Hello everyone.
I am in the process of trying to rescind or escape a new purchase. (HGVC; bought straight from Hilton because I am a fool.) I have already learned a lot and, for the benefit of other newbies, I will post on ongoing thread about my experiences to see if it helps anyone.
What I've learned thus far:
1. When a rescission period states you have X business days to rescind your purchase, this may include Saturday as a business day. (It's currently unclear to me. Under the Truth in Lending Act, which apparently governs a federally-mandated three-business-day rescission right, Saturday is a business day.) IOW, if you want to rescind, move fast!
2. The Orlando-based company "Timeshare Answers" seems very shady.
3. I am speaking to the Finn Law Group (they appear to be legit lawyers with a specialization in timeshares.) I will update you all on what they promise and what they cost.
4. Timeshare salespeople are very good at establishing rapport, talking fast, getting you to imagine the great new vacation-filled life that awaits you. They are also very sleazy and will say anything to earn their commission. THEY ARE NOT YOUR FRIEND. Seriously... I don't know how I got sucked into buying a thing I never wanted.
Details of my situation: I heard the spiel in Vegas and bought 7000 points worth of the Elara, from Hilton GVC. I was not told of the rescission rule. I signed papers the closer purposely obscured from my view while pointing to the line for my signature and rushing along saying, "This is just a financial disclosure statement... this one just satisfies a Nevada state law about lender regulations... this is nothing important..." etc.
Nevada state law gives me five calendar days to rescind.
Oddly, however, the document I signed states that I have five BUSINESS days to rescind.
I signed on a Wednesday. I sent in my letter of rescission on a Wednesday. This is within the five-business-day window.
I mailed my certified letter on March 22. I have heard nothing back. The person I addressed my letter of rescission to is not answering my phone calls.
If Saturday is a business day for the purpose of rescission, then I was one day late in mailing it in. However, the document did not state that Saturday is a business day. (I am just worried that it is, because this is the rule that TILA uses.)
I stopped payment from American Express, explaining that I have rescinded the Hilton purchase. They canceled my charge of ten percent down (5300 dollars). However, AmEx says they reserve the right to reinstate it by August if Hilton convinces them to do so.
I just saw my own local lawyer. We have decided to sit tight while she investigates whether Hilton is going to honor the rescission letter. (Thirty days have passed since I sent it, and no word from Hilton. I have no idea if they plan to let me rescind or not.)
Our backup plan, if Hilton claims Saturday is a business day and thus fails to let me out of the contract, is to offer them the 5300 dollar downpayment in exchange for letting me off the hook.
Another potential backup plan is for me to go to court saying, "How is a layperson like me supposed to know that Saturday is a business day? This is deceitful. And deceitful sales are illegal under NV statute 119A, which governs timeshare law. Also, under TILA and Regulation Z, any deceit or failure to disclose stuff, automatically extends the TILA mandated rescission period from three business days to three years."
(Note: I am not actually sure TILA applies to me. Does anyone know?)
A third potential backup plan is for me to go with Finn Law Group, which is Florida-based. If they think I have a strong case, and if they are honest, they should take my case with minimal money upfront, as long as I promise them a percentage of recovered money.
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Any feedback from experienced people here is welcome.
I will keep you all updated as the thing proceeds.
Oh - and don't get me started on Timeshare Answers.... lots of red flags, but the guy on the phone sounded very calm and reasonable until I wriggled off his hook by claiming I had changed my mind and planned to keep the timeshare. Then his tone changed completely; he became angry and abusive and basically started shouting that I was an idiot. Then he slammed down the phone in rage!
