Time is of the essence, we are at day 3 of 5 before rescinding, PLEASE HELP

[MonicaPEL]

We purchased Holiday Inn Club Vacations in CA on Saturday. It is Tuesday night. After research and feedback, we think it's wise to rescind and do more research before any future purchases.

Questions:
1. Does anyone have a template handy for these types of letters? I understand that both my spouse and I have to sign it and get it sent via USPS ASAP (overnight, return receipt, etc).
2. I have a seller/developer address on the contract but no ATTN or department. Does anyone know exactly who to send it to? There is a second "Trust plan" address.
3. It says "fifth calendar day" -- documents were signed on 4/10/2021, do we have until 4/15/2021 or are there some extra days in there due to Sunday?

Here is the language on the Purchaser's Right to Cancel (vague, no real instructions)
The purchaser of a time share may cancel, by written notice, the contract of sale until midnight of the fifth calendar day following the date of execution of the contract, and the contract of sale must include a statement of this right.
The right of cancellation may not be waived. Any attempt by the developer to obtain a waiver results in a contract which is voidable by the purchaser.
The notice of cancellation may be delivered personally to the developer or sent by certified mail, return receipt requested, with proof of service, to the business address of the developer.
The developer shall, within 20 days after receipt of the notice of cancellation, return all payments made by the purchaser.

 

[sue1947]

You've got this covered. Don't make it more complicated than it is. Read this article: https://tug2.net/timeshare_advice/cancel_timeshare_purchase.html and use the sample language. Send the letter certified mail. Don't worry about a specific name. It just needs to get to the company and the certified mail is all the proof you need. They are under no obligation to acknowledge receipt, but they do have to process the rescission so don't worry if you don't hear from them.
Write it up and get to the post office tomorrow, then relax.

 

[DaveNV]

All you really need to do is write a letter stating you are exercising your right to cancel the purchase. It doesn't need any special wording, as long as you state you are rescinding the purchase, date and sign it. Whoever signed the original contract needs to sign the letter. Then mail it Certified mail, so you have proof of postmark of when it was sent. It does not need to be sent overnight, or Return Receipt. You just need to be able to show it was mailed within the right timeframe. The address to mail it to should be in the paperwork they gave you.

Congratulations on saving yourself a lot of money. After the dust settles, come back and read on Tug how you can buy the same thing for pennies on the dollar by buying resale. Good luck!

Welcome to Tug!

Dave

 

[MonicaPEL]

Thank you!!!

That was part of the wise advice that got us in this direction. We'll learn more but from the experts in this forum (not behind that desk!).

 

[mdurette]

Congratulations for doing your research now and saving the cash. There are many, many resales on the market that you can by for a fraction of developer cost and even find for free. Think about what your goals would be for vacation ownership and then make the decision to buy. This forum is a great place to find the answers to your questions, come back soon!

 

[TheTimeTraveler]

Just be sure that any buyer who signed the original contract also signs the rescission paperwork. Great move to rescind. What you paid thousands of dollars for can likely be purchased on the resale market for just a few dollars.

Study up, do your homework and take your time before you buy into any system. There is no hurry, and what there is here today will also be here tomorrow.


.

 

[rickandcindy23]

Timeshare is a wonderful product, but not buying directly through the developer. Be sure to let us know what you are looking to do with timeshare, where you want to go, how many people you will be traveling with, etc., and we can guide you to a great resale, that might even be free. My best ones were free.

Congratulations on realizing this mistake in time to rescind. You were wise to rethink this. Everything is downhill from here, believe me. And you will sleep better after this is over and done.

 

[Sandy VDH]

You have limited time to rescind. You have unlimited time to repurchase, either from the developer or resale. Time to act is NOW.

 

[chapjim]

We purchased Holiday Inn Club Vacations in CA on Saturday. It is Tuesday night. After research and feedback, we think it's wise to rescind and do more research before any future purchases.

Questions:
1. Does anyone have a template handy for these types of letters? I understand that both my spouse and I have to sign it and get it sent via USPS ASAP (overnight, return receipt, etc).
2. I have a seller/developer address on the contract but no ATTN or department. Does anyone know exactly who to send it to? There is a second "Trust plan" address.
3. It says "fifth calendar day" -- documents were signed on 4/10/2021, do we have until 4/15/2021 or are there some extra days in there due to Sunday?

Here is the language on the Purchaser's Right to Cancel (vague, no real instructions)
The purchaser of a time share may cancel, by written notice, the contract of sale until midnight of the fifth calendar day following the date of execution of the contract, and the contract of sale must include a statement of this right.
The right of cancellation may not be waived. Any attempt by the developer to obtain a waiver results in a contract which is voidable by the purchaser.
The notice of cancellation may be delivered personally to the developer or sent by certified mail, return receipt requested, with proof of service, to the business address of the developer.
The developer shall, within 20 days after receipt of the notice of cancellation, return all payments made by the purchaser.

"Calendar days" means just that. Saturdays, Sunday, and holidays are all "calendar days."

Git 'er done!

 

[Grammarhero]

You can buy for $1 resale. We hope your rescission and refund go well. To track TUG rescission savings, mind sharing the purchase price? As half of all tuggers initially bought developer/retail TS, there is no shame or shaming.

 

[TUGBrian]

congrats on finding TUG in time to rescind and save a fortune!

 

[Grammarhero]

We purchased Holiday Inn Club Vacations in CA on Saturday. It is Tuesday night. After research and feedback, we think it's wise to rescind and do more research before any future purchases.

Questions:
1. Does anyone have a template handy for these types of letters? I understand that both my spouse and I have to sign it and get it sent via USPS ASAP (overnight, return receipt, etc).
2. I have a seller/developer address on the contract but no ATTN or department. Does anyone know exactly who to send it to? There is a second "Trust plan" address.
3. It says "fifth calendar day" -- documents were signed on 4/10/2021, do we have until 4/15/2021 or are there some extra days in there due to Sunday?

Here is the language on the Purchaser's Right to Cancel (vague, no real instructions)
The purchaser of a time share may cancel, by written notice, the contract of sale until midnight of the fifth calendar day following the date of execution of the contract, and the contract of sale must include a statement of this right.
The right of cancellation may not be waived. Any attempt by the developer to obtain a waiver results in a contract which is voidable by the purchaser.
The notice of cancellation may be delivered personally to the developer or sent by certified mail, return receipt requested, with proof of service, to the business address of the developer.
The developer shall, within 20 days after receipt of the notice of cancellation, return all payments made by the purchaser.

You can buy for $1 resale. We hope your rescission and refund go well. To track TUG rescission savings, mind sharing the purchase price? As half of all tuggers initially bought developer/retail TS, there is no shame or shaming.

 

[Grammarhero]

Thank you!!!

That was part of the wise advice that got us in this direction. We'll learn more but from the experts in this forum (not behind that desk!).

@MonicaPEL We hope your rescission and refund go well. To track TUG rescission savings, mind sharing the purchase price? As half of all tuggers initially bought developer/retail TS, there is no shame or shaming.