Purchased a Spinnaker resort on HHI,

[Atkins2009]

Hello, I recently purchased a bi annual HHI 2br from Spinnaker Resorts. I was told that it is a prime (1-52 weeks) I am Concerned because when I was reading the paperwork it only said weeks 7-47 and 51-52.
I only purchased for 9k and I am primarily using it to trade for other locations. Should this concern me enough to cancel the contract since I have five days to do so?

also does Anyone know if there is any kind of feedback program? Spinnaker specifically said they wouldn’t buy the deed back but if we wanted to quit the unit is there something in place? I asked the financial guy and he brushed off the question.

 

[mcsteve]

In short, rescind immediately. What you purchased is available for pennies in the dollar of what you paid. Spinnaker is a good system with nice properties but you can find them in the resale market for much less and more value. I “purchased” 2 spinnaker properties on HHI through the Bargan Basement section here on TUG simply for the fee the resort charges for the transfer (pre pay 2 years maintenance). You can find even better deals simply by looking and taking your time.

Rescind ASAP according to the steps outlined in your contract. Ensure everyone on the dead signs the letter and send registered USPS. Make sure it is postmarked within the time frame and retain the receipt.

You found TUG in time, now save your money and listen to those who will also be providing advise in more posts responding to you.

 

[Atkins2009]

In short, rescind immediately. What you purchased is available for pennies in the dollar of what you paid. Spinnaker is a good system with nice properties but you can find them in the resale market for much less and more value. I “purchased” 2 spinnaker properties on HHI through the Bargan Basement section here on TUG simply for the fee the resort charges for the transfer (pre pay 2 years maintenance). You can find even better deals simply by looking and taking your time.

Rescind ASAP according to the steps outlined in your contract. Ensure everyone on the dead signs the letter and send registered USPS. Make sure it is postmarked within the time frame and retain the receipt.

You found TUG in time, now save your money and listen to those who will also be providing advise in more posts responding to you.

Thank you

quick question if we buy through the secondary market does interval still do the short stay exchange and bonus week?

 

[TheTimeTraveler]

Thank you

quick question if we buy through the secondary market does interval still do the short stay exchange and bonus week?

It doesn't matter the source of your weeks (resale or developer). Once you have a week you can register it with I.I. (Interval International) and start enjoying the benefits.

As others have said, do rescind and do your homework. Any buyer who signed the purchase agreement must sign the rescission paperwork. Send your rescission papers via USPS CERTIFIED MAIL and retain a copy of your dated Postal Receipt. DON'T waste any time as "Time is of the Essence".

Welcome to TUG and do consider becoming a member for just $15.




.

 

[mcsteve]

quick question if we buy through the secondary market does interval still do the short stay exchange and bonus week?

Your membership with II is separate and nothing to do with the developer. Once you decide on the TS you want and make your resale purchase you will be signing up with either II or RCI, depending on who the resort trades with. Some Spinnaker trade with II and some trade with RCI. You will have all of the same trade benefits as if you had purchased from the developer.

Just so you can compare, I “purchased” a 3 bedroom Spinnaker, yearly use in June, with a $0 purchase price from a fellow TUG member who wanted to get rid of it. My only cost was to prepay 2 years maintenance fees as required by the TS. Even if you decide to go with another resort like Marriott, Hilton or others you will be able to get much higher yearly value than the price they are selling you an every other year for. Take your time now that you are out of their high pressure sales room and find what you really need.

Welcome to TUG and do consider becoming a member for just $15.

 

[tschwa2]

Thank you

quick question if we buy through the secondary market does interval still do the short stay exchange and bonus week?

Short stay yes with resale, bonus week maybe not but avalability for either isn't that good unless you are looking at travelling off season or to places like Orlando.

 

[Atkins2009]

Thank you everyone, went back today and was able to write the cancellation letter and hand it over to their fin. Manager signed by both my wife and I. He refunded our deposit and called the cancellation in immediately.

thanks! And I have all the paperwork to prove that they received and processed

 

[mcsteve]

IMHO, I would still go through the steps that are outlined in the agreement to cancel the contract. Unless the contract states that you can cancel via hand delivery to “their fin manager” they may be able to dispute whether it has actually been canceled. The contract will outline exactly where the document must be sent. Send via USPS CERTIFIED MAIL and retain the receipt. It has been reported that other developers have used this as an excuse to lock purchasers in after the rescind period has expired as they did not follow the step outlined in the legal document that was signed by both parties. The few dollars it will take to send the letter exactly as specified in the contract could potentially save you significant grief in the future.

 

[moonstone]

Thank you everyone, went back today and was able to write the cancellation letter and hand it over to their fin. Manager signed by both my wife and I. He refunded our deposit and called the cancellation in immediately.

thanks! And I have all the paperwork to prove that they received and processed

I agree with @mcsteve, follow the directions in your paperwork exactly! How do you know that manager actually did anything with your letter. Do you have a receipt for the return of your deposit? Your letter may have been tossed to save the salesperson's commission and who knows who he was talking to on the phone. Rescind letters have been tossed many times before when folks go back to the sales office to rescind.

Congrats in finding TUG in time to save yourself thousands!


~Diane

 

[bogey21]

Agree,,,

George

 

[Patri]

Did you get a receipt showing the refund was entered into your method of payment? (ie credit card, written documentation, etc?)