Should I get out? Only 4 days left

I'm sorry if I sound desperate, but I have no idea what I'm doing or where to begin. I know the answer is out there somewhere but I don't know where. My wife and I just purchased a floating week at the Flagship resort in Atlantic City. We were not overly impressed with the place but they sold us on the idea that we can go anywhere we want pending availability. We have a Red account. The exchange group is Interval International. The initial price was way to high and they told us they could lower it if we gave up the last week in June through the first week in September; which didn't seem like a bad thing at the time. We live in Philly so we really wouldn't consider a 45 minute ride to Atlantic City a vacation. I'm still having a hard time understanding how the exchange program works. We own a studio, but I haven't been able to figure exactly how the exchange thing works. My lack of knowledge in this area is giving me a bad feeling about the deal. Could someone please help me.

rescind NOW

Follow your gut. You can learn here and buy what you want within a year for a minor fraction of what you just paid.
Don't delay. Rescind NOW.

If in doubt, RESCIND!

Many TUGgers here buy timeshares for pennies on the dollar and not from the developers but that will take time and doing some serious research too. I am sure that other people here will comment more and soon and help you out making the right decision but, at the end, it is up to you.

Good luck.

Rescind - Rescind - Rescind

The TUG broken record is RESCIND NOW.

Especially since you are in doubt and didn't like the place.

Do your rescision ASAP.

After that hang around here, ask questions, then joing TUG if you find that you are really interested in Time Sharing.

Rick

Ditto everyone here. RECIND. There are pleanty of places that will get you "anywhere" you want to go but you need to "learn" more first.
Good luck!

Not Impressed

We stayed at the Flagship in Dec. How it is rated as a five star I can't figure out. Rescind now or you will be kicking yourself for years to come. please listen to the best advice you will ever get for free. do it now!!!!!!!!!!!!!!!!!!!!!!!

I would rescind fast. Make sure you do everything by registered mail and keep copies of everything. I don't know what you paid but .... just to give you an idea of comparables -- there are some postings for sale on redweek.com for Flagship -- one of which is a floating 1 bdrm annual use for $1,999.

Good luck.
Debi

Rescind immediately!

Follow the rules of rescission to the letter and do it first thing tomorrow. Times awasting. Nothing in your post was positive about this place. You will not regret your decision for rescinding, but from the sounds of your post you will live with regret until you get rid of it. Some of these things you can't give away and you're stuck with maintenance fees regardless, and sometimes special assessments. We've all probably heard the story about "you can travel anywhere with your week" sitting in a sales room for a timeshare developer. I know I did and I believed. That was 24 years ago. The place that I remember the salesman specifically speaking of was Casa Ybel on Sanibel Island. The week I bought has never and will never pull anything on Sanibel Island, much less Casa Ybel. Not even during hurricane season. Buy where you like and where you want to go at a resort you like. But when you do it, be knowledgeable about timesharing and buy resale! As has been suggested, spend some real time on TUG. The information available is incredible. The experience of the folks that participate in this forum is astounding and vast. This is something you should feel good about and you obviously don't. Let what you feel be your guide, not what these sales folks told you. RESCIND, RESCIND, RESCIND! If your only reason was for buying this thing was to trade anywhere you want to travel, this isn't going to do it for you. RESCIND! Good luck to you! May the force be with you!

ira g said:

We stayed at the Flagship in Dec. How it is rated as a five star I can't figure out. Rescind now or you will be kicking yourself for years to come. please listen to the best advice you will ever get for free. do it now!!!!!!!!!!!!!!!!!!!!!!!

Click to expand...

First rescind. Second the II Five Star is a joke for new resorts. Anything seems to qualify. It seems quality can be just a slogan.

Just in case you are still not sure.......GET OUT NOW!!!!


cindy

Thanks for all the helpful advice. I'm going to type up a letter tonight. Do we have to notarize the letter? It states "Notice to the buyer you have the right to cancel this agreement by sending or delivering written notice of cancellation to the seller at 4252 harbour beach..... by midnight on the seventh (7th) calendar day following the day on which it was executed. Such cancellation is without penalty and any money paid by you shall be promptly refunded in it's entirety."

We were going to overnight a letter via usps, fedex, or ups.

fwiw.. they got us for 12k, after interest we will have paid 20k.

Thanks again for all the advice.

I don't think that you have to notarize your letter but make sure that you have a copy and proof of sending it. You will, if you send it via registered mail with a signed receipt or Fedex or UPS.

Is this enough:

We submit to you our written notice of cancellation for contract #####. We request that our deposit be promptly refunded in it’s entirety.

Sincerely,


Or should it say more?

John, it sounds fine to me but I am no expert in rescinding. I wished I had known about TUG when we bought our timeshares in Mexico but we know better now.

I hope that someone else here will respond just to make sure. Let us know when you received your money back and good luck.

PS. I would date it too with your signature.

Be sure to follow exactly what is in the contract. Do it by the steps. Always send by certified mail with return receipt.

riverdees05 said:

Be sure to follow exactly what is in the contract. Do it by the steps. Always send by certified mail with return receipt.

Click to expand...

Apart from the overwhelming agreement to Rescind now, this is probably the most important piece of advice provided to you. Take particular note of the statement to send by certified mail. There have been circumstances where people claim to have sent the recission letter in good time, but the resort claim never to have received anything. In that situation it is one persons word against another, but the simple fact is that there is no evidence of the request to rescind.
Don't make the same mistake.

And . . .

When I rescinded my contract to purchase the Marriott Grand Chateau, I called the sales manager and sent an e-mail as well - - for good measure.

I'm so happy you posted in time to get out!

Charles

John- spend a few extra dollars and send regular mail, certified mail, overnight mail, e-mail and make a call to the sales manager. keep detailed records of who you spoke to and the dates and times. for the amount you would have spent on this unit you could probably have a wide assortment of wonderful units. good luck.

I sent 1 letter to the developer and 1 to the notary at the resort, both overnight express with return receipts. USPS could not gurantee that my letter would make it to it's destination (45 minutes away) by Saturday and with Monday being a holiday I didn't think I could chance it. I'm trying to find a name and number for the sales manager.

If you are still within recision period follow up with certified letter

Follow up with certified letter return receipt requested today if that is still within your recision period. Keep copy. Also call and get fax number of place that it is supposed to go to and fax as well.

As to certified letter, many states rule that it is the date of sending not the date of receipt that counts so follow up with certified letter if you are within the reccission period. It may be the best four or five dollars you will have spent.

I'm wondering why you don't just drive the 45 minutes and hand deliver the recision. That way you can get it done face to face.

You know, my wife suggested driving down there. It's tough to schedule around the kids. If their office is open this weekend I can do it. Otherwise, I may have to rely on the USPS. I just faxed a copy over to the contract department. I'll follow up with a phone call in 20 minutes or so.

Fax it to them, then call to make sure they got it

John_J said:

I'm sorry if I sound desperate, but I have no idea what I'm doing or where to begin. I know the answer is out there somewhere but I don't know where. My wife and I just purchased a floating week at the Flagship resort in Atlantic City. We were not overly impressed with the place but they sold us on the idea that we can go anywhere we want pending availability. We have a Red account. The exchange group is Interval International. The initial price was way to high and they told us they could lower it if we gave up the last week in June through the first week in September; which didn't seem like a bad thing at the time. We live in Philly so we really wouldn't consider a 45 minute ride to Atlantic City a vacation. I'm still having a hard time understanding how the exchange program works. We own a studio, but I haven't been able to figure exactly how the exchange thing works. My lack of knowledge in this area is giving me a bad feeling about the deal. Could someone please help me.

Click to expand...

Now that you've learned the lesson about rescinding by USPS Certified mail you need to stick around and learn a bit more.

1)We have a Red account means nothing, you gave up the good weeks already, that's the weeks when the kids are out of school any other 'red' is pink at best, i.e. there are many shades of red.
2)I haven't been able to figure exactly how the exchange thing works It's complicated. In II, if you wanted a unit larger than a Studio you need to own a unit of the size you want to end up in. ALSO, it's a question of supply vs. demand, the only strong demand for the beach is again the time you 'gave up' any other time there is in low demand thus would not be a good trader.

I owned a Red fixed early SUMMER Studio week there that I bought on eBay for ~$600, forget where I listed it but ended up selling it back to the resort for ~$2500. That should give you an idea as to the real worth of your purchase, glad that you found TUG in time to rescind. Timesharing is great if you're informed.

I did my follow up call, the contract department said that my information was received and my account was noted. I have a voice mail from the deed office, I guess they want to play Monty Hall with me. They mentioned something about doing a every other year deal. I'll let you know how that goes.