Ultimate Residence Club/La Tranquila at Punta de Mita

[DorotaG Member Find all posts View Profile Close DorotaG]

I am ashamed to admit that after 12 years of successful timesharing and never buying anything from the developer, I purchased something yesterday under a pressure of the timeshare presentation and although I only paid $3100 I think I made a silly mistake . We went to a very high pressure presentation (against my better judgment, I NEVER do timeshare presentations ) at La Tranquila at Punta de Mita La Tranquila Punta Mita Resorts - Litibu : JEGAL Project & Construction Management and during the exit interview were offered 75 weeks (to use in 25 years) in Ultimate Residence Club Ultimate Residence Club - Welcome. I don't need to pay any maintenance unless I use. They offered to take all my weeks that I wanted to get rid off and either sell them or use them as the tax write off and that was my biggest incentive, but how do I know they will really sell them and not return them to me after my cancellation deadline? There is of course nothing in the contract.
The tax write-off they claimed to be able to take as the cost of making the sale. It sounded believable at the time . I asked all the right questions and I knew not to buy. I gave "RESCIND" advise many times myself. But it sounded good, no maintenance fees unless you use, ability to exchange to Marriotts and all high end resorts, any size (you just pay higher, but reasonable, fee if you need larger unit), for $3000? And on the top of it, I get to start over and "refresh" my portfolio. Resort they showed us was very impressive, and I don't get impressed easily. I know it sounds too good to be true, and coming from a salesman lips ....
So, now the question to my most knowledgeable friends on Timeshareforums: should I rescind? Are they going to follow on the (verbal) promise? Am I even able to rescind? I did not buy the timeshare but a club membership....
I think I know what you are going to tell me, I think I am just glutton for punishment - let me know what you think...

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

You can not use them as tax write off period. Unless you have a big business on timeshare.

Anything not in writting, is not going to be there.

If you only need to pay when you use it, the resort basically told you they plan to oversold it, and does not plan most of the owner will use it, and they are renting out these interval. You are given them money to build the resort. Better check to see how much you are going to pay and what you actual get from your contact. Their website looks pretty crap, no more than some photo club's site. You maybe better by loaning them money.

Is this the resort? Look nice.

Holiday Speacial La Tranquila Resort, Punta Mita, Mexico - iContact Community.

But if MF is any close to the rental cost, than I don't believe it is worth to trade it for Marriotts, it maybe cheaper to rent Marriotts.

As to resind, you need to look at your contract. If you can not find it there, you can still try to rescind, You don't own deed in Mexico, but you should have some protection there for timeshare/fraction type of transaction.

Good luck.

Jya-Ning

[DorotaG Member Find all posts View Profile Close DorotaG]

Yes, this is it, and yes, it is very beautiful. The maintenance fees are low, or so they claim. in the contract it says "average $549 usd" and they told me (again, verbally) that it is about $980 for 2 bdrms, and $1150 for 3 bdrms. These are really luxury suites. They are selling fractional ownership, but this is not what we bought. We bought right to use 75 weeks for 25 years in a Ultimate Residence Club.
As of tax write-off, they did not claim I could take it, but trading it in they would use it as their "cost of doing business."
$3000 is not a fortune and since they told me I could rent any exchanged weeks, I could probably re-coup it pretty fast, if it all works as described. "Starting over" was a big incentive for me.

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

Per day, per week? What it includes? Usually, the resort may have all-inclusive, so MF may only be a small part of all-inclusive charge.

This is another link to their rent
http://hotelandtravelindex.travelwee...esort-p2502232

Assume that is the rack rate.

Not sure about the start over and "refresh" my portfolio means. You probably know more about your prior experience.

If $3000 is small money and the MF does include everything, and you have very good chance to want to go there few times, the resort does look beatiful. Not sure if the club member gives you to the villia or some condo that plan to be built later on.

Jya-Ning