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Please Help Quickly! Should I Rescind?

pilgin

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I recently purchased a Vacation Village at Parkway, 74,000 point, biennial TS for approx. $12,000. I currently own 2 Marriott weeks at 2 different Florida locations and usually use 1 per year to vacation, and 1 to receive Marriott points. The points are used for airfare and hotel trips.
The RCI point system is new to me and I purchased after the salesman convinced me that I could turn the 36,000 annual points into approx. 4 rentable or usable weeks per year using RCI's 45 day, 9000 point reservation system. He indicated that I could then rent the 4 weeks each year and have a positive cash flow. There was also something about an RCI bonus week that could be rented. In effect, he was saying that I could manage my TS as a business and make some money while never having to use it myself. When something sounds too good to be true, it usually is and my gut tells me that this is. I'm not one that actively wants to manage my TS (The Marriotts are difficult enough). So, please tell me whether this is legal, realistic, advisable, doable and/or anything else you might want to say. Or should I get out while I can? Your immediate opinion is requested. Thanks!
 

Karen G

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Or should I get out while I can? Your immediate opinion is requested. Thanks!
Get out while you can. You have just this one chance to rescind so rescind now. Be sure to follow rescission instructions exactly as written in your contract.

You are paying way too much plus renting out one's timeshare is getting increasingly hard to do. There are no guarantees that you could even do so.
 

AwayWeGo

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[triennial - points]
Rescinda-Sinda-Sinda.

Nothing the timeshare companies sell at full freight is worth the money.

Get out of it if you can.

Not only that, renting out RCI reservations -- points-exchange or weeks-exchange mox nix -- is not allowed.

I wonder if RCI knows that the timeshare sellers are planting the idea that points-owners can rent out those 9,000-point Instant Exchange reservations ?

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

Karen G

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Once owned these: FirstFairway@Walden X 2; Lawai Beach; ManhattanClub; PuebloBonitoRose; 4 South Africa--now timeshare-free
Not only that, renting out RCI reservations -- points-exchange or weeks-exchange mox nix -- is not allowed.
Good point. Alan, you are exactly right! Another reason not to believe any of the stuff the salesman promised.
 

Larry6417

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Do you even have to ask?

The RCI point system is new to me and I purchased after the salesman convinced me that I could turn the 36,000 annual points into approx. 4 rentable or usable weeks per year using RCI's 45 day, 9000 point reservation system. He indicated that I could then rent the 4 weeks each year and have a positive cash flow.
Rescind! Even if what the salesman said were true (it's not) you can buy that TS on eBay for a few hundred dollars or less. I'm in RCI points myself, and I looked for an RCI points property. The particular TS you're buying is not peak; that TS, for a peak week, would yield 92,500 RCI points for the same maintenance fee. Speaking of MFs, the maintenance fee last year was about $650; this year it's just under $700. What will it be next year? The RCI points become less attractive as the MF rises.

Also, what the salesman said was ridiculous. Think about it. If it were as easy as he said, why wouldn't he quit his job and rent out timeshares? The salesman was referring to Last Minute Escapes, which are booked a maximum of 45 days ahead. Do you really think it's feasible to book a week, advertise it, and rent it within 45 days each time?

This really shouldn't require much debate. Rescind!
 

vacationhopeful

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Rescind! You are not allowed to rent RCI Points Vacations, Last Call or RCI weeks exchanges. Only the underlying week ownership can be rented ... not the RCI exchanges. Your RCI account would be cancelled, your rentors removed/denied the keys, and you would be liable for damages to your rentor's vacation.
 

gmarine

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RESCIND. A unit like that goes for pennies on the dollar on EBAY.
 

klynn

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I recently purchased a Vacation Village at Parkway, 74,000 point, biennial TS for approx. $12,000. ..Your immediate opinion is requested. Thanks!
On May 20 an Ebay auction ended at the resort you just bought at. That was for 92,5000 ANNUAL points. It sold for $1,935. You paid too much.
 

pilgin

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Thank you, Thank you, Thank you!

Recission is being sent today by regular, certified, and overnight mail.
 

timeos2

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Why the uncertainty?

I cannot believe no one has stepped up and said you should rescind:D













Oh, I guess I missed those other posts. Sorry. Buy resale and get a much better value as everyone has noted.
 

theo

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Define "recently" --- the clock is ticking...

I recently purchased a Vacation Village at Parkway, 74,000 point, biennial TS for approx. $12,000.
Far too much for far too little. Rescind.

Under the provisions of applicable law in Florida, you have 10 calendar days from the date of contract signature in which to have your postmarked letter of rescission en route to the address specified in the contract. Stay off the phone. Follow the cancellation instructions to the letter.

Do it now. Thank us later.
 

bishoparc

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Wow

My future bro-in-law bought there about 3 years ago...never used it. I can't believe he paid so much for it after seeing what they go for on eBay. This place goes on eBay daily for $1. I'm actually thinking about buying one off of eBay myself. i live in NW Florida so Orlando isn't too far away for me.
 

Talent312

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I'll play devil's advocate: Do Not Rescind.
If you had $12,000 to throw around on a whim and didn't know that you'd been ripped off, why not stick with the impulse? It felt good at the time... kind'a like ice cream. Ice cream is good, no? Sham on us for taking away your ice cream.
 

Redrosesix

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Ughh, just had a bowl of ice cream and I forgot about that awesome too-small dress in the closet.

So, yes, it is just like ice cream. Paying $12,000 is like giving up 4 years of awesome 1-week vacations (which is likely why so many people who pay developer prices never get to use their TS).
 

Stricky

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I'll play devil's advocate: Do Not Rescind.
If you had $12,000 to throw around on a whim and didn't know that you'd been ripped off, why not stick with the impulse? It felt good at the time... kind'a like ice cream. Ice cream is good, no? Sham on us for taking away your ice cream.
That is funny... and about 6 weeks too late (but I think you knew that) :)
 
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