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Rescinding help

Dejager28

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I purchased a timeshare two days ago and have decided to cancel it. I bought an Orlando timeshare while in las Vegas. The cancellation document instructs to send the cancellation to Orlando. Will I need to send anything to Vegas at all? The Nevada cancellation period is five days so I am panning on sending it in tomorrow (the third day after the contract was signed). Please help! Thank you!
 

csxjohn

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Dejager28

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Will do. Is it necessary (or worthwhile) to include a copy of the contract and credit card authorization as well and state that I would like to cancel the credit card authorization as well? (I have not paid anything on my card yet as I set up monthly payments to start next month) Also, should I write something along the lines of "You will notice that the contract is dated (date) and this letter is post marked (date, three days later). This is clearly within the cancellation time period as noted on the included copy of the Time Share Notice of Cancellation that was included in my contract.".
 

csxjohn

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Will do. Is it necessary (or worthwhile) to include a copy of the contract and credit card authorization as well and state that I would like to cancel the credit card authorization as well? (I have not paid anything on my card yet as I set up monthly payments to start next month) Also, should I write something along the lines of "You will notice that the contract is dated (date) and this letter is post marked (date, three days later). This is clearly within the cancellation time period as noted on the included copy of the Time Share Notice of Cancellation that was included in my contract.".
Don't over think this. No need for explanations. Include the contract number and a copy of it if you wish.

Everyone who signed the original must sign the rescission.

You could alert your CC company that you are legally rescinding a purchase and that you don't want any charges from that company. Every CC company handles this differently.
 

TUGBrian

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yep, just the simplest of forms sent to the address listed in the contract and you are done!

treat yourself to something nice with the thousands of dollars you just saved!

Welcome to TUG!
 

Dejager28

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One more question. Does the letter have to be physically written by hand or will a printed letter from Microsoft word suffice? Might be over thinking this but I just want to be sure.
 

TUGBrian

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signature will need to be handwritten for sure =)
 

artringwald

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Be prepared to get phone calls from them trying to talk you out of rescinding. Don't even answer the phone when they call, or hang up immediately if you answer accidentally and find out it's them. They will tell you all kinds of lies, sad stories, arm twisting arguments. You don't need that.
 

Dejager28

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Signatures will definitely be by hand. The rest is typed. Got it sent out with two days to spare on the cancellation period! Thank you all for your help!
 

Ty1on

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Signatures will definitely be by hand. The rest is typed. Got it sent out with two days to spare on the cancellation period! Thank you all for your help!
how much of your money did you just rescue?
 

Dejager28

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The total was $5,000, not to mention maintenance fees, HOA fees, property tax, and who knows what other fees. Plus what they sold me is a "studio" unit. Not even a one bedroom deal. I haven't paid anything yet (set up monthly payments) so hopefully they cancel everything before anything goes through. I'm sure they will try and stick me with $50 for the binder and $50 for the new owner breakfast too.
 

moonstone

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Congratulations on saving thousands. Do some reading through these forums & the "stickys" in the different sections before you consider a purchase (resale of course!). Timeshare stays are a vast improvement over hotel stays for vacations, especially if you have children.

No you wont be billed for the breakfast but you may want to find the cheapest way possible to mail/ship back the binder. They may try to bill you for that.

~Diane
 

TUGBrian

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5 grand will certainly make your next few vacations extra special! congrats again!
 

Dejager28

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Thanks everyone! I don't have kids yet, but that was the thought for looking into timeshares. My parents had one when I was a kid and we used the crap out of it so it definitely seems worth it if you use them and get the right deal.
 
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