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Need Help Getting "Developer Purchase" Deposit Refunded

max1580

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I am reaching out to all of you TUG experts for some advice. I signed a contract last month for a developer purchase of a MVC gold week at the Aruba Surf Club. When I came home I started doing some internet research into timeshares and came across this website. (As with many other remorseful purchasers, I should have found this website prior to purchasing) I posted here in the beginning of September with some newbie questions and many of you replied, "if it's not to late, rescind now." Well, thankfully for numerous reasons I rescinded but unfortunately after the permitted 7 day time period. I put down a 10% deposit of $2620.00 on a $26,200 unit. I have spoken to the original salesman and his manager numerous times and have been unsuccessful in recouping my deposit. I understand I signed a contract and went past my window of oppurtunity to get the deposit refunded. My question is, has MVC ever refunded a deposit to a purchaser in this situation and if so what would be the best course of action to take? Thank you in advance for any and all assistance!
 
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DeniseM

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I hate to tell you this, but if you were outside the legal rescission period, you really don't have any recourse.

At this point, you will be lucky if they just keep your deposit and let you out of the rest of the contract.
 

Werner Weiss

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I've been following this Marriott forum on TUG for a long time, and I've never read about anyone getting out of their contract after their recision period is over.

Many Marriott owners bought developer weeks and now thoroughly enjoy their vacations every year.
 

Stefa

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I've been following this Marriott forum on TUG for a long time, and I've never read about anyone getting out of their contract after their recision period is over.

Many Marriott owners bought developer weeks and now thoroughly enjoy their vacations every year.
I have heard of this before and am one of the TUGgers who advised the OP to get out of the contract if Marriott would allow it. I also advised him that Marriott would likely keep the deposit as they did in the other case I heard about.

To the OP: You have been very lucky that Marriott let you out of the rest of the contract after the 7 days to rescind had expired. Denise is correct that you don't have any legal recourse. They are within their rights to keep your money and would also be within their rights to force you to honor the contract you signed.
 

FlyerBobcat

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To the OP: You have been very lucky that Marriott let you out of the rest of the contract after the 7 days to rescind had expired....
Did they really let you out of the contract?.... I did not see that stated in this post....
 

max1580

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Yes, I am out of the contract. Just wondering if there was a way to get the deposit back. TUG is an awesome website. I have learned so much about timeshares in just 1 month of reading many posts within TUG. If I only knew what I know now when I was in Aruba as to only buy re-sale, I would have never found myself in this situation. Even though I just lost $2,620.00, in the long run I will be so far ahead. Thanks for the early on advice Stefa. All I can say is, live and learn.
Did they really let you out of the contract?.... I did not see that stated in this post....
 

ilene13

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Yes, I am out of the contract. Just wondering if there was a way to get the deposit back. TUG is an awesome website. I have learned so much about timeshares in just 1 month of reading many posts within TUG. If I only knew what I know now when I was in Aruba as to only buy re-sale, I would have never found myself in this situation. Even though I just lost $2,620.00, in the long run I will be so far ahead. Thanks for the early on advice Stefa. All I can say is, live and learn.
A friend of mine bought at Surfwatch and rescinded 3 months after the time period. They did not get their deposit back, but they were allowed to apply it to a week at Oceanwatch. That was 3 years ago.
 

max1580

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Great advice. I'll see if my deposit can be applied towards a week stay.
A friend of mine bought at Surfwatch and rescinded 3 months after the time period. They did not get their deposit back, but they were allowed to apply it to a week at Oceanwatch. That was 3 years ago.
 
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DeniseM

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Great advice. I'll see if my deposit can be applied to a week stay.
That's not what she means. She means they transferred the deposit to purchase a week at a different resort, instead of the week the bought originally.
 

DeniseM

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I'm sorry, but I think you have zero chance of getting out of it. You just have no legal grounds to get your money back. I know you hate to lose the deposit, but you are very lucky they aren't holding you to the contract - developers are hungry for sales these days, and many, if not most, companies would not let you out of the contract at all.

Here's something that will make you feel better:

I paid the developer $45K for our first purchase! :rofl:
 
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max1580

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Wow! Hopefully that's not garden view.
I'm sorry, but I think you have zero chance of getting out of it. You just have no legal grounds to get your money back. I know you hate to lose the deposit, but you are very lucky they aren't holding you to the contract - developers are hungry for sales these days, and many, if not most, companies would not let you out of the contract at all.

Here's something that will make you feel better:

I paid the developer $45K for our first purchase! :rofl:
 

DeniseM

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Ocean View on Maui - it's worth about $13K now.... :D
 

DeniseM

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Hawaii has horrible maintenance fees and taxes:

Maui County voted a special property tax for TS owners that is MUCH higher than what anyone else pays.

My MF for my Maui 2 bdm. has doubled in 7 years - it's now $2,350 for one week.

Despite the economy, airfare just keeps getting higher.

These factors are really depressing the resale market.
 

rthib

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Hawaii has horrible maintenance fees and taxes:
Maui County voted a special property tax for TS owners that is MUCH higher than what anyone else pays.
Despite the economy, airfare just keeps getting higher.
Goes back to my time share advice I give folks:
Never buy anywhere that you only get to by air.
Never buy anywhere you don't want to visit at least ever other year for the rest of your life.
Never buy anywhere that is dependent on tourist to support it's economy.
 

DeniseM

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I would say those are good rules for a FIRST purchase, but too restrictive for a knowledgeable owner.

Goes back to my time share advice I give folks:
Never buy anywhere that you only get to by air.
We own 7 weeks - we can only drive to one of them - only owning within driving distance would really limit our choices. That would mean I could own in CA or western Nevada only.

Never buy anywhere you don't want to visit at least ever other year for the rest of your life.
We have visited Hawaii every year since buying there - twice next year, and plan to continue to do so every year for ever.

Never buy anywhere that is dependent on tourist to support it's economy.
There are very few areas I want to visit - much less stay a week, that aren't tourist destinations. Maybe a few big cities.

BTW - I rent that Maui week for $3,500 a year - it's already rented for next year.
 

BocaBoy

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My MF for my Maui 2 bdm. has doubled in 7 years - it's now $2,350 for one week.
I don't understand this. That is the approximate annual MF for a 3BR in the new towers. the 2BRs in the new towers are about $1900 and the 2 BRs in the old section are about $1700. And the first of the new towers did not open until 2007, so that cannot be what has doubled in 7 years. What am I missing?
 

DeniseM

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I don't understand this. That is the approximate annual MF for a 3BR in the new towers. the 2BRs in the new towers are about $1900 and the 2 BRs in the old section are about $1700. And the first of the new towers did not open until 2007, so that cannot be what has doubled in 7 years. What am I missing?
I own at the Westin Ka'anapali, not the Marriott. ;)
 

BocaBoy

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I own at the Westin Ka'anapali, not the Marriott. ;)
Oh, that explains it. I knew I must have been missing something. Thanks.

We also looked at the Westin Kaanapali before buying our Marriott Maui Ocean Club units, but were put off by the incredibly high maintenance fees there.
 
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