How to Rescind a Timeshare Purchase

So you've just gotten home from a timeshare presentation where you were dazzled by the prospect of a wonderful lifetime of adventures and so you bought your timeshare from the developer. And right now some sneaking suspicions are starting to develop that you've made a mistake and you're starting to feel a bit ill about it all.

Fortunately, if you've only just made your purchase, it probably isn't too late to get out of your timeshare contract. If you bought a US timeshare, you will generally have between 5 days and 15 days to rescind (cancel) your contract and if you bought a timeshare in Mexico you will have 5 days to cancel. If you bought a timeshare in a different country, you likely also have a rescission period too.

The important thing to do is act now without delay!

How long is your rescission period?

First things first, read your timeshare contract. Somewhere in your contract, probably in its smallest typeface, will be buried information on your right to rescind, the procedure and the number of days you have in which to act. Be sure to read this section thoroughly and follow the procedure as listed in your contract to the letter if you want to have a valid rescission.

If you have a Mexican contract, even if it does not list this information -- you have FIVE DAYS. And that's five calendar days, not five business days, so the sooner you act, the better. If the Mexican resort had you sign a waiver to waive your right to rescission, please note that it is NOT VALID. Mexican law does not allow the rescind period to be waived. This will be true in most US states as well. For example, Florida does not recognize a waiver. So you can rescind even if you sign one, though you may have a bit of a battle ahead of you.

Important Note: I am not a lawyer. I'm just a timeshare owner who has been through the rescind process myself. For legal advice, consult an actual lawyer!

Some tips to make your timeshare rescission go smoothly


First things first, follow the procedure listed in your contract exactly. If it says send a certified letter, do not send your letter by FedEx, etc. Do not send an email or make a phone call. Those are not valid ways of rescinding.

Here are some tips to make the process less painful.


  • Just do it! If you bought from a developer while you were someplace on vacation, you likely didn't do a lot of research first. Chances are, you paid too much. Assume you did and don't get into research mode now. Rescind, and then research. If you really like that timeshare and decide that timesharing is right for your lifestyle, chances are you can find a much better price on a resale purchase of the exact same place.
  • Don't explain. You don't need to get into a long-winded explanation of why you are rescinding in your letter. The developers get these letters every single day. Just keep it short and sweet.
  • Some contracts will allow you to rescind by hand-delivery. I think you should avoid returning to the scene of the crime, as it were, as that will simply give them an opportunity to talk you out of your decision by making you other persuasive offers. Handle the whole thing by mail.
  • If you need to call the timeshare company about the rescission, do not contact the sales site and do not talk to the sales rep. He or she is out of the picture at this point and can not help you. The only thing the sales rep will do is try to talk you out of it. Contact the head office and talk only to them. Be brief. Do not get into explanations about your change of heart. Simply tell them you've reconsidered and are cancelling the contract. Get the info you need and get off the phone. And remember, you cannot validly rescind during a phone call. You must do it in writing.
  • Act immediately and make multiple copies of every piece of paper. Don't wait until the end of your rescission period to act. Do it today.
  • Certified Mail with Return Signature and Receipt - even if you are not required to send your rescission request via certified mail, I would do so anyway. It's more paperwork to back-up your legal standing in case anything goes wrong.

I've also include a short video slideshow that explains how to cancel a timeshare. So if you've been dying to know what I sound like, here's your chance :)

3 Steps to Cancel Your Timeshare Contract

Before Asking a Question

Before you leave me a comment with a question about the rescind process, just keep in mind that I am not an attorney and I'm not familiar with all the nuances about timeshare laws and what happens if you don't follow the rescind procedures exactly.

Every state and country has their own laws, so I can only answer very general questions. If you need legal assistance, your best bet is to contact a real estate attorney who knows the timeshare industry.

More by this Author


Comments 148 comments

Marisa Wright profile image

Marisa Wright 8 years ago from Sydney

Good advice! It's important to check out the information on how to rescind in detail. In Australia, you must be given 5 days to rescind. However, Accor's procedure is that you must send your notice to their office on the Gold Coast (in Queensland). You can't hand it in at the local office, fax or email it. Since your notice could take a couple of days in the mail, you really only have 2 or 3 days to make up your mind.


SPAV9 8 years ago

hi embita,

wish I had read your comments earlier. I submitted my rescission notice via regular mail on the day before the rescission period ended. So I think I'm on good footing. Until I called to check the status 21 days later and they say they have not received it. The only other person I sent a copy to was myself. Which I did receive that letter and it is unopened. But sadly I don't think it's enough!

Your thoughts?Sonia


embitca profile image

embitca 8 years ago from Boston Author

Sonia, unfortunately without proof of when you sent it I think you are stuck. That's why you should always use some kind of tracking -- certified or registered mail, etc.

The best thing to do now is just try and enjoy your timeshare.


Stacey 7 years ago

Hi, we are about to rescind our contract which we bought the timeshare 2 days ago. In addition to the Revocation form I need to fill out, is there anything I need to do? Do I need to also write a letter to state that we want to rescind this contract? Do we need to send the package they have given us along with the contract? Do we need to send the entire contract along with the Revocation form?

Thanks


embitca profile image

embitca 7 years ago from Boston Author

Stacey, what you need to do is follow the revocation rules exactly as written in your contract. I normally would include a letter with the revocation form, but as for the other stuff... that depends on the company. for WorldMark all I did was send them the letter. But every company is different.


Mike A.  7 years ago

Embitca,

Thank you for such great advice. We are also about to resind the purchase we made 3 days ago. My question is;

We put the down payment on my credit card, do I call my card holder and cancel the transaction with them also? Or do I simply send off the certified cancelation letters to the timeshare and the deal is done?


embitca profile image

embitca 7 years ago from Boston Author

Mike, glad to help. There's no need to call your credit card company. Send off your certified cancellation letters and the timeshare developer will issue a refund to your credit card. I would only call my credit card company if there was no refund issued within 30 days. At that point, you can do a chargeback.


Brandon 7 years ago

Embitca,

Great advice. My wife and I are recently married and currently on our honeymoon. Although the resort we are staying at did not require us to attend the timeshare presentation, we were nevertheless interested in what they had to say. Within hours of signing the contract(a decision we were asked to make right away) we were asking ourselves if we made the right choice. Thanks in part to your comments, which perfectly illustrated our experience, and your advice on how to rescind, we've decided to cancel the contract immediately. A decision which is very difficult considering the agent made it a point to staple our top 5 reasons to own a timeshare, along with our photo, on the cover of the contract.

Thanks again,

Brandon


rick 7 years ago

I would like to know if its too late to rescind. its been about 13 days.


j.annie 7 years ago

I believe that to rescind a Mexican timeshare contract you have 5 business days - which exclude Saturdays, Sundays and holdidays. So, for example, if you bought a timeshare on Saturday Dec. 27, you would have until Monday Jan 5th to rescind. I understand that email would be valid as it is date stamped, but I'd still fax and/or send a certified letter as well. (Don't wait to get home - you can do this from a post office in Mexico) I also heard that if you go to the local Profeco office, they will give you a form that you can take in to the developer and they must sign or be fined.

I'm wondering if a contract that is not rescinded before the 5 days is up can possibly be contested if the forms/contract you sign are strictly one sided, and contradictory. The cardholders agreement states that the contract is binding immediately and deposits are not refundable. However, the small print in the contract must say that you have 5 days to rescind. Would't this nullify the legality of the contract? It might be worth looking into with an attorney if you spent a great deal of money. At least ask the question of Profeco - you never know!


embitca profile image

embitca 7 years ago from Boston Author

Annie, great tips and advice on Mexico timeshares. Not sure about contesting the contracts. Could be a bit tricky with Mexican courts.

Rick, for most timeshare contracts, 13 days will be too late. But you need to take a look at your contract for details. Also, most of the time it is only business days that count so you could be just under the wire, depending on when you bought. Act immediately though!

Brandon, glad to hear I could help. If that's a timeshare you like, just keep an eye out for it on the resale market. You will save a bundle!


laura 7 years ago

Hi There,

Just wanted to say THANKS for all the advice. My boyfriend & I are Canadians who landed in Mexico 5 days ago (Cabo) and have never been so overwhelmed with timeshare pressure in our lives. We purchased from Hacienda Del Mar on our first day and they DID have us sign a waiver stating that we waive rights to rescind. We have also combed through all the paperwork and there is nothing that states anything about the 5 day cooling off period. Nothing at all! We have now written letters which we have to mail today (we're at our 5 day mark) and we have sent e-mails and faxes and phone calls also. We do also intend to notify VISA immediately and having the charges reversed. I'm not waiting for a refund because every indication the resort has given us says that they will be very difficult.The resort is telling us that we must come in person and that if we cancel we lose our $8000 deposit and incur any expenses such as breakfast, lunch & incentives. And once we get there, no one is around to help us. In the end, we love the resort (location & physical structure) but based on the fact that they are acting so dishonestly we're pulling out of te whole deal. I refuse to spend so much money with a company that is making a fortune off of misleading tourists and acting so disonestly. We'll at least know what to look out for next time.

Thanks again for your help. We'll write back and let you know how it goes!


embitca profile image

embitca 7 years ago from Boston Author

Laura, glad to help and I hope you are able to get your money back without too much hassle!


mrb 7 years ago

Signed up on Feb. 5 for Ca. timeshare. Immediately had buyer's remorse but was away on vacation over weekend. Recission Clause allowed 7 days to rescind and came with form for owner's to sign electing to rescind and asked for letter to be either faxed or sent. I wrote a letter stating our desire to cancel, both my partner and I who signed for the original deal signed the election to cancel form, only I signed the cover letter additionally informing club of our choice to cancel contract. I faxed cover and recission request on February 10, fifth day within receission period. I also mailed by certified mail, return receipt requested to sales office, contract dept. and to main office. Is there any problem due to fact that only I signed the cover letter requesting cancellation although both partner and I signed "Election to Rescind" form provided in contract materials?

Thanks.


Andy 7 years ago

We signed up yesterday at Haciend Del Mar and came across this web-site today. We are actually staying at Hacienda Del Mar in my in-laws timeshare. I had no intention of signing up, but decided to do so when we were told that the cost was $13,501 and that they could sell our rental and our two bonus weeks for $5,300 each. At that it made sense as we get back more than we pay. However, having read this, I started to have second thoughts. If an offer sounds too good to be true, then it is usally is. I haven't decided whether to rescind or not yet, as it was only yesterday. So as I am staying at the resort, I went and asked the salesperson a number of questions based on the feedback here. Some questions he answered directly and some he will get back to me on. First thing is the rent back for the two bonus weeks is $3,500 each, but that still gives me a total back of $12,300, which gives us the timeshare for $1,201. He insists that money back for rental is guaranteed, but I have nothing in writing yet.

I also questioned the SFX week which gives an extra week to trade every week. I am scepticle whether or not we could actually successfully trade for anything that we want, given that with our kids, we can only take time in school holidays which is peak time. He talks about the trading power of this resort, but I pointed out that it doesn't matter how good the trading power, if there is no availability, then it doesn't matter. He insists that all guests are happy with it. I have my doubts.

I also talked to him about the form waiving the right to rescind and he insists that such a document is totally legal in Mexico and no-one has ever got their deposit back, and everybody who signs that is liable for the whole amount.

As I'm still only one day into the 5 day window, which he insists I signed a waiver for, but I'm not here it's not legal, then I would appreciate any advice. If the deal is as good as he insists and I can get back most of the money this year by renting it out, then I'm OK with it, but if I'm just being told lies until the 5 days are up, then I'm not happy. If anyone has got any experience of renting back at the Hacienda Del Mar in Cabo, or experiences with SFX, I would appreciate the feedback.

Thanks


Andy 7 years ago

Thanks for the info here. It was really helpful. Today is day 3 and I actually received my refund in person at Hacienda Del Mar. I hand delivered the letter to them and at first they tried to get me to downgrade. When I refused and said I wanted a full refund, they again told me I had waived my right to rescind. I pointed out that I had received confirmation from Profeco that it is illegal to waive my right to rescind and when he still refused to sign for recipt of the letter my voice got slight louder. When he realized that everybody who they were trying to sell to was starting to hear me say "What you are doing is illegal under Mexican law", he went and got his supervisor. After 10 minutes talking with supervisor, he sent me to the contracts department who immediately refunded my credit card.

Thanks again for the help on this page and as I now have a credit card refund receipt, even though I did sign a waiver of my right to rescind, it proves that if you persist and know your rights, you can get out of it.


greg 7 years ago

Hi, we just came back on Monday from a free vacation at Massanutten Resort in Virginia and were preasured to purchase a one week timeshare. Now, it's Tuesday night and we want to get out of the contract. The contract says that we have 7 days to cancel by certified mail. We are not sure if this will be sufficient. We are thinking about using a service from the internet that will cancel it for us for $499 fee. Honestly, we do not want to spend the money, but we are not sure that the certified letter as required would be sufficient? Thanks!


embitca profile image

embitca 7 years ago from Boston Author

Hi Greg, I answered your question on the other hub, but just in case you don't see it -- I just wanted to let you know here that you should not pay anyone to cancel the timeshare for you!

Trust the law! Follow the instructions for cancelling and you will get your money back. A certified letter with return receipt only costs a few dollars and that's all you need to do.


mia 7 years ago

In regards to previous comments:

I am in the process of rescinding a U.S. timeshare. I have read the Public Offering Statement, and realize that I must submit a letter via certified mail. BUT I am uncertain because I do not see a Revocation Form in my timeshare packet. Is this required? Also, I do not believe (or see in my documents) a waiver to waive my rights to rescind. First, do I need other forms to rescind, second, what should my rescind letter contain, and third, am I not protected under the Consumer Protection Act (within the specified time frame)?? Any help would be greatly appreciated since I only have until 3/16/09 to rescind! Thank you in advance!

Mia


embitca profile image

embitca 7 years ago from Boston Author

Mia, you don't need a revocation form if there wasn't one included in your contract. Just write a letter to the company. Include your contract number and the date you made your purchase and tell them that you are cancelling your purchase. If you like, make a photocopy of the contract and send that along with your letter with the word "CANCEL" marked across it. Ask for a refund of any money already paid. Then just send it certified mail, return receipt before 3/16/09.

 

Laws regarding timeshare sales are usually covered in state law, as far as I know. I believe the Consumer Protection Act is federal.


Mia 7 years ago

Embitca,

thanks for the comment. i think it will help BUT does anyone else have any suggestions? i do NOT want to have wasted my money, & end up needing a lawyer!

Thanks!


Greg 7 years ago

Hi Mia,This is the letter I send yesterday using a certified mail and return receipt. There is no form to use, so I just send the letter with copies of the contract. I hope this will work for me and also will help other people.March 11, 2009 From: John and Mary DoeStreet AddressTo: C.D. HammerGREAT EASTERN RESORT CORPORATIONWoodstone Massanutten ResortPost Office Box 6006610 West Rio RoadCharlottesville, VA 22906Subject: Cancellation of Contract for Purchase and SaleDear Madam or Sir:I want to exercise my legal right to cancel the contract to purchase a timeshare at Woodstone Massanutten Resort with GREAT EASTERN RESORT CORPORATION. We expect a full refund of all the money paid by us in connection with that purchase in the amount of $2,000.00. If you have any question, please contact me at XXX-XXX-XXXX.With this letter, I am also attaching copy of the contract that we want to cancel.Sincerely,(Signature here)John and Mary DoeI was offered the TS for $26,000.00, when I said "NO", the manager brought the price down to $10,000.00 until I could not refuse it. However, when I got home, we found the same TS could be bought for as low as $2,000.00 at resale.Thanks Embitca! You do great services to many people.


Greg 7 years ago

I want to add one more thing that we went to a timeshare presentation without knowing that it was a timeshare presentation until we got there. It started when my wife went to a local McDonald and filled out a form to win cash and free vacation. Two weeks later someone called and told my wife that we had won a free vacation. I said great so we arranged the trip. When we got there, they told us that we had to come to a tour. We realized then that it was some kind of timeshare deal. So, we went there with no worry and there were many people at the same place. Our salesman greeted us and told us to relax and that the pressure would come later. I said, "what pressure? There is no pressure that would crack me. I work in the IT field and I have many deadlines with a lot of pressure. However, I was wrong.

During the entire tour the salesman were hiding facts to make the deal sound really good. Through the entire tour all he mentioned was that for a $400 annual maintenance fee, we could have our Gold Card membership program with all the benefits (the program supposedly ended that day) and we would have a piece of property for generations to come for our children and grand children. Really, for $400 a year, we would get all that. We were really interested. Of Course he also kept mentioning that I would make my wife happy and so on. To make a long story short, we became best friend in a four hours span.When we finally sit down, then he showed us the $26,000 price tag with $400 monthly payment and $3,000 down payment with 17% interest rate. What happened to the "for $400 a year we could have all this for generations to come?" When we refused to accept any monthly payment and down payment because we were ready to purchase a home. He said not to worry because it was financed by the company and they would not do a credit check. We still refused. We wanted to leave because it was already late, but we also wanted our $75 deposit. We did not care about the $125 gift card they promised. Even though we won this trip, right?Then, they brought the gun (manager). They offered the same condo that they would build in the year 2010 for $10,000, $155 per month and $1,300 down payment. By now they were making us feeling guilty for not accepting the offer. And at that time we felt bad for the salesman who had spent all the time with us. We cracked under pressure. We were just not prepared for that type of pushy sales tactic. Seven hours later, we walked out from there and went home. We thought that was not such a bad deal. We could sell the timeshare for a profit. Until I checked the internet and found out that the same timeshare could be purchased for 50% to 75% less at resale on the internet. Of course, I also found this website which has been very helpful.We learned a lot from that experience.


PT 7 years ago

My daughter and her son went to Orlando last year for vacation and was practically harrassed into buying a timeshare for $13,000 over a 10 year period. She was asked if she made $50,000 a which she does not. She is single mother who is struggling as it is and now they are asking for another $700 dollars besides what she pays monthly, just for two weeks out of a year and she was told that she may not be able to get the week she wants. She was also told that it would be an investment and when she files her taxes, she would get back quite a large amount which the morgtage interest had no bearing on her return because she filed a short form. She wants to get out of the contract but cannot afford to pay a lawyer. Is there another solution? Any help would be appreciated.


Taylor 7 years ago

I signed a contract in Costa Rica last Thursday morning and got home Friday and sent and email and called to rescind the contract. We looked through our paperwork, which was done quickly and we didn't receive properly signed copies because we were on our way to the airport for a flight. So I faxed a letter to their office on Saturday with the contract number and our request. Then on monday I sent the letter to two other fax numbers I found and only one worked. This is the response I got back today:

HI mr. XXX,

As you know your contract was activated at the time of the sale and at same time we paid all the commissions to sales people, also we rented the 2009 week to give you a discount in your contract the day of the deal that why we can not cancel the deal, what I can do is give you a 12 months with no interest which would be (12) payments of $455 or if you need a financial deal for 48 or 60 months let me know and I will help you, the date of the first payment was made for July 15th if you need more time to start to pay let me know, you will see all the benefits that your deal can give to you and your family as soon as you star to rent the VIP that you have for this year you’ll have money back.

Thanks regards


embitca profile image

embitca 7 years ago from Boston Author

Hi Taylor,

Unfortunately I have no idea what the laws are concerning timeshares in Costa Rica, so you may want to investigate what legal rights you have to cancel a contract. Most countries do seem to have specific laws relating to timeshares and the hard sell sales technique so some searching for answers on Google may help.

I also recommend checking the timeshare forum at http://www.tugbbs.com/forums/ If you post a request, you may find someone there who has some experience with Costa Rican timeshares. Good luck!


Carol 7 years ago

Is there any chance at all of rescinding a timeshare contract after the 10 day rescission period (Florida)


embitca profile image

embitca 7 years ago from Boston Author

HI Carol, it's very doubtful. With the law in place, the company is well within their rights to enforce a contract that you signed.


James B. 7 years ago

After reading through the comments, I feel less like an idiot for having succumbed to the pitch of the timeshare salesperson. We spent an extended Easter weekend at the Massanutten Resort. I'm normally immune to sales pitches of all types and had no intention of spending more than the required 90 minutes that I had agreed to before saying "No Thanks" and leaving. Maybe my defenses were down, maybe they have extraordinary salespeople, maybe they were using some type of mind control ray, but four hours later, we were signing the contract. That was Saturday (4/11). The sickening feeling in the pit of my stomach started about two hours later. Luckily, I remembered something about "rights of rescission" and found this site on the Net that night. Read through the contract and there it was -- the seven day right to cancel (which survives settlement!). Typed out the letter when we got home on Monday, sent it off via Express Mail with Return Receipt Certification on Tuesday, and verfied that it was received and signed for today. Hallelujah!! I just hope it doesn't take the full 45 days it says in the contract to get our deposit back.

Thanks for running this site. It helped calm me down.


tsowner 7 years ago

Does anyone know if we have any rights to rescind a timeshare purchase that failed to complete the paperwork at closing? After paying about $1750 in down payments, with one more payment to go, we were informed that the settlement statement sheet was not signed and needs to be completed. Is this a way out of the purchase? Thanks.


embitca profile image

embitca 7 years ago from Boston Author

TSOwner, I don't know the answer to this. The best thing to do would be to consult an attorney who specializes in real estate transactions.


jessie 7 years ago

i bought the worldmark and rci points for over 11months... is there any chance i rescind the contract?


embitca profile image

embitca 7 years ago from Boston Author

If you bought them 11 months ago, no, you can't rescind the contract.


Kimberlee 7 years ago

First off, thank you for all of your information! I purchased on Sunday in Las Vegas and in my contract I see that I have 5 days to rescind. Today is day 2 of 5. Do I need to overnight the package so that THEY receive it by day 5 or if I send certified mail by day 5 that covers me? I am sending it today, but just wondering which expedited mail option I should chose. Also do you have any experience with a fee up to $75 for materials distributed? I am thinking of sending all the binders and such back to avoid, but realize that the package would be so heavy, it might just be cheaper to chance the $75 charge. Thank you for your help again!


embitca profile image

embitca 7 years ago from Boston Author

Hi Kimberlee, I believe you should send it certified mail, return receipt requested. That's what is says in Nevada law. But I'm not a lawyer, so you may just want to check with the State, maybe the Attorney General's office can clarify.

This is the law as stated:

NRS 119A.410 Right to cancel contract of sale.

1. The purchaser of a time share may cancel, by written notice, the contract of sale until midnight of the fifth calendar day following the date of execution of the contract. The contract of sale must include a statement of this right.

2. The right of cancellation may not be waived. Any attempt by the developer to obtain a waiver results in a contract which is voidable by the purchaser.

3. The notice of cancellation may be delivered personally to the developer or sent by certified mail, return receipt requested, to the business address of the developer.

4. The developer shall, within 15 days after receipt of the notice of cancellation, return all payments made by the purchaser.

(Added to NRS by 1983, 982; A 1985, 1141; 1987, 894; 2003, 984; 2007, 1549)

You can find it here: http://www.leg.state.nv.us/NRS/NRS-119A.html#NRS11...

As for the $75, what company is this? It might be worth seeing how much it would cost to UPS it to them. Usually that is much cheaper than you would think. It might be worth calling the home office (not the sales center) to double check. But it the long run, it just might not be worth the hassle. Especially if you think you might pick up one of that company's timeshares on the resale market. Then you'll have all that handy info you wouldn't have otherwise :)


Joel 7 years ago

I'm dealing with this issue right now with a vacation package I purchased in Mexico. What I did was send an email to the company and "cc"ed PROFECO at extranjeros@profeco.gob.mx. This was just to make sure PROFECO was aware that I sent my claim within the 5 business days and so the company was aware that I was involving PROFECO to be on the safe side. Then I sent a letter via registered mail as well. I received a response from PROFECO within a couple hours. It basically stated the rule with cancelling within 5 business days (oh and it is 5 business days, not calendar days). They do not get involved however until after 20 days which it says is the amount of time it should take for the company to refund your money. They do recommend sending a written request with a return receipt since emails and faxes are not as reliable and they say that if paid by credit card you can dispute that in the meanwhile. They also send an informative PDF showing the process of getting the contract cancelled. I hope this helps and I'll be keeping my fingers crossed that I get my money back soon!


embitca profile image

embitca 7 years ago from Boston Author

Good luck with it, Joel. Mexico is always a bit of a sticky place for many when it comes to rescinding, but it sounds like you are on the ball and shouldn't have any problems!

Is the PDF in English?? I might email them for a copy of it is.


RSP 7 years ago

We were in Vegas@ Excalibur and went to see the ‘Resort Tour’ presentation at Grandview and were introduced to Timeshare. Eventually me and my wife also got pulled/lured/sucked into this whole timeshare business and after saying NO for 4 hours finally signed up for a 1 br for $9990, $320 maintenance biennial with 49,000 rci points. We signed up only after realizing that we can cancel the contract after 5 days and after doing research for past 2 days I’m going to send the revocation form tomorrow i.e the 4th day in the 5 day window.

I’m sure timeshare as a concept and practice are really advantageous to people who genuinely want to vacation every year but I totally am appalled by the way this industry is trying to sell and make profits by not showing the right picture and by providing half baked information making people sign the agreements the same day without giving any time for research.

I’d highly appreciate answers to my following queries -

1) Can anyone please tell me if I’d need to send any other letter/notice etc along with the revocation notice and if ‘yes’ then is there any specific legal language needed ?

2) I’m going to fax the revocation form tomorrow and also send a certified letter, is there a way they can deny accepting the letter and later claim that they never got it?

3) I’ve given my debit card instead of a credit card, does that make any difference?

4) There is a whole package of RCI booklet given to me, do I need to send that with the revocation notice?

Thanks a lot for this forum and everyone’s experiences.

Takecare -

R P


embitca profile image

embitca 7 years ago from Boston Author

Hi RSP,

1 For specifics, you want to take a look at your contract. It will tell you exactly how to to the rescission. Generally, the only thing you need to do is write a letter, but some companies include a form with your contract and if that is the case, you should complete that instead.

2 Be certain to send your letter certified return receipt. They will not refuse your letter and your right to rescind is based on when you mailed the letter, not when they received it. Certified Return Receipt gives you proof that you sent the letter on time.

3. You should be fine having used a Debit card. RCI is well known company with a reputation to maintain. They won't screw you. But in future, you should know that Credit Cards offer you far more protection than Debit cards do. Check your debit and credit card agreements for details. I would never use a debit card for any major purchase.

4. If they say to send it back with your rescission letter, you'll need to send it back. But you probably don't need to worry about it.


RSP 7 years ago

Thanks Embicta,

They have included a revocation form in my contract but has not really specified anything regarding the process to do the rescission. I'm planning to include a letter with the form to be on the safer side.

Thanks again for your tips. This is a very useful forum for people like us.


TSW 7 years ago

We just got back from Vegas and went to a timeshare presentation by the parent company of a timeshare we own. The mentioned something about being able to Rescind the timeshare, rather than just stop making payments and affecting the credit score.

They said we needed to send a letter via certified mail that stated due to means beyond our control, we are no longer able to afford the timeshare and would like to end the contract. We also need to say something about not expecting anything from them, as in refunds or anything. Just cut ties as is.

We take a hit with the money we have already paid, but end up getting out of what we have left to pay.

Have you heard anything like this? We can no longer afford the payments, due to the economy and layoffs.

Thanks


embitca profile image

embitca 7 years ago from Boston Author

TSW, is this for a timeshare that you've owned for some time? That's not really a rescission and I don't know anything about how that would work . Have you tried selling?


spammushubi 7 years ago

URGENTLY needs advice. I just signed a contract on 9/6 (sunday) to purchase a timeshare in mexico. But on 9/8 (tuesday), there was an amendment to the contract. Basically I wanted to rescind but was talked out of it by groupo mayan offering a lower cost and more burn weeks. Today 9/13 (sunday), i contacted the finance guy and asked to rescind completely (after hearing everyone's horror stories) and he said i could rescind the 9/8 contract but is obligated to keep the 9/6 contract (which is at a higher cost). I asked why, since the contract was an addendum and he said that's how the laws work. should I cancel my credit card and file w/PROFECO? Also, being that I signed on sunday (which is a non work day), when does my 5 mexico business day start and end?

Please help....


embitca profile image

embitca 7 years ago from Boston Author

Spammushubi, I'm sorry, but I'm only generally familiar with Timeshare laws in Mexico so I have no idea what would apply in your particular situation. You should contact Profeco about this and see what they say.

Also, try posting about your situation at the forums here: Spammushubi, I'm sorry, but I'm only generally familiar with Timeshare laws in Mexico so I have no idea what would apply in your particular situation. You should contact Profeco about this and see what they say.

Also, try posting about your situation at the forums here: http://www.tugbbs.com/forums/

Someone there might have a good idea of what you can do at this point.


Mark 7 years ago

Hi embitca,

My wife and I signed a timeshare contract in Mexico (Pueblo Bonito at Sunset Beach) on a Saturday (8/29) and tried to rescind the following Sunday. During that time, Hurricane Jimena hit Cabo and their local offices were closed much of that Wednesday. Even without the office closing, we asked for them to rescind our contract PRIOR to the sixth day even starting -- what's the ruling on that? If it's before the sixth day starts, would that be within five business days? I'm having a hard time accepting the fact that I'm going to lose thousands of dollars based on a few hours...


Nina 7 years ago

I went to Vegas for my birthday and got sucked into a timeshare contract at Grandview. I purchased a 2 bedrooms for $24,999 with a $3000.00 deposit, $500 was in cash and the rest on my credit card. Afterward, i did some research and found out all this horrible stories about timeshare, i decided to cancle my contract. I sent the company a letter with the Rescind form within 2 days after i signed the contract. I sented by certified mail but didn't requested a Return Signature but i have the receipt to prove that i sended within the time frame. Would it still be consider valid, eventhough i did request a return signature.


embitca profile image

embitca 7 years ago from Boston Author

Mark, I have no idea how they'll handle that issue. But I think your best bet is to contact Profeco in Mexico or to speak to a real estate attorney who knows something about timeshares in Mexico.

Nina, I would think you would be fine.


impulseshopper 7 years ago

Hello Embitca,

Your information has relieved much stresses, thank you. One question though, through out all of the contract business we realized that they requested a social security number. Should we be concerned?

Thanks again for your knowledge... it really helped relieve enormous stress... ENORMOUS!!!


embitca profile image

embitca 7 years ago from Boston Author

Hi Impulseshopper, glad I could help. I wouldn't be too concerned about the SS#. Anytime you finance something, you have to give that info.

It's a good idea to keep an eye on your credit anyway though. You can get a free credit report once a year from each of the major bureaus. If you order from a different bureau every three to four months, you can catch anything that may be amiss before it does serious damage. I explain how in another hub: http://hubpages.com/money/How-to-Get-Your-Free-Ann...


impulseshopper 7 years ago

Forgot to mention that we followed your instructions, along with some guest comment suggestions, and submitted cancellation letters via email, fax and certified mail. All within the 5 days of purchase... still awaiting responses. Also contacted the credit card company to make them aware.

Thanks to all who shared their experiences.


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