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Value of Atlantic City timeshare?

Cmeag

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I just bought a floating biennual "red" week at Flagship resort in Atlantic City (retail). We got a studio unit with Platinum Interval International exhange. We don't really care for AC, but were led to believe this resort is high demand and could be used to trade for other destinations such as ski resorts or Scandinavia. We were also "sold" on the idea of the II "getaways" which sound like they can be used all over the country/internationally for an average cost of $350/week. We are locked into school vacation times for travel. After having 24 hours to digest all this info, it seems too good to be true. This TUG forum has been enlightening. Can any experienced timesharers give me an idea of whether Atlantic City studio (floating red week) would be considered a high value t/s? I'm thinking we made a dumb mistake with this purchase. Thankfully we have 7 days to rescind. However if it's as good as it sounds, then I'd love to keep it. Any advice is much appreciated.
 

LannyPC

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I'm thinking we made a dumb mistake with this purchase. Thankfully we have 7 days to rescind. However if it's as good as it sounds, then I'd love to keep it. Any advice is much appreciated.
Rescind! If you have any doubts about a purchase for thousands of dollars, then you should not have bought. Make sure you follow the rescission instructions to the letter including the method of sending your rescission letter.

Do not panic if your credit card is not credited immediately and then phone the resort. These refunds take time. And try to avoid engaging in any further phone conversations with the resort whether they call you or you call them. The sales people will try to persuade you to reverse your rescission decision.
 

ronparise

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I just bought a floating biennual "red" week at Flagship resort in Atlantic City (retail). We got a studio unit with Platinum Interval International exhange. We don't really care for AC, but were led to believe this resort is high demand and could be used to trade for other destinations such as ski resorts or Scandinavia. We were also "sold" on the idea of the II "getaways" which sound like they can be used all over the country/internationally for an average cost of $350/week. We are locked into school vacation times for travel. After having 24 hours to digest all this info, it seems too good to be true. This TUG forum has been enlightening. Can any experienced timesharers give me an idea of whether Atlantic City studio (floating red week) would be considered a high value t/s? I'm thinking we made a dumb mistake with this purchase. Thankfully we have 7 days to rescind. However if it's as good as it sounds, then I'd love to keep it. Any advice is much appreciated.
I dont know the resort. but my advice would be to rescind and then do your homework. You can always buy later if you think it makes sense (I dont think it will)
 

DeniseM

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It is definitely not a high value timeshare - you should rescind.
 

Cmeag

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Thanks to all for your replies. I will rescind and do my due diligence before diving back into the timeshare world. This forum has been so enlightening!
 

Cmeag

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I sent my recission letter yesterday via USPS certified mail with return receipt. The USPS website indicates its scheduled to be delivered tomorrow (day 4 of the 7 day rescind period). Would you advise that I also fax, email or phone the place? Or is the letter enough and I should limit contact to avoid more high pressure sales tactics. By the way I don't plan on giving into any sales tactics again. I have learned through TUG that I can buy this unit for $1 instead of $9K, and regardless of price it was a bad choice for my particular circumstances! Thanks for the education.

Text of my letter:
"We are exercising our legal right to cancel contract xxx for purchase of a timeshare at FantaSea Flagship resort, executed on 11/2/13. We expect a full refund of our deposit of $xxx plus a refund of our $xx membership fee to Interval International. Do not make any additional charges to my credit card. Please cancel all business associated with this contract, including membership to Interval International and mortgage note. Attached for your reference is the Purchase and Sale Agreement associated with contract xxxx that we are cancelling.
Please confirm my legal rescission in writing.
"
 

LannyPC

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...Please confirm my legal rescission in writing.[/I]"
Again, that's very important. They might try to rope you in with a phone call under the guise of trying to confirm your rescission request. That phone call will be nothing more than an attempt to get you to change your mind.

As has been emphasized on these boards many times, don't take any phone calls from any number in that area. And don't make any phone calls there to inquire about your rescission request. The letter you sent should suffice.
 

Rent_Share

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The state rescission laws do not hold you responsible for the performance of the USPS or the mailroom of the timeshare company. You rescission rights are established by being able to prove you mailed it.

You do not need to do anything else but wait for your refund or credit on your credit card
 
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