Steps to rescind MVCI?

[mountaineer1]

First off, whoever created this board, thanks for maintaining it and all the great info on it!

As a bit of background, my family has been using Marriott timeshare properties for about 12 years now thru our friend. We typically either go out with her or she books extra time (somehow) and I just pay her for it. We really like the properties we visit and its been a pretty memorable part of my kids life growing up.

Based on all this we decided it was time to just go ahead and pull the trigger and get one. I had done some research on this prior to going in and basically knew about resale market, ROFR, etc. I mistakenly thought with ROFR I would not get that much of a discount off the developer price :-(. We signed on 7/13/17. Still in rescind timeframe

Based on all the great feedback here we are planning to just rescind and figure out how to do this a better way. I have already reached out to some real estate agents to discuss resale tomorrow.

My issue is that after reviewing contract I see the Section 7 cancellation, but DO NOT see any steps for how to do this in the documents. I have not reviewed the CD they gave me. Reviewing info from forums, it looks like different properties do things differently so I would like to get this right.

Does anyone have a source/reference for MVCI cancel / rescind process?

 

[DeniseM]

You need to find the directions in your purchase Docs or CD and make sure you follow them exactly - if you don't, they don't have to accept your recission.

More info: http://tug2.net/timeshare_advice/cancel_timeshare_purchase.html

 

[sb2313]

What resort is it as the state that it's in will likely impact your timeframe to do so.

 

[mountaineer1]

newport coast marriot, california

 

[DeniseM]

He just signed 3 days ago, so should be OK in every state.

 

[sb2313]

He just signed 3 days ago, so should be OK in every state.

Misread it as 7/3, not 7/13 my fault. And completely agree with him being able to save a good amount of money by rescinding.

 

[kds4]

First off, whoever created this board, thanks for maintaining it and all the great info on it!

As a bit of background, my family has been using Marriott timeshare properties for about 12 years now thru our friend. We typically either go out with her or she books extra time (somehow) and I just pay her for it. We really like the properties we visit and its been a pretty memorable part of my kids life growing up.

Based on all this we decided it was time to just go ahead and pull the trigger and get one. I had done some research on this prior to going in and basically knew about resale market, ROFR, etc. I mistakenly thought with ROFR I would not get that much of a discount off the developer price :-(. We signed on 7/13/17. Still in rescind timeframe

Based on all the great feedback here we are planning to just rescind and figure out how to do this a better way. I have already reached out to some real estate agents to discuss resale tomorrow.

My issue is that after reviewing contract I see the Section 7 cancellation, but DO NOT see any steps for how to do this in the documents. I have not reviewed the CD they gave me. Reviewing info from forums, it looks like different properties do things differently so I would like to get this right.

Does anyone have a source/reference for MVCI cancel / rescind process?

Hi. If you do not want whatever it is you purchased, you definitely need to rescind within the required timeframes (time is of the essence). However, I am unclear from your original post just what it is you bought as you decided to "get one". Was this a points purchase, a week purchase, or a hybrid bundle of a week and points?

 

[mountaineer1]

1. we visited marriot newport coast and met with sales team there
2. we purchased 4000 points at 10.93 (plus some other credits so it worked out to around 10.60)
3. received 4000 annual points and 4000 one time signing bonus
4. signed 7/13/17
5. paid cash, not financed. 10% down, balance by close on 9/8/17. finance deal for 4K onetime points werent worth the 7K in interest.

Let me know what else you need to know. I just learned about hybrid bundle while reading that goldenVIKE thread but need to find out more. Need to find out more there, but also seemed like he ended up paying even more by the end of the deal.

If there is a handy ref guide for hybrid I'd love a link.

 

[mountaineer1]

oh and we were going to pay for the contract using a marriott visa card which we were told was a 5x point value on marriott purchases, including the resort mvc purchase. This would net around 220K Marriott points plus the card signup bonus and the visit bonus of 50K, for a total of about 350K marriot card points.

 

[TUGBrian]

congrats on finding TUG in time to save what...40 grand? nice job!

 

[mountaineer1]

OK so I found the cancellation docs. Interesting:

1. they had them in a sealed envelope, but kudos to them (or state of CA) as they were on the front page in there once i opened
2. the docs here say SEVEN days from acceptance of the 'receipt of the public report' which is different from the contract i signed (hrm). I do see all the address info and fax number on this form though. I will do this tomorrow am so no problem there.
3. 'the notice of cancellation shall be effective upon the date sent and shall be sent to the developer at the address or facsimile number provided in your purchase contract. Any attempt to obtain a waiver of your cancellation right is void and of no effect'

I see a fax number on the document and also an address. I will send to both. We will sign exactly as on the contract itself. They include an email address on there as well but I think I will ignore that as it is not mentioned explicitly.

Thanks all

 

[kds4]

1. we visited marriot newport coast and met with sales team there
2. we purchased 4000 points at 10.93 (plus some other credits so it worked out to around 10.60)
3. received 4000 annual points and 4000 one time signing bonus
4. signed 7/13/17
5. paid cash, not financed. 10% down, balance by close on 9/8/17. finance deal for 4K onetime points werent worth the 7K in interest.

Let me know what else you need to know. I just learned about hybrid bundle while reading that goldenVIKE thread but need to find out more. Need to find out more there, but also seemed like he ended up paying even more by the end of the deal.

If there is a handy ref guide for hybrid I'd love a link.

Ok. It sounds like you are comfortable working the numbers, which is great. So, as I posted previously, you basically have 3 ownership options - buy a week, buy points, or buy a 'hybrid' bundle that includes a week and an amount of points. There are many threads posted discussing the various pros and cons of 'owning' each of these ways. To start the conversation intelligently, for you and for TUG members, the first question to answer is what do you want out of becoming a Marriott owner? Do you want to have a reliable place to go each year with options to trade elsewhere in years you don't want to go there? Do you prefer more flexibility to stay wherever/whenever you can find a place that interests you with no specific Marriott property to call 'home'? Maybe you want a little of both? Once you and we know what your goals are, it will be easier to provide meaningful options/suggestions for you to consider.

 

[TheTimeTraveler]

Be sure to go to the United States Post Office on Monday 7/17 and mail them a copy of everything you fax. Be sure to mail it via Certified Mail Return Receipt Requested and save the mailing slip which indicates a Postmark Date of the day of the mailing. This is proof that you acted within the required time to legally rescind.



.

 

[mountaineer1]

Ok. It sounds like you are comfortable working the numbers, which is great. So, as I posted previously, you basically have 3 ownership options - buy a week, buy points, or buy a 'hybrid' bundle that includes a week and an amount of points. There are many threads posted discussing the various pros and cons of 'owning' each of these ways. To start the conversation intelligently, for you and for TUG members, the first question to answer is what do you want out of becoming a Marriott owner? Do you want to have a reliable place to go each year with options to trade elsewhere in years you don't want to go there? Do you prefer more flexibility to stay wherever/whenever you can find a place that interests you with no specific Marriott property to call 'home'? Maybe you want a little of both? Once you and we know what your goals are, it will be easier to provide meaningful options/suggestions for you to consider.

OK I will start this as another post once I rescind. Thanks for the suggestion!

 

[mountaineer1]

The docs gave 3 ways to rescind - email, fax and mail. I have done 2 of the 3 now, post office was closed before I completed the docs so will send it off tomorrow via certified mail (receipt req).

Is there some document or confirmation that is typically supplied by the resort?

 

[DeniseM]

Usually, you don't hear anything until they refund your deposit. If they do call you, let it go to voice mail and see what they want because sometimes it's the sales person trying to save his commission. The sales person has zero control over your legal right to rescind, so if he calls, don't return the call.

I would expect Marriott to be ethical about this, but every once in awhile we hear about someone who rescinded, and then talked to someone from the developer and screwed up their recission by being wishy-washy or getting talked out of it, so it's better not to talk to them. Talking to them over the phone has no legal standing - it's the letter that fulfills the legal requirement.

 

[m61376]

Welcome to Tug, and congrats on saving $$$.
Now that you've gotten the paperwork out of the way, if you post what your vacation goals are people here will be able to advise you what options might work best to achieve them. For example, you mentioned NCV- is your goal to visit there (or someplace else) most years? If so, purchasing a resale week may better suit your needs for a fraction of the cost. If you need/desire the flexibility of points, than either a hybrid points package from Marriott or purchasing DC points on the resale market may suit your needs better, and still save you money.
A lot depends on both your current and anticipated travel needs (location, flexibility of travel time and unit size), as to what might work best for you. The attraction of points is the flexibility in reservation length and availability of different resorts (although still subject to availability, you don't have to hope for an exchange in II), but the flexibility comes at a price. On the flip side, if you're like many of us here and have a favorite destination (or favorite few) that you enjoy returning to, looking at it almost as a home away from home, then buying a week(s) somewhere may be a cheaper alternative, and better from the the perspectives of securing desired reservations and in priority for room assignment.

 

[Farmrswf]

We just were at Newport Coast after you. So after not going to the Sales info meeting in April when we were at the resort we decided to go this time. It seemed like a good fit for our family of 6 and trips we have planned in the next few years. After signing on the dotted line.. I was a little hesitant to begin with, but DH was ON board. Anyways me after having time to think and search found this great site and decided that we should rescind our offer and buy resale.. So we sent on our cancellation on Monday evening. By Tuesday morning I had phone calls and emails asking why of course I let it go to voicemail. Finally I said I am sorry about your commission, but need to cancel. Mountaineer1 how long did it take them to process your refund and did you get anything stating they cancelled your contract ? So now after the dust settles I see there is a whole lot more for me to learn and figure out and do it the right way.

 

[NYFLTRAVELER]

Who were your salespeople at Ncv?

 

[Farmrswf]

Who were your salespeople at Ncv?

Yes. They both contacted me and begged us not to rescind of course! After I said nope another time, the one finally said she would work on processing paperwork.

 

[NYFLTRAVELER]

Who were your salespeople?

 

[mountaineer1]

We just were at Newport Coast after you. So after not going to the Sales info meeting in April when we were at the resort we decided to go this time. It seemed like a good fit for our family of 6 and trips we have planned in the next few years. After signing on the dotted line.. I was a little hesitant to begin with, but DH was ON board. Anyways me after having time to think and search found this great site and decided that we should rescind our offer and buy resale.. So we sent on our cancellation on Monday evening. By Tuesday morning I had phone calls and emails asking why of course I let it go to voicemail. Finally I said I am sorry about your commission, but need to cancel. Mountaineer1 how long did it take them to process your refund and did you get anything stating they cancelled your contract ? So now after the dust settles I see there is a whole lot more for me to learn and figure out and do it the right way.

We never heard a peep from anyone at Marriott. I sent in cancellation on 7/17 and received the refund to our card by 7/21. They must have processed it the same or next day.