Rescinding VGC???

[amyup]

I'm thinking of rescinding my contract at Grand California Villas and had a couple of questions. I bought my contract as a founding member (2 months ago) but we still have time to rescind due to the final public report not being sent yet. I called QA today and they seemed to think I would not get my deposit back. Does this seem right??

They referred me to Purchase Agreement number 11....Purchaser's Default. I read that paragraph but it seems unclear to me.


But here is the language on the Notice of Cancellation Rights it reads:

You may cancel the purchase of the time-share interest in the time-share plan identified below without any penalty or obligation and are legally entitled to the return of all money and other considerations that you have given toward the purchase. If you decide to cancel your purchase, you must notify the developer in writing of your intent to cancel within seven calendar days of receipt of the public report or the date you sign the purchase contract, whichever date is later.

My understanding is I should get all my money back. The QA is contacting her manager and returning my phone call tomorrow. I was just wondering if someone from the DIS would be able to chime in first.

Thanks!

 

[darby888]

sub

 

[disneynutz]

I'm thinking of rescinding my contract at Grand California Villas and had a couple of questions. I bought my contract as a founding member (2 months ago) but we still have time to rescind due to the final public report not being sent yet. I called QA today and they seemed to think I would not get my deposit back. Does this seem right??

They referred me to Purchase Agreement number 11....Purchaser's Default. I read that paragraph but it seems unclear to me.


But here is the language on the Notice of Cancellation Rights it reads:

You may cancel the purchase of the time-share interest in the time-share plan identified below without any penalty or obligation and are legally entitled to the return of all money and other considerations that you have given toward the purchase. If you decide to cancel your purchase, you must notify the developer in writing of your intent to cancel within seven calendar days of receipt of the public report or the date you sign the purchase contract, whichever date is later.

My understanding is I should get all my money back. The QA is contacting her manager and returning my phone call tomorrow. I was just wondering if someone from the DIS would be able to chime in first.

Thanks!

You already signed the contract so the public report is later. You have 7 days from receipt of the public report.

 

[amyup]

You already signed the contract so the public report is later. You have 7 days from receipt of the public report.

That's how I see it. So, with that understanding I should be able to rescind and receive my deposit back, right?

 

[disneynutz]

Right.

 

[tjkraz]

That language is quite different than other DVC and may be mandated by California law. QA may not even be completely familiar with the new terms.

Sounds like you have a case. Stand your ground and let us know what happens!

 

[bethy]

subbing. Because I want to add on 20 pts to my existing contract and they won't let me . . .

 

[rmonty02]

Well, it will be interesting to hear what they say. I just signed my contract and read over all the docs. I remember the part you sited (can you direct me where that's written?) It seemed weird that they would give people such an easy out. Then I read the part where Disney would have the upper hand in this. In the Amendment to Purchase Agreement & Escrow Instructions we signed, in Paragragh B, item 1 it states:

"If purchaser does not receive a Final Public Report prior to the expiration of the Conditional Report or an extension thereof, or if the Final Public Report provided to Purchaser contains a MATERIAL CHANGE, persuant to Section 11227(c)(2)(h) of the Business and Professions Code, from the Conditional Public Report provided to Purchaser, Purchaser shall have the right to terminate this Agreement by delivering written notice..."

My interpretation is that, if you find there is a "MATERIAL CHANGE" in the report, then you can cancel your agreement following the protocol. I'm guessing in your notice to terminate, you will have to find something that constitutes this type of change per Section 11227(c)(2)(h) of the BPC.

Very curious to hear what your guide will say. Goodluck.

 

[Crystal_27]

They referred me to Purchase Agreement number 11....Purchaser's Default. I read that paragraph but it seems unclear to me.

Why did they refer you to the paragraph dealing with default?

Regardless, pursuant to the paragraph you cited, you are obligated to notify them in writing, so I think you should get a short correspondence prepared and sent ASAP.

Best of luck to you and please post and let us know how DVC resolves this issue for you.

 

[amyup]

They called me back and are still trying to figure out how to do it. I guess I'm the first California person to try the loophole.

The paragraph I quoted was from the notice of cancellation page.


I'm not sure why I was referred to the purchase agreement. I really think they aren't sure what they are doing.


I will let everyone know how everything goes as soon as I find out. I am most likely going to rescind as long as I get my deposit back.

 

[bethy]

Thanks for letting us know. If they let you do this then I am going to push to get a new, slightly bigger contract re-written.

I feel badly that you are recinding - I'm assuming that it's what works best for your family and what will make you happiest. DL will still be there no matter what - yay!

 

[amyup]

I wanted to let everyone know I was able to rescind and get my money back! QA did let me know they were making a special exception to the rule by letting me rescind. They stated that you normally would only be able to rescind if there was something materially different in the final report.


Of course, I already received a phone call from my guide wondering what was up. I'm completely happy to be able to rescind. It just makes better financial sense for my family right now. If it was on pure emotion I would be an owner but it was time for me to think what's best for our future

And don't feel too bad for my family. We still own points at AKV!!

 

[Crystal_27]

I wanted to let everyone know I was able to rescind and get my money back!

Good for you!! I'm so glad that it worked out for you!!