If you give the required notice per the language in your contract within the stated time, everything you paid as part of the purchase will be refunded. Sometimes it happens quickly, sometimes not.
Both will be refunded to the same instrument (card, bank account, etc.) that you used to make the deposit. Don't overthink this. Just a simple, plain English letter to the corporate office (not the resort) that you wish to cancel the purchase should do it. Send it USPS Certified, and all people who signed the contract should sign the rescission letter.
You should have 72 hours to formally rescind your agreement. The Marriott contract I have reviewed recently, clearly stated the 72 hours. Check it out and then call to see what steps you need to go through - they will tell you exactly how to formally rescind the offer.
The time allowed is governed by state law. This number would be about the shortest allowed anywhere. It can be 3 days in Nevada or as much as 14 days elsewhere. The days start counting on the day after the contract is signed, and is determined by the postmark on the letter- NOT when it is received at the corporate office.
No they don't want the stuff back. Just for us all: Is there a document in there that says what proportion, or number of units at what resorts are part of the MVC points land trust. I've seen these disclosed as part of the sales pack, and it changes over time so it would be of interest to people here if you have a current list.
No. that is your only copy of the contract.
No need to call the credit card company. There is no need to dispute any charges. This will likely result in a dispute being opened and a chargeback. Those chargebacks cost the merchant money. We may not think that is a bad thing for the timeshare company, but someone has to pay it and it is usually customers overall.
Look for disclosure docs, etc that are prepared for specific state requirements such as FL or HI or CA or AL or MA.
Letting the credit card company know isn't the same thing as disputing a charge. Pending charges can't be disputed. Calling provides a notice that you called and will be on the record.
Congrats on finding TUG in time to rescind. How much was your contract for? We can add it to the total that TUG has saved owners over the years! Congrats again
And disputing the charge would not help. Marriott has a sign form saying you approved the charge, so there is nothing to dispute. Rescind is only option.
I would agree, but I often see advice here to call and dispute the charge. That isn't the purpose of the dispute process. IMO, the credit card dispute process is highly abused by customers. I read something where only 20% of disputed charges are actually due to a merchant error or issue. The other 80% are some type of dispute fraud. Nothing happens to the customers when they file invalid disputes. They may just get denied or they get their money back and the merchant is out money and product. I have only filed one dispute due to having airline tickets with a bankrupt airline (SkyBus). I've had invalid charges to our rooms at resorts that got charged to our cards and some other incorrect charges over many years. Every time I worked with the merchant to get things fixed and refunds to the card. I'm not saying there aren't times to call the credit card company, but that shouldn't be the first step of the process to get resolution.