Just purchased a Vidanta “Travel Club” membership and wanna know how bad my deal is?

[Davidryonkers]

So yesterday I got the long presentation like everyone else in this forum seems to have gotten. They sold me 1bd room Imperial Jungle Aqua 2ba 1wk, 2 paramount weeks, 2 vida weeks, 1 bonus week, free membership to sfx, free membership to club freedom for a year then reup every year for $495, and 20 years of $3000 cruise ship certificates for $28,000. The last part with the cruise certificates actually got me. Figured it was $60000 value so how could I go wrong. I got a feeling I already know what everyone is going to say. Just need to know sound advice right now on this because I’m still in rescinding period of time. Thank you

 

[CPNY]

So yesterday I got the long presentation like everyone else in this forum seems to have gotten. They sold me 1bd room Imperial Jungle Aqua 2ba 1wk, 2 paramount weeks, 2 vida weeks, 1 bonus week, free membership to sfx, free membership to club freedom for a year then reup every year for $495, and 20 years of $3000 cruise ship certificates for $28,000. The last part with the cruise certificates actually got me. Figured it was $60000 value so how could I go wrong. I got a feeling I already know what everyone is going to say. Just need to know sound advice right now on this because I’m still in rescinding period of time. Thank you

Rescind and rescind immediately

 

[Davidryonkers]

Rescind and rescind immediately

Ok that’s what I figured. But do you have any knowledge on these cruise certificates and if there’s any plus sides for them if I did decide to keep the “membership”?

 

[CPNY]

Ok that’s what I figured. But do you have any knowledge on these cruise certificates and if there’s any plus sides for them if I did decide to keep the “membership”?

Do you mind if I ask how you paid for this membership? Did you finance with them and at what interest rate? If you took out a 10 year loan at their rate of 9.99% and you pay it off monthly you will have paid $56,000 when it’s all said and done. Most people forget about that part and they just make their monthly payments.

I’m not familiar with that promise but I can say this. Most sales people up sell things that aren’t actually that valuable. I wouldn’t spend that money on an ancillary benefit.

 

[CPNY]

@Eric B may be able to help here

 

[Davidryonkers]

I put down $10000 on my credit card which I already had a 13 month 0 percent interest on. Then I’m supposed to get my own mortgage with whoever I find. Figured I could somewhere in the 3-4% because my credit is excellent

 

[NiteMaire]

@Eric B may be able to help here

Also @pittle and @T-Dot-Traveller

I suggest this thread as well; all 3 commented on a similar purchase ($23K) for the same type of unit: https://tugbbs.com/forums/threads/vidanta-imperial-jungle-aqua.332293/

 

[CPNY]

I put down $10000 on my credit card which I already had a 13 month 0 percent interest on. Then I’m supposed to get my own mortgage with whoever I find. Figured I could somewhere in the 3-4% because my credit is excellent

Send in the rescission now, get your refund asap. Shop around, I bet the deal will be there next time

 

[Davidryonkers]

Ok I’ll rescind. Like they always say if you feel like it’s too good to be true it must now be true

 

[Davidryonkers]

Planning on going over to the manager and telling them I’m rescinding and demanding my money back then sending a certified letter the next day to follow up no matter the outcome. Is this a good way to go about it?

 

[Janann]

Figured I could somewhere in the 3-4% because my credit is excellent

More like 5% for 36 months. But it doesn't matter, because you definitely should rescind.

 

[CPNY]

Planning on going over to the manager and telling them I’m rescinding and demanding my money back then sending a certified letter the next day to follow up no matter the outcome. Is this a good way to go about it?

Nope…. Follow the instructions on your contract. Go no where near the sales manager. I’m not sure of the protocol in Mexico and how it works but I would open a case with my credit card company the minute I send in the rescission paperwork

 

[Davidryonkers]

My contract states nothing about rescinding

 

[davidvel]

My contract states nothing about rescinding

Then how do you know you are "still in rescinding period of time"?

 

[Davidryonkers]

Then how do you know you are "still in rescinding period of time"?

From my knowledge of what I read throughout the forums with everyone that went thorough similar Mexican Law specifically states that you have a rescinding period of 5 days. Maybe I’m wrong but if worse comes to worse I’ll get a lawyer and call my credit card companies to cancel the transaction and take a hit on my credit. I already have my life in order so there’s no real loss for me

 

[CPNY]

My contract states nothing about rescinding

Does it state anything about making changes to your contract? Rescinding is making a change.

 

[easyrider]

My contract states nothing about rescinding

If you are within 5 days of signing the contract you can rescind. A simple communication with all signers that is received in the rescission period is all that is required by Profeco. There are examples in the above forum stickies. Emails have a timestamp so these are good. In addition to the email a letter that is received by receipt is fine. The receipt can be their signature you dropped off the letter. Contacting your credit card company within the 5 day recission period is good as it shows a time stamp.

The only thing about Vidanta is if you really like their product it is almost imposible to get much of it resale. They do a good job of quashing resales, imo.

Bill

 

[Davidryonkers]

No it does not specifically state that from what I saw. But from what I read on Mexican law is that it is illegal for them not to have a rescinding period on all transactions

 

[goaliedave]

Don't go near the sales manager! Rescind immediately as posted above.

 

[easyrider]

No it does not specifically state that from what I saw. But from what I read on Mexican law is that it is illegal for them not to have a rescinding period on all transactions

Vidanta told me last February that they no longer sell timeshares. I asked what them what they are selling. They described it as a real estate trust but it works out the same as a rtu timeshare week, imo. You do have a right of a 5 day recission and up to 14 days to claim a cancel of payment with visa credit. Visa can't cancel the contract but they can refund the payments made up to 14 days from signing. If you email the cancelation to the resort cc Profeco. Include everyone's name that signed the contract. Drop off or send the letter.

Bill

 

[pittle]

Check the contract that is for the 1st 10 years. The Section called Recitals. This has been in every contract from them that we have had since 1999. This is in the one for our Grand Luxxe.

5 days from signing. Sunday does not count.

As others have said Rescind at the Customer Service office - not Sales. It is in the Grand Bliss Building in NV and on the first floor of a building in RM - may the building with the models.

$28,000 is way too much to pay.. IF the cruise deals come through it will be with a non-Vidanta vendor - probably SFX. But do not count on getting those.

Timeshares are not real estate, you cannot get a mortgage on them. You do not own anything except for the right to use a unit if you pay the MF. That $60,000 is not something you will ever see again. They really are not resellable. The fine print for transferring to someone else makes them nearly impossible to sell. On our contract, Vidanta gets 10x the current MF to transfer. So another way for Vidanta to get more money.

 

[Janann]

$60,000 is way too much to pay..

He paid $28,000. The figure of $60,000 was mentioned as the possible value of the cruise certificates ($3,000 X 20 years).

 

[geist1223]

I do not know of any Credit Union or Bank that will give you a loan on a Timeshare especially a RTU Mexican Timeshare. You would have to take a personal loan or REFI or 2nd on your house.

 

[Janann]

I do not know of any Credit Union or Bank that will give you a loan on a Timeshare especially a RTU Mexican Timeshare.

Lightstream will finance timeshares and "destination clubs." I don't know if RTU is considered a destination club.

LightStream | Loans for Practically Anything

LightStream online lending offers loans for auto, home improvement and practically anything else, at low rates for those with good credit.

www.lightstream.com

 

[pittle]

He paid $28,000. The figure of $60,000 was mentioned as the possible value of the cruise certificates ($3,000 X 20 years).

Fixed it. Still $28,000 was too much for a 1 bedroom unit. The MF will most likely be close to $1750 per week. The $28,000 will be gone. The cruises will not pan out, they will only be available at certain times on specific lines.

We have been with Vidanta since it was Vidafel back in 1999. We have "owned" as many as 6 units at one time and now "own" two 2-bedroom Grand Luxxe units. We have been "given" so many extras that were totally worthless over the years.