need to follow the instruction exactly as stated in your contract. Make sure you send it with tracking. If I were you, I would drop the Kindle off with the Timeshare sales office front desk with a note. They won't give you any hassle.
 

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Daisy63

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thank you very much for your advice. I've drafted the letter and will mail it when I get back.
 

vacationtime1

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thank you very much for your advice. I've drafted the letter and will mail it when I get back.
The time to rescind is short. I don't know the Florida rule, but don't take any chances on missing it. You have $10,340 at stake; mail the letter now and relax the rest of your vacation. Too many things can get you off track if you wait until you are home to mail it.
 

VacationForever

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Don't drop the Kindle off - just mail it back, insured. If you go back to sales, you will face an awkward scene where they try to talk you out of it.

Yes, follow these instructions and use the address in your documents: https://tugbbs.com/forums/index.php?threads/faq-rescinding-canceling-a-timeshare-purchase.74493/
I have dropped off an entire binder - when they still used paper, at the front desk and it was pretty much hassle free. Vistana is not a Westgate or something like that.
 

rickandcindy23

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Akskyw

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We were convinced to give up our EOY Nanea for Cabo at 162,000 staroptions. Now we want to rescind , does that mean we lose our Nanea too? Or revert back to what we had. We just don’t want to spend another $24000 ish right now.
 

VacationForever

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We were convinced to give up our EOY Nanea for Cabo at 162,000 staroptions. Now we want to rescind , does that mean we lose our Nanea too? Or revert back to what we had. We just don’t want to spend another $24000 ish right now.
As long as you rescind within the stipulated period, your ownership at Nanea will be left intact.
 
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I have some paper documents and a kindle. Speaking of that, I'm wondering if I should return the Kindle tomorrow before I leave but I don't want to talk to them again.
i found a paragraph above my signature stating
You may cancel the purchase agreement without any penalty or obligation within 10 calendar days after the date you sign the purchase agreement or the date on which you receive the last of all documents required to be give to you pursuant to Section 721.07(6), Florida Statutes, whichever is later. If you decide to cancel the purchase agreement, you must notify the seller in writing of your intent to cancel. Your notice of cancellation shall be effective on the date sent and shall be sent to Sheraton Flex Vacation......

is this it? Do I just follow the instruction discussed in this forum?
Daisy63, I have the same issue as you did, but I'm back to my country in Brazil, but I'm still inside the 10 days period to cancel, I have a question about your cancellation letter, what kind of information did you wrote there, I'm afraid about miss some information and don't get my cancellation and loose the opportunity, was a simple letter? Did you put the purchase agreement number? thank you for your help or anyone else who can help me.
 

dioxide45

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Daisy63, I have the same issue as you did, but I'm back to my country in Brazil, but I'm still inside the 10 days period to cancel, I have a question about your cancellation letter, what kind of information did you wrote there, I'm afraid about miss some information and don't get my cancellation and loose the opportunity, was a simple letter? Did you put the purchase agreement number? thank you for your help or anyone else who can help me.
That person hasn't been back to TUG in almost a year. So I don't think they will respond. Your letter only needs to be simple and to the point. DO include any reference numbers so they know exactly what contract it applies to. Also be sure that everyone that signed the contract signs the recission letter.
 
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Dioxide45 thank you so much for being so fast in helping me, Must be a hand write letter? Can I send a copy of my purchase agreement to help them find and cancel my contract easily? Do you have any model that I could copy?
My main concern about the sheraton Flex was the price that they charged me versus the price that I found online, after getting home.
 
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That person hasn't been back to TUG in almost a year. So I don't think they will respond. Your letter only needs to be simple and to the point. DO include any reference numbers so they know exactly what contract it applies to. Also be sure that everyone that signed the contract signs the recission letter.
Dioxide45 thank you so much for being so fast in helping me, Must be a hand write letter? Can I send a copy of my purchase agreement to help them find and cancel my contract easily? Do you have any model that I could copy?
My main concern about the sheraton Flex, was the price that they charged me versus the price that I found online, after getting home.
 
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