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Should I get out?

BAB2K12

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My wife and I are traveling home from a lovely weekend get away to Pigeon Forge TN. While there we attended a time share presentation. This presentation was for Gold Crowne Resorts. Now driving home reading I am having concerns. We have 10 days to rescind so please tell me if we are getting raked over the coals. We purchased a 1BR unit at Surrey Inn. Which is 97,000 points every other year (odd). This includes 3 years Platinum membership to Interval International, 12 get away weeks a year(which we pay a small fee to use), the charter certificate which includes day use of the property once built, a trip to Branson, 2 free trips to Pigeon Forge and a cruise all for slightly over $10,000. Is this a fair deal?
 

Gophesjo

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So glad you found TUG, and so glad you are having misgivings. Rescind!!! It is a bad deal - Gatlinburg area timeshares can generally be had for a song (even if you can't sing very good)! That means they can be had for pennies - literally - in the reslae market.
 

Karen G

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Is this a fair deal?
Just the mere fact that you are asking this question indicates that you don't have all the information required to be making an informed purchase. No matter what the salesman told you, this deal will still be available next week, next month, or whatever. But, your ability to rescind this contract will be gone forever once you let the rescission period pass.

RESCIND now while you still can. Take your time. Do some more research and find out more about this timeshare. If you still think it's as good a deal as you did when you bought it, then buy it. But, at least you'll be an informed consumer with all the information you need to make a good decision for you and your family without being swayed by the salesman's pressure.

Timeshares are easy to buy and very, very hard to get rid of. People are giving away their timeshares and even paying people to take them off their hands. Take your time and do some more research. Finding TUG in time is one of the best things that has happened to you. Welcome.
 

BAB2K12

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Thank you

Thank you for the quick response. It seemed like such a great deal at the time and then I found this website and got that ick in the stomach feeling. I actually found this site looking for great news about timeshare ownership. I thank you all for the information here. Hopefully the rescission goes smoothly.
 

Karen G

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Hopefully the rescission goes smoothly.
Just be sure to follow the instructions in your contract exactly as written. Keep a copy of your rescission letter. Mail it with proof from the post office that you mailed it within the stated rescission time period. Then spend some time here on TUG reading all you can about the benefits of timeshare ownership.
 

BAB2K12

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Home

Ok, so now that I am home I have found the pennies on the dollar deals mentioned previously and am typing the letter to begin the rescission process and want to ensure it is valid. My contract states "You may cancel a contract to purchase a time-share interval within ten (10) days from the date of contract...By prepaid United States Mail postmarked anytime within the designated period." I have read the FAQ I found on this site and plan to send the following letter.

--
Seller Address

To whom it may concern,

Regarding contract no. XXX for the purchase of unit XXX Week number XX Odd at XXX Resort. We are exercising our legal right to cancel this contract at outlined in the contract. We expect a full refund of the deposit made totaling $1,260. We also request that no future charges be made to the checking account provided. Please confirm my legal rescission in writing.

Sincerly,
Signed by both of us.
--

I want to get this letter sent out tomorrow to ensure it arrives as quickly as possible. Does this letter sound ok? Also, we provided them the deposit via a check and also set up the payments via ACH transfer directly from our checking account. Should I call the bank and stop payment on the check or simply wait for a refund? Will I be charged for the books or gifts provided? Also, would certified with return receipt qualify as "prepaid United States Mail"?

Thank you all again a great deal!
 

carl2591

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Thank you for the quick response. It seemed like such a great deal at the time and then I found this website and got that ick in the stomach feeling. I actually found this site looking for great news about timeshare ownership. I thank you all for the information here. Hopefully the rescission goes smoothly.
Glad you, like so many others that have been through the TimeShare sales pitch, go to the internet to learn more about timeshare.. That where you see something about how the deal you just did might not be all that great.

The TS concept is great one for sure. I sold timeshare in the 80's in Mrytle beach and know how good they can make it sound especially if you are not up to speed on the product.

get the RESCIND thing out of the way first. Follow the letter or paper as they specify. Make sure to send it with a delivery confirmation service.

after you get that out of the way come back and find out the real story about and behind timeshare. If you have kids and like to travel TS is a great way to do things as a family..

I suggest you spend a couple hrs a night :) for the next several weeks to get a good handle on stuff.. I know that sound weird but you will soon see you are spending a couple hrs at a time and enjoying the great folks you meet around here.


Have a good week and welcome to the neighborhood.. :hi:
 

BAB2K12

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Thank you! My wife and I do not have any children yet but we do love to travel. Last year we took 7 vacations together and multiple small vacations with friends. We are a young couple (mid and late twenties) so the TS is appealing to use but we want to do it the best way possible. I am working on my letter now so once the question above get answered I will get it sent out tomorrow morning. Also does anyone know if I need to include anything with the letter? Some say to include a copy of the contract but my contract states "RECORDATION OF THIS DOCUMENT IS PROHIBITED" so I wasnt sure if that included copying it. Thanks again!
 

Karen G

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--

I want to get this letter sent out tomorrow to ensure it arrives as quickly as possible. Does this letter sound ok? Also, we provided them the deposit via a check and also set up the payments via ACH transfer directly from our checking account. Should I call the bank and stop payment on the check or simply wait for a refund? Will I be charged for the books or gifts provided? Also, would certified with return receipt qualify as "prepaid United States Mail"?
Your letter sounds just fine. "Prepaid U.S. Mail" sounds like just an envelope with sufficient postage on it. But, for your own peace of mind send it at least with delivery confirmation of some kind so that you will have proof that you mailed it in time. Any gifts you received for attending the presentation are yours to keep. They offered them in exchange for your time of listening to their sales pitch. If the books are heavy, I'd just wait and see if they ask for them after the contract is rescinded. If they want them badly enough, they can pay for the shipping.

I think I'd notify my bank that the contract has been rescinded and cancel any ACH transfers that you set up. If the check hasn't cleared, maybe stopping payment would be a good idea, too.

I congratulate you for finding TUG in time and rescinding the deal. Many people find TUG too late after the rescission period has passed. Many of us here, myself included, have bought timeshare from a developer before we knew better, but we've found ways to enjoy what we bought and not look back. You are in a much better position to educate yourself before buying.
 

BAB2K12

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Thank you Karen. I will sign and send the letter tomorrow morning via certified mail with return receipt and will also contact the bank to cancel payment on the check and ACH transfers. We were concerned that cancelling the payment on the check may ding us as past due and somehow hurt our credit scores or force us to pay a huge returned check fee. I hope to be able to gather enough information here to make a smart decision!
 

Karen G

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We were concerned that cancelling the payment on the check may ding us as past due and somehow hurt our credit scores or force us to pay a huge returned check fee.
Maybe run this by someone at the bank as to what they would advise. Once your contract is rescinded, there is no more contract and no obligation to make any payments. I don't think that could affect your credit in any way.
 

BAB2K12

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Thank you Karen I will discuss with the bank. Do you have any idea how long this process usually takes?
 

Karen G

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Thank you Karen I will discuss with the bank. Do you have any idea how long this process usually takes?
I don't know, but I'd guess it won't take long. Once you have confirmation that they received your letter, if you don't get a response in a week or two, you might call the office. But, it's usually a good idea not to talk with any salesmen as they will try to talk you into going through with the deal. Just be firm--you want to rescind, period. End of discussion. That is your right.
 

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Welcome to TUG!

BABK12,
While you are waiting on the letter to go through the wickets, take a look through the BBS, to find out lots about timeshares. It will be a bit overwhelming at first, but with some study you'll eventually get in position to buy your first resale timeshare. (For a small fraction of the $$$ you would have spent.)

Timeshares are a great way to travel and getting lots of stays at very reasonable costs has not been a problem for us. Welcome to TUG! Glad you found us in time!!!!
 

BAB2K12

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Thanks Fishingguy. I have made a few tweaks to the letter and have 2 copies signed and ready to send out tomorrow (one certified with return receipt) and one standard post with return receipt. Now I am reading what to expect and what to do with the books etc. I hope to find a lot of information here and hope to buy something once I am more well informed.
 

timeos2

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Finding out about the great values available in timeshare either from inexpensive acquisition by resale or just renting time from others is a great find. You'll be able to have some great vacations in luxury condo's for prices below hotel units.

Even better is finding this group while your unfortunate and poor value retail purchase of a timeshare can still be easily and completely rescinded with no impact on your credit or wallet. You have been exposed to the great possibilities without the severe financial pain and regret that can seriously taint the overall experience forever.

Congratulations on both counts. You dodged a bullet and now can take your time to learn the ropes and truly enjoy the tremendous value timeshares can represent when handled correctly. Buying retail is NEVER the correct approach with only a mere handful of specific exceptions.

Welcome to TUG.
 

Rob&Carol Q

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Congratz on trusting your gut!

That puts you waaaay ahead of most folks who buy a TS from the developer...sometimes it takes a few years to develop that queasy feeling.

You want to really feel good about your decision? Do an ebay search for the timeshare you stayed and bought from. Yup, those low prices are for real...

Again, congratz. Now read and learn...

BTW, like most folks here, I really like my TS. Of course, I would like it just as much, if not more had I found this place first!
 

djs

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Someone from the resort (likely the original salesperson) will call you and try to sweeten the deal. They may offer you another week on top of your Interval International membership; an improved view, they might knock some off of your price. At the end of the day, nothing they offer you will come close to the price you'll pay on eBay.
 

BAB2K12

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Thank you all. I sent 2 copies of the letter today, one certified and one priority. We chose not to cancel payment on the check for fear of a ding as non payment on our credit scores and large cancelled check fees. I will keep you posted on the progress.
 

Beefnot

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Thank you all. I sent 2 copies of the letter today, one certified and one priority. We chose not to cancel payment on the check for fear of a ding as non payment on our credit scores and large cancelled check fees. I will keep you posted on the progress.
There would be no credit impact. There may be some fees involved but that's it.
 

BAB2K12

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Beefnot thank you for the message. My wife and I are quite proud of our credit scores and do everything we can to protect them as we are planning to build a new home in the sprint. We were afraid if we cancelled the check that we would be penalized for non payment. I know our bank will charge us a fee to cancel payment and the company would likely charge a bounced check feel but we dont mind a 50 dollar fee if it keeps us from making a big mistake!
 

Talent312

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I would not try to stop payment on the check, and rely instead on a refund.

Why? Not for a ding on your credit score, but becuz in most states, writing a "worthless check" (even if made "bad" for a good reason) can be prosecuted as a crime. In Florida, any amount over $300 is a felony.

The theory is that, in commerce, a merchants should be able to rely on commercial paper such as checks when delivering goods or services, and that is enforcable, independent of any subsequent dispute or legal action over the transaction.

Now, it may never be turned over to the bad-check division of the local prosecutor (they'd prolly have to give you notice first), and never result in charges (once the cancellation was explained), but these cretins could try use it as leverage. IMHO, you don't need that potential headache.
 
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Beefnot

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I would not try to stop payment on the check, and rely instead on a refund.

Why? Not for a ding on your credit score, but becuz in most states, writing a "worthless check" (even if made "bad" for a good reason) can be prosecuted as a crime. In Florida, any amount over $300 is a felony.

The theory is that, in commerce, a merchants should be able to rely on commercial paper such as checks when delivering goods or services, and that is enforcable, independent of any subsequent dispute or legal action over the transaction.

Now, it may never be turned over to the bad-check division of the local prosecutor (they'd prolly have to give you notice first), and never result in charges (once explained), but these cretins could try use it as leverage. IMHO, you don't need that potential headache.
I am reaching here, but I am quite confident that there is no way that any state will consider a stop payment as a crime under any circumstance. Writing multiple checks that bounce, on the other hand, might.
 

DeniseM

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I am reaching here, but I am quite confident that there is no way that any state will consider a stop payment as a crime under any circumstance. Writing multiple checks that bounce, on the other hand, might.
I once had a warrant issued for my arrest in California for stopping payment on 2 checks - true story.
:eek: :eek: :eek: :eek: :eek:
 
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