Pueblo bonito sunset beach fractional timeshare - marketing program. Is it a scam?

[Ravisri]

Hello -
I purchased a fractional ownership at PB sunset beach monte cristo villa with a deposit of 3k yesterday. It was 100 year program with mandatory stay every 5 years with optional activation (don’t have to pay yearly maintenance). The rest balance 20k to be paid on a 6 year term.
We were told that if we enroll in their marketing program - they will give back $4500 for each week for 3 weeks which $13500 per year. This is what made us sign as it looked like we will be even in 2-3 years.

We are allowed to rent upto 49 weeks using air bnb or vrbo and pay the pre negotiated rate which is 591$ for the small unit and so on.

After reading the contact thoroughly last night, While everything about fractional ownership is in the contract as discussed with the agent, the marketing program is only on a normal paper with vague signatures.

After reading about the scams in various forums, I would like to know if this is a scam as well. Is there a marketing program that actually pays the fractional owners yearly rental income?
If so what are are my options to get out of the scam. Can I rescind the contract within 5 days per Mexican law and also report the credit card fraud?
How do I send a registered mail. I am in Cabo for another week.
Please help

 

[WorldT]

@Ravisri

You are already suspecting something is sketchy about the deal. Ask yourself, is it worth paying 3k to find out?
Also, if it was such a money making venture (cash back in 2-3 years), why would they want to sell it to you?
You still have your 5 day window, read the instructions on how to cancel and proceed to do so within the 5 day window. In addition to what the instructions say, make a copy of any letter you are sending them, go to the post office and mail it within the 5 day window. Use registered mail (something with a date stamp). Make sure everyone that signed the original contract signs the rescission.

Keep copies and proof of your cancellation and dispute the charge on your card if you don't get your money back within 45 days. Technically, the charge is not fraud since you agreed to it. The fraud is that you didn't receive what you thought you were paying for. A fraud claim would not even be necessary in this case since you cancelled within the legally allowed timeframe per your contract.
The Mexican post office is called Correos de Mexico .

 

[Ravisri]

Wow. That was so quick. I did not expect it so really appreciate the response.
I asked the same question multiple times to which they said - if you don’t cut us out of the marketing program - they will make a lot more money as those weeks are the 3 weeks during Christmas and new year and they are able to pay you and still make money. It kinda made sense yesterday but the amount of scam alerts on the internet are a red flag. Wish I had read them before or during the presentation.
The first red flag is that while I am trying to reach that agent to clarify or get written documentation for marketing program similar to the fractional ownership contract - there is no response since morning. Then came across several negative reports online.
Can you please give more details about how/where I should sent the registered letter? I plan to email them anyway. I am staying in Pueblo bonito rose for the next 3 days. Does it help to go in person and deliver the signed rescind letter?
Thank you once again.
Ravi

 

[Ravisri]

@Ravisri

You are already suspecting something is sketchy about the deal. Ask yourself, is it worth paying 3k to find out?
Also, if it was such a money making venture (cash back in 2-3 years), why would they want to sell it to you?
You still have your 5 day window, read the instructions on how to cancel and proceed to do so within the 5 day window. In addition to what the instructions say, make a copy of any letter you are sending them, go to the post office and mail it within the 5 day window. Use registered mail (something with a date stamp). Make sure everyone that signed the original contract signs the rescission.

Keep copies and proof of your cancellation and dispute the charge on your card if you don't get your money back within 45 days. Technically, the charge is not fraud since you agreed to it. The fraud is that you didn't receive what you thought you were paying for. A fraud claim would not even be necessary in this case since you cancelled within the legally allowed timeframe per your contract.
The Mexican post office is called Correos de Mexico .

The last part was cut out earlier. I see the post office in Mexico now.
Thank you so much.

 

[TheTimeTraveler]

Be absolutely sure that you mail your rescission paperwork via REGISTERED MAIL and retain your Postmarked Postal Receipt. Also be sure to retain copies of everything that you are mailing.

Remember, you only have FIVE days in which to obtain the Postmark so be sure to get that postmarked on Monday, December 23rd.







.

 

[Ravisri]

Sure @timetraveler. Thank you.

What should I typically include in the mail?
I plan to write a letter indicating my intention to rescind the contract with the contract # and few relevant details from the contract included.
Should I include any other information or paperwork?

 

[WorldT]

First follow the instructions in the contract. If it has an email option use it. If it has an email or in person option, use both (just don't let them convince you to stop cancelling you when you go drop it in person. Just drop and walk out). Make a copy of the same letter, go to the post office and send registered mail.
Information to include is very simple
1. Anything specified in the cancellation section.
2. If nothing is specified there, then include the following:
-names of everyone who signed the contract
-everyone who signed the contract must sign the cancellation letter.
- make sure it is dated.
- include the original contract date, contract number, the resort or membership purchased and the location you signed the documents.
- keep it simple. No need to specify a reason for cancellation. Just say you are exercising your rights and cancelling within the legally allowed 5 day window.

You will only need to include anything/document specified in the cancellation section. If nothing is written there, you don't need to return anything. The original contract copies have become your property. If there were any gifts, CDs or stuff like that, you can drop those off for them.
Keep in mind that the consumption or use of any gifts such as gift card or free lunch does not negate your rights to cancellation. In other words, if they gave you a gift card and you have already used it, you do not have to go and buy them the gift card before you are allowed to cancel.

 

[Ravisri]

Thank you all. Drafted the letter and dropping it off in person now. Will mail the same letter at the post office as well.