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Thinking of rescinding, need guidance

Discussion in 'Diamond Resorts International / Embarc Resorts' started by CJSG, Jun 12, 2018.

  1. CJSG

    CJSG Guest

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    Hello, my significant other and I bought a 3000 yearly points package for 16k lump sum + 1k yearly maintenance fees and I'm having doubts about whether it was a good deal or not. This is the first time we've bought a timeshare so it could just be me being difficult and nervous about timeshares. We are on the younger side (late 20's).

    When we arrived back home, I looked over the contract and noticed that we have 7 days to rescind - we are still within the 7 day period. I searched what the internet had to say about Diamond Resorts International and apparently you can find people who are just trying to get rid of their accounts or companies like Sum Day who act as a middle man.

    I guess I am just looking for guidance on whether I got suckered or not. Or if I should rescind and look for an account that someone is trying to sell?
     
    TUGBrian likes this.
  2. Panina

    Panina TUG Review Crew: Expert TUG Member

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    Welcome to TUG. You have found us in time. RECIND IMMEDIATELY. You can get what you purchased on the resale market for free.

    Timesharing can be wonderful. Stick around and learn so you can figure out what will work for you,
     
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  3. DaveNW

    DaveNW TUG Review Crew: Expert TUG Member

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    Welcome to Tug. You're among friends here. Have a seat, and keep reading.

    Rescind immediately. Follow the instructions in your packet of information to the letter, and get your peace of mind back. You can buy any timeshare on the resale market for pennies on the dollar. After you've rescinded this, do some research about the resale market. Once you are educated about timesharing, you can make an informed choice. If you decide the 16K was worth spending (it's not), you can always buy it again. But if you miss the rescission period, you're stuck with a big fat purchase price for something you can buy for far, far less.

    Good luck!

    Dave
     
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  4. CJSG

    CJSG Guest

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    Alright, thank you for your guidance, I will head to the post office in the morning to send in a certified mail and call them after I've sent it in to tell them.
     
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  5. Panina

    Panina TUG Review Crew: Expert TUG Member

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    Do not call them, they will try to talk you out of it. Just follow the instructions to rescind and send in certified mail.
     
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  6. Grantwillings

    Grantwillings Guest

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    I find myslef in a similar situation this week but my packet had zero information or clauses in it about how to rescind. In an obscure location on a backside of a page it only mentioned rescission ontome in reference to the closing “wouldn’t take place until after the rescission period” no more info was given. I bought in Branson MO and according to what I googled MO has a legal 5 day period to rescend. I purchased this past Friday and today is the fifth day. I mailed a certified letter to the Vegas address and one to the Resort I purchased at. In the letter I kept it simple and listed my info along with dates and contract number and resquested immediate cancelation of contract along with only a written confirmation of cancelation. We used the line of credit thy provided for us instead of actual using our CC or check. Anybody know of these where he proper steps and does using DRI as the “bank” for the payment effect us?
     
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  7. CJSG

    CJSG Guest

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    On my contract it is under State specific provisions (on the last page). It was with the docusign documents. I'm in Virginia so I am assuming Virginia has a 7 day rescind period minimum.
     
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  8. Grantwillings

    Grantwillings Guest

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    image.jpg Aaa found it!!! I sent one to that address but accidentally put as a header “diamond resort financial department” however, redundantly requested “cancelation” and “rescission” so it will make it to proper desk. Late night reading so must have not made it to last page...
    I also certified letter and new owner package back to sales department back to resort. Hopefully that will be enough to get job done. Anybody with experience on the matter should this letter suffice? I didn’t properly list “rescission coordinator” but did mail to proper mailing address.
     
    Last edited: Jun 13, 2018
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  9. CJSG

    CJSG Guest

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    Glad you found it! I typed up my notice of rescission letter already and signed it with my significant other. Now I'm just wondering if I get the closing costs back.
     
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  10. Grantwillings

    Grantwillings Guest

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  11. Grantwillings

    Grantwillings Guest

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    We financed through them. Only good thing I hope comes of that is they won’t have time to process before rescission goes through. It just didn't feel right cutting them a check until I did more homework. We also signed both copies we sent. Fingers crossed.from what I’ve been reading they are required to reimburse you as long as you met the timeline.
     
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  12. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    You get it ALL back. Rescission, by it's definition is to put the entire affair back to where it was before anything was signed. It is covered by state law WHERE THE CONTRACT WAS SIGNED, and 'day one' is the day AFTER the contract was signed. You didn't need to call, write, or include the resort in any part of the rescission, but no harm done anyway. They are under no obligation to inform you of progress or final notification of the rescission, and it can take some time before you see a refund. In this case- financing through them, I don't know how that's handled, only that you needn't pay anything should a payment become due before the rescission is complete. Paying on a 'due date' could indicate that you had changed your mind and want the sale to go through. Don't do it.

    Glad you found us and got the rescission underway. Many don't get the chance.

    Jim
     
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  13. DanZale2000

    DanZale2000 TUG Member

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    All paperwork is held until the end of the rescission period.
     
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  14. taterhed

    taterhed TUG Member

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    Rescission is a right granted by law....and can not be waived. As long as you comply with the law, they must return your funds....provided you comply with the law/contract.

    A new timeshare owner may rescind the timeshare contract within five days after the date the Missouri timeshare contract was signed. To terminate the timeshare agreement, you may deliver written formal notice by hand or postal mail to the original seller of the timeshare. Should you submit your formal, written cancellation notice via postal mail, the official date of rescission would be the date of the postmark (Mo. Rev. Stat. § 407.620). A timeshare buyer’s rights to cancel a Missouri timeshare contract within those 5 days can’t be waived under any circumstance or mutual agreement between buyer and seller. (Mo. Rev. Stat. § 407.620).
     
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  15. CJSG

    CJSG Guest

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    Thank you everyone for your time and help. I sent the notice in via certified mail earlier today.

    I've been looking around and I can't seem to find any business that has a similar system to Diamond, in that the points you buy can be used at any of their resorts so I will probably end up trying to buy a Diamond Resorts account from a resaler.

    Any recommendations on sellers? The only one I've found so far is Sum Day Vacations. I am iffy about sending my social and such through the internet, but people on here have they are pretty good and reliable.

    Any recommendations are welcome.
     
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  16. geist1223

    geist1223 Guest

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    Several Points:
    1. There are other Point Systems such as Worldmark. You can buy Worldmark on the Secondary Market. These resell Points can be used at all 80 to 90 Worldmark Resorts in the USA, Fiji, Mexico, and Canada. Worldmark in the USA is primarily west of the Mississippi. You can exchange them through RCI or II. You also have Bonus Time, Monday Madness, Inventory Specials, etc.
    2. When you buy Diamond Points on the Secondary Market they only be used to Book Directly in that Collection - US Collection, Hawaiian Collection, etc. So if you bought Diamond Points on the Secondary Market in the USA Collection you could not Book Directly in Hawaii or Europe. You could due an Exchange through II to a DRI Resort in Hawaii but you will be treated as a non-DRI Member which means daily Resort Fees.
    3. There are Diamond Points for sale in a variety of places including right here on TUG in the Market Place.

    Edited to add:
    4. 3,000 Points will not get you much. You would probably end up saving your Points and only travel every other year.
    5. $16,000 works out to $5.33 per Point. This is too much.

    Edit #2:
    6. If you are buying Diamond Points for direct Booking access (not having to do a Trade through II and paying trade fees) to all Diamond Resorts (all Collections) - ie Europe, Mexico, Hawaii, etc - then you have to buy from Diamond.
    7. If you want to travel every year you need more than 3,000 Points.
     
    Last edited: Jun 13, 2018
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  17. TUGBrian

    TUGBrian Administrator

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    Congrats to you both! Saving 16k is nothing to sneeze at and will make for some wonderful vacations in the future!
     
  18. LanceM

    LanceM Guest

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    My recent offer at 3,000 points was $4.33 per point. No idea if that is a good or bad rate, but shows that offers will definitely vary.
     
  19. nuwermj

    nuwermj TUG Member

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    It is not uncommon to see price per point in the $3.20 to 3.70 range, but that requires a purchase of many more points--7,500 or more. 3,000 is not very many points. They might get you a 1BR every other year, or a five day say Sunday-Thursday, or, if you are flexible, a short notice (59 days or less) stay. 3,000 will not get much more. And it is hard to get a lower price point with such a small quantity of points.
     
  20. Grantwillings

    Grantwillings Guest

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    My phone calls/messages from Vegas and Condo have started. Vague "call us back ASAP" "something doesn't look right on the application call us back" Wonder how long before they give me my confirmation of rescission.
     
  21. izzymail

    izzymail Guest

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    You are so, so, so lucky you were able to rescind... Once the time passes you would be lucky to be able to give it away for free! From what I understand Diamond points purchased resale are very much second class. However I purchased WorldMark points (resale of course) and love it.
     
  22. Grantwillings

    Grantwillings Guest

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    It’s a shame how their sales department tries to take advantage of people high on vacation. As much as I wouldn’t mind having a time share their misleading and misdirection turned me off greatly.
     
  23. pedro47

    pedro47 TUG Review Crew: Expert TUG Member

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    Welcome to TUG both of you have been given great advice & information. Now Do The Right Thing. Do Not Wait until tomorrow; Just Do It Now.
    Good Luck.
     

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