Just purchased a timeshare 24 hours ago

[Salvealday]

I just purchased a timeshare from Sunset Royale in Mexico yesterday, August 27. During the presentation, we were told that for the first 5 years, we would have 4 weeks to use per year, and we would only need to pay the maintenance fee each time we use those weeks. After 5 years, they explained that there would be an additional 4 weeks which the company would rent out on our behalf (if we did not use them), and that we would supposedly receive $3,000 per week—about $12,000 per year.
They also mentioned another option: after 5 years, we could sell our timeshare back to them for a higher amount than what we initially paid. At first, this sounded like a great investment opportunity, especially since we travel 3–4 times a year.
Now I’m starting to worry. Was this a scam? It has only been 24 hours since we signed the contract—what should I do right now?

 

[iftravel]

All you have typed in here if you can find on a printed paper with their signature on it - that’s a steal!

If that’s just what you remembered coming from their lips - a scam!!

Bottom line - read before you sign!!!

 

[Salvealday]

The $3000 is not on the paper. I will cancel tomorrow at least I’m still in the cooling off period, 5 days as per Article 56 of Mexican Federal Consumer law.

 

[RX8]

@Salvealday They were willing to say absolutely anything to get you to sign the contract.

The rescission instructions are in your contract. It is common in the US for the contract instructions to state to mail the rescission. Not sure about your contract in Mexico. If you speak to them (usually not recommended for US rescissions), expect more lies, threats and stall tactics just based on their initial blatant lies. Hold your ground and keep proof of everything in your rescission attempt in case you need to file a credit card dispute.

Congrats on rescinding in time! How much are you saving?

 

[WorldT]

The $3000 is not on the paper. I will cancel tomorrow at least I’m still in the cooling off period, 5 days as per Article 56 of Mexican Federal Consumer law.

Follow the instructions on the cancellation section and get out of the contract before it is too late. If there is more than one option listed, follow all of it. Make sure you keep records of the letter and prove that you sent it as instructed.
Make sure everyone who signed the original contract signed the cancellation.

 

[Grammarhero]

rescind! Use the savings for fund vacations and gifts for the family!

Mind sharing the TS purchase price? As half of us bought developer/retail TS, there is no shame!

 

[pittle]

In Mexico, you have 5 days to rescind. Sunday does not count as one of your days. It is best to go back to the office where you signed all the papers -NOT the salesperson or Sales Manager as they will do everything within their power to save their commission. The office person is salaried. All of my timeshares are in Mexico and the 5 day rescind information is the same at 3 different resorts.

 

[WorldT]

I wouldn't say it is best to go back to the sales office or even guests services unless that is one of the options listed in that cancellation section.
1. It is difficult to get a confirmation of cancellation when dropping it off in person. (That cancellation letter may mysteriously disappear after the 5 days is over).
2. If the OP ends up back in the sales office and even though the individual is salaried, there is a vested interest in keeping the sale.
3. It is easier to convince a person not to follow through with the cancellation if you can meet them in person.

If this is one of the options, I would still do it but I will follow through with the other options.

 

[RX8]

I wouldn't say it is best to go back to the sales office or even guests services unless that is one of the options listed in that cancellation section.
1. It is difficult to get a confirmation of cancellation when dropping it off in person. (That cancellation letter may mysteriously disappear after the 5 days is over).
2. If the OP ends up back in the sales office and even though the individual is salaried, there is a vested interest in keeping the sale.
3. It is easier to convince a person not to follow through with the cancellation if you can meet them in person.

If this is one of the options, I would still do it but I will follow through with the other options.

If it was me, and had to go back the their office to drop off the rescission letter, I would take a picture of me and the rescission letter and another picture with their employee accepting it. When dealing with timeshare folks, it is all about CYA. You’ll never have too much ammunition if they refuse to process the rescission. Your backup is always the credit card dispute and if you have the proof you rescinded in time then that only increases the odds of your credit card company ruling in your favor.

 

[dioxide45]

One issue is, I would never trust the Mexican postal service to actually deliver a letter. There is also the challenge of finding a post office in a tourist destination and dealing with language issues. For Mexico, if you are still at the resort, it is the one time I suggest that going in person to cancel is an option. Read through the contract through. Also, it is best to find Member Services or something similar to cancel with instead of the sales person or sales office where you purchased. Ask the front desk where they may be located. Likely in a basement or out of the way place. If there is an email option in the contract to cancel, use that. I don't know if Certified Mail is really an option in Mexico. If you were back in the USA, I would have suggested USPS Registered Mail as it can be used on international mailing.

 

[moonstone]

As per this OP's posts on the TUG Facebook page, he wrote a letter and hand delivered to the sales office over 2 hours ago. He was given a signed/stamped receipt acknowledging he was rescinding. He also reported they did not downgrade his room but did take back the vouchers for free stuff which were unused.

~Diane

 

[pittle]

I wouldn't say it is best to go back to the sales office or even guests services unless that is one of the options listed in that cancellation section.
1. It is difficult to get a confirmation of cancellation when dropping it off in person. (That cancellation letter may mysteriously disappear after the 5 days is over).
2. If the OP ends up back in the sales office and even though the individual is salaried, there is a vested interest in keeping the sale.
3. It is easier to convince a person not to follow through with the cancellation if you can meet them in person.

If this is one of the options, I would still do it but I will follow through with the other options.

You do not go to the sales office - you go to the the person who processed the final paperwork and CC. for closing the deal. Generally that is the VLO - Verification Loan Officer. They can cancel it and give you paperwork that they did. This person is generally in the Member Services.