My parents signed a contract on Monday 11/25/24. is it too late to cancel?

[Jethro37]

I don’t see any information on what they were given about cancellation but I understand from past threads they have 3 days.

Are they supposed to be given written disclosures that they have 3 days to cancel?

The contract has them buying enough more points (254k?) to get to permanent gold status.

 

[Tia]

What state? Hopefully someone stops in to read that knows. I think they are required to give written instructions, some make it hard to find the info have read. Maybe major holidays don't count?

Adding -- did you see this sticky? https://tugbbs.com/forums/threads/s...-my-recent-wyndham-timeshare-purchase.292041/

 

[TUGBrian]

have them follow the directions regardless....costs nothing but a stamp to try! find a 24 hour post office and use the automated machine to mail it off today! its only the postmark that matters!

rescission periods are based on the state they signed in, but it would also spell out the time period in the signed sales contract!

 

[dioxide45]

There are only a few states that have a short three day timeshare rescission period and those aren't states we would most often associate with timeshare. Five to ten days is much more common.

 

[Passepartout]

I don’t see any information on what they were given about cancellation but I understand from past threads they have 3 days.

Are they supposed to be given written disclosures that they have 3 days to cancel?

The contract has them buying enough more points (254k?) to get to permanent gold status.

Rescissions vary (some) by state. At a minimum it would be 3 days- and in your stated case, day 1 would be Tuesday, and the post office is closed today (Thursday, Thanksgiving day) so day 3 is Friday- tomorrow. So worst case scenario would be to get a rescission letter postmarked tomorrow. They're still in plenty of time, but shouldn't put it off until next week.

Some states allow as much as 2 weeks, (Google <state> timeshare rescission laws), or just get a simple letter in the mail Friday. Rescission sets affairs back to what they were before the contract was signed, so they'll be refunded whatever they paid and their status will be unchanged from what it was when they went into the presentation.

Jim

 

[Floridaman76]

It will say on the contract they signed. There is a section for recision witih all the info relevant to them. The state laws where they bought it would be enforcable.

 

[Jethro37]

They are saying there’s a way for Wyndham to monetize his extra points to help pay. What rate will Wyndham pay for extra points you hand over?

They have also said he can walk away at any time and only be out the money already paid for the points.

Its Bonnet Creek points.

 

[Jethro37]

It’s Tennessee if that helps at all

 

[dioxide45]

For most buyers, Tennessee is 10 days.

 

[Jethro37]

It will say on the contract they signed. There is a section for recision witih all the info relevant to them. The state laws where they bought it would be enforcable.

All I could find was a Wyndham printout summarizing what they purchased and a long set of paperwork on the rewards credit card.

They may have not left with a copy of the signed contract

 

[dioxide45]

They are saying there’s a way for Wyndham to monetize his extra points to help pay. What rate will Wyndham pay for extra points you hand over?

They have also said he can walk away at any time and only be out the money already paid for the points.

Its Bonnet Creek points.

One can rent out Club Wyndham, but if they’ve never done this now isn’t the time to start. Wyndham has also been cracking down on rentals. It likely isn’t worth the trouble and there is no guarantee anything will actually rent.

As for getting out as they say. That only works if they default on the timeshare. The points have no significant resale value.

Unless they need more points to actually travel more, then they should cancel.

 

[dioxide45]

One can rent out Club Wyndham, but if they’ve never done this now isn’t the time to start. Wyndham has also been cracking down on rentals. It likely isn’t worth the trouble and there is no guarantee anything will actually rent.

As for getting out as they say. That only works if they default on the timeshare. The points have no significant resale value.

Unless they need more points to actually travel more, then they should cancel.

Were they given a USB thumb drive?

 

[rickandcindy23]

They need to send a letter USPS to:

Travel and Leisure, Rescission Department
6277 Sea Harbor Dr.
Orlando, FL, 32821

They should send it immediately, and I still like the idea of having someone sign for the letter, rather than to send it without getting signature back. Basically, you want it traceable. It's like $3 extra to do it. I send everything to Wyndham that way, including deed transfers.

Just write on notebook paper that you signed on this date, for this many points, and you want to rescind immediately. Reference your account number and where you bought the points and when. Then sign the letter, both owners should sign. Easy breezy.

 

[Jethro37]

One can rent out Club Wyndham, but if they’ve never done this now isn’t the time to start. Wyndham has also been cracking down on rentals. It likely isn’t worth the trouble and there is no guarantee anything will actually rent.

As for getting out as they say. That only works if they default on the timeshare. The points have no significant resale value.

Unless they need more points to actually travel more, then they should cancel.

I do a couple rents a year on my low maintenance fee locations and travel with remaining may need to sign up their account with Koala and make a hobby of renting their points.

 

[Sandi Bo]

I had a rule with my Dad (because he loved presentations and just couldn't say no), before buying he would 3-way call, with the salesperson, and talk to me. The salesperson would have to explain to me, it would allow me to get the real details, and inevitably the call would end with me saying to the salesperson "you know he doesn't need any more points", and the salesperson would sadly, most deflatedly, have to agree. Perhaps you can do something like that with your parents, you can get the information you need for a rescission as well as more details so you can talk through and convince your parents it's not worth it. I would hate to purchase anything these days with part of my usage plan being renting excess points. Wyndham is only squeezing tighter to get all the rental business for themselves (including convincing 'happy owners' that owner priority is doing wonderful things for owners, yada yada'). Run away from any of the rent to offset jibberish if at all possible.

 

[DRIless]

1) They are saying there’s a way for Wyndham to monetize his extra points to help pay. What rate will Wyndham pay for extra points you hand over?

2) They have also said he can walk away at any time and only be out the money already paid for the points.

Its Bonnet Creek points.

1) There is a way for Wyndham to monetize the points, it's called VACTION SHARE, but there is no guarantee and you shouldn't count on it. https://vacationshare.com/

2) I hope they have it in writing.

DON'T DELAY, send in the recission today.