need help and advice

[Thisor]

I went to work on Tuesday very happy having purchased my very first time share. After hearing how much I paid and what I was getting my friend told me to first review the paper work and be sure everything was correct and to second come to this site and ask for help.

Just so you know I signed the papers Monday November 7, 2011. During the sales pitch I was shown what was inclusive in my purchase. I bought two weeks at the Cove in Yarmouth. I told the gentleman we normally rent a cottage in August for two weeks and we would be looking for the same time period which he said was do-able. So my husband and I bought we are now the proud owners of 36600 points and realize we can not spend two weeks at the cove in august for the points we purchased so falsehood number one!

We were told if we had any questions or concerns to call and they would be happy to answer anything. I called left a message and still have not heard back from them. Falsehood number two.

We were told we could use the pool and facilities any time we wished and that we could pick up days for 55 dollars a night when there were available units and this was part of a "bonus package" we were getting for signing that day. We went today to use the pool and see about getting a unit for a Friday or Saturday night we were in luck there was a unit available in a few weeks on a Saturday night the price 89.95. I asked why it was not 55$ which was the "advertised" price and was told that was the rates from four years ago. So now we have falsehood number three.

We paid 9,495.00for the unit and closing costs which I am beginning to think was a tad high. I put the down payment on my discover card and am thinking I should call and tell them to stop payment.

Today after visiting the property and reading all the fine print I am really just sad and feeling lost and lied to. I do not know how long I have to rescind my offer or what avenue I have open to either get what i was told I was paying for or to just get out of this timeshare. If I do get out of it I will still want to buy one but I want to be better informed and really get what I am being sold not four year old rates and undeliverable promises. Any help or advice you could provide would be wonderful!

Thanks
Diane

 

[brigechols]

Rescind. Check your paperwork to find the timeframe for rescinding the purchase. Checkout the TUG rescinding FAQ - http://www.tugbbs.com/forums/showthread.php?t=74493

 

[DeniseM]

YOU STILL HAVE TIME - RIGHT NOW - you need to sit down and go through your purchase paperwork, find the rescinding info., and follow the directions EXACTLY.

You have a very short time frame - and only one chance to rescind - Do it now.

Then, you can take your time and do your research about timesharing - don't even think about that right now.

JUST DO IT!

More info. about rescinding - This was written for a different resort, but everything else applies to you: http://www.tugbbs.com/forums/showthread.php?t=74493

 

[vacationhopeful]

Mail off the rescind letter TOMORROW. Hand write it. Photocopy it. Don't even THINK about it - just rescind. 3 lies.

 

[fishingguy]

waaaaaay toooooo much!

$9.5K is grossly too much, especially when owners are giving away similar timeshares for next to nothing now on the resale market. As others said, rescind -- you only have a finite period of time to do it! Follow the instructions they provided in the packet of info you received, exactly as written!!!

Don't attempt to contact them via phone or email -- they will just try to talk you out of rescinding by feeding you more half-truths!

 

[Thisor]

I have gone through my paperwork three times including the CD that was included in my package and can not find this information anywhere. I am at a loss as to where it would be.

 

[vacationhopeful]

Take a deep breath.

Look for papers with your signature on it. It is usually on that page or the page before it. Yes, they had you sign you name 10+ times; but only one of those was a CONTRACT.

The post office opens at 9AM tomorrow. You will find it. Just take a deep breath.

 

[fishingguy]

Search more thoroughly, in almost all states they are required to provide details for rescinding. It may be called something else on the CD or even buried in the contract you signed somewhere -- they typically only have to provide the info but it doesn't need to be convient. So even read the fine print!

 

[DeniseM]

Unfortunately, the info. is sometime "accidentally" left out.

I would go ahead and write and send a rescission letter - see the link above for a template, and send it US Mail, return receipt, with a copy of the main page(s) of your contract, as recommended.

Send it to what ever address is on your contract/sales papers - if there is more than one address - send it to both.

If there is a Fax number - also FAX them the same info.

If you have an email address - send them an email notifying them that you have sent the written rescission.

Be firm and brief.

The law is on your side - just cover all your bases and you will be OK.

 

[wackymother]

Here's an address on the Cove at Yarmouth website. Send your letter here as well as to any addresses on your paperwork. Send all letters via U.S. Mail, return receipt requested, unless your paperwork specifies otherwise. Even if it does, you should send however the paperwork says, AND via U.S. Mail, return receipt requested.

Don't try calling anyone like your salesperson--they will just try to stall you until the recission period is over!

http://www.coveatyarmouth.com/contact-us

 

[ampaholic]

The one thing you don't want to do is delay- shotgun the rescission if need be. You want to establish that you tried to rescind within the time-frame required.

When the Salesmanship drugs (lies) wear off - you will be glad you rescinded.

 

[ronparise]

If you can rescind; do it, But Im afraid that you may be too late, I found several references on the internet stating the the rescission period in Mass. is just 3 days.

Id send it in anyway

If they refuse to let you rescind, Id tell them Im not paying, that I was lied to at the presentation and that they either take it back or not, but I 'm not going to pay them. I dont advise doing this, but it is what I would do...There will be major headaches if you take this tack...collections people will likely be calling and credit scores will drop, the end result may be that they foreclose, but Ive seen this work before with other timeshare companies

The other option is to figure out what you own and make the best of it, perhaps buy more (resale if possible) to get the weeks you want

many of us here bought our first contracts retail and still love what they own

Good Luck

 

[Passepartout]

I also looked up the Mass rescission law. 3 business days. Boy, that's tough.

As Ron said, I'd be a real stinker about it. Challenge the charge- even cancel the credit card. Obviously the OP has no proof of the verbal promises so she has a chance of proving fraud.

OTOH if they can get 2 weeks in Summer on Cape Cod $9500 may not be too bad- in the overall scheme of things. If their 36,000 points (what kind of points?- RCI or some other proprietary type) won't get them 2 weeks as she said- then it's not as represented.

Diane, I hope you can get this sale rescinded. It doesn't look like they are obligated by law to cancel the sale after 3 business days, but if you make yourself unpleasant enough.....

Good luck, and welcome to TUG

Jim Ricks

 

[glypnirsgirl]

In many states if the rescinding information is not clearly printed on the documents, then the buyer cannot be held to the rescission period.

Don't know about Massachusetts.

elaine

 

[ronandjoan]

Mail off the rescind letter TOMORROW. Hand write it. Photocopy it. Don't even THINK about it - just rescind. 3 lies.

Send it certified mail!

 

[Thisor]

OK I own it. I will be happy about it! I will! Called a real estate agent whom I bought my house from in Mass it is 72 hours for post mark on the rescind letter. which would have been Thursday. I will stick with what I have for a year and read the boards here and learn before I buy more RCI points so I can get what I really want and when I really like taking my Vacation. I want to thank you all for the great advice and the 3 day rule will make acceptance sink in faster for me and I will keep taking deep breaths!

Side note: My husbands says I can make myself unpleasant on occasion but he just prefers to suck it up and own it and learn from this for the next set of points we buy!

 

[DeniseM]

If the rescission info. really isn't in your packet, then the agent has broken the law and you should go ahead and try to rescind - it will cost you a few bucks, and may save you thousands. What do you have to lose?

 

[Thisor]

this is what my son found last night after I read to him your posts here and the information on the link.
"Any notice to the note holder shall be given by mailing such notice by certified mail, return receipt requested, to the note holder at the address stated in the first paragraph of this note, or at such address as may have been designated by notice to the borrower."

So although they never state the time by law to rescind they did give the information in some form....which I am sure legally will cover their interests.

 

[DeniseM]

I don't think that covers them - they are required to provide rescission instructions. You have nothing to lose by rescinding.

 

[glypnirsgirl]

I don't think that covers them - they are required to provide rescission instructions. You have nothing to lose by rescinding.

I wholeheartedly agree. Almost always they are required to give you notice of your right to rescind. That notice language is not notifying you of your right to rescind: it only tells you where to send notices.

It is inexpensive to try to rescind and very expensive to not.

elaine

 

[glypnirsgirl]

Language of the Mass statute

Here is the pertinent language of the Massachusetts statute (i have bolded the pertinent parts):

Section 10. (a) Except as otherwise provided in this section, in the case of any consumer credit transaction, including opening or increasing the credit limit for an open-end-credit plan, in which a security interest, including any such interest arising by operation of law, is or will be retained or acquired in any property which is used as the principal dwelling of the person to whom credit is extended, the obligor shall have the right to rescind the transaction until midnight of the third business day following the consummation of the transaction or the delivery of the information and rescission forms required under this section together with a statement containing the material disclosures required by this chapter, whichever is later, by notifying the creditor, in accordance with regulations of the commissioner, of his intention to do so. The creditor shall clearly and conspicuously disclose, in accordance with regulations of the commissioner, to any obligor in a transaction subject to this section the rights of the obligor under this section. The creditor shall also provide, in accordance with regulations of the commissioner, appropriate forms for the obligor to exercise his right to rescind any transaction subject to this section. No finance or other charge shall begin to accrue on any such transaction until the termination of the rescission period provided for in this section.

 

[vacationhopeful]

I wholeheartedly agree. Almost always they are required to give you notice of your right to rescind. That notice language is not notifying you of your right to rescind: it only tells you where to send notices.

It is inexpensive to try to rescind and very expensive to not.

elaine

Heed this advice as IF you paid big bucks for. Some people on this forum give VERY good advice for free.

What you posted is NOT the language I have seen in multiple contracts used to sell someone a timeshare. It is clearly stated RIGHT TO RESCIND, tells the number of days and the address IN VERY NOTICABLE location.

Send it anyway. Today. Might have to travel a few miles to an open post office. I know the one at my regional NJ distribion center if open to 5PM. And the one at the multiple millions of people live here city (main branch) is also open to 5PM.

 

[Patri]

Oh my goodness, yes, rescind. It now looks like you have the law on your side.

 

[ampaholic]

Section 10. - snip - The creditor shall clearly and conspicuously disclose, in accordance with regulations of the commissioner, to any obligor in a transaction subject to this section the rights of the obligor under this section. The creditor shall also provide, in accordance with regulations of the commissioner, appropriate forms for the obligor to exercise his right to rescind any transaction subject to this section. No finance or other charge shall begin to accrue on any such transaction until the termination of the rescission period provided for in this section.

I think the law is on your side if they failed to provide "appropriate forms" and/or failed to inform you "clearly and conspicuously" of your right to rescind.

It may even be that legally the rescission period has yet to start - since it can't even begin until they follow the law.

 

[e.bram]

OP:
Still time, Ma. rescission period is three BUSINESS days, and Friday was a holiday.
Most if not all TSes on the Cape were sold as fixed weeks. Few prime weeks owners converted to points. so point availability is minimal.
How were you sold these points. I believe the Cove was sold out long ago.