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Should we keep or rescind?


  • Total voters
    21

maryi85

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My husband and I purchased a time share from HICV this past Sunday, Sept 2 at their Gatlinburg, TN resort. We're in our early 30s and wanting to know if the time share we purchased is worth keeping or rescinding. One of the main reasons we were "sold" in getting a timeshare is bc we both enjoy traveling and have been wanting to travel overseas but it is never within our budget. The last minute deals and booking early on without using any points plus access to RCI seemed like a great opportunity for us to travel outside of the U.S. We also have a 6 month old baby and would like to be able to take a yearly family vacation especially as she gets older. I would really appreciate ya'll feedback and honesty especially since we our within our rescind window so we need to make a decision quick. I listed our contract agreement below.

1. Purchase Price: $11,400 for 50,000 points - They also threw in 50,000 extra points that will be available after 6 months of owning the time share. Then we will have another 50,000 points starting Jan 2019 which will put us at 150,000 points March 2019.

2. Down Payment: $1296

3. Maintenance Fees: $390 + $136 yearly membership fee

4. Monthly Payment: $194.92 @ 10 year term w/ 15% interest
 

jwalk03

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Rescind. You paid thousands of dollars for something you could get on the resale market for next to nothing. Also you should not finance a luxury purchase like a timeshare as as potential savings or benefits you get from being an owner you are losing paying 15% interest!

You only have one chance to rescind, once time is up, there is never another opportunity. Do not delay, rescind today. And then after you have rescinded you can research and learn about timeshare ownership on TUG. If you ultimately decide that what you bought is exactly what you want and the price is right (IT ISN'T, but just for the sake of argument.) then you can go back and get the same "one time deal" again. TRUST ME, you won't do this, but I am just pointing out that there is absolutely no reason not to rescind this contract while you still have time! Do it now!!
 

Iggyearl

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Ditto to Jwalk. Would you buy a car with a 15% interest rate? You NEED a car. But, you don't NEED a timeshare. This is a product that you were SOLD. You should step back, get out of the contract, then study the industry for a few months. You signed a lifetime contract that may not fit as your young one starts to have school, and you have career changes. Just about everything you purchased can be found cheaper on the resale market. You are WISE for asking the question. Others will echo these and previous remarks..
 

Passepartout

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Yup. Get thee to thy post office with that rescission letter. Pronto! You can get far more points for far less cost on the resale market. And not to burst your timeshare bubble, but timeshares are generally NOT a good way to travel 'overseas' with the exception of Mexico and Hawaii.

Jim
 

WinniWoman

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Go, Go, Go! Off to the post office today! And don't look back!
 

Panina

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Consider yourself one of the lucky one that just saved $11,400 by finding TUG. Welcome to TUG. You will learn so much here to figure out what timeshare will work for your family and how to get it for the right price.
 

TUGBrian

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Grats! you just saved $11,400 bucks!
 

Passepartout

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they sure do make it sound wonderful with the presentation, don't they?
That part is fairly accurate. What they neglect to disclose is that their price is about 900% to infinity over what one can get the exact same product on the resale market.

Jim
 

jackio

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50,000 HICV points are not enough to give you a 2BR prime week in their system. Example - it takes 98,000 points to book my week in Las Vegas in a 1BR. You are lucky to be able to rescind on time. Take note - if you purchase an HICV property resale, you will not get points, the points will revert to weeks unless you buy resale in Myrtle Beach, Lake Geneva or Gatlinburg. Any other Holiday Inn property will transfer as a fixed or floating week that will have to trade through RCI or an independent company.
 

IntuitiveMe

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My husband and I were at the South Beach Myrtle Beach resort last Wednesday and purchased the exact same package! Thank god for TUG because the next day we sent our cancellation letter.

We're in our early 30s as well and looking to do more travel. We really like the HICV program but want to purchase points affordably on the resale market. I'm currently doing research on TUG.
 

silentg

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Remind...then buy resale.
 

silentg

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Thanks I missed that
 

dayooper

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Rescind. Then study the different systems to see if they are for you. If you find one that will work, then look at resale. Rent at on e of the resorts, if you can.
 

maryi85

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Feeling so thankful for the creation of the internet and this forum bc it saved my husband and I from making a costly mistake!! Sent out our cancellation/rescind letter via certified USPS mail and made sure someone would sign off on it.

The crazy thing is my husband and I do not even recall signing the page that states you can cancel the Agreement. AND we especially don't remember the woman who did the signing process mentioning you can cancel the Agreement within this certain time!?
 

Passepartout

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They are required to 'mention' rescission, but they sure don't stress it. We're glad you found us. We've saved people just like you over $10 MILLION dollars. And counting.

Jim
 

LannyPC

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The crazy thing is my husband and I do not even recall signing the page that states you can cancel the Agreement. AND we especially don't remember the woman who did the signing process mentioning you can cancel the Agreement within this certain time!?
That's probably because your minds weren't focused, but that's to be expected after the sales people put you through the wringers and hold you there for hours on in. The sales people have a sneaky way of casually mentioning rescission while the buyers are just focused on signing the papers so they can get out of there.
 

maryi85

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That's probably because your minds weren't focused, but that's to be expected after the sales people put you through the wringers and hold you there for hours on in. The sales people have a sneaky way of casually mentioning rescission while the buyers are just focused on signing the papers so they can get out of there.
It's more than likely what happened bc we were ready just to get out of there and get something to eat after being there all morning!?!?
 

Egret1986

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Feeling so thankful for the creation of the internet and this forum bc it saved my husband and I from making a costly mistake!! Sent out our cancellation/rescind letter via certified USPS mail and made sure someone would sign off on it.

The crazy thing is my husband and I do not even recall signing the page that states you can cancel the Agreement. AND we especially don't remember the woman who did the signing process mentioning you can cancel the Agreement within this certain time!?
Congratulations on finding TUG and dodging that proverbial bullet. :clap:
 

KevinQC

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Rescind. You paid thousands of dollars for something you could get on the resale market for next to nothing. Also you should not finance a luxury purchase like a timeshare as as potential savings or benefits you get from being an owner you are losing paying 15% interest!

You only have one chance to rescind, once time is up, there is never another opportunity. Do not delay, rescind today. And then after you have rescinded you can research and learn about timeshare ownership on TUG. If you ultimately decide that what you bought is exactly what you want and the price is right (IT ISN'T, but just for the sake of argument.) then you can go back and get the same "one time deal" again. TRUST ME, you won't do this, but I am just pointing out that there is absolutely no reason not to rescind this contract while you still have time! Do it now!!
My story is the exact same. Same amount same points, same situation. Glad i found this forum as something told it didn’t feel right and this just confirmed. Since i purchased in florida i have 10 days to rescind but was wondering, How does a rescind letter look like? Anyone has examples or templates i could base myself on?

Thanks in advance for your precious help!!
 
Last edited:

Passepartout

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My story is the exact same. Same amount same points, same situation. Glad i found this forum as something told it didn’t feel right and this just confirmed. Since i purchased in florida i have 10 days to rescind but was wondering, How does a rescind letter look like? Anyone has examples or templates i could base myself on?

Thanks in advance for your precious help!!
Nothing fancy. There are templates all over TUG- mostly under the name of the system. The instructions for rescission are required to be in your contract. Usually they put them somewhere around the signature page. They are not obvious. Follow them EXACTLY.

But in a pinch, on the back of an envelope, napkin, paper towel or toilet paper, write:

I/We wish to rescind and cancel the purchase of contract #_______________ dated 9/__/2018 at (location)
Signed _____________husband
______________wife
Refund all down payments ASAP.
Promotional materials to be returned under separate cover.

Mail it to the business office (not the resort) USPS Certified w/return receipt

Jim
 

DrQ

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My rescission letter was as follows (Modified by DrQ for a general case):


Notice of Rescission

Contract #: XX-XXXXXX




Date: DATE GOES HERE



To:

DEVELOPER NAME GOES HERE

ADDRESS IN CONTRACT (RESCIND PAGE)

ATTN: CONTACT NAME

ADDRESS

CITY, STATE, ZIP



Dear Sir or Madam:


We have entered into the contract numbered XX-XXXXXX with you on DATE intended to purchase timeshare property DESCRIBE PURCHASE.


Pursuant to the RESCISSION section of our contract, We hereby notify you of our rescinding of said contract, which rescission is made within DAYS ON RESCISSION PAGE (XX) days from the contract date in compliance with STATE CONTRACT WAS SIGNED Statutes. We hereby request the return of funds paid in the amount of AMOUNT-WRITTEN-OUT (NUMERICAL DOLLAR AMOUNT) within xxxxx (XX) days of receipt of this notice as required by law. We also request an immediate response with a written confirmation of contract cancellation and an itemized list of items necessary to be returned in order to receive a full refund.



Sincerely,







Name 1 Name 2




Attachments: Copy Credit card sales drafts totalling an amount of NUMERICAL DOLLAR AMOUNT; Exhibit A from contract listing full property description; Page 1 of Purchase agreement to be cancelled.

CERTIFIED MAIL, Return Receipt Requested
Here is an example I found and modified
 

Passepartout

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That's fine, but unnecessarily legalese. The important thing is that it gets postmarked within the allowable time frame.

Welcome to TUG. We're glad you found us in time.

Jim
 
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