This is an extremely common question we get on the TUGBBS forums from new owners who have just purchased while attending a timeshare presentation on vacation, and are now doing the research to determine exactly what they bought! If this describes your situation, then we have one immediate recommendation to you right now. RESCIND!
Stop whatever you are doing, put down your coffee, sign off the internet, put the TV on mute, and put your kids to bed! No matter where you bought you have a short window of opportunity to cancel the contract, usually under 7 days. If you are within this window, you only have one chance to cancel before you are now stuck with this timeshare contract for life!
The fact that you are now doing the research on a multi thousand dollar purchase (something you should have done before signing on the line) proves that you dont exactly know what you bought, how to use it, what it comes with, or more importantly the financial obligations that you will be responsible for for the remainder of your life (or 50 years if you bought a RTU contract). No decision worth this much money is one you should make without doing as much research as possible, especially regarding the PRICE!
When buying a timeshare new from the developer, you are paying on average anywhere from 50 to 99% MORE than you should for the EXACT SAME ITEM you could purchase from an existing owner looking to sell their timeshare.
Dont belive me? Check out some of the resale prices on Ebay, or here in the TUG TIMESHARE MARKETPLACE, or any of a selection of legitimate timeshare resale websites on the internet.
There quite literally has never ever been a worse time to try to sell a timeshare, this along with the huge amount of people wanting to get out of their timeshare...and the relatively small number of people (yourself included) who have any idea you can actually buy a timeshare from another owner vs directly from the resort...has driven resale prices down to levels never previously seen in the history of timesharing!
There are even products that are currently for sale new from the developer, that sell on the resale market for 1 PENNY ON THE DOLLAR. Yes, thats 99% depreciation for the exact same product, and I can assure you that whatever you purchased from the developer, you can find cheaper from another owner. Even if you cant...there is still no reason to enter into the contract after sitting through 2 hours of a sales pitch, and not actually knowing what you are buying!
In fact, chances are that you spent more time researching your last major electronics or home appliance purchase to compare prices and or look for a 10% off coupon from a store that translates to a few dollars in savings, where as this research would save anyone THOUSANDS of dollars with little to no effort on your part! The only person that gets hurt from you not doing your research is you!
Despite the fact that the salesman told you that this offer was "only available if you sign now" or whatever similar line to pressure you into thinking you are getting the deal of a lifetime, We can promise you that should you cancel now, you can call that same resort back next month and they will jump through the phone to offer you the same deal if you are willing. Also note to read your contract exactly to determine the detailed process for cancelling your contract within the allowed time, you must follow these instructions to the LETTER to ensure the resort honors your cancellation request!
You have nothing to lose by your own hard earned money by not rescinding and investigating the resale market to find exactly what you bought for a fraction of the price! Believe me, you will thank yourself later for doing so, and will not have to utter the phrase so common amongst TUGGERS who find us after their rescission period has expired:
I wish I would have found TUG before I bought my first Timeshare!
Also feel free to come check out our running count of owners who have found TUG (many thru this article) in time to rescind their new purchase and save thousands of dollars! As of the last update on this page we have more than 600 owners saving more than $8 million dollars all just from learning the information in this article in time! Hundreds of Timeshare owners find TUG in time to rescind and save millions buying resale!
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