please help...5 days left to cancel

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

my boyfriend and i bought a timeshare with marriott in fort lauderdale(beach place the gold package) and we have no idea what we just did or if it was a good idea. so i need help and its kinda an emergency seeing how we only have 5 days left to cancel..is this a good idea, is it really worth the money, can i really go anywhere i want, whats this point system really about.....am i getting screwed....PLEASE HELP ME.......

[taffy19 Gold Contributor Find all posts View Profile Close taffy19]

If in doubt, cancel!

If you have any doubt about your purchase, do not keep it. You have time to cancel your purchase but you need to read through your papers and follow the instructions exactly and before the deadline too.

Most likely you have to mail your rescission notice in but send it by certified mail with proof of receipt. Read the cancellation instructions carefully! Time is of the essence here and you will have no problems with the Marriott cancelling your purchase.

After that, read the forum here so you will understand better what timesharing is about. You may still want to buy later from the developer or resale which will save you a lot of money.

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

Yes, it's a lot of money to not be sure of what you bought. Cancel now by following the instructions to the letter. Then you can take your time researching and seeing whether you really want it.

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

As for whether or not you can go anywhere, at any time, and what about points....you will hear many varied opinions, but what really matters is your own. Ask yourself, for the price you have promised to pay for the size unit that you bought, can you afford it? And what about the yearly maintenance fees...and what about unexpected costs, such as special assessments? Do you want to exchange only within the Marriott program? or do you want to join an exchange company...which one? are there fees involved with the exchange company? Will you have the income to enjoy the "privileges" you supposedly bought?

As you can see, there are many things that you must consider....I urge you to rescind tomorrow, as Emmy suggested....certified mail, be sure to keep all copies of materials, and don't let anyone who may call you try to sway you into believeing that you cannot rescind. READ the papers, and follow the correct procedure to back out of the deal immediately. Then as Sydney recommends, take your time, do the research, and buy something if it seems it fits your plans and lifestyle...but most of us here will recommend that you buy resale....saving you LOTS!

Glad you came here to ask questions....we are here to help!

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

Welcome melmIt,
You can get this deal again if you still want it after studying what it is you want, what it is you can afford and want to pay, etc. My advice would be to cancel until you're more familiar with all this...good luck!
Connie

[gjw007 Member Find all posts View Profile Close gjw007]

As the others suggest, you should cancel. Be sure to follow the guidelines and sending the request in registered mail probably would be a good idea. As you stated, you are not sure what you have purchased. Timeshares can be great if you know what you have purchased but can be little more than a financial burden if you don't. My initial introduction to timesharing was through a vacation club with 6 weeks of exchanged in a 5 year period. It was a frustrating experience because I didn't really know the ins and out and my vacations times had to be made on a short term (2 months or so out) rather than a long time frame (over 6 months). So needless to say, the vacations locations that I was promised to be available were never available during the periods that I wanted. Many of the things that I was told were flat out lies. For example, I was told the yearly fees for maintenance were to cover the sales and property tax. Since I was new to this, it seemed to make sense. There is a tax component (property, there is no sales tax but since the vacation was multiple states, which one was being paid) to the maintenance fees but only a small portion.The only good thing was the program was relatively inexpensive at $2000 rather than spending $25,000 or more for a timeshare.

The vacation club did ultimately deliver the vacations although never to my primary location or timeshare but it provided me with knowledge about timesharing that ultimately lead me to purchasing a timeshare. Dean and many other suggest taking 6 months to educate yourself on timeshares and then if you decide that it works for you, look to make a purchase. It may be that timesharing is not for you. The deals that you believe are out there will still by there. A developer is not going to let a deal go by if there is a purchaser ready to make the purchase as getting the sale will be better than letting it go.

Rescind while you still can.

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

RESCIND IMMEDIATELY.

Follow the instructions in your packet to the letter and make sure you get a return receipt delivery confirmation with signature.

Ask all the questions you can think of. Study here and you will be able to make a better decision on what, if anything, you should buy that will best suit your needs and pocketbook.

At the very least that same deal will be on the table if you come to the decision that it best suits your needs. Even better you may get that deal resale and save thousands.

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

Ditto what everyone else is saying.

RESCIND IMMEDIATELY

Do it by the numbers. Better to overdo than underdo it.

There is plenty of time to buy resale, if you still want to get into timesharing.

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

thanks so much to everyone so far...has anyone bougth time shares with marriott and what do you think of your experiences cost vs quality is it really worth 19 000 plus 940$ a yeartaxes and maintenace....if i was to purchase this what are the chance that i can sell for what i paid???thanks everyone
you have all been sooooooo helpful

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Just rescind.

Don't worry about trying to answer all your questions now. The answers to your questions are all going to be to rescind. It is not necessary for you to take the time to learn all the whys to that now.

Then take the time to learn more, if you feel this might be something for you.

thanks so much to everyone so far...has anyone bougth time shares with marriott and what do you think of your experiences cost vs quality is it really worth 19 000 plus 940$ a yeartaxes and maintenace....if i was to purchase this what are the chance that i can sell for what i paid???thanks everyone
you have all been sooooooo helpful

[zdxlc9p6 Senior Member Find all posts View Profile Close zdxlc9p6]

thanks so much to everyone so far...has anyone bougth time shares with marriott and what do you think of your experiences cost vs quality is it really worth 19 000 plus 940$ a yeartaxes and maintenace....if i was to purchase this what are the chance that i can sell for what i paid???thanks everyone
you have all been sooooooo helpful

Even for Marriott, Sheridan, Hilton, or any other highly rated timeshare resorts, you would be lucky to received 50% of the original price you pay. Most likely you would get about 35%. As the others said, rescind now, decide if you really want a TS, and then investigate where you can get the most value for your money and places you wish to visit.

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

thanks so much to everyone so far...has anyone bougth time shares with marriott and what do you think of your experiences cost vs quality is it really worth 19 000 plus 940$ a yeartaxes and maintenace....if i was to purchase this what are the chance that i can sell for what i paid???thanks everyone
you have all been sooooooo helpful

Your chance of getting what you paid if you sell is probably zero. While some Marriotts hold a fair amount of resale value (around 60%) because Marriott will exercise its right of first refusal, it is usually only Platinum season that Marriott wants. Unless being able to exchange your unit for Marriott Rewards points is important to you, you may want to consider rescinding and purchasing resale.

FYI, I own a Marriott that I purchased resale, as the Rewards points had no appeal.

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

Rescind

Rescind now and immediately. Then study and ask questions. My second thought is be careful buying with someone (ie boyfriend, etc.). Buy in one name. You each might buy a week resale in each name. Just think about buying with anyone else.

[Arkansas Winger Senior Member Find all posts View Profile Close Arkansas Winger]

Rescind now and immediately. Then study and ask questions. My second thought is be careful buying with someone (ie boyfriend, etc.). Buy in one name. You each might buy a week resale in each name. Just think about buying with anyone else.

Excellent Advice

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

Checking in from Mexico (on dialup) telling you, as a Marriott owner who bought resale, to RESCIND NOW, ask questions later.

You will definitely find a better deal. You will NOT get your money back at that price on a resale (Marriott takes 40% comission on resales). That location may or may not be best for you; Gold may or may not work for you in terms of trading, etc..

Follow the contract to the letter re rescission.

Good luck.