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Keep or Cancel?

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Hello. I know NOTHING about timeshares, but travel internationally and domestically within the US often. My fiance and I went to a presentation and....guess what signed up!

It is an every other year timeshare valued at 10500 pts with RCI (double pts and rci fee waived every year), we paid 6200 when everything is said and done and a bi-annual maintence fee of 650. Our biggest interest was the last calls because we travel a lot last minute and pay what 7 nights would he in just one night.

Of course buyers remorse kicked in, but still love the idea of the last calls and the price of those. We are young my thought was in the end our rate of return on trips makes it worth it locally.

Should i rescind ASAP and do further research or was this a good move?
 

Panina

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Hello. I know NOTHING about timeshares, but travel internationally and domestically within the US often. My fiance and I went to a presentation and....guess what signed up!

It is an every other year timeshare valued at 10500 pts with RCI (double pts and rci fee waived every year), we paid 6200 when everything is said and done and a bi-annual maintence fee of 650. Our biggest interest was the last calls because we travel a lot last minute and pay what 7 nights would he in just one night.

Of course buyers remorse kicked in, but still love the idea of the last calls and the price of those. We are young my thought was in the end our rate of return on trips makes it worth it locally.

Should i rescind ASAP and do further research or was this a good move?
Hi, welcome to TUG. Rescind immediately. What you got you can get for free and you wouldn’t want it. You want to get enough points, you did not get that. Further research will get you what you need, and will make you focus on what will really work for you.
 

obiomach

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Rescind.....You can find way better for cheaper. Like $1 or on ebay.
 

Jan M.

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Grandview Las Vegas and Discovery Beach Resort - Both in RCI Points
Look for a an every other year or even an every third year ownership at Grandview Las Vegas here on TUG, eBay or Sumday Vacations website.
 

Karen G

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Hello. I know NOTHING about timeshares . . .
Should i rescind ASAP and do further research or was this a good move?
Definitely rescind while you still can. Do more research.

What other purchase of over $6000 would you make for something you know nothing about???

Also, timeshares are a luxury item that you really need to be in a position to pay cash for. If you can't pay cash,
don't buy it!

Follow the rescission instructions exactly as stated in your purchase agreement and be sure that everyone who signed
the contract signs the letter. It can be just a simple statement that you are exercising your right to rescind your
agreement for (whatever you bought) on (whatever date you signed). Send it by certified mail so that you have
a receipt from the post office showing that you sent it within the specified rescission period. Do it today!!
 

vacationtime1

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Hello. I know NOTHING about timeshares, but travel internationally and domestically within the US often. My fiance and I went to a presentation and....guess what signed up!

It is an every other year timeshare valued at 10500 pts with RCI (double pts and rci fee waived every year), we paid 6200 when everything is said and done and a bi-annual maintence fee of 650. Our biggest interest was the last calls because we travel a lot last minute and pay what 7 nights would he in just one night.

Of course buyers remorse kicked in, but still love the idea of the last calls and the price of those. We are young my thought was in the end our rate of return on trips makes it worth it locally.

Should i rescind ASAP and do further research or was this a good move?
If you know NOTHING about timeshares, you should rescind and research before committing $6,200.
 

PamMo

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You're smart to be asking about this before you've totally lost the $6,200 and are locked into never ending maintenance fees. You can get the same timeshare for free on Redweek, TUG, eBay, etc.

Rescind! Rescind!! Rescind now!!!

And please do come back here and let us know when you've sent in the rescission paperwork - Tuggers love helping newbies figure out how to make timesharing work!
 
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Thank you all! I have my letter typed up and will be sending it certified return receipt. I purchased directly through the developer and they have an office about an hour from me.

Although I'm not familiar with timeshares I travel often enough to know the last call items on RCI we would utilize and a lot of money by doing so and the appeal was having that benefit for life once paid off.

Suggestions for this newbie on the most affordable way for my fiance and I to be able to utlize benefits like last calls from RCI without dropping the 6200... :)

Thanks all for being so kind and reassuring me of my gut instinct.
 
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Karen G

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Keep in mind that RCI Last Call offerings are the leftovers that no one else picked up on a regular exchange. They can be great bargains but may be in the off season or some other reason. Timeshare exchanging generally works best if one can plan a year or so in advance if the goal is to get a great unit in a place and season you really want. Timeshare ownership can also work great if one owns a fixed week at a fixed time and likes going to same place every year.

If your goal is to join RCI for Last Call stuff, you can pick up a timeshare for free or very little in the Bargain Deals forum here on TUG or on eBay. But, be aware there are fees to join RCI and if you exchange your timeshare through RCI there are fees involved with that. Plus you'll be required to pay ever-increasing annual maintenance fees on the timeshare you own. You might also have a hard time getting rid of a timeshare if you find it isn't working for you.

Another thing you can research is to buy a points-based timeshare system such as HGVC, Wyndham, Worldmark, etc. You can use their points for short stays and be a bit more spontaneous that having to plan a year in advance. You might not even need to join RCI if the points based system has locations you want.

You may find that just renting from other owners works best without being saddled with everything that goes with owning a timeshare.
 
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Keep in mind that RCI Last Call offerings are the leftovers that no one else picked up on a regular exchange. They can be great bargains but may be in the off season or some other reason. Timeshare exchanging generally works best if one can plan a year or so in advance if the goal is to get a great unit in a place and season you really want. Timeshare ownership can also work great if one owns a fixed week at a fixed time and likes going to same place every year.

If your goal is to join RCI for Last Call stuff, you can pick up a timeshare for free or very little in the Bargain Deals forum here on TUG or on eBay. But, be aware there are fees to join RCI and if you exchange your timeshare through RCI there are fees involved with that. Plus you'll be required to pay ever-increasing annual maintenance fees on the timeshare you own. You might also have a hard time getting rid of a timeshare if you find it isn't working for you.

Another thing you can research is to buy a points-based timeshare system such as HGVC, Wyndham, Worldmark, etc. You can use their points for short stays and be a bit more spontaneous that having to plan a year in advance. You might not even need to join RCI if the points based system has locations you want.

You may find that just renting from other owners works best without being saddled with everything that goes with owning a timeshare.
Thank you. Karen! We often travel off season and when we were given access to the RCI portal during the presentation I looked up places we are traveling to soon and all had availability.

The timeshare we are rescinding was point based and could be used all all sorts of places around the world for an exchange fee.

I thought the maintenance fees were fairly minimal. Is it true that if you walk away from the presentstion that they are legally not able to give you that deal they offered you there or is that a scare tactic?

I'm very intrigued by timeshares with a travel club like rci and look forward to using this site in our adventures.

How do you know if a secone hand timeshall has a lien or money owed against it?
 

Karen G

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Is it true that if you walk away from the presentstion that they are legally not able to give you that deal they offered you there or is that a scare tactic? Not true! They are in business to sell and they'll happily sell you something anytime you want it.

I'm very intrigued by timeshares with a travel club like rci and look forward to using this site in our adventures. RCI is not a travel club. It is an exchange company.

How do you know if a secone hand timeshall has a lien or money owed against it? You can ask for an estoppel letter from the seller. It is also good to have a good escrow agent or closing company to handle all the details of the closing.
 

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Rescind!!! I know you said you typed up the letter now send it. You can get RCI points for nothing. There are also other ways to access RCI without even owning a timeshare to do so. Remember with RCI comes membership fees,exchange fees etc. Not worth buying from the developer. Do your research. There are lots of folks here that will help you get anything you want in the getaway area for a very small fee. Think if you are paying 6200.00 for the points contract plus maintenance fees and RCI membership fees.
If you paid someone to book those vacation getaway weeks for you and only charged you 100.00 to do that you could 62 vacations booked for what the price of the contract is costing you.
IMO RCI points are the worst points program as you still must pay an exchange fee to use your points.
 

TUGBrian

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congrats on saving $6200 dollars by finding TUG in time!
 
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congrats on saving $6200 dollars by finding TUG in time!
Thankful to have stumbled across the website! Lets just hope the honor my request and don't give me a hard time.

I am looking forward to learning more from this site to find the right fit for us!
 
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Rescind!!! I know you said you typed up the letter now send it. You can get RCI points for nothing. There are also other ways to access RCI without even owning a timeshare to do so. Remember with RCI comes membership fees,exchange fees etc. Not worth buying from the developer. Do your research. There are lots of folks here that will help you get anything you want in the getaway area for a very small fee. Think if you are paying 6200.00 for the points contract plus maintenance fees and RCI membership fees.
If you paid someone to book those vacation getaway weeks for you and only charged you 100.00 to do that you could 62 vacations booked for what the price of the contract is costing you.
IMO RCI points are the worst points program as you still must pay an exchange fee to use your points.
What other ways can you become a member without owning a timeshare?
 

vacationtime1

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What other ways can you become a member without owning a timeshare?
You can't. Which is where Jan was focusing you in post #4 above -- the cheapest way to get in. But it involves ongoing maintenance fees and ongoing RCI membership fees. Plus the actual exchange costs. It is a strategy, but not a strategy for everyone.
 

PamMo

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Thank you all! I have my letter typed up and will be sending it certified return receipt...
Excellent!!! :clap::clap::clap:

We weren't telling you that buying a timeshare is always a bad decision. A lot of us own several timeshares and get great use out of them.

Sadly, we hear from a lot of people who swallowed the timeshare sales pitch - hook, line, and sinker. They discover too late that they can't book what they want, didn't buy enough points to get the vacations they were told they could get, didn't understand there are a lot of additional fees (membership, exchange, housekeeping, resort fees...), etc. Their first posts on TUG are, "How do I get out of this enormous timeshare financial yoke around my neck?!!!"

Now you have the great advantage of taking your time and learning how to get exactly what will fit your vacation needs and wants!
 

RX8

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Also, RCI is not a travel club. It is an exchange company. To be a member of RCI you must own a timeshare. What you were sold was a timeshare that is enrolled in RCI. That underlying timeshare is a low demand week that doesn’t get many RCI points. If you purchased it and wanted to get rid of it at some point you would probably have a hard time even giving the timeshare away.
 
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Also, RCI is not a travel club. It is an exchange company. To be a member of RCI you must own a timeshare. What you were sold was a timeshare that is enrolled in RCI. That underlying timeshare is a low demand week that doesn’t get many RCI points. If you purchased it and wanted to get rid of it at some point you would probably have a hard time even giving the timeshare away.
They did say it was a very low point value but that we could always upgrade not downgrade since the other ones they quoted us were out of my comfort level cost wise being so new to it.

I have more to learn about RCI, obviously - haha. My interest was for example I put New Hampshire in the last calls and the search returned tons of last calls in places we stay at often and pay $250-$300 without a kitchen per night and for whatever the last call fee of $2XX.00 would have been for 7 nights (for weeks we actually already had some of those places booked) thats where I expected to see my savings, personally. Thats what pulled me in so quickly.

We do a lot of random weekend getaways usually last minute and almost always off season.

I appreciate everyonea feedback and lets just hope they honor my request to rescind i am well within the 10 day window.
 

dayooper

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Thankful to have stumbled across the website! Lets just hope the honor my request and don't give me a hard time.

I am looking forward to learning more from this site to find the right fit for us!
They legally have to, it’s the law! They may try to get you to change your mind or sweeten the deal, don’t fall for it. They may even say you will be in trouble with the law or other scare tactics, don’t fall for it. In fact, just don’t interact with them.
 
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Should I expect to recieve some notice of cancellation of the contract? I asked them to respond back in writing but not sure if there is something I should expect from them aside from my deposit back.

There is just two of them in the office.
 

RX8

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Should I expect to recieve some notice of cancellation of the contract? I asked them to respond back in writing but not sure if there is something I should expect from them aside from my deposit back.

There is just two of them in the office.
They are under no legal obligation to notify you. In fact, I would wager that they will not let you know. You will just eventually get a credit on your CC (if that is how you paid). That said, what the sales department may try to do is call you to try and convince you to not rescind. You do not have to take their call.

Congrats for researching before it is too late. So many do not and end up stuck with something that they didn’t need, didn’t want or doesn’t work for them.

Take your time. I was a member of TUG for 1.5 years before I ever purchased a timeshare. If you have flexibility check out the last minute forums and rent timeshares for cheaper than maintenance fees.
 

TheTimeTraveler

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Take the majority advice here and rescind immediately.

If, after doing research you find you still want to buy then by all means go back and do so, but rescind now and do your due diligence.

Save your money!



.
 

chapjim

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Thank you all! I have my letter typed up and will be sending it certified return receipt. I purchased directly through the developer and they have an office about an hour from me.
Send your rescission letter to the address specified in your documents. That may be different from the office about an hour away. In fact, if the office an hour away gets your rescission letter and is NOT the proper place to send it, you will not have met the requirement of rescission. Don't expect them to forward it to the proper address.

Go look at the documents you received. Send the letter where the documents say.
 
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