Frugal LivingFinding a JobStarting a BusinessReal EstateIndustriesPersonal FinanceSelf-EmploymentBusinessScams & FraudInsurance

How to Rescind a Timeshare Purchase

Updated on June 9, 2017
embitca profile image

Emma owns timeshares in DVC and Wyndham and wants to help you get the most out of your timeshares and keep you from losing big on them too.

So you've just gotten home from a timeshare presentation where you were dazzled by the prospect of a wonderful lifetime of adventures and so you bought your timeshare from the developer. And right now some sneaking suspicions are starting to develop that you've made a mistake and you're starting to feel a bit ill about it all.

Fortunately, if you've only just made your purchase, it probably isn't too late to get out of your timeshare contract. If you bought a US timeshare, you will generally have between 5 days and 15 days to rescind (cancel) your contract and if you bought a timeshare in Mexico you will have 5 days to cancel. If you bought a timeshare in a different country, you likely also have a rescission period too.

The important thing to do is act now without delay!

How long is your rescission period?

First things first, read your timeshare contract. Somewhere in your contract, probably in its smallest typeface, will be buried information on your right to rescind, the procedure and the number of days you have in which to act. Be sure to read this section thoroughly and follow the procedure as listed in your contract to the letter if you want to have a valid rescission.

If you have a Mexican contract, even if it does not list this information -- you have FIVE DAYS. And that's five calendar days, not five business days, so the sooner you act, the better. If the Mexican resort had you sign a waiver to waive your right to rescission, please note that it is NOT VALID. Mexican law does not allow the rescind period to be waived. This will be true in most US states as well. For example, Florida does not recognize a waiver. So you can rescind even if you sign one, though you may have a bit of a battle ahead of you.

Important Note: I am not a lawyer. I'm just a timeshare owner who has been through the rescind process myself. For legal advice, consult an actual lawyer!

Some Tips to Make Your Timeshare Rescission Go Smoothly

First things first, follow the procedure listed in your contract exactly. If it says send a certified letter, do not send your letter by FedEx, etc. Do not send an email or make a phone call. Those are not valid ways of rescinding.

Here are some tips to make the process less painful.

  • Just do it! If you bought from a developer while you were someplace on vacation, you likely didn't do a lot of research first. Chances are, you paid too much. Assume you did and don't get into research mode now. Rescind, and then research. If you really like that timeshare and decide that timesharing is right for your lifestyle, chances are you can find a much better price on a resale purchase of the exact same place.
  • Don't explain. You don't need to get into a long-winded explanation of why you are rescinding in your letter. The developers get these letters every single day. Just keep it short and sweet.
  • Some contracts will allow you to rescind by hand-delivery. I think you should avoid returning to the scene of the crime, as it were, as that will simply give them an opportunity to talk you out of your decision by making you other persuasive offers. Handle the whole thing by mail.
  • If you need to call the timeshare company about the rescission, do not contact the sales site and do not talk to the sales rep. He or she is out of the picture at this point and can not help you. The only thing the sales rep will do is try to talk you out of it. Contact the head office and talk only to them. Be brief. Do not get into explanations about your change of heart. Simply tell them you've reconsidered and are cancelling the contract. Get the info you need and get off the phone. And remember, you cannot validly rescind during a phone call. You must do it in writing.
  • Act immediately and make multiple copies of every piece of paper. Don't wait until the end of your rescission period to act. Do it today.
  • Certified Mail with Return Signature and Receipt - even if you are not required to send your rescission request via certified mail, I would do so anyway. It's more paperwork to back-up your legal standing in case anything goes wrong.

I've also include a short video slideshow that explains how to cancel a timeshare. So if you've been dying to know what I sound like, here's your chance :)

3 Steps to Cancel Your Timeshare Contract

Before Asking a Question

Before you leave me a comment with a question about the rescind process, just keep in mind that I am not an attorney and I'm not familiar with all the nuances about timeshare laws and what happens if you don't follow the rescind procedures exactly.

Every state and country has their own laws, so I can only answer very general questions. If you need legal assistance, your best bet is to contact a real estate attorney who knows the timeshare industry.

Be on the Alert

  • Surviving a Timeshare Presentation

    Timeshare presentations can be a great way to get free or discounted tickets in places like Orlando and Las Vegas, but you'll need these tips to get through that presentation with your wallet intact!

Comments

    0 of 8192 characters used
    Post Comment

    • profile image

      Vanessa 12 months ago

      Hello, I regret signing up for a time share here in Cabo, Mexico. I signed up yesterday after feeling pressured at pueblo bonito. Can I cancel it today without any fees? My contract states I would lose my down payment about $1800.

    • profile image

      Monique 20 months ago

      Hello,thank u so much for ur time or any one else who can answer this..Can I cancel if I never finished paying the downpayment.Have we officially closed if it wasn't paid and can they sennd us to collection for full cost...Virginia

    • profile image

      SLP 4 years ago

      I just bought a timeshare, but am going to cancel it....I'm doing everything in writing and following all the steps to make sure it's done correctly....my question is the following: I wrote a check for the down payment and closing costs ...it's Sunday today and they won't be able to charge it till Monday....can I put a stop payment on the check and avoid the wait for a refund....will this jeopardize my cancellation if I put a stop check?

    • profile image

      Hop-n-away 4 years ago

      Thank you hub page , but I too share the same horrific stories with timeshares. My husband and I were enticed by a really good deal at the Hyatt highlands in CARMEL, CA. Since we go there annually we signed up for a presentation with 2 free nights stay there. My intention was get in and get out to bank on the great deals...but the high pressure tactics began, and 3 hours later of listening to the sale person promising that it would benefit my family, memorable vacations, we walked out with putting a down payment of 10% from a 28k timeshare contract for the unit, and a steep $1250+property tax maintenance fee. Mind you, I was pregnant at the time and all we could think of was all the great vacations we can do for our unborn baby.

      After one day of signing the contract, I began to feel a heavy cloud over my head and buyers remorse. So i read over the contract. In the contract, it did state the recession period of 7 days, HOWREver, the salesperson never mentioned it or included a form to end our contract if we wanted to. After contacting my lawyer friend, this is what I did.

      After 2 days of my purchase, I immediately drafted a cancellation of contract letter which includes your name, address, contract # and date of purchase. Make sure u send it to the developer. Since our contract cancellation part was so vague, It gave me 2 different addresses, and it also said to send to developer in FL. Well I made damn sure I expressed mail with return receipt to Hyatt, where I originally purchase the unit, sent another copy to the PO Box. To Hyatt office and one to FL. address. MAKE SURE U CERTIFIED everything, we also march right back to the office and hand delivered it to a sales manager and ask for a receipt of cancellation. Make sure if u are brave to hand deliver it, keep it short n sweet and states ur rights, they WILL cancel for you. Now we are just waiting for our refund, hope this helps.

    • profile image

      Shelley 4 years ago

      I had my "tour" yesterday and after four hours, I was the owner of a timeshare. Did research back in my hotel room and got buyers remorse. I'm checking out today and was wondering if I should hand deliver to the office where I wasted four hours of my life or send a written letter to rescind the contract to the corporate office via certified mail? Or both? It states that I could do either within 5 days from the contract day. Or would a typed letter from my lawyer be better to fend off any high pressured sales calls to negotiate y contract? I want out!!

    • profile image

      Jeff 4 years ago

      "My 87 yr old mother bought a 1 week timeshare from a reputable hotel chain - from their most expensive new time share in San Francisco and got scammed for $31K and $650 annual fees. She was smoozed and could not even tell us exactly what she bought except "the sales lady was really nice and pretty." She got $5300 for her old time share and financed $26K at $400/mo and $650 annual maintenance fees. Thats $6K/yr or about $1K/night she will paying until she is 97. Someone was suppose to go with her on the vacation, but couldn't at the last minute. We called the central office and she was 10days after the 7 days recension period. What can we do to cancel this? Clearly she was not of sufficient mental state to understand the 53 page contract she signed!

    • profile image

      Lise 4 years ago

      We bought into a timeshare in Vegas. We got home and looked into this deal more closely. We were misled on many terms in the contract. I looked into rescinding and got told I cannot cancel at anytime! I was told because its a 'loan assumption'???? Another misleading term. Anyhow I still faxed over my letter to cancel the contract within 5 days even though they tell me I can't. Sure wish they would have told me I cannot cancel out of this at any time when I asked.....ugh. Any advice?

    • profile image

      Alice 4 years ago

      My husband and I purchase a timeshire in July in Orlando FL and according to our contract we had 10 days to cancel. We just decided in the last month or so we want to cancel but have not yet completed the down payment. We was told we had to complete the downpayment before we can sell the timeshare. But my question is: if the down payment is not complete do we really own it yet?

    • embitca profile image
      Author

      Emma 5 years ago from Boston

      Veronica, I don't know. Generally if you buy a timeshare resale then there is no rescind period, but I don't know if that would be true if you buy the resale from the developer.

    • profile image

      Veronica 5 years ago

      Does the rescinded period apply if you bought a timeshare that was forclosed? I bought it in Vegas and when I called 2 days later, I was told I couldn't cancel because it was a forclosed property

    • profile image

      jj 5 years ago

      We bought one week from puerta Bahai La Cruz a 3 bed room villa, they changed the contract to a 2 bed room,

      we put 9,895. down and they took a extra $1800 out without permission they were told not too. anyways total fraud.

      My question is George Triggs, sent a e-mail back to us, after we e-mailed a cancelation.

      Hello Janine & Patrick,

      This email is to acknowledge that I have received your request to cancel. As I explained in our meeting the monies deposited are considered non refundable.

      Puerto Bahia is aware of the 5 day cancelation timeframe in Mexico. In my office I explained that if you had purchased a right to use timeshare you would have five days to cancel with a full refund. Because you have made a real estate purchase and your offer to purchase was accepted on the same day the funds are considered non refundable.

      That being said I would very much like to speak with you on the telephone in order to learn more as to why you have had this change of heart. I will work with you in order to come to a solution that is good for both parties.

      Regards

      George Triggs

      They never told us about a 5 day cancel ,we found out on line.

    • profile image

      A fleeced Californian 5 years ago

      I almost wished I hadn't read this. Two years ago I bought a timeshare in Cabo San Lucas. The very next day I went back and told them I had thought about it and didn't want it. I was told point blank that in Mexico I couldn't cancel after buying. I was almost in tears explaining how I really couldn't afford it (I used a credit card) and how it didn't fit at all into the vacations I like to take. But the salespeople at Solmar told me there was nothing they could do, that it was final. And now I find out I was completely lied to. Apparently nothing human remains in these time share salespeople. The timeshare has been a financial burden, I haven't paid it off yet. The fees has exorbitantly risen. The one time I tried to use it there was no availability due to construction. I suppose there is nothing I can do at this point?

    • profile image

      Pat got scamed lol 5 years ago

      thks alot alot. some sites want 2500$or more for this info or service.. ya beep beep timeshares..sent registered reciept letter on 5TH DAY.emailed profeco with my cancel letter.the resorts fax line n# dont work duhh,in letter told resort profeco as notified before 5TH DAY ALSO.want my $$ BACK.takes 2weeks for letter to get to mexico.but sent it before 5th day.hope to see my $$back in 2weeks plus the 15days they get to resond to recipt return letter.hope to see $$ so i can send this site a good cash tip for helping me out.thks again.

    • profile image

      mila 5 years ago

      My husband and I signed a timeshare contract in Mexico (Pueblo Bonito at Sunset Beach) on December 28,2011 and tried to rescind with 5 working days on January 4,2012.

      In contract we found that we can cancel our purchase with no penalty. WE sent sertified letter with retern receipt.

      Then we received call from the sells person following with two e-mails stated that we sign understands liquidated damages clause/understanda buyer's remorse/No refund.

      We did not responded to this emails. We called credit card to dispute charges, contact PROFECO Office. Today we receive another call from Mexico from the office they want make appointment to call us and have contract near, we asked e-mail us any questions but they insist to talk. WE have appointment talk tomorrow, but start worry. Isn't enough that we let them know that we want to cancel and just want our money back? Please help anyone. Thanks

    • profile image

      Johnny 5 years ago

      I too fell victim to the bells and whistles during the presentation. I even had hesitation at the time but was instead just given more and more of the same cool-aid. Before I knew it I had signed. Buyers remorse hit instantly the next day but I thought, "hey, I fell for it and now there's nothing I can do". If ONLY I knew this site existed. It's criminal the tactics out there. THIS was how I even knew there was a rescind period. The form to rescind was stapled on the cover of my packet (I had no idea) and a page I had signed also mentioned that. That page was included AFTER a series of pages I had initialed and been "explained" in detail the terns. So why, if the goal was to be thorough, was there never ever a mention of a right to cancel/rescind? It was nothing more than flipping to that page, a quick "sign here", and then flipping the page again. It's like they were trying to hide it. It's absolutely criminal.

      Again, I wish I had found this site when I wanted to rescind and still had the right to rescind (which were within the same time). It is an outrage and the rescind period should be longer. I sent in my rescind request 2 days after the date. The minimum should be at LEAST 30 days and the recruiting process at some of these places should be regulated. The "you signed on the line" excuse just isn't enough and anyone who has endured one of these "wonderful" meetings/presentations knows exactly what I mean.

      Shameful.

    • profile image

      Luci 5 years ago

      Hi I've been battling to rescind my contract from Mexico, let the 5 days expire. Dealing with the company with PROFECO assist but no money refunds offered. Do you know what to do? If a hire a lawyer what are my chances. Thanks.

    • profile image

      Manny 5 years ago

      Hi there, I made the mistake of buying a timeshare. I recinded on day 5 by sending out certified mail with signature. Unfortunately it looks like the post office lost the mail... I have tracking info. Of where the mail landed at the post office. What can I do now (it has been 17 days since the signing, 12 days since mailing ( should have arrived in 4 business days)

    • profile image

      Janet 5 years ago

      We bought a timeshare while vacationing in South Carolina. The timeshare is in Kissimmee. I read your info after returning home. We sent an email ( I know you don't advise that) and the next day sent a certified letter. The certified letter came back to us about a month later. The realtor never accepted it. He called me husband the day after the email was sent and said that since it was not a new development and because when we signed it it said " This contract is binding immediately upon execution and not subject to the rights of rescission and / or cancellation " that there is nothing we can do. Is this true? If so, how do we sell it?

    • profile image

      Adam 5 years ago

      My mom purchased a timeshare in septemer, though she does not have the capacity to do

      So. She has mental issues and should not have been Able to enter into this contract, can anyone inform

      Me how

      I can proceed to get her out if her contract????

    • profile image

      Linda 5 years ago

      We bought a timeshare from Orange Lake Resort in Florida on the 27th of Sept 2011. We also want to get rid of it. Obviously the 10day window has closed, but the first payment is not due until the 15th of Dec. Can we send a certified letter advising of the inability to pay and cut our losses. It would be worth it even to lose our deposit. Any advice would be appreciated.

    • profile image

      Tamiko Laster 5 years ago

      I just bought a timeshare with travel advantage vacation in Ohio and the contact said no cancellation or resceission. How do i get out, I,m really having second thoughts anyone please help.

    • profile image

      Maurice, 5 years ago

      To the person that was scammed by westgate in Orlando I too was scammed they told me that the taxes were included and sent me out a $800 tax bill. I also had to pay $150 to go on vacation 0n 11/11/2011. The crazy thing about this is that they initially attempted to get $500 out of me in whitch i declined, and my sister in-law and her family would have paid less than I #350 if I would have paid the $500 and she is not a member that is some "Fracle Nacle Bull" if you like and if possible file court documents together. Not sure how that would work but i am willing.

    • profile image

      Maurice, 5 years ago

      I bought a timeshare in orlando a year ago I just found out that taxes were not included so, I paid $800 for taxes andI had to pay $150 to go on vacation. I fell I was scammed they did not disclose that taxes were not included. whatwould happen if I just switched banks and not pay. This is creating a hardship on me and my family.

      I will be in florida on the 11th Nov. but vacation however, I feel so acammed that i'm not sure if i will enjoy in at all. What can I do and what are the risks?

      Thankk youu for your time.

    • profile image

      suckered2011 5 years ago

      I bought a time share in Mexico with the Mayan Group. By the time the haze was lifted, it was past the 5 days. We bought the second day in Mexico - the 5 days (which I didn't know about) past us before we even got back in the states. Now that I have had time to do the research, I want out. But I just don't know how. Is there any hope from coming back from this stupid stupid mistake????

    • profile image

      Tom 5 years ago

      Hi, Embitca

      I would like to get out of my Marriott timeshare contract. I am trying to write a letter to the timeshare resort but I couldn't find the contract number on the first or second page on the contract. I do find a page said; CONTRACT NO. MP*4596/31, 32,33, 34,35, 36,37, 38,39, 40.. Could that possibly be the number? If not how longer is the contract number used to be?

    • profile image

      d to the f 5 years ago

      I commented before re: Grand Solmar in Cabos San Lucas. I wanted to let people know that I followed the rescission process to the letter and I did finally get my deposit back in full. It took 5 months though, and during that time no one would confirm anything - not even that they had received my letter. Hang in there, if you are going through this. Document everything, save everything, and hopefully there is a light at the end of the tunnel for you as well. I sure learned my lesson!

    • profile image

      David Hall 5 years ago

      Thanks for this information. I wish I had only found all the information I did a few days earlier. I sent my cancellation request, just as you suggested on the 11th day. One part of their organization said they refunded my deposit. 2 weeks later I find that they cancelled the cancellation because it was past the Florida 10 day law. I'm going to have to get a lawyer and hopefully find the loophole.

    • profile image

      daass 5 years ago from santa cruz

      Ty for this post. I just got back from a Diamond Resort at Lake Tahoe, where I "upgraded". I relinquished my old contract for a new "trust" contract with more points. I wonder if rescinding will get me back what I had?

    • profile image

      Mary 5 years ago

      Hi - We are rescinding and followed the advice to send a certified letter, return receipt requested. The address to send it to, per our contract, is a PO Box. We can see, per the USPS tracking that they are not picking up the letter. It will be returned to us shortly. Will we be covered just by having "tried" to contact them? They have not provided a fax number or other ways to contact them in this regard, but are very specific about the PO box. It seems we need to keep trying to inform them of our rescision in spite of them ignoring the certified letter notification? Any thoughts/advice? Thank you.

    • profile image

      Mary 5 years ago

      For wisconsin is sundays used and if we signed 9/11 can we still cancel today 9/19.

      thanks,

    • profile image

      d to the f 5 years ago

      Ally, I sent my cancellation letter to:

      Centro de Promociones Los Cabos San Lucas, SA de CV

      Av. Solmar #1

      Cabo San Lucas, B.C.S.

      Mexico CP 23410

      I used this address since in fine print on the pack of the contract it said under Rights - "e) The cancellation of your membership, in a period no more than 5 days from the day of purchase. The mentioned cancellation should be delivered in a written form at the address of the Seller." There was no address stated in that item, but the Seller in all the paperwork was Centro de Promociones Los Cabos San Lucas, SA de CV, and the address above was provided on the letterhead. I think you are smart to also send to RESORTCOM, since that is where I was eventually referred to once I finally got past the sales office, who were stonewalling me. I still have not received any refund, or even a confirmation of my cancellation (though I do have the registered receipt from US mail) - and I actually regret not getting my credit card companies involved. I already paid off the amounts charged by the resort, since I did not want to be responsible for any interest or fees, and I was pretty confident I had followed recission rules so I would be seeing my $$$ again. In retrospect I wish I had contested the charges and allowed the CC companies to fit on my behalf, since I am sure they have more clout. If that path is still available to you, I would recommend it. Good luck! For anyone else in this predicament, I will continue to post here if I make any progress (or not) on obtaining the downpayment back.

    • profile image

      No name 5 years ago

      My family went on a vacation we staid at a Bluegreen timshare . My husband and I signed a contract. The last day on vacation the sales office asked us to resign the contract again because of a mistake on there part. We got home and realized that we had been lied to about this being a write off on your taxes, you can rent and sale,your fees will not go up another lie alsothere is no value to a timeshare . We realized we need to cancel our contract. We did the contract cancel by procedures and sent it in to the corporate office . The sales people would not accept this because the said that the date was from the first contract not the second . Ok , but we signed all the doc. again as if it was a new contract. My question is what legal grounds do we have ? Beside the fraud and lies , there contract cancelation does also say the day of the cancelation with in ten days or the last paper signed date, wich is the later.

    • profile image

      Shirley 5 years ago

      We purchased a time share in PV Mexico in November of 2010 We gave a large down payment and paid for one year. Unfortunately both my husband and I laid off. We called , write and emailed the company telling them that under clause 8 of their contract we could cancel. They said that if we paid them an additional $3000 they would cancel. We told them we could not do that. We have not heard from them since. THat is approx 2 months ago. Should we have been given a cancellation notice to sign. Could they forclose on this property and what are the legal remifications if we just do nothing?

    • embitca profile image
      Author

      Emma 5 years ago from Boston

      D to the F, thanks for you story. I think it will be a big help for some people!

      Ally, I'm not really sure what to suggest since I have no personal experience with Mexico. For US timeshares, I don't generally think contacting your credit card company is even necessary. If you follow the instructions and submit paperwork on time, your rescission will go through. No need to get the credit card company involved. But for Mexico, I just can't say. I wish I could be more help.

    • profile image

      Ally 6 years ago

      D to the F,

      I too am trying to rescind from the Grand Solomar resort. I sent in the letters today to the La Playa Grande Resort and also the headquarters in for RESORTCOM in San Diego. Which addresses did you send your letters to?

      And also Embitca,how long should I wait before calling the Credit Card company? You don't suggest calling them right away?

      Thanks!!

    • profile image

      d to the f 6 years ago

      I want to express how grateful I am that this site exists, and add a data point about time share recissions in Mexico. I purchased a time share in Los Cabos at Grand Solmar resort (a new development at Playa Grande). Once I was able to do even a few minutes of research on the internet - they do not have wi-fi in the rooms where they have you sign up, for reasons that are now obvious to me - I realized I had overpaid. Thanks to this website and others I realized I could cancel the contract within 5 days and I did so immediately, sending a letter both by certified mail and by email. Since it was to Mexico I waited several weeks to get the confirmation back that they had received the letter, and then 15 days as advised by PROFECO on the requiring timing of my refund. I then sent a followup email both to the developer (sales office) and to PROFECO. I still have not received any of my money back (which was a substantial amoount - down payment plus $1190 closing costs). I called again today and now they say that since I have sent the request to PROFECO, their legal department is awaiting word from PROFECO and will not do anything until they hear from them. They would not give me the contact information for the legal dept. (Obviously, they want to make this as difficult as possible and drag it out while they still have the $$). I will keep on them, and I am still optimistic about getting my money back eventually, but I thought I should let people know that even if you cancel within the 5 days, the process may still drag on and be quite a hassle. Wish I'd seen this site before I ever set foot in the place!

    • profile image

      bettina4 6 years ago

      westgate is telling us that we can not cancel because we signed on july 21 2011 and its been recorded. they will not give me an address where i need to send my letter to cancel any advice???

    • embitca profile image
      Author

      Emma 6 years ago from Boston

      The reason you aren't seeing any follow up is the process is pretty straightforward if you meet the filing deadline and do the paperwork. I have rescinded myself. Twice. Once with Worldmark and once with Starwood. I had no problems getting my money back.

      Your lawyer is most likely a LIAR if he is talking about a brand new purchase. There are only five states that don't have rescission laws on the books and hte the states that have the most timeshares all do guarantee that you can exit a timeshare contract by filing the correct paperwork on time -- you have between 3 and 10 days depending on the state.

      Most other countries where timeshares are popular have such laws as well, including Mexico where the rescission period is 5 days. A quick Google search will probably get you the deadline and procedure for other countries, saving you $3800. No one is going to pursue you afterwards for following the law.

      Now if you are talking about trying to get out of a timeshare contract past the rescission deadline, especially one that you have owned for some time that is another matter that is not covered by this article.

    • profile image

      Refunds anyone? 6 years ago

      I see a lot of posts here where people are trying to rescind but no followup on what actually occurred and would like to hear from anyone who successfully got out of a contract and have been left alone after getting any downpayment back. I consulted an attny who tells me even if I got my money back they will come back later and want to press charges for the entire amount that was in default. He also says it is a complicated process when a different country and wants to charge $3800. Has anyone had an attorney helped them for out of the USA contracts and be willing to share the costs paid?

    • profile image

      Linda 6 years ago

      I recently sent a letter to cancel my contract for a timeshare me and my fiance were talked into while on vacation. I understand the deposit will be refunded but what about the closing costs and settlement fees? Do I get any of that back?

    • profile image

      Missy41 6 years ago

      Thanks for the reply, I contacted them today and they stated that they accepted fax letter and they were in the process of rescinding the purchase which take about thirty days, I so wanted to thank you for your response and your site because it was very helpful. So I hope to keep you informed. Have a great one

    • embitca profile image
      Author

      Emma 6 years ago from Boston

      Missy, you should be fine.

    • profile image

      Missy41 6 years ago

      I well , I faxed my cancellation letter as well as mailing two express mail mail certified letters to two located the one listed in the contact and the timeshare finacical services recission department ( Wyndham) is it enough and if they do not sign for a certified letter them what? Please some responses for any one Thanks a million in need of some stress relief.......

    • profile image

      TD 6 years ago

      Yes, we also get buyer remorse too. We were so happy and excited that we got a good deal. We sign the paper last night. We woke up this morning and realized that we have gotten ourself into a mess and more debt. Trying to do research online to see what can we do. So once we get home tonight we will write up the cancel letter to send to westgate. It was suppose to be a vacation to relax but now I am so stress out. Let hope we can cancel

    • profile image

      missy 6 years ago

      I just bought a time share and i am having buyer remorse, my question iswhen i rescind the agreement how do i know that it has been completed.

    • profile image

      Duplex Diva 6 years ago

      After sending my last post, I've spent more than two hours reading posts back several years. Wow! What a great site, and I really appreciate all the excellent advice you've given to everyone.

    • profile image

      Duplex Diva 6 years ago

      Actually ours was a "Down Payment (including closing costs)" not a "Deposit"

    • profile image

      Duplex Diva 6 years ago

      Despite being a landlord for 20+ years, and insisting that tenants "READ THE CONTRACT", I was lulled by the 7 day rescision privilege "for a refund" with a timeshare purchase two weeks ago in Waikiki. Figured i'd read the fine print when I got home. Well, I did and immediately sent the cancellation notice as required within the time frame by Overnight express, and it was signed for before the deadline.

      But now I'm holding my breath, hoping to receive a check for the $3500 deposit they billed my my wife's "BillMeLater" account. Yah, they turned the $19,000 price tag into a $14,500 Purchase price + $3500 Deposit (including closing costs, "saving me $1000"). If they retain the $3500, or most of it, I'm at a loss as to how I'll ever recoup, since I'm in New York. Anyone have experience with this "bait & switch" theme and how to deal with it. The worst part is that my wife was practically asleep during the 2 hour+ presentation and doesn't yet know that she actually signed permission for them to bill her among the 100 plus pages we had to review and sign, or initial. if we don't get our money back, my goose is cooked.

    • profile image

      Suckered 6 years ago

      Well, I have good news. Last Saturday after two days of buyers remorse, I sent two certified letters to the resort and their home office expressing my desires to rescind my contract. They recieved my letters and informed me that they will be refunding my money. It really does work if you act fast within your states window of rescinding the timeshare contract. I am so relieved, biggest bone head mistake ever. Thank God for the web.

    • profile image

      Suckered 6 years ago

      Well you guest it, I purchased a timeshare and I am having buyers remorse especially since I just retired and promised myself not to get into debt. What a sucker I am. I said it was too good to be true and it is. I am writing a letter to rescind my contract. I purchased it on yesterday evening, on tomorrow I will send a certified letter cancelling my contract. Is there anything that will cause them to reject my letter? I was told by the sales rep NC law gives you 5 days to change your mind on this. Today is really one full day. Does yesterday evening count?

      Thanks

    • fdoleac profile image

      fdoleac 6 years ago from Hollis, New Hampshire

      Great advice and informative hub. Time share sales are typically an emotional buy and that is the primary reason for the right to rescind.

    • profile image

      Thuy 6 years ago

      Just purchased Grandview Resort in Las Vegas as well and writing the cancellation letter right now after landing withing couple of hours. Thanks to the internet, it helped me research and decided to cancel. I was worry that some legal statement or a specific formated letter will be necessary. However, it doesn't look like it. I plan to mail my letter in tomorrow and will update when I get my refund :)!

    • profile image

      Feeling dumb! 6 years ago

      Thank you thank you thank you. I had no idea I could cancel my purchase. We are at home thinking we are idiots. It is day 5 tomorrow, I read through everything and yes they state that! (FYI in mexico Saturday is a business day. Only Sunday does not count). We have our letter written up. I sent emails. I left voice mails. First thing in the morning we are sending out the certified letter. So glad I found this webpage. At least we are not the only ones that feel how can we say no. Even still feel guilty for cancelling it. Our sales guy was so great, a nice guy. That is how they get you :)

    • embitca profile image
      Author

      Emma 6 years ago from Boston

      Mike, you should be fine as the law usually has to do with the post date and not the receipt date.

    • profile image

      Mike 6 years ago

      On Jan. 5, 21011, my wife and I signed up for Hilton Grand Vacation. Last night, we decided to cancel the timeshare because we could buy the exact same one for the third of the price on classified ads. Last night, I faxed over the signed rescission letter (after hours) and today, Jan. 12th, (7th day since I signed the contract) I sent the rescission letter with certified return signature and receipt.

      My question is am I within the 7 day (hawaii) rescission period even though they'll receive the certified letter after the rescission period? Is stamped date on the certified letter constitute within the rescission period?

      Mike

    • profile image

      Desperate  6 years ago

      HI, quick question if they did not ask for our ssn and we bought a timeshare in Mexico and now realize that it was a bad idea, we do not want to pay for it since it was a rip off. Is it going to affect our credit even if they don't have our ssn.

    • profile image

      leona 6 years ago

      Me and my boyfriend went to vegas this past sept 6th 2010 and signed with a $500 deposit. we really had no idea what timeshare was at the time. we got home and were really excited about it. Not until yesterday that my dad said to me that it was a very bad investment. I freaked out and did my researched.. unfortunetly its too late to rescind my contract the right way.. or their way! So i wanted to know if i have another way out? i still have to pay them $1300.00 for the down payment and the loan was for $12554.54 I really do not want to pay them a cent.. how is this going to affect my credit if i just never pay anything? can they sue me or take legal actions? im just 24yrs old and we had plans on buying our home and a new truck because our family is growing... HELPPPP!!!!

    • profile image

      westgate victim 6 years ago

      Hello,

      I bought a westgate timeshare in orlando FL a month ago and just found out it was a mistake. Because the notory officer at the westgate stated there is absolutely no way to get out of the contract so many time during the notorization, I thought to helplessly keep it until yesterday I received a first payment bill. It was supposed to be 0% interest by paying off in 2 years but they charged me ~ 17% interested rate mortgage rate on my credit card. I started searching website about timeshare and totally terrified. I think it was a fraud falsely informing buyers that there is no way to cancel and charging interest after making written agreement about the payment plan. Should I be able to rescind the contract with their falseful act ? Should I file a law suit ? Please, I would greatly appreciate advices and recommend me a reliable attorney if you know anyone. thank you.

    • profile image

      whatdidIdo 6 years ago

      WEll, I too was naive in believing all the great perks of the timeshare sales person in Mexico and signed but then, after looking closely at the contract I realized that things were amiss and not represented truthfully. I emailed them to cancel and also send the cancellation by FedEX on the fifth, and last day, allowed to rescind. They called and said I could not rescind because I had already benefited from my contract. The salesperson had offered to have me stay at the resort for a few days. I declined this offer and he kept pressuring me and uped the offer to their better resort with free tour tickets, so I stupidly agreed. They gave me a voucher for this stay, but now state that my stay was part of my contract; that I stayed at the resort as a member of the vacation club. I have now contacted an attorney who specializes in Mexican timeshare fraud but this will certainly cost me big. I hope for a good resolution . So don't stay at the resort for free, I guess

    • profile image

      Debby Redshaw 7 years ago

      We have done all of the correct things mentioned in this information we sent a certified letter and we made sure we got the letter signed for on reciept of recieving the letter. We put all of the contract numbers ect in the letter and the letter was postmarked within 3 days of signing the contract however we have heard nothing from westgate we have however heard from our bank telling us that westgate have tried to take the deposite out of our credit card so now I am unsure what to do. There are no email addresses available for me to send a copy of everything plus the reciepted signiture.We have now cancelled our credit card and informed our bank of what happened.

    • profile image

      Roxi 7 years ago

      I just purchased a timeshare 08/2010,I was convinced that it was a great purchase since they are growing and can rent it out and get some money back. Sellers are very aggresive, plus the gifts are sunday-thursday, Everybody WORKS!!!! no one has time for that! Plus you have to pay almost $300.00 to stay a night somewhere! I just emailed my cancellation letter and will fax it over tomorrow! I promise I will never do this again. I still can't believe I signed. My deal was $10.000, 14%interest, $1000.00 down and $159.00 monthly payment. Oh, every two years $778.00 for maintenance if it does't go up. Maybe it you plan on traveling for the rest of your life it's a good idea, I always use hotwire.com and get great deals all inclusive.

    • profile image

      LostPete 7 years ago

      I purchased a time share on 07/29/2010 in Orlando Florida. Today is 08/07/2010 but the Post Office is closed. I will not be able to send the cancellation letter until 08/09/2010 certified return receipt, it will be after ten days from the date of the contract. Can you provide any direction.

    • embitca profile image
      Author

      Emma 7 years ago from Boston

      Hi Stacy,

      If I remember correctly from the rescission I did years ago, I just got my money refunded. I didn't receive any other notice.

      If you just sent the letter return receipt today, then you are certainly expecting a response too soon.

    • profile image

      Stacy 7 years ago

      Question: When you cancel a contract/rescind a contract, do you receive something in writing from the seller acknowledging that you have cancelled the contract, or do you just have to wait until your refund is processed? How do you know for sure that they won't deny they received your cancellation and go to closing anyway? I want something in writing, besides the return receipt, acknowledging that my contract is indeed cancelled, and null and void. Is this standard? I can't get anything in writing so far, even though they have received my fax. I sent the letter return receipt, overnight express mail today.

    • embitca profile image
      Author

      Emma 7 years ago from Boston

      Timeshareschlepp, no they cannot retain your deposit.

      Mel, If you signed on the 10th you should have until the 15th. You shouldn't have to do a telegram. The cancellation needs to be postmarked by the 5th day so a certified letter postmarked the 15th should be fine.

    • profile image

      Mel 7 years ago

      We just discovered the option to rescind our contract within 5 calendar days of the date of contract. We signed the contract on a Saturday 7/10. Does the day of the signing count as a day? Do we have until the 14th or 15th? Also, it said we could send it by mail, telegram or hand delivery. Since it was 9pm on the 14th, a telegram was the only thing that we could do and have proof of transmission. Will this hold legally? What if it cannot be delivered? Also, should we still send a certified letter on the 15th?

    • profile image

      timeshareschlepp 7 years ago

      Can a timeshare developer retain my deposit if I followed the cancellation procedures exactly? I signed the sales agreement on Sunday, Monday was a holiday (Memorial Day), I sent the cancellation form with my cancellation letter via express mail, signature required return receipt on Tuesday for guaranteed delivery by noon on Wednesday. I had a voice mail from the developer when I got home tonight (Wednesday) asking me to call her so she could give me their cancellation procedures. What should I expect in the phone call?

      Thank you - timeshareschlepp

    • embitca profile image
      Author

      Emma 7 years ago from Boston

      Onesha, I believe that the rescission laws only apply to purchases made directly from the developer. So no, I don't believe a purchase bought on resale would be eligible for the rescission period.

    • profile image

      onesha 7 years ago

      my husband and I purchased a timeshare while we were in Las Vegas from RCI timeshare resalers on 3/22/10. The contract says all sales are FINAL and there is no rescission period written in the contract. After a little research, we want to cancel the contract. Can we still rescind even though the contract says all sales are final?

    • profile image

      Anji 7 years ago

      Wow..we fit every story here. We just returned from Las Vegas and a 4+ hour spiel about the Grandview Resorts. We came home and realized we had made a mistake. We thought we were leaving and finished..then..they made a final too good to be true offer. When we got back to our hotel in Vegas we realized we'd just sunk $800 + for a deposit and committed to $5500 at 17% interest. Luckily..it isn't huge if they don't take our rescission. But we just feel taken. Thinking back I realize the aggressive sales tactics were just extreme. We should have just asked to leave after the primary sales pitch. We signed the contract on Friday the 19th. I am sending a Certified Return receipt rescission paper on Monday. Also faxing and emailing a copy if I can find the right email. Thanks so much for putting this sight up. I really appreciate all the information.

    • profile image

      paul 7 years ago

      embitca

      thanks for the advice what happens now if we just dont pay.a lawyer is too expensive for us and we are already in trouble with our own morgatge here so our credit rating is screwed anyway?any advice would be appreciated thank you

    • embitca profile image
      Author

      Emma 7 years ago from Boston

      Stan, aside from contacting a lawyer, you probably want to contact Profeco at this point. They're the Consumer Rights bureau in Mexico. They deal with a lot of timeshare issues.

      Here is their website in English:

      http://www.profeco.gob.mx/english.htm

      Good luck!

    • profile image

      Stan  7 years ago

      Embitca and Mark (thanks for the advice Mark), a follow-up to my earlier note: I received an email from a representative of the Mexican resort saying that by not signing the Offer of Settlement he will refer our cancellation request to the resort's legal dept., in which case we will have to hire a lawyer to argue on our behalf before a Mexican judge in an arbitration process. Indeed, there is a clause in the contract that talks about an arbitration process, but by any rational interpretation of the clause its application in this instance is a misuse of its intended purpose. Like I said in my earlier note, we fulfilled the cancellation requirements within the 5-day period, as per contract. Clearly, the resort is trying to strong-arm us into signing the Offer by threatening us with the burden of a legal procedure. Any advice on this matter?

    • embitca profile image
      Author

      Emma 7 years ago from Boston

      Mark, I have repeatedly advised that I am not familiar with timeshare rules in Mexico. The only data about it is in the comments I have received here. If you are an expert on the topic of Mexican rescission, feel free to join Hubpages and write a hub about it. I will be happy to link to it.

    • profile image

      Mark 7 years ago

      And P.S. Why are you saying that if it is a Mexican contract, it is five calendar days and not five business days? You are WRONG, it is five business days (at least.

    • profile image

      Mark 7 years ago

      Embitca, as Camille pointed out, hers WAS a Mexican timeshare. As she also pointed out, there was no indication of how the rescisson request needed to be made. Mexico's Consumer Protection Laws simply say it has to be done so in a form of reliable means. The fact that the timeshare responded to her request verifies that they received it. Verification of receipt proves it was a reliable means. Just wondering how you came to the conclusion that she may be out of luck. In my opinion, she has a very good case and the fact that the timeshare has told her that "email doesn't count" sounds like a nine-year old sticking his tongue out and saying "nyah, nyah, nyah." It's retarded and anyone suggesting that she may have to submit to this idiocy is not doing her any favors.

    • embitca profile image
      Author

      Emma 7 years ago from Boston

      Paul, the laws of state of the Nevada apply here, not the the UK. You need a new lawyer because he's an idiot. I would recommend you hire one who is licensed to practice in Nevada.

      Mark, I don't "believe" anything. In the United States, an email is generally NOT a valid form of rescission. You would need to to check with each and every state law to validate that, but in most cases this is the way it is. Email is not valid. The contract paperwork specifies the correct method to rescind and if email is not mentioned, it is NOT VALID.

      As for Mexico, as I've said repeatedly here, I am not familiar with Mexico law in regards to timeshares. If you need to consult a lawyer, do so. I'm not a lawyer.

    • profile image

      Mark 7 years ago

      Just a quick note -- first off to Stan, do NOT sign that piece of paper! You have a right of rescission, you have acted on it, case closed. You can say whatever you like about the timeshare company and they can't do a thing about it.

      Secondly, I would read the fine print on your contracts and find the written right of recission (it generally does exist, but hard to find) and read it carefully. Our contract said we had a term of five business days from the first business day after the contract was signed. We signed on a Sunday, the following business day is Monday. Using any business day calculator (including Excel's "workday" function), the date that is returned is the following Monday, NOT the previous Friday. This is hugely important because if you sign a timeshare contract upon first arriving (generally a weekend) you will still be at the resort that Friday.

      Also not sure why Embitca believes an email is not an valid form of rescission, particularly if you have proof that they received it. Under Mexico's Federal Consumer Protection Laws, it simply has to be in a form of reliable means. If they received it and you have proof because they responded, it doesn't get any more reliable than that.

    • profile image

      paul 7 years ago

      embitca

      we bought a timeshare in las vegas and when we got home we rang up the place and asked to cancel and the lady told us to speak to our officer who we dealt with they gave us the wrong fax number as none was included in the contract so we didnt actually cancel within the 5 days.we have got the advice of a lawyer here in ireland and he has wrote to the company stateing under the uk law we have 14 days to recind a contract will this work?we now have sent the revocation letter after the 5days to the correct number with a reply saying we are now in default?

    • profile image

      stan 7 years ago

      Thanks for the quick answer. Hopefully it won't require a lawyer, but that's always an option.

    • embitca profile image
      Author

      Emma 7 years ago from Boston

      Stan, I've never heard of such a thing. You might want to contact a lawyer to take a look at it.

    • profile image

      stan 7 years ago

      My wife and I signed a timeshare contract for a Mexican-based resort, thought better of it when we got home and decided to rescind within the 5-day period--by registered letter, fax and phone call. We've since been contacted by a representative of the company who has accepted in principle that we are canceling the contract, and emailed us an Offer of Settlement to sign. The Offer states we will get a refund of our deposit within 15 days, as per the terms of the contract, if we sign the Offer. The Offer also includes language that says we would be liable for damages, including the return of the deposit, should we participate in any "negative activity" about the resort, i.e. anything written, via email, perhaps even verbally related that the resort might construe as harming its reputation. And we'd have to keep the terms of the settlement confidential. Nothing requiring the signing of this Offer of Settlement or accepting this non-disclosure language is in the original contract. My belief is we have already fulfilled the terms of cancellation as per the original contract. I feel if we sign this Offer, we'd forever have the threat of legal action hanging over us--one day the Resort could just make up a story about us, say we violated the terms of the Offer and send a corporate lawyer after us to collect. Does it make any sense for us to sign this Offer that goes well beyond the cancellation terms of the original contract and perhaps puts us in eternal legal limbo? Or is this type of non-disclosure language standard practice in cancellations? How do you suggest we respond to this?

      Thanks.

    • embitca profile image
      Author

      Emma 7 years ago from Boston

      Hi Nate, as you suspect, the salesperson's line about govt regulations is total crap. Of course you can get the same deal next time. But then you've already figured out you can buy it much cheaper on resale *g*

      Good luck with your rescission!!

    • profile image

      Nate 7 years ago

      Great advice you have here! Like many others we too just got suckered into purchasing a timeshare, after spending four+ hours at the place debating the issue and getting offer after offer we caved in. Immediately when we got back to the car I had this sinking feeling that it was a mistake, I never purchase anything without thorougly researching it and couldn't believe that I had just spent $10k after based on a one sided 90 minute spiel. Though I didn't find your site first I was absolutely relieved to find the rescind documents and statements right there on top of my paper work even though no one ever said anything about there being such an option.

      The one thing that I really have a question about is that the sales people kept mentioning that this was a one time only offer and when I asked why they cited some real estate law that basically said that because they inticed us there with gifts that they were not ever allowed to offer or sell us the same "deal" ever again. That seems to go against just about everything every consumer protection and consumer rights law stands for, and I find it amazing that our government would actually create such a restriction. Is there any truth to that at all or was that just more sales BS to get me to sign right then?

      PO is closed tomorrow but I'll be mailing off my rescind form promptly on Monday via certified return reciept request mail. Might just fax it for good measure too.

      I'm sure timeshares are great and the deals they offered were fantastic as well but the same thing can be had for cheaper on the resale market and I really don't think it is something that should be financed especially at the 17+% interest rate they offer them at.

    • embitca profile image
      Author

      Emma 7 years ago from Boston

      Jose, Island One owns Club Navigo so that's definitely teh right place to send the letter. I found a document processing phone number on their website: 1.877.324.6604 or

      407.215.4034 so you might want to give them a call first to clarify, but if you have an address listed in your paperwork for Island One, then I would just send them the letter. Korshak & Associates is a real estate law firm.

      Ed, the rescission period in Mexico is five days so if you purchased in November you are well outside the rescission period. I think your best bet may be to contact a real estate lawyer in Arizona and see if you can find one that knows something about Mexico timeshare laws. I simply don't know enough to offer any advice here.

    • profile image

      Ed 7 years ago

      Hi Embitica.. we made a downpayment for a timeshare at Puerto Penasco Nov 15. The final payment is due January 15 and we are unable to make it. While the contract (with the Mexican Company)does not mention how to rescind the contract, it does state that there would be no refunds if a recission is made for any reason. We'd be happy to walk away now and chalk up the lost down payment to experience, but are concerned with the company's ability to enforce this Mexican contract in Arizona courts. Can they do so?

      Thanks for your advice.. Ed

    • profile image

      Jose 7 years ago

      Hi Embitca. I bought in Navigo Vacation Club but the contract also mention O.R.B.I.T. and says the deposit went to korshak And Associates , P.A. and in a little book that I received I see it says send the letter to Island One inc. But that name is not in the contract, they only mention in the contract that if I cancel within 10 days Korshak and Associates will return me the deposit.

    • embitca profile image
      Author

      Emma 7 years ago from Boston

      Hi Jose, not sure what to tell you here. I probably would send the rescind letter to every address, but also you might want to call some of the other phone numbers and see if you can find the main corporate office. Can you tell me what resort this is? If it belongs to one of the larger groups, I be able to help you track it down.

    • profile image

      Jose 7 years ago

      Hi I bought a timeshare in orlando 12/31/09 and I spent the weekend there , when I got home a realiza that I didn't want it. When I call the person who gave me the papers to sign and told her I want to cancel the contract she told me I couldn't because I bought a timeshare that was in foreclosure but when I check the contract it doesn't say nothing about any foreclosure there are so many companies names and address in the contract that I don't know who send the letter to, please help my 10 day florida are comming soon.

    • profile image

      Michael 7 years ago

      Hi Embitca,

      Thanks for your advice, we did find another address from our contract for purchase and sale. Westgate gave us the Public Offering Statement, I found out they teared out the page regarding cancellation. It is how dishonest this company is.

      After reading your advice, we also consult with our real estate lawyer in Canada, he advised us to deliever the letter within 5 days to be safe. We just sent them certified letters with confirmation, one by UPS which will deliver tomorrow by noon and one from regular post office which is certified mail, return receipt requested, but it will take up to 10 days from Canada.

      We just want to make sure they recieve our letter and cancel this nightmare.

      My wife is very worry about the whole situation. It is supposed to be a gift for her and my kids and now she is more stress than ever.

      Thank you for your advice.

    • embitca profile image
      Author

      Emma 7 years ago from Boston

      I've found a better address for you:

      Agent for Service of Process

      Westgate Resorts, LTD

      2801 Professional Parkway

      Ocoee, Florida 34701

      You will the details for how to rescind in the packet of info that Westgate gave you -- it's on the CD.

    • embitca profile image
      Author

      Emma 7 years ago from Boston

      My thoughts on that are that he is full of it, as is everyone at Westgate. I always recommend never speaking to the sales staff about rescinding.

      Take a look at your contract. The information about how to rescind should be there someplace, but it is possible that the Westgate contracts may not include it.

      If it isn't there you should be safe just sending them a certified letter. Make sure it goes to the right place though, which would be their corporate office.

      Central Florida Investments, Inc.

      Corporate Headquarters

      5601 Windhover Drive

      Orlando, FL, 32819

      I would also send a copy to the Sales center in Vegas as well, just to be on the safe side. Be prepared for them to call you and try and talk you out of it.

      Good luck!

    • profile image

      Michael 7 years ago

      My wife and I just got back from Vegas and went to a timeshare presentation by Westgate, everything sounds good until we did more research on this company. We signed the paper on Dec 20, our contract states that we have 5 days to rescind, but when I talked to our closing represnetative, he said our situation is different, and if I insist to cancel our contract, Westgate will launch a legal action towards us. Any comments/thoughts about my situation? Thank you for your help.

    • embitca profile image
      Author

      Emma 7 years ago from Boston

      Hi Camille, I think you may be out of luck on this one. It is pretty standard that Email correspondence has no legal bearing. An attorney may be able to help you, but I think you should investigate the likelihood of success and the cost involved.

      Was this a Mexican timeshare?? You might contact Profeco. They are the govt body that handles timeshare customer complaints in Mexico. Their phone number is (+52) 55 5211-1723.

      Good luck!

    • profile image

      camille luna 7 years ago

      Our contract states that we have 5 days to rescind also. It does not say in what manner, just that it must be in writing to the place it was executed within 5 day. I followed these directions. I sent an e-mail and attached a formal letter canceling the contract because our decision was made on that 5th day and it was the fastest way to send it in writing to arrive that day. They are saying that the e-mail does not count. The contract only says in writing not that it must be certified mail. Should I get an attorney to fight the company to get our money back???? I have a print out of everything I sent to them (Hacienda Tres Rios) and it is dated at the top. Thank you for your help.

    • embitca profile image
      Author

      Emma 7 years ago from Boston

      Yes, Ty, you definitely need a lawyer. It sounds like you have a case considering what it says in the Agreement. But I can't advise you on this at all. Never even heard of something like this. A lawyer should help.

    • profile image

      Ty 7 years ago

      My situation may be a little different in that I already owned a timeshare with Westgate in Orlando. I went to a Westgate resort in Gatlinburn, TN and while we were there my sister went on the presentation and called me to say they had a great deal. We signed a contract on a three bedroom timeshare and they had me sign a quitclaim deed to my week in Orlando. Once getting home I regretted the decision and we followed the rescission instructions and cancelled the contract and sent back all the materials. I specified in my rescission letter that the quitclaim is voided and I requested my original float week put back in the original status it was before we upgraded. When I called the closing agent he said they had a problem and when I signed the quitclaim it was immediate and they put my week back in the system and it was sold two days after we signed the contract. The rescission period for Westgate, which is based in FL is 10 days. I asked him "how could they sell it before the rescission period was over"??

      He said, since my week was reliquished they will put be back in a one bedroom float but the computer will not allow them to give it back to me. I now have to pay the current market price which is $4,000 to $5,000 more than when I purchased it two years ago. I adivsed him that was ridiculous for me to give them $4000 to put me back where I was originally. He said my only other option would be to upgraded to a two bedroom and his boss would be nice enough to sell it to me for the same $4000 to $5000. (Sounds like they are trying to do whatever they can to make money off of me) Can they sell my orignal paid off timeshare intrest that was traded/quitclaimed on the upgrade/new unit before the rescission period??? Or, can they refuse to give me my original week back without me paying what they claim in the current market rate?? Again, I rescinded within the 10 days and have copies of everything. Also, I found a clause in the "Equity Transfer & Trade Agreement" in the contract that says they are supposed to hold my original week in escrow until after the rescission period has passed. I think they are trying to get over on me. Do you think I need a lawyer??? I am so stressed out and mad at myself!!!

    • profile image

      impulseshopper 7 years ago

      Hello Embitca,

      Quick update.

      A gentlemen from the timeshare called. He acknowledged receiving our cancellation letter from one of the other offices and asked what the "problems" were in regards to canceling the purchase. He asked about "irregularities or illegalities" and said that Profeco was just an arbitration agent. We wanted to keep the convo short so we just said that we weren't comfortable with the purchase and wanted to cancel within the 5 days. He pretty much said ok and we'd see where this goes. I told him that if I had any further questions or concerns that I would call him.

      Any thoughts that may help keep us sane?

    • profile image

      impulseshopper 7 years ago

      Forgot to mention that we followed your instructions, along with some guest comment suggestions, and submitted cancellation letters via email, fax and certified mail. All within the 5 days of purchase... still awaiting responses. Also contacted the credit card company to make them aware.

      Thanks to all who shared their experiences.

    • embitca profile image
      Author

      Emma 7 years ago from Boston

      Hi Impulseshopper, glad I could help. I wouldn't be too concerned about the SS#. Anytime you finance something, you have to give that info.

      It's a good idea to keep an eye on your credit anyway though. You can get a free credit report once a year from each of the major bureaus. If you order from a different bureau every three to four months, you can catch anything that may be amiss before it does serious damage. I explain how in another hub: http://hubpages.com/hub/How-to-Get-Your-Free-Annua...