Have I done the right thing???

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

I am a new Zealander visiting from New Zealand....I have purchased a one bedroom apts at Grandview Las Vegas, Although I live in New Zealand I would plan to rent this out for 2 weeks a year and use my bonus vacations in my home country or Australia.... I am only 25 years old and very new to this , I have also just bought the apartments outright to avoid any interest on the principal amount , but have used most of my savings, because I paid in American dollars...I'm very afraid I have made a big mistake.. also is there some kind of book I could buy so I can become more timeshare savvy? I really want to make this work for me.... but right now I'm afraid I may have wasted my money... have I bought in a good location?! I also realised the fees for exchange are very costly as are the maintanence fees , due to exchange rate of New Zealand dollars.... oh boy, I guess I should have thought of that before I made the purchase, now I'm stuck :-((((

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

Rescind

Rescind now if possible then study study study before you buy.

JMHO
Nancy

[lawren2 Malibu Beach Barbie & A Super Moderator Find all posts View Profile Close lawren2]

Rescind immediately. Following the instructions in your contract to the letter. Certified mail. Return receipt.

There is a lot of help available to you right here. Read. Read. Ask questions. Read some more. We will do our best to help you.

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

Get out NOW !!!

[Sydney Contributor - Bronze Find all posts View Profile Close Sydney]

Rescind now.
Plenty of timeshares in Australia & New Zealand if you ever wanted to buy again. Save your savings for a house instead.
You can also buy resale. Check out some of the links in the Australia forum for resale sites.

[Jim McLaren Member Find all posts View Profile Close Jim McLaren]

In the purchase contract there should be something about canceling or rescinding the contract. If you follow the instructions exactly you will be able to get out. I did the very same thing on a Friday and repented of the purchase over the weekend. I sent my cancellation letter on the next Monday. The contract should tell you how long you have to cancel. Typically you have 5 days, sometimes 10. As long as your letter is postmarked by that date you can get out of the purchase. You must use US Mail (or NZ if you're at home), not Fedex or some other shipping company.

On another note, if I were you I would probably get something a little closer to home that you might want to travel to occasionally. Maybe something in NZ or Australia. Realistically, how much are you going to travel to Las Vegas. Also, some of the discussions on other parts of the board have talked about regional trading power. In other words, a European timeshare has more trading power in Europe than in America. I would think something in SE Asia or Australia would trade better for you.

JMHO,
Jim

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

thanks

ok so I will rescind the sales agreement which I am in the process of organizing now, will I have to also let RCI know, as the rescinding letter is going to the seller/developer, which is eldorado resorts.

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

grr

grr, I have no idea what I'm doing I feel like crying, it is not clear what I have to do in the agreement all I have is the revocation form , I am doing a letter up now.... but I want to make sure I do all that is required of me, when I send it off...
I am in a bad way right now :-(

[lawren2 Malibu Beach Barbie & A Super Moderator Find all posts View Profile Close lawren2]

You should be HAPPY! You are saving thousands of dollars. If you do decide in the future which is the best format of timeshare to suit your needs you will buy it resale and enjoy it all the more.

Write a letter that you have decided to NOT go through with the purchase and send it to the address provided. You don't have to give a reason. Make sure to send back any books etc they may have given you. Remember, certified return receipt vis US Post.

There is no need to notify RCI.

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

Be pleased with yourself . It seems you found this forum in time to get instructions about rescinding your purchase. As Lawren said "YOU should be happy - you are saving thousands of dollars" - this really is cause to celebrate.

You can now take your time to work out whether timesharing will work for you.

[Jim McLaren Member Find all posts View Profile Close Jim McLaren]

grr, I have no idea what I'm doing I feel like crying, it is not clear what I have to do in the agreement all I have is the revocation form , I am doing a letter up now.... but I want to make sure I do all that is required of me, when I send it off...
I am in a bad way right now :-(

When we decided to rescind our purchase it was a bittersweet moment. We really didn't get that bad a deal although we have done much better since then on the resale market. You're probably wondering what to say in the letter. Here's what we sent. I've changed some obviously.

September 9, 2007

Your Name
Your address

Mr. John Doe
Address in your contract

Dear Mr. Doe,

Re: Agreement between __________ and Coral Resorts, LLC, dated September 5, 2006.

We refer to the above contract and hereby exercise our right to cancel and withdraw from our agreement with Coral Resorts LLC for the purchase of unit number IL323-Tri-X in Vacation Week 6 together with any related finance agreement entered for the purchase of said property.

Accordingly, we request that you immediately return all monies paid by us to date.

Your payment should be made payable to ___________ and sent to the address listed above.

Your Signature
Your Name goes here


You'll want to change the wording to reflect what's in your contract but the letter doesn't have to complicated.

[Jim McLaren Member Find all posts View Profile Close Jim McLaren]

Also, follow Lawren's advice. Send it Return Receipt via US Mail. Return everything they gave you. Also follow any other instructions they gave you. But take your time. If you have time, sleep on it if you need to in order to get it right. Just remember to have your letter postmarked by your deadline.

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

You are hardly the first to fall for the compelling sales spiel - do not beat yourself up. If you're feeling stupid and duped, join the club - many of us were in that boat, also. If you are able to still rescind, you are one of the lucky ones!

This website is all you need for your "book." Far better to be able to ask specific questions and get specific answers than to have a non-interactive one-person viewpoint.

You CAN timeshare economically. Stick around, read, ask questions, etc.

If you find that you cannot get out of this deal, it's even more important that you stay here and learn how to make the best of it. An expensive lesson, yes, but you can learn from it.

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

thanks

thanks for your advise, you have all been so kind, I feel I was really pushed into it by a high pressure sale, although at the end of the day , I did sign the papers.... I will never fall for high pressure salespeople again.... tomorrow I am sending the revocation letter by certified mail... fingers crossed I wont have any problems!!! Thanks again....

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

do i...

Would I have to send in the contracts ??? Like the RCI ones etc?I will return the books they gave me but, was going to keep the contracts for future reference in case I have any problems getting my deposit back.:confused