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Rescind VOI at Westin Los Cabos Resort and Spa - Financing option?

supercoil

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Hi all,
I just bought a VOI at Westin Los Cabos Resort and Spa and immediately realize it is a mistake. Following the rescind instruction posted here and the contract package, I have sent out a rescind letter to Vistana Cancun Lagunamar office (winin 5 business days). Keep my finger crossed everything works out alright ....
When I signed off on the purchase, I also used the financing options and filled up the financing document. Basically what I did was, applied for a new Amex Starwood credit card on the spot... used the Amex Starwood credit card to pay the deposit and closing cost.... The remaining balance was put on the financing offered by Vistana and I was planning to pay it off within 30 days with the credit card.
My question is that, when I rescind the whole purchase, the financing (loan) is also cancelled, right? There is no complication involved with the loan application, etc.... right? Once they received the rescind letter and refund within 15 days the deposit and closing cost that was charged to my new Amex card, the slate will be cleaned and the loan is also cancelled altogether. Is this understanding correct?

Do I need to do anything additional besides the rescind letter (sent out by registered mail with return receipt)? Do I need to do anything additional to take care the loan application?

Thank you all in advance!
 

vacationtime1

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The loan will be cancelled with the purchase, as you expect.

I don't know whether the AmEx card gets cancelled as well, but it would have a zero balance, and it's actually an excellent card to have for accumulating StarPoints (at least until the merger of the Marriott and Starwood loyalty programs is completed).
 

darius

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Hi all,
I just bought a VOI at Westin Los Cabos Resort and Spa and immediately realize it is a mistake. Following the rescind instruction posted here and the contract package, I have sent out a rescind letter to Vistana Cancun Lagunamar office (winin 5 business days). Keep my finger crossed everything works out alright ....
When I signed off on the purchase, I also used the financing options and filled up the financing document. Basically what I did was, applied for a new Amex Starwood credit card on the spot... used the Amex Starwood credit card to pay the deposit and closing cost.... The remaining balance was put on the financing offered by Vistana and I was planning to pay it off within 30 days with the credit card.
My question is that, when I rescind the whole purchase, the financing (loan) is also cancelled, right? There is no complication involved with the loan application, etc.... right? Once they received the rescind letter and refund within 15 days the deposit and closing cost that was charged to my new Amex card, the slate will be cleaned and the loan is also cancelled altogether. Is this understanding correct?

Do I need to do anything additional besides the rescind letter (sent out by registered mail with return receipt)? Do I need to do anything additional to take care the loan application?

Thank you all in advance!
Just curious, do you mind sharing the details of the VOI you purchased? Was it Los Cabos VOI or Westin Adventuras? What was the price, and incentives? Thank you!
 

blondietink

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I don't know how reliable the mail is within Mexico. I have sent post cards from Lagunamar to the U.S. and they took literally 9 months to arrive. I would check the mail service within Mexico if I were you. Perhaps the front desk can give you reliable information.
 

DeniseM

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Did the instructions say to mail the letter to Mexico or to Vistana's office in Florida?

If you mailed it to or from Mexico, you may want to send a copy from home, along with a copy of the mailing receipt, explaining that you are sending a duplicate rescission letter, in case they don't receive the first one.
 

justJT

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You can follow up with an email to your sales transaction person indicating you want to rescind. We did the same previous year and that was sufficient.
 

supercoil

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Just curious, do you mind sharing the details of the VOI you purchased? Was it Los Cabos VOI or Westin Adventuras? What was the price, and incentives? Thank you!
It is Westin Los Cabos Resort and Spa, VOI from Vistana Adventuras MX. It is basically $23485 for 63K StarOptions and with all the regular perks of Vistana VOI, gold status, etc.... I think one of the members here had posted the details of this new location and his post matches exactly to what I got.
 

supercoil

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Did the instructions say to mail the letter to Mexico or to Vistana's office in Florida?

If you mailed it to or from Mexico, you may want to send a copy from home, along with a copy of the mailing receipt, explaining that you are sending a duplicate rescission letter, in case they don't receive the first one.
Thanks for the advice!
The instructions says sending the rescind letter to either the Mexico office in Cancun or Vistan's office in Florida. I have already sent a registered mail with return receipt to the Mexico office since I am still in Mexico. I am planning to send another one to the Florida office when I am back in US on Monday.
The instruction says the letter needs to be postmarked within 5 business days. So Monday would be the 5th calendar day and I think 11/3. 0 (Thursday) would be the 5th business day. I should have plenty time to meet the deadline.
 

RnU

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We went to the owner update at the Lagunamar a few days ago. Similar deal, $23,465 for the studio in Premium+, 67,100 StarOptions and an additional incentive of 80,000 StarPoints.

Fingers crossed your recinding goes smoothly.
 

darius

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We went to the owner update at the Lagunamar a few days ago. Similar deal, $23,465 for the studio in Premium+, 67,100 StarOptions and an additional incentive of 80,000 StarPoints.

Fingers crossed your recinding goes smoothly.
Good to know - for the cancellation of the purchase agreement I'd send it in the US (if you can) - trackable as well as any other method. Just to be sure, and I'm sure it will be smooth.

FWIW: We are buying 176,100 options (Adventauras) but trading a week we bought for a few thousand resale (and getting a credit of 35k or so towards this purchase) and coming out of pocket a total of 25-28K total - and requalifying another week we are going to keep. To us, this makes sense but a straight purchase (as others have said many times) not a good deal and bravo for finding this site before your recession had passed!
 

KACTravels

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FWIW: We are buying 176,100 options (Adventauras) but trading a week we bought for a few thousand resale (and getting a credit of 35k or so towards this purchase) and coming out of pocket a total of 25-28K total - and requalifying another week we are going to keep. To us, this makes sense but a straight purchase (as others have said many times) not a good deal and bravo for finding this site before your recession had passed!
Curious...What is the week you are trading in? What is your goal for doing this? Elite status?
 

darius

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Curious...What is the week you are trading in? What is your goal for doing this? Elite status?
Our situation was a little unique. We have owned WKORN-N oceanfront for 7 years (purchased resale). We have got great use out of our unit, but decided to sell as we have been using our Marriott ownership much more. When we stayed at Nanea (SO reservation) we decided to sell the north and buy a resale 3 bedroom at Nanea (oceanfront). Of course Nanea is voluntary and we want it to be fully requalified so essentially the sale of our north week (we sold it for 30k) covered the Nanea purchase (we got for 40k). Then purchased a Westin desert Willow super cheap as a trade in, and am buying the Adventuras week much more cost effective with the trade in (which we will use as Marriott doesn’t have great options for Mexico, or any options I don’t think ). This also requalifies our Nanea week and makes us a 4 Star elite.

Realizing we now only own voluntary weeks, the resale value is very questionable - but we intend to use the heck out of these for many years... Our family loves Mexico and Nanea so it worked for us.
 

carpie99

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-Deleted-

Love the resort ... unaware they had studios. Stayed in a regular two-bedroom when we went in October.
 
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