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WKORV-N IV Purchase

muabao

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I'm completely new to this so please bear with me.
We stayed at the Sheraton in Kauai (Poipu) last week, went to the presentation & bought the WOKRV-N IV EY, floating (Platinum) for $49,900. After spending some time in this forum, I think we'll send in the cancellation notice.
Questions:
- I know there're people here who've rescinded. Any problem at all doing that? We have until mid-night of Apr 14 to do so. We're sending it in today (Apr 13). How should we send the cancellation notice, registered mail, express mail?
- Any reason why we shouldn't rescind? I understand that the only benefit buying directly from the developer is the ability to convert to starpoints. What about the automatic SPG gold membership. If we buy resale, do we also get the membership?
Thanks in advance for any help.
MB
 

DeniseM

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Welcome to TUG! :hi:

Yes - rescind immediately, following the instructions in your contract information to the letter. I would send it registed mail with a return receipt.

There is no advantage to buying from the developer. If you still want to buy, there are OCEAN VIEW resale units on ebay for just under $30K at the WKORV (right next door.)

The only disadvantage to buying resale is that you can't convert to Starpoints - which is a terrible deal anyway. The number of Starpoints (hotel/airfare points) they would give you for your 2 bdm. timeshare won't even get you a standard room at the Sheraton or Westin Hotel for a week!

When you buy resale you are still a member of the Starwood Vacation Network and can exchange within the network exactly like someone who bought from the developer.

The gold membership is virtually useless because it is the bottom rung of the pecking order in the Starwood system. The top rung (Platinum) has some real value, but in reality, the gold card owners don't get anything except a pretty card.

Except for not being able to convert your unit to Starpoints, you will be treated exactly like someone who bought from the developer in every other way.

RESCIND! And then come back and learn more about timesharing so you can make an informed decision that you will be happy with! :D
 
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Henry M.

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I would follow the directions in your packet to the letter. Make sur you have some sort of record that you mailed it in time, such as delivery confirmation or a registered letter receipt. I'd also call and fax a copy of the letter to my salesperson so there is no doubt as to when you rescinded.

You won't get SPG Gold out of a resale. However, it is not that valuable of a benefit, particularly when you take into account how much more you pay for a developer purchase vs. a resale unit. You can get SPG Gold in other ways too. You can stay 10 times at a Starwood hotel or you can spend $30,000 in a year on the SPG AmEx card. When I was gold I got a few minor room upgrades but they certainly weren't worth the difference between a developer purchase and a resale.

If you can't make Gold with just hotel stays (independent of SVO), then you're likely not using hotels that much anyhow so the value of SPG Gold is even less.

The other thing you don't get with a resale is credit towards Elite SVO membership. However, Elite status is only good after you have several weeks and there are ways to requalify a resale into the program. If Elite status is important to you (and really 4 or 5* is when it is really worth it), then you'd still want your first purchase to be a resale and then you can alternate between developer purchases and resale purchases. Each time you purchase from the developer you can bring in your previous resale into the program.

Try to get your rescission papers in as soon as you can today!
 

DavidnRobin

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WPORV (Kauai)
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I did mine by sending a letter AND sending a Fax - they actually accepted the Fax as a rescind notice, but send a letter also (of course).

One more thing about the downside of resale - that sometimes gets lost - you cannot combine resale StarOptions (but can use part) - so if you buy SVO resale then make sure you buy enough SOs in order to do a SVO exchange (at least 81K SOs if you want a 1Bd in Hawaii) - and buy Mandatory - unless you plan to get to 4-5* Elite then consider Voluntary (I would still advise to buy Mandatory)
 
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DavidnRobin

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WKORV OFD (Maui)
WPORV (Kauai)
WSJ-VGV (St. John)
WKV (Scottsdale)
I'm completely new to this so please bear with me.
We stayed at the Sheraton in Kauai (Poipu) last week, went to the presentation & bought the WOKRV-N IV EY, floating (Platinum) for $49,900. After spending some time in this forum, I think we'll send in the cancellation notice.
Questions:
- I know there're people here who've rescinded. Any problem at all doing that? We have until mid-night of Apr 14 to do so. We're sending it in today (Apr 13). How should we send the cancellation notice, registered mail, express mail?
- Any reason why we shouldn't rescind? I understand that the only benefit buying directly from the developer is the ability to convert to starpoints. What about the automatic SPG gold membership. If we buy resale, do we also get the membership?
Thanks in advance for any help.
MB

Also - I thought that the IV units have been sold-out for a while and that only OF and OV were available - interesting...
 
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