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Rescinding on purchase

C

Catgal78

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I purchased a timeshare at WKOV and once i returned home decided this was a poor deal. My cancellation has to be done by midnight Dec 3. The options for cancelling notice are via mail or telegram. Considering this is Saturday already, i sent a telegram. I could also mail the cancellation and have it postmarked Monday.....can anyone tell me if this is necessary? I want to make sure i am covered! On my telegram i paid extra to have the delivery signature emailed to me. Also, will having it postmarked Dec 3 suffice?

This board may have saved me a ton of cash.....hope im not too late cancelling!
 
The postmark date will count in your favor. Get return receipt for the letter just as you did for the telegram. You will be fine.
 
You would have been fine to wait until Monday (12-3) and send it certified with return receipt. It's the postmark that they go by. You overpaid to send the telegram, but sometimes peace-of-mind is worth just about any cost.

You're welcome. We're glad to help you save thou$san$.

Jim
 
Thanks! Yes, peace of mind is worth everything when large sums of $ are at stake! My cancellation form says that all sales material such as sales contract and disclosure statement etc must be returned to Starwood within 15 days. If not returned the developer can deduct $25 from my refund. Im thinking it will cost me up towards $20 to mail it from Canada! Fifteen days from now i probabaly wouldnt even have my deposit returned....should i be making copies of these contracts if i return it all to them?
 
In the US, there is a mailing rate called "Media Mail" (it used to be called "Book Rate") and it's slow, but it's cheap. You can check and see if you have that rate in Canada to send back the binder, etc.

Have you read the article about rescinding at the top of the forum?
http://www.tugbbs.com/forums/showthread.php?t=74493
 
Thanks Denise. Yes, i did read the article re rescinding and it was very helpful. I will check and see if there is a cheaper postal rate here but i am doubting it!
 
Don't worry - they are going to try and rip you off as long as you make reasonable contact within the time period. Not saying that you shouldn't follow rescind instruction - but we did ours by faxing (back when faxes still existed - lol), and calling. We never sent in official rescind package for WKORVN.
 
The people in the office where you are sending the rescind letter is not the same place as the sales office. They have no idea whether or not you send the printed material. Not likely they will ask. Hang on to it and when or if they ask send it by pack mule or slow boat. Not something I'd lose a lot of sleep over.
 
FWIW, Starwood has a very good reputation for honoring rescind notifications. I've never heard anyone say that they were given a hard time.
 
What are you planning to do instead of buying from Starwood? Buy on the resale market? Buy other highly tradeable timeshares resale and trade in? Rent available weeks instead of own? Just curious. We chose to buy other highly tradeable timeshares resale and trade them for the Hawaii properties (at about 1/3 the cost every year.) And the pruchase prices on them were a fraction of the resale price of the Hawaii properties.

Now, I know we won't get oceanview (likely we'll get "highway view") but we're not stay in the condo type of people. :whoopie:
 
Catgal78 said:
Thanks Denise. Yes, i did read the article re rescinding and it was very helpful. I will check and see if there is a cheaper postal rate here but i am doubting it!
Click to expand...

Canada Post oversize lettermail to a US address is $7.40 for 200g to 500g, but there's no proof of delivery.

Any service with proof of delivery will be at least $20
 
Catgal78 said:
Thanks! Yes, peace of mind is worth everything when large sums of $ are at stake! My cancellation form says that all sales material such as sales contract and disclosure statement etc must be returned to Starwood within 15 days. If not returned the developer can deduct $25 from my refund. Im thinking it will cost me up towards $20 to mail it from Canada! Fifteen days from now i probabaly wouldnt even have my deposit returned....should i be making copies of these contracts if i return it all to them?
Click to expand...

I never returned the sales material and nothing was mention - nor have I heard anyone here mentioned that they had to return such material.. Just send in the rescind notice, and if you hear that they want to you send other material (which I doubt) then send it then.
 
Thanks everyone for the advice. The rescind notice sent via telegram has been rec'd at SVO so now I guess its just a waiting game for our deposit to be returned to our credit card. I hope it happens before we have to pay the bill!
 
And if they want the materials back just wait until you are back in the US and mail it from here. Even if it's 2014.
 
Credit Card Deposit - Rescinding

We rescinded on our purchase - had put a deposit on our credit card. Do we wait for SVO to credit us back the amount or call our credit card company and explain what has happened? I am hoping the deposit is refunded in a timely fashion and we can avoid any credit card charges and interest but not sure what the normal course of action is?
thanks!:ponder:
 
Just call your credit card company and tell that this charge is scheduled to be refunded. They will tag it. That way, if they don't issue the refund in time for your next statement, you will not owe anything.
 
Can't you go on-line and see your current charges on you credit card? I would check this - the SVO charge may have never been made.
 
Oh yes indeed, the charge was put on my credit card the moment I signed the contract! I will call the cc company today and advise of the credit that should be occuring....hopefully sooner than later!
 
Catgal78 said:
Oh yes indeed, the charge was put on my credit card the moment I signed the contract! I will call the cc company today and advise of the credit that should be occuring....hopefully sooner than later!
Click to expand...

I'm in the same situation. I'm wondering how enforcable the "No deposit return" is under Mexican law, and if the CC card company will agree
 
Freebird said:
I'm in the same situation. I'm wondering how enforcable the "No deposit return" is under Mexican law, and if the CC card company will agree
Click to expand...

You don't have to tell them anything except that a credit is forthcoming. And it will be. I've never heard of Starwood reneging on a rescission.
 
Update!

My refund was credited back to our credit card this week! Happy that they were so prompt but not so happy that the difference in exchange rates meant we came up $500 short on the deal. Oh well, the cost of experience! We won't be in a hurry to think about purchasing a timeshare again......renting, yes but after this episode I think we realized this really wouldn't be ideal for us. :)
 
Catgal78 said:
My refund was credited back to our credit card this week! Happy that they were so prompt but not so happy that the difference in exchange rates meant we came up $500 short on the deal. Oh well, the cost of experience! We won't be in a hurry to think about purchasing a timeshare again......renting, yes but after this episode I think we realized this really wouldn't be ideal for us. :)
Click to expand...

Congrats.
That is an amazing change in exchange rate... but you saved $$$$ in the short and long run.
 
Catgal78, we were happy to help. It's for sure that timesharing is not for everyone. Sorry that you lost in the currency exchange. It could have been much worst. Come on back if you need a great vacation rental. By now you've seen that as a great way to vacation. All it will take will be being cooped up in a hotel room at a distant resort to appreciate a nice 1-or 2 bedroom timeshare with a full kitchen.

All the best!
 
SO happy i found this forum and in the nick of time! :cheer: The advice rec'd was much appreciated! Happy Holidays all!:hi:
 
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