Rescinded CSV-1 Trust - Information and Paperwork...

[leejaime97]

I recently returned from a week at Sunterra Resort Greensprings Plantation...I am an owner and it was the first visit to the resort (I purchased on ebay late last year)...of course I went to listen to the sales pitch...

To make a long story short, my wife and I signed up for the CSV-1 Trust...the biggest selling point for us was the ability to rent weeks to pay for the Trust and maintenance fees...however after coming home midweek (it is 1.5 hours from my house) and checking ebay purchase history for what seemed to be rental weeks of those who are part of the CSV-1 Trust we decided to rescind since the $2,000-$3,000 the sales guy told us about turned out to be $400-500 and not renting...

So that others may benefit from what my wife and I went through...below are downloadable copies of three documents that you may want to review:

1) Assignment Agreement (conversion points of our timeshare)
http://mysite.verizon.net/leejaime97/AssignmentAgreement.pdf (247KB)

2) Purchase and Security Agreement (purchase of the minimum 2000 points)
http://mysite.verizon.net/leejaime97/PurchaseandSecurityAgreement.pdf (1.83MB)

3) Purchaser's Understanding and Acknowledgment of Timeshare Membership Purchase (the rules)
http://mysite.verizon.net/leejaime97/PurchasersUnderstandingofTimeshareMembershipPurchase.pdf (308KB)

If you have any questions, please let me know...

 

[Spence]

...the biggest selling point for us was the ability to rent weeks to pay for the Trust and maintenance fees...however after coming home midweek (it is 1.5 hours from my house) and checking ebay purchase history for what seemed to be rental weeks of those who are part of the CSV-1 Trust we decided to rescind since the $2,000-$3,000 the sales guy told us about turned out to be $400-500 and not renting...

Thanks for posting, the ability to rent (non-commercial) IS a nice benefit of the plan but as you quickly surmized it is not as easy or beneficial as the salesman says. Heck, if one could make as much as they say guaranteed, Sunterra would be foolish to be selling this stuff and would rent it instead.