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Rescinding an upgrade? Need help quick!

kiiiiiill

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Hello everyone, just discovered this fruit of knowledge BBS call TUG and my God, what revelation you guys have revealed to me! Now I need guidance ASAP if possible; Here's my situation:

I purchased a floating 2 bedroom TS with Westgate back in May 2011 located in Westgate Town Center (FL) for $25,000. $399/month. 18% interest rate. ~$800 (total including tax) maintenance fee/yr.:eek: I thought I made a good choice (I enjoy traveling and vacationing with family and do plan on doing it very often) but after coming home from the vacation, I thought about it and did the math and realized, I made a real bad choice. Figured I'd suck it up because this is for my future kids :confused: I wish I would have found TUG then..:(

Well, just this past weekend (3/11/12), I went to Las Vegas and stayed at the WG Flamingo Resort and purchased an upgrade, 4 bedroom TS every even yr for $25,000 (same price), $401/month. 14.99% interest rate (decrease from original purchase), ~$1200 (total including tax) maintenance fee every other year (save more than original purchase).

After WG employee tried wooing me an offer about 3x more expensive for a 4 bedroom upgrade, this was the offer I accepted, as this offer would seem to help me save more and at the same time get more (or so it seems???).

I realize now there is a 10 day rescinding period. This is where I hope TUG expertise comes into play. I did ask them what would happen to the first TS mortgage and the employee said the new 4 bedroom loan is the total mortgage I would pay only (although I know I should be taking these sales ppl word for grain of salt). If I rescind this new purchase, would I be able to slip through the cracks and be free from this TS as a whole? Or would I have fallen back into the previous contract (the 2 bedroom TS)? I don't want to rescind and find out I have to take back the previous contract unless I can get out of this as a whole.:wall: HELP TUG!
 

tschwa2

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If you rescind the upgrade you are back to your original contract. You may want to see if you can re-finance through a bank or credit union loan.
 

vacationhopeful

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Are we all talking WESTGATE and TS salespersons in the same breathe?


Rescind - as I believe you currently own BOTH unless you SIGNED a DEED transferring your original every year week back to Westgate. If you did sign a deed, a copy should be in your packet of documents.
 

ronparise

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you may very well slip through the cracks and be out of both contracts...(I doubt it, but maybe) At the very least get back to where you started your weekend
 

slip

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I don't see this slipping through any cracks. If so everybody would be doing it
To get out if their contracts. You'll go back to you first contract,then find out
About refinancing through your bank or credit union.
 
Last edited:

kiiiiiill

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Thanks for the response everyone.

Rescind - as I believe you currently own BOTH unless you SIGNED a DEED transferring your original every year week back to Westgate. If you did sign a deed, a copy should be in your packet of documents.

I don't remember signing a deed transferring the original back..I'm checking through my documents also and the only deed I see is the "warranty deed and lien on real property" which doesn't state anything of that...Geesh :mad:

And here I thought I may have found a way out :( rescind it is then.
 
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