Quick advice needed - 3 days left to rescind

[Snapple37]

I am new to timeshares, and just bought one while in Las Vegas at a sales pitch. I naturally went in sceptical, only interested in the free show Tix, but the benefits looked reasonable to me so we purchased. However, I found this website just this morning and would appreciate any advice on whether to keep or rescind. I have 3 days left to decide.

Here are the details.

Club Wyndham Plus (CWA)
126,000 / year
Purchase price - $19,500 ($31,900 advertised, $12,400 discount)
Fees - $379
MF: HOA and Tax ($725.76), Program Fee ($150.96). $6.96/pt

Incentives
174,000 bonus points
VIP silver for 2 years
2 RCI bonus weeks

Our situation is we have 2 young kids and prefer 1 or 2 bedroom apartments with kitchens, and hotels were getting pretty expensive.

The biggest perk we saw was actually the RCI membership's last call option ($270-$320 per week, no points required), which we would be able to take advantage of 1-3 times per year on average. We live overseas and travel a lot both to US and regional countries, and we don't mind having to plan 45 days out. I was also told I can book RCI last call for my friends, with an extra $59 guest reservation fee. I'm sure the inventory available fluctuates but we did see OK options in the live inventory yesterday.

The actual points would likely be used for Disney World (CWA had one property there) a couple of timez once kids are a bit older, but we like having options all around the world (I move every 2-3 years to different continents).

Doing some back of the napkin math (I didn't have my PC with Excel handy), at our usage the breakeven point would be around 7 years and I thought that was acceptable (since we would get at least 40 years of use before we die). We are in good financial situation and paid in full without taking out a high interest rate loan from Wyndham.

Any advice would be appreciated. I like to hunt for deals and wouldnt mind putting in the work, but RCI last call is probably good for us unless there are better options out there.

Thank you,

Edit: part of our justification included fully taking advantage of the silver VIP for 2 years, so 426,000 points (568k with discount) applied to 1BD at high/prime season (with a chance for upgrade) would roughly equal 5 weeks of stay. To us, thats about $7k in value (more if we stick to Sun-Thur stays, which we often can).

 

[tduane]

Recind!!

Sent from my SM-G955U using Tapatalk

 

[paxsarah]

Rescind! You may find that the benefits upon further research do work for you, in which case you can repurchase on the resale market. Hang out here and read and ask questions, and then decide.

 

[bbodb1]

Rescind!
Resend!
Ree cind!

However you say it or spell it - just do it (and do it now)!

You can buy this for MUCH less on the resale market - check out the ads elsewhere on TUG for proof of this.

 

[bendadin]

Rescind!

I have both RCI through the Wyndham portal and through RCI points inventory. The Wyndham portal costs more, IMO. If you want the RCI last calls, buy a dirt cheap Grandview Las Vegas (annual, biennial, or triennial) contract.

I get 49K annual (which is 2 discounted Disney stays lately) for $400 in MF plus the RCI fee, which isn't all that much. I paid $750 closed for the contract (which was probably a bit higher than it should have been) but I wanted to get it over with. It closed and I had the points within the month. If you really just want last call access, get the triennial contract so that $400 would be divided over 3 years, although you would still have the RCI program fee.

 

[jwalk03]

Rescind Now! Before its too late!! Nevada has one of the shortest windows in the country to legally rescind. Learn more, than buy re-sale for pennies on the dollar if time sharing will still work for you once you know all the facts, instead of the salesman's lies. Don't worry about any of that part until you have completed your recession though! Do it now, you only have one chance before its too late.

 

[Jan M.]

You can buy that number of points or more here on TUG or on eBay for less than $1000.

 

[bogey21]

Doing some back of the napkin math (I didn't have my PC with Excel handy), at our usage the breakeven point would be around 7 years and I thought that was acceptable (since we would get at least 40 years of use before we die). We are in good financial situation and paid in full without taking out a high interest rate loan from Wyndham.

Looks to me like OP has good analytical ability. My guess he do the math on a Resale and rescind saving himself a boat load of money.

George

 

[Snapple37]

Thanks everyone for the quick responses. I am sitting in the developers office waiting for the paperwork. When I mentioned cancelling they immediately took me to the office so the 50 other people there for the sales pitch can't hear about what I found out

 

[jwalk03]

Thanks everyone for the quick responses. I am sitting in the developers office waiting for the paperwork. When I mentioned cancelling they immediately took me to the office so the 50 other people there for the sales pitch can't hear about what I found out

Its much easier to rescind by mail. Whatever you do.... DON"T LET THEM sweeten the deal, or talk you out of it, or trick you into delaying your recession past the legal rescission period!!

If I were you, I would just leave and go mail your recession letter per the instructions in your original contract.

 

[Snapple37]

Its much easier to rescind by mail. Whatever you do.... DON"T LET THEM sweeten the deal, or talk you out of it, or trick you into delaying your recession past the legal rescission period!!

If I were you, I would just leave and go mail your recession letter per the instructions in your original contract.

I mentioned that someone offered the same number of points for $1k, so they'd have to give me a $15k discount or the math doesn't work out. They accepted my cancellation letter and gave me a copy in 30 seconds

Thanks everyone for saving us a boatload. When we get back home I'll do the proper research because I think time share still makes sense for our family .

 

[Arimaas]

I didn’t even read your post. Just figured I would add to the chorus that is singing rescind. There’s nothing That the developer could offer that would make it worth it, which is why I didn’t even read what the offered

 

[Briayon]

I am new to timeshares, and just bought one while in Las Vegas at a sales pitch. I naturally went in sceptical, only interested in the free show Tix, but the benefits looked reasonable to me so we purchased. However, I found this website just this morning and would appreciate any advice on whether to keep or rescind. I have 3 days left to decide.

Here are the details.

Club Wyndham Plus (CWA)
126,000 / year
Purchase price - $19,500 ($31,900 advertised, $12,400 discount)
Fees - $379
MF: HOA and Tax ($725.76), Program Fee ($150.96). $6.96/pt

Incentives
174,000 bonus points
VIP silver for 2 years
2 RCI bonus weeks

Our situation is we have 2 young kids and prefer 1 or 2 bedroom apartments with kitchens, and hotels were getting pretty expensive.

The biggest perk we saw was actually the RCI membership's last call option ($270-$320 per week, no points required), which we would be able to take advantage of 1-3 times per year on average. We live overseas and travel a lot both to US and regional countries, and we don't mind having to plan 45 days out. I was also told I can book RCI last call for my friends, with an extra $59 guest reservation fee. I'm sure the inventory available fluctuates but we did see OK options in the live inventory yesterday.

The actual points would likely be used for Disney World (CWA had one property there) a couple of timez once kids are a bit older, but we like having options all around the world (I move every 2-3 years to different continents).

Doing some back of the napkin math (I didn't have my PC with Excel handy), at our usage the breakeven point would be around 7 years and I thought that was acceptable (since we would get at least 40 years of use before we die). We are in good financial situation and paid in full without taking out a high interest rate loan from Wyndham.

Any advice would be appreciated. I like to hunt for deals and wouldnt mind putting in the work, but RCI last call is probably good for us unless there are better options out there.

Thank you,

Edit: part of our justification included fully taking advantage of the silver VIP for 2 years, so 426,000 points (568k with discount) applied to 1BD at high/prime season (with a chance for upgrade) would roughly equal 5 weeks of stay. To us, thats about $7k in value (more if we stick to Sun-Thur stays, which we often can).

This is the same package that I received on 5/21. I rescinded on 5/22 and purchased 300K resale!

 

[Cyrus24]

When we get back home I'll do the proper research because I think time share still makes sense for our family .

You will love timeshares, it's a great way to travel with a family. And, with the age of your family, you will have lots of time to enjoy ownership. Do the research and buy on your terms. Start with a resale giving you the number of points you need for at least one nice vacation (154k points minimum) and then buy more as you see/learn the value. Also, join TUG with your most recent savings. Small investment getting you access to some other parts of the group.

 

[Jan M.]

You can pick up some very reasonably priced stays in the Last Minute Rentals here on TUG. That way you could stay at resorts in several timeshare systems to see what you think before you buy. Wyndham, Worldmark, Hilton Grand Vacation Club, Marriott. Some people own in more than one system.

 

[Passepartout]

Just for giggles, check sales prices on eBay. Then go have a drink. Oh, and on those Last Calls for cash. Those come with ANY RCI membership. Now the caveat. They are mostly second (or third) tier properties in off or shoulder season. Think ski resorts in mud season, or like Missouri in February. Occasionally a jewel will sneak in- like when a developer offers them to provide fodder for the sales department to squeeze a sale of two.

Sounds like you accomplished what needed done. Usually we advise against face-to-face rescission because the salesweasels will pull out the big guns. More discounts, more freebies, trial vacations, etc. But you were lucky. Or look mean.

Come back when you get home and have some time. Timeshare does have a learning curve and use not for everybody, but we can get to that later. For now, enjoy your vacation.

Jim

 

[fkclay]

I'm going to give away our two Wyndham contracts very soon. I have found that we have cancelled more than we have used this year. Sadly, our life right now is just too busy and we have a Marriott timeshare and a co-ownership in Outer Banks. Be on the lookout if you're interested in free Wyndham contracts!