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new timeshare purchase

gjmendoza80

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OK, So I am new here and would like to find out if our purchase was a good one or if we should rescind. My Wife and I purchased through Vida Vacations yesterday at the Grand Collections which I was told and signed for a 2 bedroom 2 bath timeshare that had no maintenance fees unless we used the weeks which were 2 weeks through vida and 2 through SFX or RCI. We paid $23,000 for everything and we are using the resort for vacation purposes but were told we could rent it out for a decent amount if we did not use those week during that year. So any help in this matter would greatly be appreciated.

Thanks,
George
 

silentg

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That's a lot to pay. I would rescind!
 

55plus

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Rescind now, before it's too late. That is if it is not too late. When did you purchase it? Follow the instruction you should have received to rescind. The best part is if it's not too late is that you'll save tens of thousands of dollars. Buy resell and only resell...
 

HudsHut

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Rescind immediately.


The salesmen are very good, and they keep you there until you sign just to get out. Now that you are "free" and of clear mind, rescind.
 

tschwa2

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If they took a timeshare in trade, they may or may not actually be able to transfer it out of your name and you still my own it and owe MF's on that. You will not make easy rental money. It will take quite a bit of effort to rent it out. You will owe MF's if you reserve a week to rent out and if you are unsuccessful you are out that money. If you use their recommended listing companies you will likely pay $599-$699 and then never hear from them again. You never even mentioned what level you bought into. For the price you mentioned it was probably Mayan Palace weeks 1-50 minus Easter.
 

TheTimeTraveler

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no we purchased yesterday so we have 4 days to rescind.


Rescind NOW. Don't give it a 2nd thought. Don't wait.

What you paid $23K for is likely available as a private resale transaction for as little as one dollar....

Please do your homework quickly!





.
 

tschwa2

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Vida charges high transfer fees and strips a lot of benefits. You can't buy them for $1 unless the former owner wants to pay thousands to get rid of it. What you buy today will be worth $1 in your pocket the day the rescission days are up. If you want to go their every year and really like the resorts buying may make sense. Even then you might find a better deal if you take your time to look. If you bought for any other reason like rental income or exchange privileges, etc. other timeshares that do cost $1 will work just as well.
 

Passepartout

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Rescind ASAP. Don't go to the salesroom. Don't answer the phone. All they will try to do is delay you past the rescission date. They will throw in more perks and tell you more lies. There are instructions toward the bottom of your contract. Follow them as exactly as you can. Your letter need not be fancy or legalese, just: I/We wish to cancel contract #___________ dated __________
Signed _________, Husband and ____________ Wife.

Bottom line.... You can buy whatever they are offering for pennies on the dollar. Probably double whatever your package is for a couple thousand bucks. Mexican TSs are available for a buck to $100. Check eBay.

Jim
 

tschwa2

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At this resort, the no use no pay does not transfer on resale. Usually only one week transfers upon resale any other benefits written into your contract will not transfer upon resale. Don't rush into buying a Vida week resale because unless you can find a really old contract (and you usually can't because they are rtu's and expire) you won't find the same thing you can buy retail on the resale market. You should still rescind exactly per the instructions in the contract.
 

gjmendoza80

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We bought in to the grand Mayan but was upgraded to the grand collection from what they told us which included the grand bliss and all the other grand resorts excluding the grand luxe
 

TUGBrian

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Whew, glad you found us in time! Welcome to TUG! You just saved 23,000 bucks!
 
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