Buyer's remorse- Big mistake?

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

When I was in Mexico. I attended a timeshare presentation with no intention of buying, mostly because we cannot afford it right now. However, the sales rep convinced us that we could sell our points each year for enough money to cover the down payment, mortgage, and maintenance fees, and insisted that we would have absolutely no out of pocket expenses for the next five years. On top of that, we would also get a bonus week each year. Now, I strongly suspect that is not the case. We purchased our points (126,000 for $16,000). He also convinced us to cancel our stay at the resort that was already paid for and come to their resort (by offering us a free two weeks, all-inclusive.) I almost immediately regretted the decision to buy, but was told that if we canceled (even an hour after the sale) we would lose our $5,000 down payment. The $5000 down payment was placed on a credit line that they opened for us. My question is, two-weeks after the sale, after already using their "free gift", do we have any options? Also, is there any truth to the things that the sales rep said, or did we make a HUGE mistake?

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

Yes, you made a huge mistake. It is highly unlikely that you will cover your expenses by rentals, much less the down payment. Your options are now somewhat limited, but the Mexican consumer protection agency, PROFECO might be able to help.

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

Thanks Tony, that's what I thought but I'm sorry to hear it. I feel really stupid right now, and I don't think that there is much I can do that will remedy the situation. Can you (or anybody else) tell me if the deal I made was incredibly bad, average, or half-way decent?

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

Some people spend a lot more and a lot of us started out the same way.

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

Others that are very familiar with Mexico will probably chime in. That said, a few have had some luck with PROFECO, the Mexican Consumer Protection Agency. There is alos a standard recession period in most timeshare sales documents. I'm assuming that you are past that?

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

If you aren't past the contract recision date yet, then rescind the contract, but...I believe you may be responsible for the 2 weeks that you spent there as their "free gift" to you.

If you are past the recission period, then learn to use the timeshare to the best of your ability.
Many people first got into timeshares the same way you have, I know I did.

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

Minimize your costs

If you do not have the cash to pay off the timeshare right away (assuming you are unable to rescind), look at your financing options. Maybe you could find a lower interest rate in the US. 16K is a lot, but the cost is quite a bit higher if you are paying a lot of interest. What resort did you purchase? Is it a mandatory all inclusive? did you enjoy the resort and could see yourself returning annually?

[T/S Guy Junior Member Find all posts View Profile Close T/S Guy]

Investigate your obligation

If I am understanding you correctly the down payment was paid through a Line of Credit and not cash from your pocket. If my assumption is correct you may be able to walk away from a Mexican debt without any harm to your credit or additional financial loss. I am saying this because you are not a citizen of Mexico, you probably don't live in Mexico and the company you are dealing with probably doesn't report to the American credit reporting agencies.

I am only making an assumption with the above. Please investigate before you make any decisions. And remember the resort company will try to scare you so that you will stay in the deal. Good luck.

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

Thank you everyone for your responses. Through PROFECO's website I learned that depite what we were told, we had 5 days to cancel our timeshare, and they were violating Mexican law by telling us that we could not cancel without losing our deposit. It has been two weeks, so I am past the cancellation date. Also, the credit line was through Bank of America, and I did not put any of my own money down. I have decided to fight this through every available avenue. I found these websites to helpful, to anyone that is interested:
Elcidvacationsbeware Home
Fighting Back
Mexican Timeshare Fraud

It helps to know that I am not alone. Anyone who has been similarly defrauded or are just interested in joining the fight against timeshare fraud, please contact me at kookycole@yahoo.com.

[T/S Guy Junior Member Find all posts View Profile Close T/S Guy]

Investigate your obligation

The Bank of America you are dealing with may be and most likely is a Mexican Corporation. Call them find out if they are an American or Mexican corporation and do they report to the American credit reporting agencies (Equifax, Trans Union and Experian). You still may be able to walk a way from this obligation.

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

Thank you everyone for your responses. Through PROFECO's website I learned that depite what we were told, we had 5 days to cancel our timeshare, and they were violating Mexican law by telling us that we could not cancel without losing our deposit. It has been two weeks, so I am past the cancellation date. Also, the credit line was through Bank of America, and I did not put any of my own money down. I have decided to fight this through every available avenue. I found these websites to helpful, to anyone that is interested:
Elcidvacationsbeware Home
Fighting Back
Mexican Timeshare Fraud

It helps to know that I am not alone. Anyone who has been similarly defrauded or are just interested in joining the fight against timeshare fraud, please contact me at kookycole@yahoo.com.

You might want to spend a bit more time in the fine print. While there is a non-waivable 5-day rescission period, the waiver period might be longer if the buyer is not properly informed of the right of rescission.