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dkny13212

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Attended a presentation on Saturday for SilverLeaf's Hill Country Resort in order to get some free Spurs tickets and a mini-vacation to the Great Wolf Lodge in Dallas. Went with the wife intent on saying no repeatedly and walking out unscathed. But as can happen, the sales pitch was great, the pressure was mounting and before I knew it we were signing an agreement. At the time, I felt like I'd gotten a decent deal but when I got home I started doing some research. Many of the points that sold us on the timeshare appear to have been greatly overstated and then come to find out, thanks to this site, you can do it much, much cheaper. Luckily I came across this site and learned of the rescinding process. I sent an email today and will follow it up with a certified letter and fax tomorrow requesting the contract be cancelled. Hopefully it all goes smoothly, I can get my deposit back and the contract cancelled and then can move on to the business of purchasing a timeshare the right way. Thanks to all that post on here and I greatly look forward to your insight and guidance along the way as my family and I purchase our first timeshare. Again, thanks...great site.
 

Htoo0

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Good luck! Glad you found the site. (And I'm glad it's here.)
 

DaveNV

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Congratulations on rescinding in time. Just be certain you follow their rescission process TO THE LETTER. If you skip one part, or do it via a different form, they may not honor your request. Be cautious to make sure you're doing it right.

Dave
 

dkny13212

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Will do. It's pretty basic though. All it says is to "mail notice by prepaid US mail to the developer" and provides an address. For our own safety we are doing return receipt and also hitting them by email and fax. Should have all the bases covered. Hopefully it goes well but from what I have read on here, SilverLeaf is pretty good with the rescission process. Thanks!
 

csxjohn

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Will do. It's pretty basic though. All it says is to "mail notice by prepaid US mail to the developer" and provides an address. For our own safety we are doing return receipt and also hitting them by email and fax. Should have all the bases covered. Hopefully it goes well but from what I have read on here, SilverLeaf is pretty good with the rescission process. Thanks!
When it's all done tell us how much you saved by rescinding so it can be added to the total that TUGBrian is keeping.

Glad you found this site and welcome.
 

LannyPC

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Many of the points that sold us on the timeshare appear to have been greatly overstated...
That happens almost all the time at these presentations. That's why so many people fall for these sales pitches and buy overpriced, worthless timeshares
 

theo

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The is only ONE "base" to cover to rescind properly...

<snip> For our own safety we are doing return receipt and also hitting them by email and fax. Should have all the bases covered. <snip>
The email and fax "rescission communications" you sent are meaningless and irrelevant, legally speaking.

A signed (by all persons on the original contract) rescission letter, postmarked within the applicable state rescission period (actual delivery date is also irrelevant), is all that ultimately matters, legally speaking.

Well done.
 
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Rent_Share

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A signed (by all persons on the original contract) rescission letter, postmarked within the applicable state rescission period (actual delivery date is also irrelevant), is all that ultimately matters, legally speaking.

Well done.
X2

welcome
 

dkny13212

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Great news. I received a response to my email requesting rescission from Silverleaf Customer Service. They stated they were notifying the resort and we should see our deposit refunded within 30 days. I still sent the letter via certified mail just to cover my butt but it looks like I avoided a huge $8000 screw up. Thanks again to this great site!
 

Rent_Share

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Congratulations on your rescission

Most important to anyone landing here, I doubt the contract specified email, the governing state statutes specify US Mail, (Certified Mails provides proof that you mailed it). The fact that the developer you emailed responded to the email does not change the statutory requirement of a US Mailed recession letter signed by all parties to the contract


Stating the certified copy, was "covering your butt", and the email did the trick, is irresponsible for other buyers, who often land here looking for a superior method of delivery to give them the satisfaction of instant acknowledgement, while not meeting the rescission standard as stated in the contract or the governing law. There are many developers that will not accept a rescission letter that does not meet the exact terms of the contract, including method of delivery.
 

ska800m

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Reaceinding my Timeshare purchase

HEllo to all TUG members. I am so glad i found you guys. So on Saturday 1-4-14 i attended a Silverleaf Fox River resort in Sheridan, IL and with out knowing much bought a timeshare. First it was selling for $15,000 and then sales manager dropped it down to $7000. I thought it was a great deal. My gut feeling told me to research and i found you guys. Now i want out. I know i have 5 days. I have written my letter to rescind and have mailed it with priority mail and also receipt of conformation.

It also stated to go in person. Is that a good idea? i dont live to far.

I just want to thank everyone here and good luck to the ones that were not as lucky.
 

Passepartout

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HEllo to all TUG members. I am so glad i found you guys. So on Saturday 1-4-14 i attended a Silverleaf Fox River resort in Sheridan, IL and with out knowing much bought a timeshare. First it was selling for $15,000 and then sales manager dropped it down to $7000. I thought it was a great deal. My gut feeling told me to research and i found you guys. Now i want out. I know i have 5 days. I have written my letter to rescind and have mailed it with priority mail and also receipt of conformation.

It also stated to go in person. Is that a good idea? i dont live to far.

I just want to thank everyone here and good luck to the ones that were not as lucky.
Don't go in person, don't answer the phone from them. All that does is give them another chance to change your mind. Send the letter to the address in your contract exactly as they say to, by whatever means they specify.

We're glad you found us, and Welcome to TUG.

When you get your money refunded- of before- do some research here. You can buy for in the hundred$, what the developers wanted thousand$ for. Research first. Rent a couple of TS vacations, THEN consider buying. TSs are easy to buy, and very hard to sell.

Jim
 

ska800m

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New to timeshare! Big mistake!

[Threads merged; duplicate text deleted.]
 
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PamMo

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...It also stated to go in person. Is that a good idea? i dont live to far...
No! That's not a good idea. It only gives them another opportunity to wear you down and take your money. If you followed the instructions to rescind to the "T", you'll be fine.

Welcome to TUG!!!
 

TUGBrian

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Glad you found us in time!

welcome!
 

ska800m

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thank you! ill let everyone know once i get a reply. I wish there was a way to help all of those that were no able to rescind on time!
 

AwayWeGo

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[triennial - points]
Spread The Word.

I wish there was a way to help all of those that were no able to rescind on time!
An ounce of prevention is better than a pound of cure.

That is to say, folks who don't catch on before the rescission period ends are pretty much stuck & there's not much help anybody can offer once that opportunity is over. In fact, the obvious biz. model of the full-freight timeshare companies is doing all that can be done to make sure the full-freight customers don't learn the truth till it's too late.

Meanwhile, those who know -- either from learning the hard way or from seeing the light via TUG -- can spread the word to friends & family & work colleagues & anybody else interested in timeshare vacationing.

Nothing that the timeshare companies sell at full freight is worth the money, period. Buy timeshares resale. Save thousands of dollars on exactly the same thing as full freight, or the equivalent, or something even better.

Resale timeshares can be a great way to enjoy spacious luxury vacation accommodations at Motel 6 & Super 8 rates. Full-freight timeshares are a bad deal any way you shake it.

Alan Cole, McLean (Fairfax County), Virginia, USA.​
 

gypsykate

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any options?

I wish I had known about this site last October.:bawl: I was not so lucky and fell into a trap of buying more time than I can use: points with RCI, through a "flex time" purchase of 4 Oakmont weeks. Because of a delay in sending me paperwork, I wasn't made aware of the full cost of the trade for another timeshare I had that was supposedly being used as part of a down payment on the great deal I was getting. This delay put me over the 10 day cancellation period.

Now I am told that it doesn't matter if I turn over my timeshare, the "great deal" price will stay the same and I can not cancel the purchase. It appears that if I turn over the deed to the PBS timeshare I am just giving it to them and it is costing me the annual MF ($873) plus the service fee to the Title Co ($595) and the additional transfer of title fee charged by the PBS resort (another $500). So I guess I will try to sell the PBS timeshare myself and hope to recoup some of the costs.

I was told the only way to get out from under the Oakmont/ RCI Premier deal is to let it go into foreclosure. I have paid the down payment of $948 and the first installment pymt of $178. I haven't paid the annual MF's on this yet; they are $405. Does anyone have RCI Platinum points? Is it a good program? Any suggestions?
 

Passepartout

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At this point you might be better off to let it go to foreclosure. Your credit would take a hit for a while, but you wouldn't be paying thou$and$ on something that probably isn't worth more than a few hundreds. At best. Have you checked the completed auctions on eBay to see what similar ownerships as your have sold for?

GET PROFESSIONAL ADVICE FROM A LOCAL ATTORNEY AND/OR ACCOUNTANT!

I guess you might have something to stand on with the 'had to wait to see what the trade-in was worth' defense, but frankly, you signed a contract, and the rescission period starts when you sign on that dotted line, not when a down payment is made.

Some of us have RCI Platinum. I don't, and there have been many threads both pro- and con. A search (up in the blue stripe above) will point you to them.

I actually don't see any easy way 'out' of your purchase. And your 'trade-in' will cost you pretty close to what you said the 'new' outfit would charge you to take it. MF, transfers, etc. You may as well pay them rather than market it yourself.

Sorry to not have a lot of good news to tell you, but that's kind of the reality of timeshares. You may be able to rent some of the weeks you have to soften the MF a bit. And it looks like you have lots of timeshare weeks to use. Hope you have a lot of vacation time.

Welcome to TUG. Stick around and read and learn how to use what you have.

Jim
 
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SandyJ

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Foreclosure likely a bad idea

I wish I had known about this site last October.:bawl: I was not so lucky and fell into a trap of buying more time than I can use: points with RCI, through a "flex time" purchase of 4 Oakmont weeks. Because of a delay in sending me paperwork, I wasn't made aware of the full cost of the trade for another timeshare I had that was supposedly being used as part of a down payment on the great deal I was getting. This delay put me over the 10 day cancellation period.

Now I am told that it doesn't matter if I turn over my timeshare, the "great deal" price will stay the same and I can not cancel the purchase. It appears that if I turn over the deed to the PBS timeshare I am just giving it to them and it is costing me the annual MF ($873) plus the service fee to the Title Co ($595) and the additional transfer of title fee charged by the PBS resort (another $500). So I guess I will try to sell the PBS timeshare myself and hope to recoup some of the costs.

I was told the only way to get out from under the Oakmont/ RCI Premier deal is to let it go into foreclosure. I have paid the down payment of $948 and the first installment pymt of $178. I haven't paid the annual MF's on this yet; they are $405. Does anyone have RCI Platinum points? Is it a good program? Any suggestions?
I'm so sorry! Getting stuck in something you dont want at a price you don't want is no fun. The best advice I've seen here is do not foreclose, but learn to use what you have bought to the best of your advantage! I like that advice because the bad news is you've just essentially "bought" thousands of dollars worth of DEBT. The good news is, all that money that you are now locked into spending does maintain some value, the value is in the family time and the memories you will make taking all those vacations.

I would venture to say most of us have over paid for something in our lifetimes...a car, a house, electronics... Its just part of life learn and try not to repeat.
 

Rent_Share

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I wish there was a way to help all of those that were noT able to rescind on time!
Their solution is to learn how to get maximum usage/value out of the expenditure
 

gypsykate

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At this point you might be better off to let it go to foreclosure. Your credit would take a hit for a while, but you wouldn't be paying thou$and$ on something that probably isn't worth more than a few hundreds. At best. Have you checked the completed auctions on eBay to see what similar ownerships as your have sold for?

GET PROFESSIONAL ADVICE FROM A LOCAL ATTORNEY AND/OR ACCOUNTANT!

I guess you might have something to stand on with the 'had to wait to see what the trade-in was worth' defense, but frankly, you signed a contract, and the rescission period starts when you sign on that dotted line, not when a down payment is made.

Some of us have RCI Platinum. I don't, and there have been many threads both pro- and con. A search (up in the blue stripe above) will point you to them.


I actually don't see any easy way 'out' of your purchase. And your 'trade-in' will cost you pretty close to what you said the 'new' outfit would charge you to take it. MF, transfers, etc. You may as well pay them rather than market it yourself.

Sorry to not have a lot of good news to tell you, but that's kind of the reality of timeshares. You may be able to rent some of the weeks you have to soften the MF a bit. And it looks like you have lots of timeshare weeks to use. Hope you have a lot of vacation time.

Welcome to TUG. Stick around and read and learn how to use what you have.

Jim
Thanks, Jim. I am seeking some pro advice on the foreclosure idea, but will probably just bite the bullet and pay. But I will take your advice and check out RCI Platinum.
 

gypsykate

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I'm so sorry! Getting stuck in something you dont want at a price you don't want is no fun. The best advice I've seen here is do not foreclose, but learn to use what you have bought to the best of your advantage! I like that advice because the bad news is you've just essentially "bought" thousands of dollars worth of DEBT. The good news is, all that money that you are now locked into spending does maintain some value, the value is in the family time and the memories you will make taking all those vacations.

I would venture to say most of us have over paid for something in our lifetimes...a car, a house, electronics... Its just part of life learn and try not to repeat.
Thanks, Sandy. You are probably right, I appreciate you taking the time to respond.
Kay
 
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