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Please Help

nurie0

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First of all, I want to thank you all for providing this service. My husband and I just took our first vacation in ten years of marriage, a be-lated honeymoon. We went to Las Vegas and ended up buying a timeshare on December 28th. Now, I'm having deep reservations on what we bought and the price we paid.

It is a preconstruction (to be built by 2009) at Westgate Planet Hollywood for $16,900, 1 bedroom, 1200 sq feet, floating odd year in red with a maintenance fee of $540 every other year. It will be attached to Aladdin which is being remolded into Planet Hollywood (who now owns it). The address is Las Vegas Blvd. in front of Bellagio and across MGM’s new construction for 2009 "City Limits". We can also trade in for a lock out 2 bedroom (a studio and 1 bedroom) in a year's time period for an additional $7,000 for use every odd year.

I am not sure if I have the option to cancel the contract. They did not say it and I am not sure where that option may be in the fine print? It seems that everything on the internet is much cheaper. We have three kids and will never go to Las Vegas with them. If we kept it we would be trading through Interval International. I'm thinking that it would have been better for us to just rent from other people.

When we were buying we thought it would be a good investment for the future. We also thought it would be easy to rent out. Now I am not sure either is right. I am still unclear if it is a good buy and if we should upgrade it to the two bedroom lockout? As you can see I am confused. If you guys have any advice for me, I would greatly appreciate your input.

Thanks!
 
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AwayWeGo

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[triennial - points]
If You Can Get Out Of It, You Can Save Big By Buying Resale.

Timeshares are great -- we love'm -- but not any of the "new" timeshares at the high prices charged by the companies that build & sell timeshares via high-pressure arm-twisting sales techniques while the customers are on vacation & under the spell of the romance & excitement of some exotic locale.

When we were struck by the realization that all timeshares are used by the time we actually show up & check in for vacation, then it made perfect sense to us to buy a "used" (resale) timeshare for thousands less than "new," because in the timeshare biz there's no such thing as "new" & "used" -- & as a practical matter all timeshares are used, even the 1s people buy "new" for full price.

So we bought 1 used, then bought another 1 used, then 1 more (just to get into timeshare points), & than another every-even-year timeshare (just because it was such an irresistable bargain). Now we've got approximately $5,000 tied up in 4 outstanding timeshares (not counting closing costs, exchange fees, etc. -- just the total of the initial purchase prices) & we use'm ourselves, rent'm out, exchange'm, get reservations for members of our extended family, & generally enjoy luxury vacation accommodations for roughly the cost of Motel 6 & Super 8.

Not only that, we still go to the high-pressure, arm-twisting timeshare sales tours -- not only for the freebies, but also to get up-close & personal views of unfamiliar timeshare resorts where we might like to go someday on regular exchange or Instant Exchange or Last Call -- i.e., Motel 6 & Super 8 rates.

I suppose we could afford to buy a "new" timeshare at full freight. But why would we -- why would anybody? -- when we can get pretty much the same thing "used" (resale) for nickels on the dollar?

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

riverdees05

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Rescind now

Read your paper work and find out how to rescind and follow their procedure to the letter. When you send in a letter, be sure it is registered with a return card.

You will need to hurry, not sure how many days you have, but it is not a lot and the Post Offices are closed on Sunday, Monday - a holiday and Tuesday -President Ford.

I don't have any experience with Westgate, but others might.

Buying a timeshare is more like buying a car than buying real estate. For the vast majority of timeshares the resale market is 40-60% less than developers prices and in some cases a lot less than that.

After you rescind, join TUG, TimeshareForum, etc. and spend about 6-12 months learning before you decide to buy. By doing that you will double or triple your value.

You can probably always get the same deal from Westgate later and you got now, if you decide it is what you want.

If for some reason you can't rescind, then enjoy your timeshare and learn how to use it to benefit you. Many of us, me included got into timesharing by buying from the developer and not learning about resale, till we were passed the time that we could rescind.
 
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rickandcindy23

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If you must own Vegas, there are so many of them out there for great prices. Westgate is not a company I would ever own, even when prices are cheap. They let their resorts deteriorate and what you bought now could look like a dump in ten years. :(

Some other resorts in Vegas that have a great reputation are Fairfield (recently changed their name to Wyndham) and Hilton. Check ebay for some really incredible deals on those two companies.

You can always buy a week at a great resort elsewhere, with low maintenance fees, that will trade into Vegas. I pull Vegas with every one of my timeshare weeks and most of our weeks we bought cheap. We pay only $504 maintenance fees for our ski week and can pull Marriott Grand Chateau in Vegas all the time, plus many other great resorts, including Tahiti Village. You can buy a week directly from our HOA for a great deal. Let me know if you are interested and I will put you in touch with them. ;)

I would hope that this long holiday weekend would not preclude you from rescinding. There should be something about business days on the letter and holidays and weekends do not count.

Good luck to you. Rescind and stay with TUG, you will be glad you did!
 

rod

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Rescind your purchase immediately, learn about timesharing, and if still interested purchase a resale unit. Do not wait until the last minute to send the rescission letter.

Since you purchased in Nevada, the following information should be of interest to you:


If a prospect does buy, he must sign a receipt for the Property Report or Public Offering Statement which has a warning that says, "CONSUMER SHOULD READ THIS REPORT BEFORE SIGNING ANY PAPER." Even after signing the contract, the buyer is given 5 calendar days to rescind the contract. No reason is needed to rescind, but it must be done in writing with proper notification (certified mail, personal deliver, or telegraph).


NRS 119A.410 Right to cancel contract of sale.
1. The purchaser of a time share may cancel, by written notice, the contract of sale until midnight of the fifth calendar day following the date of execution of the contract. The contract of sale must include a statement of this right.
2. The right of cancellation may not be waived. Any attempt by the developer to obtain a waiver results in a contract which is voidable by the purchaser.
3. The notice of cancellation may be delivered personally to the developer or sent by certified mail or telegram to the business address of the developer.
4. The developer shall, within 15 days after receipt of the notice of cancellation, return all payments made by the purchaser.
(Added to NRS by 1983, 982; A 1985, 1141; 1987, 894; 2003, 984)
 
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mesamirage

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I would also strongly suggest that you consider rescinding your contract (ASAP :eek: )and doing a bit of research and reading on TUG to find the right resort and the right location for the right price with the right yearly fees that will make you feel GREAT about owning a timeshare :whoopie: . All the dreams that they sell you on with the tour still happen with a resale timeshare, all you miss out on is the nightmare of paying the developer costs. :wall:

We now own 4 timeshare :whoopie: in the 3 years we have now been in the timeshare "game" We have fantastic resorts and great trade power and other than dumb luck on our first purchase we owe all our great purchases to the education and tips we have learned from the TUG community. :clap:

Good luck, rescind your contract and join the league of happy Tuggers who pay pennies on the $$$ to own great timeshares.

Happy New Year!!
 

nurie0

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Rod I am looking at the public report now and there is a form called: Revocation form". It says it is under statue 119A. Is that all I need to sign and send?

Thanks SOOOOOO much you guys!
 

Dave M

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That's all you need to do.

However, you had better hustle to a post office now!

As stated above, you have five calendar days from the date of purchase to send it. If you want to send it certified mail versus sending a telegram (not that easy these days!) or personally delivering it, you must get it postmarked within five days. That means by Tuesday, January 2. However, tomorrow is Sunday, Monday is a holiday and the post office will be closed on Tuesday due to the national day of mourning.

So get to your post office before it closes today!
 

Blondie

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Wow- you are lucky. That is a huge amount for an every other year week. You dodged a big timeshare bullet. Now you can look for resale and that is tons of fun.
 

nurie0

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I will feel like i missed the bullet after I have my money back and none owed! It is 2:13 and I am heading out. Wish me luck!
 

Dave M

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Oops!

I seriously hope you are headed to USPS (post offiice), not to UPS (United Parcel Service). Sending via a private carrier such as UPS is not one of the methods that meets the law's requirements for a timely cancellation.
 

nurie0

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OOPs is right. I did sent it using UPS. I did send it certified asking for a recite upon arrival and had it marked with the time. Should I try sending it on Tuesday again using USPS? What other options do I have? I bought it on Thursday?

Also, there is more to the story. We had our presentation on Saturday, the day after we arrived. At that time we had bought the studio for 9,900. Then on Thursday we went back and upgraded to a 1 bedroom. They said they were buying back the studio and selling this one for the difference of price. The price on the contract shows the actual price of 16,900 and not the difference. They said we could throw away the other paperwork.

So how am I doing? Hopefully not too screwed.
 
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Sir Newf

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I'm not a lawyer, but I've heard of folks on Tug follow-up their letter with a Fax., and keep a copy of the 'sent fax report'....good luck and keep us posted.
 

timeos2

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If its Westgate retail you are getting shafted

In any case paying full retail price for a timeshare vitually guarantees you lose but with Westgate its 110 percent certainty. Do whatever you need to and get out if that "deal". Timesharing is great - even some Westgates are OK (at best) but only at resale pricing. Its the annual fees that really matter over time while purchase cost justs gets you in. Don't over pay for that part.
 

nurie0

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I just got in touch with the person who sold to me the first time. She was very upset with the sales person who upgraded me, last thursday from the studio to the 1 bedroom. I told her about NRS 119A and asked her for the companies fax number. She tried to be very helpful and find the number but was unable to. When I tried earlier I found everything was closed. She said that she couldn't get the numbers either because it was closed. But she gave me the name of the person (lawyer?) who did all the paper work for the deed and the contracts. She said I should call her tomorrow. Should I get in touch with her? I am finding it hard to get the recinding paper to the office since none of the united states post offices were open when I headed out today and are not going to be opened tomorrow (sunday) and new years day (Monday) and possibly (Tuesday) the official day of mourning for President Ford. And Tuesday is the fifth day from when I signed the papers on Thursday.:wall:
 

rickandcindy23

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I find it difficult to believe that there is no consideration of a long holiday like this one, because that basically takes away your right to rescind. :annoyed: I would argue that point with them and send the letter overnight mail or any other way to get it there as quickly as possible.
 

Dave M

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Unfortunately, Cindy, Nevada law is clear that it's "calendar days" that count, not "normal business days" or something similar. Thus, for example, the rule that the IRS uses, wherein an action (such as a tax return filing) due on a weekend or holiday can be deferred to the next business day, is not applicable to this situation - unless the developer allows it.

However, someone else reported here of having success with a fax to cancel a Las Vegas HGVC purchase. Whether the company nurie0 purchased from will accept a fax as a valid cancellation is anyone's guess.
 

m61376

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Under NEVADA RULE 26. COMPUTATION AND EXTENSION OF TIME which is posted above, since it states: "When the period of time prescribed or allowed is less than seven (7) days, intermediate Saturdays, Sundays and nonjudicial days shall be excluded in the computation.," wouldn't that allow you to send it certified on Wed. if the post offices are closed on Tuesday? Additionally, since Tuesday is the fifth day, if the post offices are closed, then "The last day of the period shall be included, unless it is a Saturday, Sunday or a nonjudicial day, in which event the period extends until the end of the next day which is not a Saturday, Sunday or a nonjudicial day" should apply.

I am not a lawyer- it just seems to read that way to me- hopefully someone with more knowledge can chime in here and make you feel better so you can enjoy the holiday weekend without worrying.
 

Sir Newf

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It may sound old fashion- but what about sending a telegram?
There must be services available- check the internet...I would cover my bases all the way around tonight/tmrw: mail, fax, telegram, email, followed by additional notices on Tuesday...At least you could argue that you did everything humanly possible to recind on time.
 

AwayWeGo

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Telegrams Went The Way Of The Buggy Whip.

what about sending a telegram?
Just about the last remaining telegram company out there -- Western Union -- got out of the telegram business & now just does moneygrams. So it goes.
-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
 

nurie0

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Thanks you guys for being so helpful! It is hard to enjoy the holidays with this looming over head. But you guys are surely making me feel like there is hope. I will try to to email and fax. Then try to overnight it as early as possible. If anyone had advice about getting in touch with the the loan officer, I would love to hear it. Again thanks so much!!!!!
 
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Dave M

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Despite what you were told on the phone, I don't think the loan officer can help. You must cancel with whatever entity, address or other destination is specified in the info yuo have (e.g., the form you sent off via UPS today).
 

Dave M

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Following on Alan's comment about Western Union, I would strongly urge you to send a telegram. That will meet the technical requirements of the law. Google the term telegram and you will see some advertisements at the top of and on the right side of the page for companies that handle telegrams.
 
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