New Tiemshare owner looking for input

[souper Junior Member Find all posts View Profile Close souper]

Hi,

This weekend my fiance and I took a trip up north for a cheap stay at a local resort. During our tour, we were very impressed by not only the facilities but also the lack of pressure put forth by the salesman. We also liked the idea of RCI and what they have to offer, so after much deliberation we ended up purchasing a contract. Let me just say that I don't typically purchase things on a whim. I always spend months reading and preparing myself especially if it involves 'property'. But we were on cloud 9 and loving what we saw. It wasn't long after I got the feeling that after coming home and jumping online I might be singing a different tune.

Anyway, I'd appreciate some input on our contract. I've searched this forum to get an idea of what similar deals cost but coming up short. Any advice would be appreciated.

26,000 points, semi-annual so 52,000 points, class 1, 1 bedroom, for $7,000.

I'm getting the idea this is high. Thanks for your input.

[aliikai2 Super Moderator Find all posts View Profile Close aliikai2]

Rescind now

For an every other year 52,000 point ownership, the current resale value is around $650, so RESCIND your purchase, take a few weeks to a few months to read and learn about timeshares, then with a fraction of the $7K, you can buy the right unit for your use. .

fwiw,

Greg

Hi,

This weekend my fiance and I took a trip up north for a cheap stay at a local resort. During our tour, we were very impressed by not only the facilities but also the lack of pressure put forth by the salesman. We also liked the idea of RCI and what they have to offer, so after much deliberation we ended up purchasing a contract. Let me just say that I don't typically purchase things on a whim. I always spend months reading and preparing myself especially if it involves 'property'. But we were on cloud 9 and loving what we saw. It wasn't long after I got the feeling that after coming home and jumping online I might be singing a different tune.

Anyway, I'd appreciate some input on our contract. I've searched this forum to get an idea of what similar deals cost but coming up short. Any advice would be appreciated.

26,000 points, semi-annual so 52,000 points, class 1, 1 bedroom, for $7,000.

I'm getting the idea this is high. Thanks for your input.

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

Yes. rescind. Do not get too excited about RCI- they really suck after you've been with them a while. Hang around after you rescind and read and ask questions, so your entry into timesharing will be inexpensive and better fit your needs and desires.

[katiemack Super Moderator Find all posts View Profile Close katiemack]

Rescind in writing and send it with return receipt to verify that it was received in time, send it fast and don't accept any BS that you didn't get the rescission in on time.

By the way, was the resort focus of their sales pitch or was the use of RCI the focus? Did they entice you with pictures of all the exotic places that you can visit? What state is the resort in, and do you live in that state?

[falmouth3 Senior Member Find all posts View Profile Close falmouth3]

WAY too much money. Do yourself a favor. Find in your paperwork the instructions to rescind and follow them exactly. Then spend some time here and learn about timesharing, and what actually constitutes a good deal. Then, when you're really ready, buy something that you want - with a clear head.

Sue

[souper Junior Member Find all posts View Profile Close souper]

Thanks all. I'll send in the cancellation letter tomorrow. The instructions are pretty vague in the material I received, but I assume all I need is to write up a letter wishing to cancel, sign it, then mail it with all the paperwork/book included? I'll be sure to certify it and include the return receipt. They do request that we call in addition to mailing the letter. Is this standard?

One thing I will sure miss is the option to use their facilities (pool, camping, bike/atv trails etc) for free anytime I wanted. I think it's called their country club membership? Not sure if this is standard with resorts or not.
Regardless it's definitely not worth the 7K from what i'm seeing.

The state is NH and I live in MA. They talked a good amount about RCI but what we really liked was their location and offerings (country club membership). RCI was appealing as we will be getting married in Summer 2011 and thought we would be able to take advantage of it when planning for Ireland. But from what I'm reading around here it may not be so simple?

Thanks again for your help.

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

All you can expect from a call to them is a determined attempt to talk you out of rescinding. As to RCI they only told you the few good things and left all the negatives and if's out.

[calgal Senior Member Find all posts View Profile Close calgal]

Souper, just to be clear, we are a group of people who love timeshare vacations, but we know that buying from the developer is generally way too expensive. You need to rescind now, and then we will collectively be happy to help you figure out if/ how timeshare ownership fits into your life, and how to purchase for much much cheaper. You may want to look on ebay under timeshares for sale to get an idea of how much timeshares sell for (look under completed auctions). Since you are young and starting married life soon (congratulations!) timeshare ownership may well be a great idea for you (but buy resale).

[souper Junior Member Find all posts View Profile Close souper]

Thanks Calgal. I understand completely - thanks for your help. Does anyone think I should call? I know why they want you to, and I feel they wouldn't be able to hold it against me if I don't, but it IS in the termination clause.

[falmouth3 Senior Member Find all posts View Profile Close falmouth3]

I would not call. They will try to convince you not to cancel. It's in their best interest to try to get you to change your mind. They are pros at this and you aren't.

Best wishes.

Sue

[souper Junior Member Find all posts View Profile Close souper]

Thanks Sue. I'll avoid the call.

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

Thanks Calgal. I understand completely - thanks for your help. Does anyone think I should call? I know why they want you to, and I feel they wouldn't be able to hold it against me if I don't, but it IS in the termination clause.

It is says you MUST call, then do it - not following the directions correctly will negate your cancellation.

If they say to use US Mail, do not use FedEx - follow the directions exactly.

As someone else said, we all (most of us!) love TSing - this is just toooooo much to pay for this amount of points.

[JWC Super Moderator Find all posts View Profile Close JWC]

For an every other year 52,000 point ownership, the current resale value is around $650, so RESCIND your purchase, take a few weeks to a few months to read and learn about timeshares, then with a fraction of the $7K, you can buy the right unit for your use. .

fwiw,

Greg

I definitely agree with rescinding. The OP said 26,000 points semi-annual so that is 52,000 points every year, not every other year.

[souper Junior Member Find all posts View Profile Close souper]

You're right, I meant bi-annually (every other year).

Is there any deal where paying 7K is worth it, vs buying resale?

[chriskre Super Moderator Find all posts View Profile Close chriskre]

Is there any deal where paying 7K is worth it, vs buying resale?

Nope.