Rescission letter sent, now what?

[TSNoob]

Luckily, we found this site after signing a ridiculously expensive developer contract. We immediately mailed our rescission letter and it has been received by HGVC. Will we hear from them? If so, how long before they contact us? How long does it take for HGVC to refund our down payment?

Thanks in advance.

 

[Passepartout]

Congratulations. There is no requirement to them to give you a progress report on your rescission, but they ARE required to process it. It can take up to 45 days to see the refund on your CC statement depending in your billing cycle. Patience, Grasshopper.

Jim

 

[TUGBrian]

Welcome to TUG! glad you found us in time to rescind and save a fortune on the resale market!

 

[Talent312]

Will we hear from them?

If you hear from them, it will be a salesman trying to talk you out of rescinding.
Do not answer the call. You have no duty (not even politeness) to talk to them.
If you answer by mistake and talk w/them, just say, "Nothing you can say will change my mind."
Then hang up.

.

 

[TSNoob]

Update...HGVC received the rescission letter on 12/27 and our CC was credited on 12/30. We didn't receive any calls and haven't received any documentation by mail (yet).

 

[Talent312]

You prolly won't... To them, you're a ghost who no longer exists in their world.

 

[Nomad420]

Luckily, we found this site after signing a ridiculously expensive developer contract. We immediately mailed our rescission letter and it has been received by HGVC. Will we hear from them? If so, how long before they contact us? How long does it take for HGVC to refund our down payment?

Thanks in advance.

Which property was it as I have recently purchase into HGVC?

 

[TSNoob]

Which property was it as I have recently purchase into HGVC?

Las Palmeras

 

[taterhed]

Congrats. HGVC was very gracious when we rescinded; we had a great conversation with the sales person and no problems. They are a good company IMHO.

 

[Nomad420]

Congrats. HGVC was very gracious when we rescinded; we had a great conversation with the sales person and no problems. They are a good company IMHO.

Great to hear that. We recently bought in HGVC Midtown NYC and I must admit when we asked about rescinding options they were very nice/polite and explained what the deal was and how to do it. However, we ended up staying with the property. This is only the second time share I have purchased but felt comfortable with it as my brother has been an owner in HGVC 57th St. for probably 5 years. My first TS I bought in the resale marked and have really gotten my use out of it and I hope to do the same here. My only complaint, and I seem to be in good company here, is ever increasing maintenance fees. My Utah property maintenance is now almost approaching the cost of a local cheap hotel room! In retrospect perhaps I should have bought in the resale market but at Midtown NYC the resale pricing seemed high (I guess that is obviously good).

 

[brp]

In retrospect perhaps I should have bought in the resale market but at Midtown NYC the resale pricing seemed high (I guess that is obviously good).

The HGVC New York properties are high even in resale. Not as high as developer, of course, but much higher than most (all?) other HGVC properties. We bought W. 57th resale and, while we saved a bunch over developer rates, it was not cheap. Fortunately, these properties tend to hold value pretty well, so I expect to be able to sell it for what we paid (or close) when we get to the point of wanting to do that.

Cheers.

 

[WMLUCAS]

Congratulations. There is no requirement to them to give you a progress report on your rescission, but they ARE required to process it. It can take up to 45 days to see the refund on your CC statement depending in your billing cycle. Patience, Grasshopper.

Jim

Do I need to call and confirm they are in possession of my rescission letter? I have confirmation from FedEx and USPS.

 

[Passepartout]

Do I need to call and confirm they are in possession of my rescission letter? I have confirmation from FedEx and USPS.

There is no reason to call. They won't mess up a rescission.

 

[TheTimeTraveler]

Do I need to call and confirm they are in possession of my rescission letter? I have confirmation from FedEx and USPS.

No need to call, and as @Passepartout said they won't mess around with a rescission since it is the law. Sit back, relax, and allow up to 45 days for your refund to be processed.

Congratulations on rescinding! What you paid thousands for likely may be purchased for pennies on the dollar on eBay.





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[Talent312]

Do not call, and do not take any calls they make to you.
It's likely that you'd talk to the weasel who sold you the TS.
He/She/It will only try to save their commission.
... Just be patient and let it happen.