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What did I get myself into...

A

audittchick

TUG Member
Joined
Mar 27, 2010
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Hello everyone,

First let me introduce my self my name is Erica and I have owned a week in a timeshare since 2000. I just got back from Orlando and was wooed into purchasing a unit at Silver Lake Resort which seemed to be a good deal at the time but as I have learned like many others it may not be all that its cracked up to be.

Here are the details of of what we purchased and I guess we need some insight on the contract verbiage.

We payed $14,000 for a Red Platinum annual with 54,500 points and a MF of $840.. We placed a deposit of $500 and have the balance due at the end of the next month.

My question we went to an art fair and was offered a vacation package that we "Won" :rofl: and we had to pay some fees etc. Well the thing that gets me is that they say they can charge me up to $280 per night for the accommodations they provided and any contract benefits that we may have received.

We are still in the (10) day cool off period and just need some advice as to what all this means.

Thanks in advance,
Erica
 
Back out!!!!

My advice is to back out of the deal while you can! You always pay a lot more to buy from the developer, so even if this is something you want, you can do MUCH better buying a resale. Live and learn - I bought a Marco Island TS from the developer for over $30,000 that I could buy a resale for $12,000. Check out resale prices here or on Redweek.
 
You should definitely rescind - you can buy this resort on the resale market for pennies on the dollar.

Here is some info. about rescinding - it was written for another resort, but besides that, everything applies to you.

I bet they CAN'T charge you for the nights from the pkg. you "won" - check your paperwork. Even if they can, it will be a lot less than $14,000.
 
audittchick said:
Well the thing that gets me is that they say they can charge me up to $280 per night for the accommodations they provided and any contract benefits that we may have received.
Click to expand...

Typically, the language in the "Congratulations, you won" letter states that if you do not attend the sales presentation/tour, you will be charged the full price nightly rate for the unit. If you still have the "you won" letter, see what it says about the nightly cost and sales presentation/tour attendance.
 
You won your current stay, so that is not part of the contact you are going to cancel. These nights are part of the contract to visit, and take their tour - you fulfilled your part of that contract, it does not include a requirement to purchase.

The verbage stating they can charge you for any benefits you already used is to cover anything you wouldn't have been entitled to if you had not purchased. Did they upgrade your accomodations after your purchase? Did you use an owner's discount on anything after your purchase? Did you use any facilities that are only available to owners? If not, there is nothing to be reimbursed. The key is the phrase "any contract benefits that we may have received."

Follow the instructions for recision, and you will be fine.
 
Pay far less and get more

Absolutely rescind while you can - it is your only chance to get out of a VERY poor decision made in haste. If you wait you will own it at a price completely out of line with the value. As others noted if you really like the resort and plan to use it (DO NOT buy to trade in weeks - trading in points is OK if the value you get is ok in relation to annual fees as with points it is a system meant to be used to trade most of the time) then buy on resale and save tens of thousands.

The "deal" you have now is not good. Rescind and then make a carefully considered decision going forward.
 
The discount that you won obligates you only to attend the presentation and listen to their pitch (which you did).
It does not obligate you to complete the sale. No worries there.

However, if they gave you something as a "signing bonus" when the ink dried on the contract, such as a signed first-edition of the developer's autobiography), you could be charged for those, unless you return them.

Thus, I only echo.... RESCIND.
Follow the terms for rescinding that are set forth near the end of your contract to the letter.
Even if you know there's a better way, you must do it exactly as stated.
 
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Rescind NOW....

Here's an auction on Ebay for 89,000 RCI Points at Silver Lake Resort...total out of pocket is the $1 (unless the price goes up...and from watching other auctions...it won't go up much) + Closing Fee: $435 (includes document preparation, transfer taxes, etc.)
Resort Transfer Fee: $75
RCI Transfer Fee: $100


That's $611 (minimum...and likely not much more than that).

Then you pay the $830 Maintenance fees for 2011 and get the points starting that year.

Unless you want to pay 23 TIMES as much for (actually) less points!

AFARR

Ebay info was gained by a search for "Silver Lake Resort"...shouldn't be too hard to find the same listing!
 
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Absolutely rescind. The price you paid is outrageously high.

As already stated by others, send your rescission notice exactly as indicated in your contract. It is usually near the end where you signed the document.

If your paperwork states that the cancellation notice is to be sent by mail (this is the most common method listed), then send it only by U.S Postal Service (your local post office), with "return receipt requested".
DO NOT send it via United Parcel (UPS) or Fedex or any other carrier.

To be on the safe side, also return any books, coupons, etc... that you were given after you signed to become an owner.

You should also call your credit card company and let them know you have canceled the contract within the time frame provided by law, and that you expect the credit card company to refund your deposit forthwith. Having this information on file will be further proof that you acted within the time limit prescribed by Florida statutes.

After you take care of this, breathe a sigh of relief, compliment yourself for having found your way to TUG, and take your time reading the great information contained on the various bulletin boards/forums on this site. Many of us are very experienced timeshare owners. We are here to learn and share honest information. There are members who wish someone had saved them from making the same huge mistake you almost made. Others, like myself, were saved by TUG members in time to rescind. I hope you become a member of the latter group.

HURRY HURRY HURRY HURRY :clap:
 
Ok here is an update I sent the rescind letter on Monday the 29th and was certified with return receipt etc. and they received it on Thursday the 1st. I stated on the letter for them to contact me ASAP and I have yet receive a call at all. I have also called but keep getting voice mail so I'm not sure what the next steps are to do I have called my Credit card company and let them know as well. I need to send them the binder but unfortunately last minute I had to travel and its in Florida and I'm not there..

I guess now what are my next steps..

Thanks for all the help and advice as its a has been very helpful

Erica
 
Why do you need them to call you? You really DON'T want to talk to them. They'll only try to get you to change your mind. Relax. You should get your money back.
 
You have the confirmation that they received the rescission, so you have done your part. You have 60 days after the charge appeared on your credit card to dispute it with the credit card. You want to know what that date is, and dispute it if necessary. If I hadn't heard from them within 30 days of their receiving the rescission, I would start the dispute with my CC.
 
audittchick said:
Hello everyone,

First let me introduce my self my name is Erica and I have owned a week in a timeshare since 2000. I just got back from Orlando and was wooed into purchasing a unit at Silver Lake Resort which seemed to be a good deal at the time but as I have learned like many others it may not be all that its cracked up to be.

Here are the details of of what we purchased and I guess we need some insight on the contract verbiage.

We payed $14,000 for a Red Platinum annual with 54,500 points and a MF of $840.. We placed a deposit of $500 and have the balance due at the end of the next month.

My question we went to an art fair and was offered a vacation package that we "Won" :rofl: and we had to pay some fees etc. Well the thing that gets me is that they say they can charge me up to $280 per night for the accommodations they provided and any contract benefits that we may have received.

We are still in the (10) day cool off period and just need some advice as to what all this means.

Thanks in advance,
Erica
Click to expand...

I'm wondering how this turned out. I'm in the same boat, but the reason I purchased was VERY specific. I wanted the travel club, which is a new offering. You can transfer their RCI points to the club and vacation at some pretty obscure places in the midwest, which is what I want. I've found the timeshare on Ebay for MUCH less than i paid for it, but it says nothing abou the travel club or platinum RCI membership, which I also want. Any thoughts? Can you buy into those things one you own form an Ebay purchase?
 
As you can see, this thread was started 7 years ago. We can assume that the OP rescinded, it went through and she got her money back. If you are within the rescission period, I'd suggest you also rescind. If you buy one of those on eBay for much less, it will come with all the perks (travel club and all) that you say you want. That said, 'travel clubs' are not well thought of here. They generally have just leftovers in off-season resorts (ski resorts in summer, beach resorts in cold times) and use the club to unload them. ANY RCI membership has access to 'Last Calls' and Extra Vacations that are essentially the same thing. I don't know that anyone here feels that RCI Platinum is worth the price.

So anyway, rescind if you can.

Besst Wishes.

Jim
 
Cedarvillelady said:
I've found the timeshare on Ebay for MUCH less than i paid for it, but it says nothing abou the travel club or platinum RCI membership, which I also want. Any thoughts? Can you buy into those things one you own form an Ebay purchase?
Click to expand...

Forget about those alleged "travel club benefits". Whatever they might be, rest assured they provide no huge "savings" or any special access. As for RCI, you can purchase a Platinum RCI membership by virtue of owning anything at any RCI-affiliated property. However, the more relevant question is whether it's wise to buy just to "exchange" in the first place. Not me thanks, but YMMV.

If you are determined to buy, rescind your $15k "travel club" purchase immediately and acquire something in the resale market, whether it's the eBay listing you've just discovered or something else. I'm betting you'll pay about $14k less than what you've agreed to pay in that recent travel club "deal". :shrug:
 
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I'm not sure I understand what you mean by it's not wise to buy just to exchange. Can you explain? Do you mean its wiser to buy one place and go there all the time? Because that's not really what i'm looking for.

As far as the club benefit, basically, you can roll your RCI points over for Travel credits so you can stay at nicer places in the Ohio local region, especially places like log cabins and lodges which are a big draw. I'm a very nervous flier, so local travel is ideal for me.
 
theo said:
Forget about those alleged "travel club benefits". Whatever they might be, rest assured they provide no huge "savings" or any special access. As for RCI, you can purchase a Platinum RCI membership by virtue of owning anything at any RCI-affiliated property. However, the more relevant question is whether it's wise to buy just to "exchange" in the first place. Not me thanks, but YMMV.

If you are determined to buy, rescind your $15k "travel club" purchase immediately and acquire something in the resale market, whether it's the eBay listing you've just discovered or something else. I'm betting you'll pay about $14k less than what you've agreed to pay in that recent travel club "deal". :shrug:
Click to expand...

Oh! And what are the best places to buy resale if you still think the Travel club can be supplemented another way? Especially if i'd want RCI points and to maybe have a place in the Ohio, Indianapolis or Tennessee region (Kentucky is close too but I'm not seeing much desirable real estate there)?
 
Cedarvillelady said:
Oh! And what are the best places to buy resale if you still think the Travel club can be supplemented another way? Especially if i'd want RCI points and to maybe have a place in the Ohio, Indianapolis or Tennessee region (Kentucky is close too but I'm not seeing much desirable real estate there)?
Click to expand...

I know absolutely nothing about any of the geographic areas you mention and I do not for one moment claim otherwise.

That said, my intended point was simply that with the $15k you are apparently willing to pump into a "travel club" of dubious merit or value, you can likely obtain accommodations at each and every place to which that "club" would provide potential access. Cash money tends to have a clear and articulate voice.

If you are determined to join the "travel club", at least purchase your membership in the resale market and save yourself thousands of dollars. If you just want RCI Points (for whatever reason) you can find all kinds of resale listings on RedWeek.com, right here on TUG, on MyResortNetwork.com. Keep in mind that even with RCI Points, there still needs to be available space where (and when) you want to go. The points themselves are no guarantee of space availability.
Also, be mindful of the annual maintenance fee cost / points ratio with RCI Points ownerships; that ratio can vary widely. Good luck.
 
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Cedarvillelady said:
I'm not sure I understand what you mean by it's not wise to buy just to exchange. Can you explain?
Click to expand...

Some people buy a timeshare (whether it's in points or not is irrelevant) with no interest in ever staying at that particular property, but merely to use the ownership as "exchange fodder". Whether that's wise is a subjective opinion; it's just not something that I would personally choose to do. YMMV.
 
theo said:
Some people by a timeshare (whether it's in points or not is irrelevant) with absolutely no interest in ever staying at that particular property, but merely to use the ownership as "exchange fodder". Whether that's wise or not is a subjective opinion, although it's not something that I would personally choose to do. YMMV.
Click to expand...

In what instance would it be unwise if your vacation model is diverse or hard to access locations? Do you mean financially? how?
 
Rescind! You are being sold a bill of goods with this "travel club" if you think you are getting a timeshare in Ohio. I live in Ohio and I am not aware of a single resort in the entire state this is available through RCI. Indiana has French Lick Resort, but not anything in Indianapolis I am aware of. There are several timeshares in Tennessee.

Rescind whatever you overpaid for while there is still time. THIS IS YOUR ONLY CHANCE. AFTER you rescind do lots of research and find out if there is something that will meet your needs. Timeshare sales people lie, a lot. and I can guarantee that you were lied to about how great these "benefits" are. You need to learn a lot more, before committing yourself to maintenance fees for life. If you do the research and discover this really is exactly what you want you can save thousands by buying resale, or if you must go back to the developer and get the same bad deal you have gotten currently. RESCIND, RESCIND, RESCIND!
 
Cedarvillelady said:
In what instance would it be unwise if your vacation model is diverse or hard to access locations? Do you mean financially? how?
Click to expand...

Again, it's entirely a subjective viewpoint and personal opinion. What I don't care for in the "buy just to exchange" model is that you will pay annual maintenance fees, annual RCI or II membership fees and an exchange fee for every individual exchange. I believe that RCI's fee is currently $239 per exchange.

That being said, it's not the costs that most turns me off. What I personally dislike is the uncertainty of being able to find space availability where and when I want to go by relying solely upon "exchanging". Others see things differently. To each their own; that's why there are so many different flavors of ice cream. :)
 
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Rescind first and then research....a better and alot less expensive option is to buy resale into a point system where you can book any of their resorts with no additional exchange fees. Look at Worldmark and Wyndham first. These 2 systems have many resort locations within their internal booking system and acquisition costs are extremely low. There are many other point-based systems like Vistana, Marriott, Hyatt, Hilton and Holliday Inn.
 
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