Doing homework a little too late

[1stopglenn Junior Member Find all posts View Profile Close 1stopglenn]

Hello all -

I am new to the time share concept. While in Aruba this past week, we ended up looking at a timeshare at the Caribbean Palm village. While my Fiance and I agreed that the property was not one that we particularly liked (it is far from the beach), we we sold by the salesman. He lead us to believe that it had great trading potential because of it being able to sleep 6, 2 bathrooms, etc. Now that I research the property, I think we made a big mistake. I should have done this right before buying (we didn't go on vacation planning to buy a time share), and now unfortunately, I think we are stuck with a TS that is not very well tradable (it is 1 unit on even weeks, another unit on odd weeks, and both units are floats). We essentially purchased solely with the idea in mind of never going there. Now doing the homework (late, I know) I think we really got suckered. I have just started to do my reading tonight, and I am trying to get as educated as quickly as possible. I have read in a few places about recinding a contract. Is it possible to recind once the paperwork and monetary transaction has been completed. If so, what is the process, and how long do we have to start the process. We used a credit card to close the deal if that makes a difference. I would even mind walking away from the closing cost, etc if thats what it takes. At this point, I just want to minimize my financial damage so I can do it th right way. Study, study, study, then find the right location for us and purchase. I appreciate any help anybody can offer. Thank you much, Glenn.

[Glitter Brunello Super Moderator Find all posts View Profile Close Glitter Brunello]

Read your contract carefully, it should tell you how long have to rescind after signing, I'm not sure what the time period is in Aruba.

Follow the instructions to the letter, if it's not too late.

Hopefully you can get out of that, and we can help you learn before you buy a timeshare better suited to your needs, at a better price. If it's too late, well, we are pretty good at turning lemons into lemonade, though it could take some effort...

[SIGN]Welcome to TS4Ms[/SIGN]

[1stopglenn Junior Member Find all posts View Profile Close 1stopglenn]

I read over the photo copy of our purchase agreement. The only clause that I have noticed was (12. ...Conditions which are not included in and embodied in this agreement shall be construed under the laws of Aruba).
The one thing my Fiance does remember the salesman saying is that he did not have a real estate license to sell in pennsylvania. Was that to get us to buy then because once back in the states, he could no longer legally sell to us? I like to give people the chance to do the right thing. I am going to try to call down there today after work. Assuming I owe nothing on the deal, I paid in full, and maintenance for the year is not due yet, what would happen if I canceled payment on my credit card. I would save that as a last resort, but what do you think the repercussions would be? I have pristine credit, and I would like to keep it that way. would the default on not paying maintenance fees affect my credit? do you think they would spend the money to seek legal action internationally (would it be in there best financial interest)? I really appreciate the help, and I only wish I had found this website and done my home work sooner. Thank you so much. Glenn.

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

When did you buy?

As to he can not sell to pennsylvania resident, It is like saying a CA real estate agent can not practise in NY. That does not mean they can not sell to a New Yorker, if that person comes to CA.

If you buy say in few days, I will try to prepare and send out the rescind letter today. And if you can not find and cancellation statement in any of your copy, I will cc that letter with that fact to Aruba local government.

Jya-Ning

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

Take off work, now, write a letter saying you rescind your purchase. That's all you need to say. Send it certified/return receipt US Mail to any/every address you find on your paperwork. If it makes you feel better you can then fax it to the resort attention: sales, with a note saying you have sent it by certified mail.

Then if it makes you feel better, you can dispute the charge on your credit card. Here you might say all the misrepresentations that you were told in addition to saying that you sent your rescission in by certified mail.

Do it all now, don't wait until after work today.

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

Just in case you missed Spence's main point--TIME IS OF THE ESSENCE.

[1stopglenn Junior Member Find all posts View Profile Close 1stopglenn]

I thank everybody for such a rapid response. I did not get time to dig up the contact info the local government in aruba, but this is the letter (paraphrased) sent to Palm Village:

--------->

In the purchase of a time share contract #14068-1/-2 made on the date of September 12, 2008 for unit G-108A week 21 odd years, and unit E-310A week 21 even years, purchasers Glenn C. McElroy and Beth Ann Hannigan are rescinding the purchase agreement due to misrepresentation of the demand and tradability of the property on the part of the salesperson.

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Do you think that this will suffice in addition to this dispute of the charge on my credit card?

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

seems to me you are within any rescission period, no reason needed

I thank everybody for such a rapid response. I did not get time to dig up the contact info the local government in aruba, but this is the letter (paraphrased) sent to Palm Village:

--------->

In the purchase of a time share contract #14068-1/-2 made on the date of September 12, 2008 for unit G-108A week 21 odd years, and unit E-310A week 21 even years, purchasers Glenn C. McElroy and Beth Ann Hannigan are rescinding the purchase agreement due to misrepresentation of the demand and tradability of the property on the part of the salesperson.

<------------

Do you think that this will suffice in addition to this dispute of the charge on my credit card?

[Glitter Brunello Super Moderator Find all posts View Profile Close Glitter Brunello]

With any luck, you are within the rescission period. As Spence said, no reason should be necessary.

Good luck. Keep us posted. Come back and figure out how to make timeshare work for you - it's a fantastic way to vacation if you do it right

[1stopglenn Junior Member Find all posts View Profile Close 1stopglenn]

I called resort several times, I kept getting hung up on. I email sales dept. and let them know my intentions. I sent above posted letter via US mail global express (I wanted it to get there quickly). Unfortunately, US mail told me that I could track mail, but I would be unable to obtain a signature. I think I am going to send a duplicate letter again in the morning via certified mail (5-10 business days). I did not do this originally because I thought speed was more important. I found the name of a holding company who happened to be the sales company, but I could not locate an address anywhere (this is when I tried to call the resort and they kept haning up on me). I got on letter off to the resort sales dept. and one letter off to the co-op. I also contacted Bank of America who said it was not a problem to dispute the charge (I explained the whole situation). I thank everyone for the help and I will keep you posted with the status. In the mean time, I will keep reading to get myself educated so I can proceed the right way once this situation is put to rest.

Thank you,
Glenn.

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

Doers your paperwork give any address or instructions for rescinding?? It may be hiding in your packet somewhere. Keep any kind of documentation you can (copy of tracking info, etc). Resending the rescind certified is a good idea. Good luck.

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

Leave out the reason for rescinding. You don't need a reason, and adding one actually weakens your situation.

[1stopglenn Junior Member Find all posts View Profile Close 1stopglenn]

quick post as I'm at work -
Sales agent called my Fiance (He never seems to have he nerve to talk to me), I guess he got my letter yesterday. He said that our contract sais we just cant get out of it (actually our contract says nothing about escape, or resale). He told my fiance that we can not recind, but he would be glad to try to resell for us for 6%. Should I hold my guns, or take my loss and eat the 6%. Also, if I let him sell it, dont you think I would go to the bottom of the pile and not be sold for some long period of time?

He told my Fiance he was going to Email her some info. She offered him my phone number, but he won't call me even though we are both legal signers on the document. I guess they like to prey on what they think are weeknesses of women. My fiance will chew him up. He's in for a surprise.

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

I believe you should get full refund. Not sure about any of this nosense. Ask him to write down what he says and fax to you than that company will be in hot water.

Jya-Ning

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

quick post as I'm at work -
Sales agent called my Fiance (He never seems to have he nerve to talk to me), I guess he got my letter yesterday. He said that our contract sais we just cant get out of it (actually our contract says nothing about escape, or resale). He told my fiance that we can not recind, but he would be glad to try to resell for us for 6%. Should I hold my guns, or take my loss and eat the 6%. Also, if I let him sell it, dont you think I would go to the bottom of the pile and not be sold for some long period of time?

He told my Fiance he was going to Email her some info. She offered him my phone number, but he won't call me even though we are both legal signers on the document. I guess they like to prey on what they think are weeknesses of women. My fiance will chew him up. He's in for a surprise.

He was lying to your fiance - you can cancel - do yourself a favor and READ all the paperwork they gave you.
Even in Mexico, you have 5 days to rescind.

He is lying when he says he will re-sell it for you charging 6% - he will want the 6% upfront and then never sell it.

Just remember - he is lying....and READ your paperwork....to clarify the cancelation was done in time.

Keep us posted.