Need advice on timeshare purchase

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

3 days ago I signed a contract with Wyndham for a Hawaii TS, 168,000 points every even yr for approx 10k. There are bonus points that kick in nx yr, approx 84,000.

After reading this forum, I researched the same resort & found there are similar points for the same resorts @ 50% of what I paid.

YES I KNOW, I am a sucker. I was told this was a deal that came back & previous owner paid 6k..normally would sell for 16k...so I have 6k in equity. It was too good to b true if I'm able to get 160k points for 5k on a resale. Thank God I found this forum.

How can I void this contract. I was told by wyndham 800# to just fax in a a written note saying why I want to cancel. What if they claim they didn't get the fax.

Any thoughts would b appreciated as I leave the resort tomorrow.

Thanks in advance

Speedy

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

You should be able to go back to the sales office in the resort and rescind this in person. Just get a copy of your rescind letter.

A friend of mine just did the same thing in Pennsylvania while she was on vacation. She called me all excited and I told her to take everything she was given and take it back and tell them that she just couldn't afford it right now with her husband being laid off.
She did and everything was cancelled. If you want you can go to the post office in Hawaii and send a certified letter with tracking to prove that you rescinded.

I have also emailed the sales office in the past with a return email when they opened it as proof they received my rescind email.

You should follow the instructions on the paperwork they gave you on how to rescind.

If you are within the rescision period you should not have a problem.
Hopefully you did not pay this in full.

Good luck to you.

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

Below is the provision of the Hawaii statutes that gives you 7 calendar days to cancel:

"§514E-8 Mutual right to cancel. Within seven calendar days after the execution of the contract to purchase an interest in a time share plan, or within seven calendar days after the purchaser's receipt of a disclosure statement required by this chapter, whichever occurs later, either party may cancel the contract without penalty by mailing or delivering a notice of cancellation to the other party at an address specified on the contract. The notice of cancellation shall be effective upon mailing or delivery to the other party at the address specified on the contract."

There should be an address in your contract for sending the rescission (cancellation) notice. It is recommended that you mail the notice via Certified Mail, Return Receipt Requested. That way you have a record of mailing and delivery. Note above that your cancellation is effective upon mailing, not receipt.

While you can send notice of cancellation via other means, they should be in addition to, and not in lieu of, the statutory method. Failure to follow the statutory method may result in defective cancellation.

FYI, you can purchase Wyndham points for much less than the 50% discount you found. Many points packages sell for 10%, or less, of developer price.

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

3 days ago I sign a contract with Wyndham for a Hawaii TS, 168,000 points every even yr for approx 10k. There are bonus points that kick in nx yr approx 84,000.

After reading this forum I researched the same resort & find there are similar points for the same resorts @ 50% of what I paid.

YES I KNOW, I am a sucker. I was told this was a deal that came back & previous owner paid 6k..normally would sell for 16k...so I have 6k in equity. It was too good to b true if I can get 160k points for 5k on a resale.

How can I void this contract. I was told by a wyndham 800# to just fax in a a written note saying why I want to cancel. What if they claim they didn't get the fax.

Any thoughts would b appreciated as I leave the resort tomorrow.

Thanks in advance

Speedy

Certainly fax it like they told you but you do not need a 'reason.'

After you fax it, fold it up, put it in an envelope to them and send it Certified/Return Receipt through US Postal Service.

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

Thanks & here TS reply

Thanks for the advice. I'm on the right track.

Interestingly enough, here is the reply i recieved back from the salesperson via email:

"It's okay, decision respected. The value of your purchase was $16,800, but this is timeshare, not real estate. You would get 5k when you sell and it's not an investment, just a better way to replace an anyway vacation dollar. The points do not work the same on the resale market, since you cannot sell developer benefits if you are not the developer, the value decreases when you sell an inferior product. The equity you had in your deed is what we would have used as a start point towards an upgrade. $16,800, not 11k. Wish you had called first, you were mis-informed, but that deed was sold to another person today."

So even though i would b upside down in this deal it was still an a good deal??? because of the developer perks... which was RCI membership, 84,000 bonus points that kick in 1 yr from now & only once, plus a wydham discount program.

I would b paying at least 5-6k extra for those perks. Doesn't add up. Now i'll start looking for a TS on the resale market with better prep from this forum.

Knowledge is power

Thanks again!!!

Speedy

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

There are several postings over in the TUG marketplace (www.tug2.net; look for the "Marketplace" link) with > 100k Wyndham points for < $1000. I can't vouch for how legit they are or aren't, but it should be worth checking out.

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

Not a Wyndham owner, but everything I have read says the perks are not worth the extra cost. You made the right decision rescinding.

Thanks for the advice. I'm on the right track.

Interestingly enough, here is the reply i recieved back from the salesperson via email:

"It's okay, decision respected. The value of your purchase was $16,800, but this is timeshare, not real estate. You would get 5k when you sell and it's not an investment, just a better way to replace an anyway vacation dollar. The points do not work the same on the resale market, since you cannot sell developer benefits if you are not the developer, the value decreases when you sell an inferior product. The equity you had in your deed is what we would have used as a start point towards an upgrade. $16,800, not 11k. Wish you had called first, you were mis-informed, but that deed was sold to another person today."

So even though i would b upside down in this deal it was still an a good deal??? because of the developer perks... which was RCI membership, 84,000 bonus points that kick in 1 yr from now & only once, plus a wydham discount program.

I would b paying at least 5-6k extra for those perks. Doesn't add up. Now i'll start looking for a TS on the resale market with better prep from this forum.

Knowledge is power

Thanks again!!!

Speedy