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Thread: New Timeshare Owner - Did I make the Right Decision? (Should I Rescind/Cancel?)

  1. #11
    Quote Originally Posted by jasonf View Post
    I guess it sounds like the best idea is to cancel this contract and buy a resale after more research and time.
    Bingo!

  2. #12
    Definitely not an investment. You would lose money, big time, if you went to sell it after buying at developer prices. I have always bought resale, and have changed what I have owned over the years, but by buying resale, when I sold, I at least broke even.

    What timeshare is good for is allowing you to take nicer vacations than perhaps you otherwise would, and it is great for that! But only if you buy it right, and that is resale.

  3. #13
    Super Moderator Glitter Brunello's Avatar
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    Quote Originally Posted by jasonf View Post
    Thank you all for your help in this matter. It seemed like I was getting a good deal being that I had a nice resort home with 2 lockout bedrooms to stay. But if I didn't stay there, then I could trade my 1 week in a 2 bedroom for 2 weeks in a 1 bedroom. And the way they explained it made sense regarding the cash you normally spend in vacations just gets thrown away like renting, but the cash spent on a timeshare gets invested in reality in your week you own. So it's basically like a guaranteed week of vacation at a big reduced price in a gold crown resort for the rest of our lives. But if we didn't have a chance to use the week, we could rent it to someone and make money off of it, which could be an investment because if it only costs me say about $300 for a week, I could charge someone about $800 and make $500 off the deal and they would still get the resort cheaper through me than by themselves. But experience is everything when it comes to life and the decisions we make. I respect your experience in this matter. It sounds like we might not even be able to get our exchange weeks in Italy like we hoped for our honeymoon. It just sound nice to be able to take a weeks vacation to anywhere in the world for only $199 exchange fee. So this couldn't be looked at as an investment?

    I have until tomorrow to cancel the contract by my 10 day grace period, so I guess it sounds like the best idea is to cancel this contract and buy a resale after more research and time.
    Jason, don't wait until the 10th day just to avoid any potential disagreement about interpretation about when the clock starts/stops. A timeshare is never an investment. It can be a nice way to vacation if you buy properly and can devote the time to maximize it. Orlando timeshare rentals (and resales) suffer from oversupply. I am fully familiar with the sales tactic of comparing your ongoing and purchase costs to what you'd allegedly pay for hotel rooms, but buy resale when you know what you want.
    The RCI "anywhere in the world for $199" is just a lot of BS - you can go "anywhere in the world IF IT BECOMES AVAILABLE AND YOU HAVE THE TRADING POWER NECESSARY TO GET IT." Availability of high demand weeks is low. Trading requires extreme flexibility and significant advance planning (up to two years in some cases). Many of us plan our exchange vacations based on what's available - the idea of choosing a destination and then expecting to find a trade in when we want it goes out the window much of the time.

  4. #14
    Quote Originally Posted by jasonf View Post
    It just sound nice to be able to take a weeks vacation to anywhere in the world for only $199 exchange fee. So this couldn't be looked at as an investment?
    You can't ever take a weeks vacation anywhere in the world for only $199 exchange fee.

    As stated, you could take a vacation somewhere in the world for $199, if you had no maintenance fee, no taxes, no membership fee, and got the timeshare for nothing. But you are forgetting to put all those annual fees on your expense side, not to mention amortizing in the 10k. (And of course the travel costs.) That's really bad math.

    Even if you buy the same timeshare for $1, it's not an investment! That's because you may or may not be able to give it away (if/when you decide to) without incurring some costs, putting your bottom line into the red.

    I love timesharing and am grateful that I went to one of those presentations, where even skeptical me got hooked. Those sales people are Masters of Manipulation. Fortunately and amazingly I rescinded, because that event predates most search engines, I barely had internet, and there was barely a network of timeshare consumers to give advice.

    We've taken over 10 trips to Europe now using primarily timeshares, and I'm currently planning the next one. You have infinite time to figure all that out, meanwhile I hope you'll take care of your rescission paperwork without further delay - why wait til the last minute?

    There's not an argument in the world that could convince anyone here that you are getting any "deal" other than a quick way to be parted from 5-figures of your hard-earned money.

  5. #15
    Silver Contributor and supermoderator GrayFal's Avatar
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    I will add that the people responding on this thread (except bing) own timeshares and exchange and travel all the time.

    Our advice to rescind AND then do your research is the best advice u will ever get.

    I love to travel and I love TSing - I wish I had a board/site like this when I made my first purchase ....

    Edit - I think we should stickie this thread and refer to it when people ask us if they should rescind...

  6. #16
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    You have absolutely nothing to lose by recinding this contract - you can always go back and buy it later if you want (and you won't want to, believe me). No matter what a saleperson says about "only available today" etc. it is simply not true (like a lot of other stuff they say).

    Thank you all for your help in this matter. It seemed like I was getting a good deal being that I had a nice resort home with 2 lockout bedrooms to stay.
    The resort may be lovely but the developer price is exorbitant, especially since timeshare owners are lined up to sell identical units for $1 on ebay.

    But if I didn't stay there, then I could trade my 1 week in a 2 bedroom for 2 weeks in a 1 bedroom.
    Exchanging timeshares is a complicated business, and the unit you want may not be available when you want it, or others may have already booked it, or others may have a higher trading power than you do. You need to take some time to learn about exchanging timeshares before making any purchase.

    And the way they explained it made sense regarding the cash you normally spend in vacations just gets thrown away like renting,
    Don't forget you will be spending a sizable amount of money on maintenance fees every year, and the fees will go up every few years, I guarantee it. You can rent for the cost of maintenance fees or just a bit more almost anywhere

    but the cash spent on a timeshare gets invested in reality in your week you own. [/I]
    A timeshare is not like real estate that may (or may not) increase in value over the years. It will only decrease in value if you pay developer prices. Too many people want to get out from under the yearly obligation of paying maintenance fees and are willing to give the timeshare away in order to do that.

    So it's basically like a guaranteed week of vacation at a big reduced price in a gold crown resort for the rest of our lives.
    Guaranteed week yes, reduced price definitely not when you take into account maintenace fees and the develope price.

    But if we didn't have a chance to use the week, we could rent it to someone and make money off of it, which could be an investment because if it only costs me say about $300 for a week,
    The week will cost you well over $300, taking into account, say, 1/25 of the developer price plus (yes I've said it before) maintenace fees.

    I could charge someone about $800 and make $500 off the deal and they would still get the resort cheaper through me than by themselves.
    Most renters make just a little more than maintenance fees unless they have a very desirable week during a very desirable time frame. Orland is way overbuilt and would not be easy to rent for "big bucks".

    But experience is everything when it comes to life and the decisions we make. I respect your experience in this matter. It sounds like we might not even be able to get our exchange weeks in Italy like we hoped for our honeymoon.
    You would have to put in a request for Italy very early and get very lucky - there is way more demand than supply for Italy timeshare units. A much more practical idea is to rent, as a previous poster suggested.

    It just sound nice to be able to take a weeks vacation to anywhere in the world for only $199 exchange fee.
    Yes is is nice to take a vacation every year for a percentage of the original cost AND the maintenance fees AND the exchange fee AND the annual exchange company membership fee. I won't get into a more complicated analysis of the loss associated with not investing the money instead.

    So this couldn't be looked at as an investment?

    Only an investment in heartache. Please take your time to investigate this very complicated topic.

  7. #17
    Thank you everyone for your very valuable and precise advise on this issue. After lots of research within the past 10 days of purchase and reading all of the posts from everyone, I submitted my paperwork and sent back the books and CD to the company to cancel my contract agreement. Like I said before, experience is very valuable in life, and I can't say thank you enough for this forum to be available to new inexperienced timeshare owners like myself to help guide us through our questions and concerns. Thank you for taking your time to post up a response to help me, especially those who have over 500, 1000 and even over 3000 posts on this site. Thanks to you I was able to realize that this was a mistake no matter what the salesperson suckered me into believing, and was able to cancel my contract yesterday afternoon on the 9th day post sale before my 10 day day grace period was over before I was "stuck."

    -Jason

  8. #18
    Super Moderator Glitter Brunello's Avatar
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    Quote Originally Posted by jasonf View Post
    Thank you everyone for your very valuable and precise advise on this issue. After lots of research within the past 10 days of purchase and reading all of the posts from everyone, I submitted my paperwork and sent back the books and CD to the company to cancel my contract agreement. Like I said before, experience is very valuable in life, and I can't say thank you enough for this forum to be available to new inexperienced timeshare owners like myself to help guide us through our questions and concerns. Thank you for taking your time to post up a response to help me, especially those who have over 500, 1000 and even over 3000 posts on this site. Thanks to you I was able to realize that this was a mistake no matter what the salesperson suckered me into believing, and was able to cancel my contract yesterday afternoon on the 9th day post sale before my 10 day day grace period was over before I was "stuck."

    -Jason
    Good for you! Now have fun planning your honeymoon.

    Stick around and learn more if you think timeshare might be for you. As Grayfal pointed out, most of us do love timesharing


  9. #19

    I made a HUGH mistake, and I should know better...

    Wyndham Grand Smokies Lodge... Revocation
    ________________________________________
    We had a "customer account" meeting on our last day, and were told it would take less then half an hour. Well, next thing, we are told there are issues with our deed at La Belle Mason New Orleans, and they advised we get out of that deed quick. Stated the agreement was showing "No Trade", and "Do Not Restructure". Asked if we had gotten notice of this. Of course we had not.
    Well, they offered to convert our bi-annual 210K points to 300K in Nashville. Were going to give us current market value on our property, etc...
    Long story short, we signed on April 22, and today (the 26th) we are sending out a revocation letter. We decided the "great deal" wasn't so great, and that the issues with our deed were not an honest representation (he lied).
    Tennessee law allows 15 days to cancel the contract. I sent to our customer service rep, as a courtesy, that we were cancelling the contract. We spoke on the phone last evening, and he was fine. Well, his boss called today. Told me we would have to pay for the processing of our trade in property, and threw out a figure of $7800. I was like, you have got to be kidding. He said it was based on their appraising our property at, get this..., $41000. I asked where on the contract it showed this, and he stated on the contract it showed the equity amount, not what they supposedly appraised it for. I asked if he understood what a Revocation letter to cancel a contract was under Tennessee law. He stumbled a bit, and I then stated that I was meeting with my lawyer in about an hour to review the contract, complete the notarized revocation letter, and it would be sent via USPS Certified Mail with delivery receipt to not only the Las Vegas office, but to their Owner Services office in Orlando, the finance office in Las Vegas, and the Sales office in Sevierville, TN. And then stated that as a Wyndham owner for over 7 years, I would not push this issue. He stated he would send me an e-mail to confirm where to send everything (the owner's start-up kit and tote bag, the envelope of contracts, etc..). He did say I could keep the $25 AMEX gift card and the hats he gave us, and I asked him to confirm that in writing.

    Will let you all know how I make out. As of this afternoon, which is day 4, I have provided a very complete letter to all 4 locations as I stated above, plus sent the starter kit back to Wyndham... I'm sure there will be some charges that will have to be credited, etc... but I've had it with Wyndham meetings. For now on, I will tell them I'm there for vacation, not for a meeting. And I own 2 secondary market Wyndham properties (paid $104 for the 2!!!). Stupid, stupid, stupid...

  10. #20
    Super Moderator Glitter Brunello's Avatar
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    Carlroyer-

    Don't beat yourself up, those weasels are good at their jobs. Sounds like you've done all you can in terms of revocation. Keep us posted.

    La Belle Maison is one of my favorite timeshares, I hope you get to enjoy it. I'm curious, though... is that one that you bought resale, which is why they were trying to tell you there's a problem with your deed? Interesting trick, if so.

    Another good lesson here -- it probably doesn't pay to give the resort the courtesy of verbal notice of cancelation. It's a courtesy that doesn't seem to get returned, and is likely to just lead to more aggravation.

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