Should I rescind?

[whoohoo]

My husband and I just went to a presentation at the Oceanside Pier Resort and we went there adamant that we would never buy a timeshare. Six hours later, we were signing papers. I'm reading all these posts on this site and it seems like everyone buys re-sale. I feel like we got ripped off but I don't know if I would feel comfortable buying re-sale on ebay or some other site because I am such a newbie and wouldn't know if I was getting scammed. We paid $15K for 86,000 annual pts, 330,000 bonus pts, plus VIP status for 2.5 yrs. MF are about $40/month. We put the entire purchase price on a Wyndham Rewards Visa so it's 0%interest for 6 months and then we were going to pay it off. I need advice. Should I cancel this or keep it? Made the purchase on Sunday and we have 5 days to cancel.

 

[uscav8r]

My husband and I just went to a presentation at the Oceanside Pier Resort and we went there adamant that we would never buy a timeshare. Six hours later, we were signing papers. I'm reading all these posts on this site and it seems like everyone buys re-sale. I feel like we got ripped off but I don't know if I would feel comfortable buying re-sale on ebay or some other site because I am such a newbie and wouldn't know if I was getting scammed. We paid $15K for 86,000 annual pts, 330,000 bonus pts, plus VIP status for 2.5 yrs. MF are about $40/month. We put the entire purchase price on a Wyndham Rewards Visa so it's 0%interest for 6 months and then we were going to pay it off. I need advice. Should I cancel this or keep it? Made the purchase on Sunday and we have 5 days to cancel.

You could get scammed by 6 different deals (extremely unlikely occurrence), have no problems on the 7th, and STILL come out ahead of the developer priced deal.

Rescind and research!

 

[Ty1on]

My husband and I just went to a presentation at the Oceanside Pier Resort and we went there adamant that we would never buy a timeshare. Six hours later, we were signing papers. I'm reading all these posts on this site and it seems like everyone buys re-sale. I feel like we got ripped off but I don't know if I would feel comfortable buying re-sale on ebay or some other site because I am such a newbie and wouldn't know if I was getting scammed. We paid $15K for 86,000 annual pts, 330,000 bonus pts, plus VIP status for 2.5 yrs. MF are about $40/month. We put the entire purchase price on a Wyndham Rewards Visa so it's 0%interest for 6 months and then we were going to pay it off. I need advice. Should I cancel this or keep it? Made the purchase on Sunday and we have 5 days to cancel.

In my brief experience relentlessly searching Oceanside Pier resales, I can tell you that they do not come up very often. That said, it is an absolute guarantee that if you rescind and wait patiently, you will save THOUSANDS. 86K annual points isn't even enough to stay at Oceanside Pier once a year. As a matter of fact it isn't even enough points to stay at Oceanside Pier EVERY OTHER YEAR, as a 1BR in the slower season will require 175K points. Run from this contract as fast as you can. You are better off even finding another Club Wyndham Plus contract at another resort with reasonable maintenance fees (resale, of course) and taking your chances on standard reservation period vs advanced.

By the way, the reason I have been relentlessly researching OP is that I love this property. Find a way to get there without the ridiculous $15K upfront, even if it means renting from an owner instead of buying into this horrible deal.

After your bonus points and introductory VIP gift have been used/expired, you will find that you possess a dog. The reason they give you the bonus points and VIP is to A) shield the real particulars of the usefulness of your contract until you are left with 172K points after two years of saving them and still unable to book OP which requires 175K in the off-season for the smallest unit, and also to introduce you to VIP benefits in the off chance that it convinces you to pay tens of thousands more to achieve that level permanently. Of course, if you then pay an additional $60K+ to get you up to 400K points ANNUALLY, you will have ample points to book OP.

If you rescind and they come back with 203K points ANNUALLY for the same $15K, I might even say that is worth a look with the bonus points and temp VIP, but what you currently have is one of the worst deals I have seen from Wyndham.

 

[whoohoo]

Thanks for the replies. I sent an email to Wyndham and the response was that when you buy from the secondary market, you lose all benefits (no RCI, no VIP, ETC). Was also told that Wyndham will buyback from owners so if someone is selling really cheap, then you'll have to ask why if they could get more by selling back. Is this true?

 

[WinniWoman]

Thanks for the replies. I sent an email to Wyndham and the response was that when you buy from the secondary market, you lose all benefits (no RCI, no VIP, ETC). Was also told that Wyndham will buyback from owners so if someone is selling really cheap, then you'll have to ask why if they could get more by selling back. Is this true?

Don't listen to anything they tell you. They will tell you anything so that you will not rescind. When you rescind, just follow the instructions in the contract and do it quickly as there is a short deadline.

 

[Jennie]

Rescind Rescind Rescind Immediately !!!

RESCIND IMMEDIATLY !!!

Follow the rules to do so exactly as written in your contract.

Most resorts require that you send the rescision forms via the U.S. Postal Service. But double-check what is stated in your contract. If it says to send by regular postal mail, do so. Do not send it via UPS or Fedex etc...
Obtain a "proof of mailing" and hold on to it in a safe place.

They will probably call you and attempt to change your mind. Don't be suprised if they offer a lower the price an/or other freebies.

Be firm about your decision to rescind immediatly. Then do your "homework" here on TUG and other sources.

If you still feel that their price and the resort are right for you, you will
easily be able to purchase it from the resort directly again and probably at a much lower price. But almost no one comes to that conclusion after they do their homework and price checking.

Many of us have purchased our weeks via Ebay auctions, or from other resale compamies, or from owners wishing to sell their week or weeks due to financial problems or health issues, etc... Purchasing this way can save you thousands of dollars and will generally give you the exact same deal as if you had bought it from the developer.

Please rescind immediately.
FOLLOW THE RULES IN YOUR CONTRACT EXACTLY

Good luck.

 

[ace2000]

There's a small substance of truth in what they are saying. But to be clear, get out now!!! You'd be paying far too much for the benefits you would gain.

Next, stick around TUG and become an informed buyer. Read, ask further questions... and learn why what I've said here is true.

 

[Ty1on]

Thanks for the replies. I sent an email to Wyndham and the response was that when you buy from the secondary market, you lose all benefits (no RCI, no VIP, ETC). Was also told that Wyndham will buyback from owners so if someone is selling really cheap, then you'll have to ask why if they could get more by selling back. Is this true?

No RCI is a lie.. No VIP is the truth. You will never get $15K worth of VIP benefits from your 86K contract.

All Club Wyndham Plus contracts come with RCI memberships paid out of your contract fees. Retail or Resale.

"Buyback" means they will allow you to give back your deed for the consideration of three years of points usage. $15K lost.

 

[vacationhopeful]

Let me explain HOW much you are overpaying -

You can get 3X the number of points, pay for first 7+ years of MFs and go to 90-95% of the same resorts (not the Club Pass units), have NO loan or interest payments, have a free RCI account (liars, liars, pants on fire ... salesmen speak) ....

Get it? Yes, I have developer brought points .... but I use my ownership very differently than you. And have WAY more points yearly over what you will have during ALL your next 20+ adult years. And 90+% of my points are resale from eBay, gifts from former owners, etc.

 

[csxjohn]

Rescind now, if for no other reason than the fact that you have some doubts about your purchase.

If after you study for a few months and decide you do want to spend tens of thousands of dollars, a deal will be waiting for you from Wyndham.

DO NOT CANTACT WYNDHAM, THE SALES FORCE DOES NOT GET PAID UNLESS YOU BUY FROM THEM. They will do everything they can to talk you out of canceling.

Once you study this for a while you will learn enough to buy confidently on the resale market. Peeps here can help you with that.

Follow your rescission instructions to the letter, make sure everyone who signed the original signs the cancelation, and be sure to send it certified mail with delivery confirmation. You don't need to get a signature from them, you just need proof that you mailed it on time.

Keep all the papers you get from the Post Office in case there is a rare circumstance that Wyndham claims they did not get the letter.

Don't send originals of anything, send copies you have made and do this all today before your time runs out.

 

[55plus]

RESCIND!!! Rescind before it is too late and save yourselves tens of thousands of dollars. Buy resell points for pennies on the dollar when the your are ready to buy. Get familiar with what you are buying before you buy. It is better you keep your money than to give it to a sales weasels for something that is not worth as much as the desk or table you sat at when you signed the contract...

 

[presley]

Let me put it this way. Say I just said this to you:
I didn't want a timeshare, but after a 6 hours of a grueling sales pitch, I bought one. Should I keep it?
What would you have told me?

 

[weems637]

When in doubt, cancel out. Learn how to play, then come back another day. Promise, this deal, or one worse will be out there waiting for you! I've bought both, no regrets on resale.

 

[uscav8r]

Thanks for the replies. I sent an email to Wyndham and the response was that when you buy from the secondary market, you lose all benefits (no RCI, no VIP, ETC). Was also told that Wyndham will buyback from owners so if someone is selling really cheap, then you'll have to ask why if they could get more by selling back. Is this true?

Wyndham is buying back contracts, but this in no way means the resale contracts have some weird anomaly associated with them. Open market resales may just be looking for more than what Wyndham is offering.

Wyndham will buy back your 86k point, $15k purchase for maybe $1500. They will also buy back a resale purchase of the same exact thing for possibly up to $1500. Even if they gave you ZERO (they will still take back a resale OP), and the resale purchase on eBay was for $1500, you are STILL way ahead!

 

[MULTIZ321]

This previous Tug thread has an excellent example of a recision letter:
http://www.tugbbs.com/forums/showthread.php?t=74493


Don't delay. Rescind.


Richard

 

[falmouth3]

Whoohoo, you're getting the same advice form a lot of experienced people. I hope you take their advice seriously and rescind immediately.

Sue

 

[falmouth3]

Duplicate post

 

[markb53]

My husband and I just went to a presentation at the Oceanside Pier Resort and we went there adamant that we would never buy a timeshare. Six hours later, we were signing papers. I'm reading all these posts on this site and it seems like everyone buys re-sale. I feel like we got ripped off but I don't know if I would feel comfortable buying re-sale on ebay or some other site because I am such a newbie and wouldn't know if I was getting scammed. We paid $15K for 86,000 annual pts, 330,000 bonus pts, plus VIP status for 2.5 yrs. MF are about $40/month. We put the entire purchase price on a Wyndham Rewards Visa so it's 0%interest for 6 months and then we were going to pay it off. I need advice. Should I cancel this or keep it? Made the purchase on Sunday and we have 5 days to cancel.

I agree with uscav8r. Rescind and research. I bought my first purchase from Wyndham and added to it with a resale purchase. You just need to look up the sellers on Ebay and don't bid on one that has a bad rating. But as uscav8r says you could probably find a 86,000 point with similar maintenance for around $1000.00 - $2000.00 instead of $15,000.00, so even if you got scammed, it would still be way less than $15,000. And, so far, I've heard of very very few being scammed on a timeshare purchase. Some sellers take there own sweet time getting the transfer done. I used Sumday vacations and everything went very smooth.


Sent from my iPad using Tapatalk HD

 

[rickandcindy23]

The only way to be an informed buyer is to rescind now and do your homework. Research and buy resale. The VIP benefits you get at the sales pitch are not worth much at all because they go away, and what you have left is a whole lot of nothing.

 

[JimMIA]

Thanks for the replies. I sent an email to Wyndham and the response was that when you buy from the secondary market, you lose all benefits (no RCI, no VIP, ETC). Was also told that Wyndham will buyback from owners so if someone is selling really cheap, then you'll have to ask why if they could get more by selling back. Is this true?

They LOVE it when you email! Not because they have your question in writing and can carefully craft a nice reply -- but because email is not an acceptable method of rescinding, and if they can tell you enough lies...and tie you up long enough...they can drag things out until your legal rescission period has expired.

Wyndham weasels only lie for three reasons: to make a sale, to keep a sale, and to stall you past the legal deadline to cancel your purchase. They only tell the truth by accident, and they usually fix that quickly.

Wyndham is a very nice system. Rescind. Research. Buy resale or don't buy at all. And then enjoy.

*****
And just for some real-world numbers -- a couple of years ago, I bought 501,000 annual points RESALE for a little less than $2,000 total, including all closing and transfer costs.

My monthly maintenance is less than $225 per month -- for my 1,002,000 points every two years compared to your 89,000 for $40 per month.

Today, both prices and transfer costs are a little higher, but a penny per annual point is the common price people look for in the resale marketplace.

 

[TUGBrian]

so happy you found us in time, welcome to TUG, you just saved $15 grand!

 

[vacationhopeful]

They LOVE it when you email! Not because they have your question in writing and can carefully craft a nice reply -- but because email is not an acceptable method of rescinding, and if they can tell you enough lies...and tie you up long enough...they can drag things out until your legal rescission period has expired.

Wyndham weasels only lie for three reasons: to make a sale, to keep a sale, and to stall you past the legal deadline to cancel your purchase. They only tell the truth by accident, and they usually fix that quickly.

Wyndham is a very nice system. Rescind. Research. Buy resale or don't buy at all. And then enjoy.

*****
And just for some real-world numbers -- a couple of years ago, I bought 501,000 annual points RESALE for a little less than $2,000 total, including all closing and transfer costs.

My monthly maintenance is less than $225 per month -- for my 1,002,000 points every two years compared to your 89,000 for $40 per month.

Today, both prices and transfer costs are a little higher, but a penny per annual point is the common price people look for in the resale marketplace.

So very TRUE ...

BTW, I brought a 1,000,000 points CWP contract for $1050 including ALL closing costs. That would be a $200,000+ purchase today.

 

[griffir1]

I wish I would have recinded my last purchase - better to get out of the contract than have regrets.

 

[Ty1on]

I wish I would have recinded my last purchase - better to get out of the contract than have regrets.

Direct from a bona fide victim....

 

[whoohoo]

You are all awesome!! Thanks for all the advice. I am going to rescind first thing tomorrow morning. They gave me an "Election to Cancel the Sale of a Time-Share interest" paper. It has the Wyndham address in Las Vegas and it says "I hereby elect to cancel my purchase of the time-share interest in the above named time-share plan". It shows the time-share plan as Oceanside Pier Resort.

It has 2 signature lines and a box for the date. This should be good enough to rescind, correct?