Need Advice quick about recinding

[amarks]

HI,
Just got back from Branson and bought at Stormy Point from developer; red week, every other year, 2 bdrm for 12,000. We bought last Wed and have 5 days to recind ( I'm figuring weekends don't count) does anyone know if that is true?
We liked the week but was really intrigued by the VIP benefits of unlimited Festival Weeks, also the Festiva Travel and Cruise club. I initially thought Interval International was also included paid, but now after very careful reading I think it's only the first year. Also, we were told that we could exchange with RCI but after looking at that I'm thinking that is an additional fee also. Anyone know about that? We are really banking on the value of the Travel Club & Festival Weeks. Do you get this even if you don't buy from the developer and are they really $199.00 weeks?
After stumbling on your site and reading the boards I'm thinking I could rescind and buy on EBay at the Cabins at Green Mountains, we have stayed there and really liked it. The only reason I want to keep the Stormy Pointe is because of the "perks". As a newbie I'm not sure if I'm focusing on the big picture. Sorry for the long post but I really want to make an informed decision but without the experience realize that will be impossible until it's to late to change it.
Anyone have any advice?
Thanks!

 

[Laurie]

Most on TUG will advise you to rescind asap, myself as well. Don't assume weekend days don't count, read the contract carefully for rescinding instructions. Do this by registered or certified mail, US post office only, with return receipt. I imagine there's no way the perks are worth what you've paid, but add their value up and see.

An excellent guideline to see whether you are paying too much is to determine what you can resell your ownership for, if/when you decide it's not meeting your needs.

If you ever change your mind back and want that deal again, it will be there for you. But you only have a few hours now to get out while you can - otherwise you'll be on the hook for $12,000 plus the maintenance fees, and may lose most of that if/when you sell.

 

[Joan-OH]

In regular real estate transactions, Sunday's and Federal Holidays (Easter NOT being one) are not counted. I'm not sure if it's the same for TS's. But even if all days count, you should have until Monday if you signed on Wednesday.

I agree with others. Spend more time studying this. I have to believe that if you change your mind and want to go with the developers package, they will be more than happy to sell it to you at a later time.

Joan-OH

 

[Timeshare Von]

I have personally been party to purchase agreements with developers where the weekend days were included in the timeframe/deadline to rescind. If it says "five days" it is probably FIVE DAYS and includes weekends. If it is "five business days" then it probably doesn't . . . but I would not assume anything.

I would suggest you rescind as others have stated, since you are really not in a good position to make an informed decision before the expiration of the rescind period.

If the resort is not affiliated with RCI, no amount of anything can get you to be able to trade/deal there. I'm not familar with the Festiva Club so I can't comment about them.

Lastly, an EOY red week for $12,000 seems very high . . . higher than the already assumed to be inflated developer's pricing. That equates out to $24,000 for an annual usage week . . . which doesn't seem good for Branson.

Good luck with your decision process.

 

[3amigos]

Send a registered cancellation letter immediately. Get away from these scammers while you still can. Take some time to check into them on the BBB complaints, then decide if you still want to purchase from them. We purchased from Festiva the end of Dec. 2006. After we got home from vacation and checked into Festiva, read the BBB and many complaints about them, we tried to contact them. They also told us the "Adventure Club" was in operation for 7 yrs (actually 2 mths) They wouldn't take our calls. The person you need is never available and will not return your calls or e-mails. These people outright lied to us. We told them we were cruisers, they showed us the cruise rates in their office, cruise rates per cabin, not the usual per person. When we questioned them on this, they guaranteed us their rates were per cabin. As soon as we got home, we tried to book a cruise with one of their agents, they told us the cruises were always per person, never per cabin and their prices were more expensive. I finally got ahold of someone approx 14 days after purchase and told them I was unhappy about their lies and wanted to cancel. They told me, "You can't cancel, figure a way for it to work". We have filed a report at BBB, The Attorney General's & are in the process of retaining an attorney.

 

[3amigos]

Believe me, they make everything sound fabulou. They can look you straight in the face and tell you lies. We know that for a fact, just from our experience with them. Nothing that they told us was as good as they made it out to be. But, once you get past the 7 days, it won't matter, because it will be too late to do anything about the lies they told you. Don't be fooled like ourselves and alot of other people have been. Festiva Resorts are known for their "misleading sales tactics" and for their horrible customer service once the 7 days are up.

 

[Laurie]

Also, we were told that we could exchange with RCI but after looking at that I'm thinking that is an additional fee also.

This resort is not listed in RCI, Timeshare Von is correct - you can't pay any amount to exchange this resort at RCI. One outright lie, among many?

I would say this purchase isn't worth $1200, let alone $12,000. Let us know what you decide.

By the way, we rescinded our first purchase and thank our lucky stars - and it was with a more reputable company with a much more flexible product, by the sound of it (Wyndham/ fairfield/ Fairshare Points). But they certainly told us a bunch of outright lies at the presentation. Here's the one that convinced us to sign on the dotted line: that the value appreciates, just like other real estate, and that we would be smart to get in at their low price. This was in 1997, and internet search engines weren't what they are today, and I hadn't found TUG yet. But I did find an online reseller who was advertising Fairfield points, at about 1/4 of their price. I knew right away that I needed to do more research, and we didn't end up even buying Fairfield when we learned about all the other options.

 

[johnmfaeth]

Rescind immediately. Counting starts the next day. This is day 5.

Call them and fax them a signed letter. Also make sure one goes out today by USPS Certified Mail postmarked today.

Cut work if you must. It's today or a $12,000 mistake.

You can always buy again from them. Buying resale ALWAYS makes much better financial sense.

Good Luck!

John Faeth

PS> Read the recind instructions and follow them all.

 

[amarks]

Thanks for the advice

A BIG thank you to all that replied. I appreciate you taking the time and sharing your knowledge. Here's a quick update: I just mailed my letter by certified mail to rescind. I called early this a.m. to their number in the contract to inform them of my decision, said it was not mandated by MO law but they recommended it. Now I realize it was to alert the salesperson as I received a call from her quickly after I made the call. She wanted to discuss with me why I would be questioning such a sound decision. She really pushed the VIP Charter benefits which is what made us buy to begin with. She asked what she could do to put my mind at ease and I told her that I wanted a clause faxed to me that stated I would have a five day review process of the travel club and Festiva Week program once I received my member access code to be able to utilize the program and if it wasn't all that I expected I could cancel my contract. That way I could make an informed decision and really know what I was getting since I found on the aftermarket that I could buy into one of their resorts for apprx. $2,000.00 for what I paid $12,000 through them. She said she was unable to make an addedum to the contract and also told me that I could buy a timeshare week anywhere, that I was getting so much more. So I told her to stand behind her product if she was so sure of the value why couldn't I have the opportunity to see for myself, why couldn't she get me guest access for the day even to enter the websites that advertised all the member specials she stated I was losing out on if I cancelled my contact. Made sense to me and seemed resonable, but of course she couldn't do it. She told me again that they were rated high with the better business bureau in Branson and that was when I told her I was done. That after researching (and info from TUG members, which I am proud to say I am now a member also) I knew they weren't even members of the better business bureau in Branson- an outright lie.
Anyhow, THANKS!!!!! I am so relieved that I was able to recind. Can anyone tell me if they will try to not honor the cancellation or try to keep your deposit? It was on my credit card so I'm not too worried I know that I have avenue's there I can utilize.
So now, I'm going to spend some time on the TUG boards and do some research, I really want to purchase a week at some point but resale.

 

[AwayWeGo]

MasterCharge & Visa.

It was on my credit card so I'm not too worried I know that I have avenue's there I can utilize.

Wouldn't hurt to call up the Visa or MasterCard or Discover or American Express folks to tell'm you've rescinded a major purchase that you recently charged, & let'm know a big credit should be coming through on that account as the rescission is processed. You can also say you'll be disputing the charge in the event the rescission is delayed for any reason, just to make sure they know you're serious. Can't hurt to make sure the credit card folks are on your side in case the timeshare company tries to weasel out of the rescission.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[johnmfaeth]

I would dispute the charge immediately. It's no longer a valid charge and it's on your account, you have every right not to wait.

 

[bigemail]

Hello TUGgers... I've been trolling for awhile and learning a ton from all of you. When rescinding a purchase from a developer, it's clear to me that you need to follow their cancellation instructions, mail the letter within the window of opportunity (~5 days), and mail the letter by certified mail with return receipt.

I'm possibly just being paranoid, but it feels like I should be cc:ing someone else in on the letter. What's to stop a developer from agreeing that they received a letter (proven by the return receipt), but that the content did not include a request to cancel a purchase agreement?

Upon further reflection, I guess if it got to that point (like litigation!), they would need to show SOMETHING that they received from the buyer.

 

[babscarter]

Or if you pay by check like we did, then thanks to this site, rescind. You get to wait 30 to 45 days before they send you your money back, whereas they had to have the money THEN......

Live and learn.

Barbara

 

[mattman27]

I was able to trade a 1BR from Horizons Marriott for a 3 BR at Stormy Point in June. That tells me it isn't worth 12,000 eoy. Rescind NOW. You can buy resale or somewhere else cheaper and trade in.

 

[pattyrn]

thanks

I also was going to get a eoy at stormy point for 6900 in the slow season. I was able to rescind within the timeframe and am waiting for my $200 deposit.

on ebay For $200 I was able to get a week a 2 different resorts on the beach in south florida, 1 a studio and 1 a 1br that as I have seen on II trades for 2-3br at other resorts! with my closing costs, maint fees etc I ended up paying just over 1000 with no payments other than maint fees that are low in comparison. tug saved my you know what

 

[riverdees05]

amarks,

Keep us posted.

 

[BigDog4All]

Does anyone have a standard RESIND letter to send to Starwood?

 

[Timeshare Von]

I don't know that there is a "standard" rescind letter for a specific TS company. I have a template if you are interested. Please write me offlist with your e-mail address and I'd be happy to send it to you.