New Marriot Vacation Club purchase

[jilymich]

Marriot Vacation Club cancellation in 10 day period Question

Hi,
My husband and I are strongly considering cancelling within the 10 day period because of things we have read. Were you penalized in any monetary form for cancelling during this period? The contract has language that states "in the event Purchaser cancels this Contract during the 10-day period, Seller will refund to Purchaser the total amount of all payments made by Purchaser under this Contract, reduced by the proportion of any contract benefits Purchaser has actually recevied under this Contract prior to the effective date of the cancellation." It is the second half of the statement that concerns us.
Please answer as soon as possible!
Best,
Jill

 

[vacationtime1]

Hi,
My husband and I are strongly considering cancelling within the 10 day period because of things we have read. Were you penalized in any monetary form for cancelling during this period? The contract has language that states "in the event Purchaser cancels this Contract during the 10-day period, Seller will refund to Purchaser the total amount of all payments made by Purchaser under this Contract, reduced by the proportion of any contract benefits Purchaser has actually recevied under this Contract prior to the effective date of the cancellation." It is the second half of the statement that concerns us.
Please answer as soon as possible!
Best,
Jill

Please rescind while you can. If you have any doubts whatsoever, you should not commit yourself. The deal you were offered will be available later (if you want it).

To answer your question, you will get a full refund. You have not received any benefits under your timeshare purchase contract. You will lose any Marriott points, etc. that you were given as a purchase incentive, but I think you realize that.

 

[TheTimeTraveler]

Hi,
My husband and I are strongly considering cancelling within the 10 day period because of things we have read. Were you penalized in any monetary form for cancelling during this period? The contract has language that states "in the event Purchaser cancels this Contract during the 10-day period, Seller will refund to Purchaser the total amount of all payments made by Purchaser under this Contract, reduced by the proportion of any contract benefits Purchaser has actually recevied under this Contract prior to the effective date of the cancellation." It is the second half of the statement that concerns us.
Please answer as soon as possible!
Best,
Jill

If in doubt get out now while you still can. You can always go back at a later time to buy the points again should you want to.



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[temiatwork]

Hi all, Do I still have the option of my "Intent to Cancel" even after the 10-day mark? I wouldn't mind losing the initial payment as long as it gets cancelled.

 

[dioxide45]

Hi all, Do I still have the option of my "Intent to Cancel" even after the 10-day mark? I wouldn't mind losing the initial payment as long as it gets cancelled.

You could always try. I would think at this point the deposit is gone since you are outside the rescission period. Given that you are not living in the US, it is possible that they wouldn't bother going after you for full payment. Of course, I don't know the best way to handle this, perhaps write a letter stating that you are backing out of the deal. People do this in residential real estate and end up losing their earnest money, not sure why it would be different here. Perhaps someone more knowledgeable than I could step in to clarify.

 

[temiatwork]

@dioxide45 Thank you for your reply. Yes I have accepted the loss and prepared my letter. Escaping to the future financial burden would be a better solution. It's too bad we did not find TUG during our stay in Orlando.