Massanutten Resort recent purchase? keep or cancel? please help!

[FirstTimeBuyer]

im VERY NEW to timeshare concept and just bought into a deal i was offered at Massanutten Resort. Im now finding out, through reading this site, that it can be very difficult to resell so debating whether i should cancel.
What i paid for Est $4200(exclude closing cost and RCi fees) for a Shenandoah Villas at Killy Court...ABC Floating units(2 bd/fits 8 - 10 ppl)....17% interest(very high unfortunately).
$4200 seemed cheap compared to the first two offers...
now im wondering if this may be TOO HIGH!
please help as i know most of you here are very well experienced in this area and im a total newbie!

 

[Egret1986]

Waaaaaaaaay toooooooooooooooo High! Rescind!

im VERY NEW to timeshare concept and just bought into a deal i was offered at Massanutten Resort. Im now finding out, through reading this site, that it can be very difficult to resell so debating whether i should cancel.
What i paid for Est $4200(exclude closing cost and RCi fees) for a Shenandoah Villas at Killy Court...ABC Floating units(2 bd/fits 8 - 10 ppl)....17% interest(very high unfortunately).
$4200 seemed cheap compared to the first two offers...
now im wondering if this may be TOO HIGH!
please help as i know most of you here are very well experienced in this area and im a total newbie!

Rescind is the #1 thing, then come back read and learn before jumping again. You don't list which week , but I'm guessing it's probably off-season. There are prime weeks listed in the TUG Marketplace for $500 or less at Massanutten.

Another recommendation, don't finance a timeshare.

 

[tschwa2]

I second the rescind. You can buy during the highest season in a nicer section for 1/8-1/3 of what you paid including the closing costs.

 

[ChrisandBeth]

maybe your deal is OK, maybe not. Two things for sure. You need to do more research to be able to be 100% comfortable and no matter what they tell you, if you decide you DO want their deal they'll gladly take your $4200 later. They may even try and tell you "its aginst the law". . So rescind (cancel) now, do your due dilligence and then decide if this is for you.

 

[carl2591]

Massanutten Resort,, timeshare resort

While mass is a nice place to come to , own, you can find better deals on units. The Shenandoah Villas at Killy Court are some of the older unit that may have been updated, upgraded, and over the years they have gotten units through foreclosure, bankrupt etc.

Do the rescind as set forth in the paper work and make sure everything is sent certified mail back to them.

Then come back here to TUG and learn before you get burned again.

have fun and welcome to the club..

 

[elaine]

1st if you have to finance at 17%, and it is a nonessential item, I would not buy it.
2nd, as others have said, rescind.
3rd and MOST important--rescind EXECATLY as it says in the instructions. Do NOT take any short cuts. If you miss it, by even a day--you are out of luck.
Lastly, do not bother to call the resort--they will have a better deal, try to talk you out of it, etc.
For your reference, I have attached VA timeshare law. Send CERTIFIED MAIL from the post office, not fed ex. Spend the extra $ to get a confirmation.

§ 55-376. Purchaser's rights of cancellation.

A. A purchaser shall have the right to cancel the contract until midnight of the seventh calendar day following the execution of such contract. If the seventh calendar day falls on a Sunday or legal holiday, then the right to cancel the contract shall expire on the day immediately following that Sunday or legal holiday. Cancellation is to be without penalty, and all payments made by the purchaser before cancellation must be refunded within forty-five days after receipt of the notice of cancellation.

B. If the purchaser elects to cancel a contract pursuant to subsection A, he shall only do so either (i) by hand-delivering the notice to the developer at its principal office or at the project or (ii) by mailing the notice by certified United States mail, return receipt requested, to the developer or its agent designated in the contract. Any such notice sent by certified mail shall be effective on the date postmarked.

C. If, because of the occurrence of a material change, the public offering statement is amended between the time of contracting to purchase a time-share and the time of settlement, the developer shall provide the amended public offering statement to the purchaser and the right of cancellation shall renew from the date of delivery of such amended public offering statement. This subsection shall not apply if the public offering statement is amended by the developer because of a change which is not material or to disclose any change which is an aspect or result of the orderly development of the time-share project in accordance with the project instrument.

D. The right to cancel the contract as provided by this section shall not be waivable by the time-share purchaser and any provision in the contract or time-share documents indicating a waiver shall be void.

E. A statement of the purchaser's right of cancellation as set forth in subsections A and B shall appear in the contract above the purchaser's signature line. Such statement shall appear in type no smaller than any other provisions of the contract, and the caption "PURCHASER'S NONWAIVABLE RIGHT TO CANCEL" shall appear immediately preceding it in conspicuous, bold-face type.

(1981, c. 462; 1983, c. 147; 1984, c. 572; 1985, c. 517; 1991, c. 704; 1994, c. 580; 1998, c. 460.)