Recently bought a time share on Feb 6th, 2011. Went to the contract office today on Feb 7th and...
told we would lose our deposit of 30% down by cancelling, plus closing cost. Today is a holiday in Mexico so the post office is not open to send our cancellation notice in the mail. I have two questions, 1) still being within the 5 days from time of purchase can I get my deposit back. Secondly is I have been told that the post office will take many days or weeks to delived the certified mail. Am i covered if the mailing of the certified cancellation notice is documented on the date at post office is within 5 days. Or does the facility that sold us the contract need to receive in 5 days.
Timeshares can be very particular, so nothing is really for certain especially when yours is in Mexico.
All you can do is try to cancel it, make sure to get receipts from the post office for what you send them so that you can prove that you canceled within the 5 days to receive your deposit back.
Good luck in getting out!
The deposit they take from you is the timeshare marketing companies bread & butter, this keeps the company going from day to day & enables them to pay the guys & girls on the streets who try to get you in to a presentation, A few years ago in Europe the EU introduced a 14 day cooling off period to enable anyone to cancel & receive a full refund but some of these companies have got around this legislation, In the UK we also have the credit consumer act where if you purchase anything on a credit card that is deemed not was sold to you, you can claim the money back from your credit card company, but as for other parts of the world I do not know what regulation they have.
http://hubpages.com/hub/Dont-get-caught … rap-part-3
I can't answer your question, but if you don't get your money back, I will sell you mine in Hot Springs, Arkansas for $1000.00.
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