Rescind or keep: Kaanapali Beach Club

[Cdog83]

We just purchased a Diamond Resorts Hawaiian Collection at the Kaanapali Beach Club. 7500 points a year, 7500 Bonus points, one year fee credit, 2 dream weeks and two cruises for about 27k (including closing) and 1750 annual maintenance fees. It's a big investment, which we'll have to figure out how to pay off without a large interest rate. Should we keep it or rescind the purchase? Background family of 4, including 2 small kids and we're in our mid thirties. We vacation 2 to 3 weeks a year, in high but not peak season.

 

[Luanne]

Rescind

 

[bogey21]

$27k is a lot of money, especially if you finance it, unless you are 100% sure you are doing what is best for you. My gut tells me that you should rescind, then research like Hell...

 

[Karen G]

Absolutely rescind NOW while you still can. Once the rescission period passes, you'll be stuck with this purchase and it probably is not the best you can do for your young family. This is especially a bad purchase if you have to finance it. Timeshares are luxury items and they are NOT investments. They decrease in value immediately after you buy them.

Look at your contract and follow the rescission instructions exactly. Send your rescission letter by USPS certified mail so that you have proof that you rescinded in time. Do more research and find out how timeshares really work. Those cruises will most likely come with so many restrictions that you'll be hard pressed to even use them. Anyway, once you've throughly researched this, if that deal you bought still looks like a good deal, it will still be there no matter what the salesman led you to believe. They are in the business to sell and they'll happily sell you anything they can convince you to buy.

 

[Grammarhero]

Rescind. Could probably get for $5k. @goaliedave

 

[brianfox]

That Rescission is even crossing your mind means you understand inside that buying was not the correct decision. Congratulations! Many don't realize that until a year in.

Rescind, and then rent for one vacation. You will find the rental isn't much more than the yearly maintenance fee - it may make you question why you need to own.
If you still want to own, then buy resale. You will save so many thousands.

 

[geist1223]

We love our DRI. We own 18,500 Points. With Club Select/Club Combination we are Platinum. To stay at KBC in low season costs:
1 Bedroom Mountain View 6,500 Points;
1 Bedroom Ocean View 8,500 Points; and,
2 Bedroom 15,500 Points.

You could get the 7,500 DRI Points on the resell market for almost nothing. There is 1 very important thing to remember about DRI resell Points. They can only be used in their Home Collection and not any of the affiliated Resorts or any other of the DRI Collections. There are only 2 Hawaiian Resorts in the Hawaiian Collection. The others are located on the Mainland.

Good luck on Booking those Cruises when and where you want to go.

 

[Cdog83]

Thanks for the great feedback. We like to bounce around where we visit, so direct with diamond is better than resale, so we can go out of network. However, we really like the suggestion to rent a couple times and see where we want to buy, and save cash for when that day comes.

 

[geist1223]

Another options is to rescind and then buy DRI on the resell market - either Hawaiian Collection or US Collection. Later you make a buy from DRI in the same Collection and at that time you have them move the resell Points into your regular Account. Normally it needs to be a 1 to 2 transaction. If you have 10,000 resell Points you have to buy 5,000 Points from DRI. So you end up with 15,000 DRI Points that are treated as regular DRI Points. Your MF's will be on the 15,000. But the up front investment is substantially less. It takes a couple years to put all this together. Also when you are buying from the resell market it is a cash deal. But when I was doing this people were giving DRI Points away and even paying the transfer costs.

 

[samara64]

RESCIND and read for 2 month. You can always go back and buy same package if you think it is right for you. Best option is to go with @geist1223 idea of a resale/developer combo. Bigger account at a way better price per point.

 

[presley]

Financing a timeshare is always a bad idea unless you are sure you'll have it paid off in a couple months.

 

[Grammarhero]

@Cdog83 would you kindly let us know if you rescinded?

 

[Cdog83]

@Cdog83 would you kindly let us know if you rescinded?

Yes, we did. Of course more sales tactics came my way but we survived!

 

[CPNY]

We just purchased a Diamond Resorts Hawaiian Collection at the Kaanapali Beach Club. 7500 points a year, 7500 Bonus points, one year fee credit, 2 dream weeks and two cruises for about 27k (including closing) and 1750 annual maintenance fees. It's a big investment, which we'll have to figure out how to pay off without a large interest rate. Should we keep it or rescind the purchase? Background family of 4, including 2 small kids and we're in our mid thirties. We vacation 2 to 3 weeks a year, in high but not peak season.

Not even a question. Rescind ASAP. If you want kaanapali buy the Westin kaanapali ocean resort within vistana. You’ll be able to use the star options to book in vistana and high trading power in interval, plus you’ll be able to find a buy real quick if you want to get out. If you don’t rescind you just threw 27K down the drain. I have an idea, give me 27K so I can buy a DVC and I’ll give you a diamond resort I can get online for peanuts lol. RESCIND NOW

 

[cowboy]

The fact that you can buy Diamond Resorts for next to nothing ought to tell you something about Diamond Resorts. All that I have read about them on this forum has been bad.

 

[geist1223]

Most of the free DRI Accounts only had 2,500 to 5,000 DRI Points. There is no much you can do with only 2,500 to 5,000 Hawaiian Collection Points. DRI should never have sold them.

 

[Carry On]

Yes, we did. Of course more sales tactics came my way but we survived!

Can you tell us how that rescision worked for you. Did you attend in person with the cancellation letter or send the package to Las Vegas?

 

[Cdog83]

Can you tell us how that rescision worked for you. Did you attend in person with the cancellation letter or send the package to Las Vegas?

I faxed the cancellation letter to Vegas, then dropped all the promotional material back at the resort. When at the resort, they tried to sell me on a 2-year trial program, which I declined. Then I received a call a few days later from someone in Virginia to confirm a couple details and we were told to expect our refund in 2-3 weeks. Our accounts have not yet been refunded.

 

[TheTimeTraveler]

The fact that you can buy Diamond Resorts for next to nothing ought to tell you something about Diamond Resorts. All that I have read about them on this forum has been bad.

As bad as they are I think Westgate may be more miserable to deal with...........



.

 

[CPNY]

We just purchased a Diamond Resorts Hawaiian Collection at the Kaanapali Beach Club. 7500 points a year, 7500 Bonus points, one year fee credit, 2 dream weeks and two cruises for about 27k (including closing) and 1750 annual maintenance fees. It's a big investment, which we'll have to figure out how to pay off without a large interest rate. Should we keep it or rescind the purchase? Background family of 4, including 2 small kids and we're in our mid thirties. We vacation 2 to 3 weeks a year, in high but not peak season.

Glad you cancelled

 

[stars4sky]

Did you get your refund back from DRI? I just bought my 2nd timeshare Monday June 8th, which I think was way misrepresented after reading fine print and now I want to rescind. How long is the rescission process and I don’t have that fax number only a mailing letter. Would you have that fax # by any chance? I would like to fax and mail my rescission letter. I would also be in Vegas this week and I’d like to go to their office if they give me a hard time lol. My background, single mom but loves to travel the world and have used my timeshare on many places overseas using grand chateau t/s while I was married. I thought this 7500pts would be good addition to Marriott time share but now I see I paid/financed $17k for 7500pts every odd yrs INSTEAD of every year which I though I would get.

they also gave me freebies and a tablet that doesn’t work. Do I need to return those first? I couldn’t get in touch with anyone anymore after I signed up, not sure if it’s limited office hours due to virus.

is there a good rescission format letter out there? could it be handwritten so I can just mail it out right away without looking for a printer? Thanks for any help!

 

[CalGalTraveler]

Glad you cancelled. As @CPNY stated, for $27k you could buy Oceanfront 2 bedroom resale at the Westin WKORVN or WKROV (not Nanea) next door. Much nicer resort and you will have plenty of points and lockoff options and the $20 - $27k resale value will not drop like a rock like the Diamond system.

You could also get a Westin WKORVN EOY OF for about $13k, or an annual 2 bdrm Island view for around $5 - 7k.

But since you mentioned you like to go to different places, take a look at Hilton Grand Vacations portfolio or buy a resale Sheraton Vistana Village (bella or key west phase only) for $1000 or less for mandatory staroptions. Take your time and research before you buy.

 

[pedro47]

I am very happy you cancel your purchase. Take you time and step back before you purchase a TS. IMHO. Good luck.

 

[stevio99]

Just a point of order if someone should see this thread. I do realize its from January.

When you rescind, make sure you send it via certified or trackable MAIL (to the address in your recission directions included in your "welcome" packet or CD). You need this proof for legal purposes should they try any shenanigans.

In the above thread the op faxxed his rescission. Do not do this as your sole method of recission, as its not legally enforceable.

Also after you mail it, do not speak to anyone from resort. Their sole goal at that point is to get you to change your mind, and stick you with a bad deal. Keep in mind these are the guys that benefit from putting you in a major financial setback (or ruin in some cases). They care ZERO about you.

 

[RX8]

Did you get your refund back from DRI? I just bought my 2nd timeshare Monday June 8th, which I think was way misrepresented after reading fine print and now I want to rescind. How long is the rescission process and I don’t have that fax number only a mailing letter. Would you have that fax # by any chance? I would like to fax and mail my rescission letter. I would also be in Vegas this week and I’d like to go to their office if they give me a hard time lol. My background, single mom but loves to travel the world and have used my timeshare on many places overseas using grand chateau t/s while I was married. I thought this 7500pts would be good addition to Marriott time share but now I see I paid/financed $17k for 7500pts every odd yrs INSTEAD of every year which I though I would get.

they also gave me freebies and a tablet that doesn’t work. Do I need to return those first? I couldn’t get in touch with anyone anymore after I signed up, not sure if it’s limited office hours due to virus.

is there a good rescission format letter out there? could it be handwritten so I can just mail it out right away without looking for a printer? Thanks for any help!

Rescind ASAP!

The only legal way to rescind is by following the instructions in your contract. If it doesn’t mention fax no need to do that also. Likely your contract will have an address to mail it via USPS. Send it certified so that you have proof that it was sent. States have different number of allowable rescission days. Nevada is only 5 days. It is based on whatever state you signed. The rescission date is your postmarked date, not the date they received it. This isn’t something that DRI needs to review to approve. As long as your rescission letter is postmarked within the rescission period and you have rescinded following the instructions in your contract they are legally required to cancel and refund your money.

Your letter can be handwritten and doesn’t need reasons why you are rescinding. Something as simple as “I am exercising my legal right to rescind the DRI timeshare, contract number 123456 dated June 8, 2020. I will return the provided material under separate cover.“. All parties must sign the letter. It doesn’t need to be notarized. Send the material (books, tablet) back the cheapest possible way after you send the rescission. Note - if you got a gift just for attending the presentation that is yours to keep. You could also drop it off if you are local. However, do not go in person to rescind. They will do everything they possibly can to get you to change your mind.

Good luck!

Edited: I see now that you posted on another thread as well and got some assistance which I am glad to see.