We received the following submission from one of our users about their experience with Club Wyndham:
“WOW! What a smooth talking, very likeable guy at Desert Blue in Las Vegas! We already have TWO timeshares, totaling 308,000 points that we rarely used, and somehow, this man talked us into buying an ADDITIONAL 154,000 points by telling us that our timeshare needed updating, we were paying too much in interest, we could rent our points for maintenance…blah blah blah. I am still within the timeframe to rescind, and probably will.
HOWEVER, I have 3 nights booked in Vegas in May. If I rescind, do I loose ALL my timeshare, or only the new contract? Does it revert back to the old stuff? Will they cancel my reservation? I have 8 people depending on that trip. I had already used this years points, and had borrowed 35,000 from next year, but if I get to keep the old, I still have enough to borrow from next year for the trip in May. I don’t really want to lose the old one, because its almost paid for.
I know without a doubt, that if we don’t rescind, we will not be able to keep up. Oh…and rent?? Forget it. They can get places in Vegas for CHEAP…through unscrupulous places that sell timeshares.”
We received the following submission from one of our users regarding their experience with Vidanta:
“A few months ago I went to Riviera Maya Vidanta. Sales people offered us a ride to see the facilities, includig a free breakfast but with an obligatory timeshare presentation. After that many people, a friend and I decided to buy a membership, without clearly reading what we were signing by the urgency of the matter. They asked to take out a credit card to cover the down payment. They took a long time to return my card, a comparison to my friend they charge very quick the hitch in her credit card. We were not given any contract. They said they would arrive 15 days after the signing of documents.
At home, a week after this, I still had not received my contract yet. I called the resort to make the timeshare cancellation contract that I still not had it but it would arrive and had to pay. There were many inconsistencies with what they told us at the timeshare pitch at the San Francisco exchange program. That is not what we were promised. The resort ignored me, they just passed me from one department to another and nobody gave us an answer.
We felt we needed help and wanted to cancel. So seeing the refusal of the hotel, we hired a company that that was able to cancel our timeshare contract. My friend and I lived with a lot of stress because at the time the hotel said we could not cancel and we had to pay, so we believed that we were engaged for 50 years to pay that! It is horrible and I do not wish it to anyone. Be very careful dont trust what they tell you, avoid timeshare presentations, read your contract carefully before acquiring something.”
If you’ve attended a timeshare presentation and have decided to make a purchase, it is wise to take your time to read and understand all of the timeshare contract documents you will be signing. In fact, you have the right to do so. This contract-signing scenario will likely be taking place after several hours of sitting through a sales pitch – when you’re tired and vulnerable – but remember how much money is at stake here. Don’t rush through the process and make a hasty decision just to get it over with. Take your time, read the documents, and make a well-informed decision. Here’s what to look out for in the contract itself:
- Public offering statement – Along with your purchase contract you will receive a legal document called a public offering statement, which is a very detailed history of the project that contains extremely important information such as owner rights and maintenance fees. Do yourself a favor and read this document! It will outline everything you need to know about what exactly you’re purchasing so you aren’t surprised later.
- Rescission or “cooling off” period – Each state has a different rescission period (usually around 5-7 days) that allows you to cancel a timeshare contract and (sometimes) get a refund. Rescission is dependent on the state laws where the timeshare property is purchased, which is not necessarily your home state. Each set of documents accompanying a timeshare sale will include a form explaining how to rescind. It will probably be titled something like “Notice of Mutual Right of Cancellation of Time Share Purchase.” More information about timeshare rescission here.
- Verify verbal promises – If the salesperson made certain promises during the presentation, ask that it be included in your contract before you sign on the dotted line. If they refuse to put their verbal promises in writing, take this as a sign about what kind of company they are. Unless you’ve signed the purchase contract, you can still walk away at any time.
- Obtain copies – Do not walk away without copies of ALL contract documents. Some salespeople at the resort might offer to mail copies to you later so you don’t have to worry about carrying them along the rest of your vacation…don’t fall for this! Take the documents and review them once again when you get home. If you decide to change your mind, you might still be within the legal rescission period.
- For a list of further detailed questions you might want to ask yourself before purchasing a timeshare, see this article. Many answers to these questions will be found in the public offering statement document.
No matter where your head is at with purchasing a timeshare, beware of the pressure you will likely experience during and after the presentation. If you are at all unsure about signing the paperwork or have questions about what it is you’re purchasing, don’t sign! You have the legal right to take time to think about a decision that requires such a considerable financial commitment. If you feel uncomfortable or see any red flags, listen to your instincts and just walk away.