urgent advice needed

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

We bought a timeshare on Monday, and we have "5" days to cancel it according to state law. I was a bit overwhelmed with all the numbers from the timeshare discussion.

SO here is my question: can you tell me if this sounds fair?

It's an every other year studio unit timeshare in Killington Vermont
It's an RCI affiliate
if we want points, we can get as many as we want at 1.5 cents per point (it's a "charter member" and has that special arrangement).

our total cost was $4,500 for purchase price
$321 Maintenance in fees (every other year)
we get 17,000 points (every other year)
and we have the RCI fee ($139? every year)

It seemed like a good deal then, but I wanted some advice from other owners.

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

Without knowing more I will venture to say you should follow your contract to the letter and rescind immediately until you learn more.

17,000 RCI points every other year isn't a lot.
1.5 cents per point is not a great deal.
$4500 for an EOY studio is lot, and a lot for so few points.

You will find the same deal later if after you've done all your homework you decide this is the one ownership you can't live without, but I will bet you won't look back.

[joycapecod Silver Contributor Find all posts View Profile Close joycapecod]

What Glitter said.

There are deals out there that will give you twice the points every year for less maintenance fees and less buy in.

I bought an every year at a resort in Texas where I get 27,500 points yearly for $260 M/F. The fees have been stable for 10 years, something else you need to look at too. My sole purpose was to get an RCI points account and then be able to points for deposit some other units I have/had.

Follow the contract to the letter and cancel. It is now Wednesday and your letter needs to be postmarked no later than Friday. I would sent one registered, one general and a fax too if possible. You need a receipt of when you mailed, so you will need to go to the Post Office, not just drop in the box!

Good luck to you; hang around and read. This is a very good venue to learn and find out what is in your best interest.

Joy

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

I also agree with the two posters above - rescind NOW.

Glitter, Joy and I all love and use our timeshares for many vacations every year.
Paying $4500 for a studio that you can use or get points at every other year is NOT a good deal.

Welcome to TS4Ms - there is much too read here and much to learn about timesharing.
And when u cancel, do not believe tem when they say this is a one time deal - if you decide after doing your research that u still want an ownership from them, they will sell to you again.

Good Luck and let us know what you decide.

[riverdees05 Platinum Contributor Find all posts View Profile Close riverdees05]

Rescind Now

Agree you should rescind NOW, immediately! Don't walk, but run! Take six months, learn all you can, then consider buying on the resale market.

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

quick action required

Unless you like being lied to, cheated, and paying excess money out the rear, rescind the contract immediately.

Check your contract to see to whom and where to send your letter cancelling the contract. Send the letter certified, return receipt. Send them another copy via fax ( many states allow for a telegraph msg, i.e. fax ). Everything must be verifiable to a court with time and date stamps.

Above all else, HURRY!.

drcee

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

THANK YOU! We're Rescinding

Thank you all for you quick responses, we've decided to rescind our contract!
Whew.

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

Thank you all for you quick responses, we've decided to rescind our contract!
Whew.

Now take some time and look around, if the idea of timesharing appeals to you, do some homework, ask questions and buy a resale contract in a few months.

[1950bing Senior Member Find all posts View Profile Close 1950bing]

Think about is this whole timeshare a good idea to begin with.
Timeshares are great for developers, getting fees from you, coming up with new fees every year, SAs, trade clubs etc........
A lot of the time it is just NOT WORTH it !!!!!!!!!
Keep in mind, someday you will want to get rid of the thing and they sell for $ 1 ON EBAY now !
How about renting from the timeshare place ? Same stuff, no contract.
THINK !

[fishingguy Member Find all posts View Profile Close fishingguy]

sirhair wrote:
THANK YOU! We're Rescinding

Take your time and study as much as you can before buying. There are +'s and -'s for any resort chain -- so don't get in a hurry on buying. You'll want to pick the one(s) that best meet your needs.

If you can, you might even rent a week or two from forum members, to get some exposure to other resorts and eventually decide on ownership. Nothing wrong with that, and you won't have maintenance fees in the meantime.

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

I have also bought Timeshare plan and I am quite satisfied so far. I don't have any objection regarding the package and the terms of use.
I wish you to have fun with new timeshare plans.

sign me up, please !!!!!!!!!!!!!!!!!!!!

[RX8 Junior Member Find all posts View Profile Close RX8]

urgent advice needed we will be as some action for decision so never forget any task about any matters as usual to accomplish tasks and outcomes.

What?????????

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

Now take some time and look around, if the idea of timesharing appeals to you, do some homework, ask questions and buy a resale contract in a few months.

Ditto: TS ownership is a great thing so don't give up on owning one. Just research for and learn how to use what you have in order to get the most out of it!