VCI Cancun Residual Rights - A Ripoff?

I just received paperwork from ISCO regarding my residual. My 30-Year contract concluded this year and I chose to take the $6000 residual rather than reinvesting in another unit. I really never expected to receive a penny more than the $6000 in my contract. I figured that even if the real value had gone up the facts would be distorted so that I never saw more than the minimum.

Now the letter says that I will get my $6,000 - paid in 5 payments of 20% over the next two years. I never signed up for that, the agreement was a single check. After 30 years of benefiting from my maintenance payments they are going to try to pay me using the interest from my own money!

Is this usual? I am hoping that there will be a groundswell of angry owners who rectify the situation. If not, I suspect that a search for ISCO with Google will produce two years worth of very anti timeshare comments.

Please let me know what you think, the money is not so much that the delay of a class action suit would be a problem.

I think it would be difficult to say what is usual. Timesharing hasn't been around for all that long and you are about the first person I can recall that has reported actually making it to the end of their ownership period.

Since this is not a question about TUG, I'm moving it from the TUG General forum to a more suitable forum.

Have you looked back at your contract? Does the contract spell out how you will be paid, or does it simply state that you will be paid?

Was the 5-payment plan shown on your current paperwork? I other words, were you told this before you elected to take the residual, or only after the fact?

Of course, if you want a single check, they could probably offer to write you a single check, about the time that 5th payment is due, unless your contract spells out in detail how and when you are to be paid. That's probably not a part of the contract that most owners really worried about 30 years ago. If it does in fact state that you should get a lump sum by a specific time, call them on it, and maybe contact Profeco. It's not as bad as the situation at some resorts, but they should be held to their contract.

Art&Pam said:

I just received paperwork from ISCO regarding my residual. My 30-Year contract concluded this year and I chose to take the $6000 residual rather than reinvesting in another unit. I really never expected to receive a penny more than the $6000 in my contract. I figured that even if the real value had gone up the facts would be distorted so that I never saw more than the minimum.

Now the letter says that I will get my $6,000 - paid in 5 payments of 20% over the next two years. I never signed up for that, the agreement was a single check. After 30 years of benefiting from my maintenance payments they are going to try to pay me using the interest from my own money!

Click to expand...

You're getting the whole $6000 that great!! So, it may take 2 years, who cares? The thing is what I've heard is that several resort like this have concluded and the accounting was done in such a way that the people got next to nothing even with a huge increase in the property's value.

Be happy!!