# Is the bonus worth it? (do I keep my developer bought HGVC property or recind?)



## CartmanLikesPie (Aug 7, 2007)

Hello all!

I just joined TugBBS & TUG (mainly to get an answer to this question, but also because I am now convinced that timeshares are a great way to vacation and I want to know more) and I need some help from "the experts".  I recently visited a Hilton Grand Vacations Club resort in Orlando (before I found out about TUG   ) and attended their presentation.  The timeshare points concept sounded like a great idea and I bought a Ruby Lake every-other-year 4800 points plan that starts accruing points in 2009 (an odd year plan) for just under  $15,000. I had/still have some affordability issues but they let me put $500 down with $1600 more due in the next 2 months and then $250 a month for 84 months ($22,952 when all is said and done including closing costs).  The kicker is that they threw in a *10,000 point bonus* that becomes available in early 2008!  Annual fees are $461 paid every other year.

I looked around the forums here a bit and checked ebay and of course I feel like a paid too much because I bought from a developer (if I had known about the resale market...yada, yada, yada) but I am not sure because of the bonus.  

I have 3 days left to recind and this is my main question:
1. Does the one-time 10,000 point bonus make this plan worth keeping (and paying the developer $15k to $23k depending upon what other financing I can get) versus purchasing a HGVC plan (preferable 5000 point every year or more) via the resale market and forfeiting the 10,000 bonus?

On ebay, I see that someone sold an annual 3400 gold points 1 BR South Beach HGVC for $2500 that requires $836 for annual maintenance fees. I thought I saw a ~5000 point Hawaii HGVC go for $4371 when I checked last week but I don't see it now.

Some followup questions:
2.  Do you think it is realistic to expect to find a resale market annual HGVC 5000 point gold or better plan for $3000 to $6000 (I can be patient)?
3.  Will HGVC try to thwart my future purchases of their properties via the resale market (via ROFR) if I recind now?

I am sorry if I needed to do more research here on the boards before asking such stupid questions, but I have looked at other HGVC posts and I cannot really figure out the answer to my "worth it" question.  I am in no hurry to use the vacation plan in 2008 as I have plenty of time commitments.


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## CMF (Aug 7, 2007)

*Rule of Thumb*

If you have questions about your purchase and are within the rescind period:  Rescind, do your research, and purchase after you have your questions answered.


Charles


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## Bill4728 (Aug 7, 2007)

CMF said:


> If you have questions about your purchase and are within the rescind period:  Rescind, do your research, and purchase after you have your questions answered.
> 
> 
> Charles



RESCIND!!


As Charles said, you *can always* get the same deal from the developer next week but you can only rescind and check out other options now. So no matter what deal you got from the developer, rescind now!

Do your research and buy when you are completely comfortable with your purchase choices. 

You can buy a 5000 every year unit at the other two HGVC resorts for less than $7,500 (maybe as little as $6,500). HGVC will use ROFR, but not at the prices I'm suggesting.

PS the 10,000 pts is enough for a very nice room at the HGVC in Waikoloa which would rent for >$2,000. So, the 10,000 pts are worth >$2000.  But getting $2000 in pts isn't worth paying $22,500 too much for the TS. (($15K*2)- $7,500 for the same number of points)


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## UWSurfer (Aug 7, 2007)

CartmanLikesPie said:


> Hello all!
> 
> I bought a Ruby Lake every-other-year 4800 points plan that starts accruing points in 2009 (an odd year plan) for just under  $15,000. I had/still have some affordability issues but they let me put $500 down with $1600 more due in the next 2 months and then $250 a month for 84 months ($22,952 when all is said and done including closing costs).  The kicker is that they threw in a *10,000 point bonus* that becomes available in early 2008!  Annual fees are $461 paid every other year.
> 
> ...



_Probably not.  Rescind. _ 



> Some followup questions:
> 2.  Do you think it is realistic to expect to find a resale market annual HGVC 5000 point gold or better plan for $3000 to $6000 (I can be patient)?



_Gold weeks have been going for around $1 a point with HGVC. (plus closing costs)_


> 3.  Will HGVC try to thwart my future purchases of their properties via the resale market (via ROFR) if I recind now?



_HGVC doesn't retaliate with the ROFR...but they have used it from time to time on sales which are under their cutoff.  $1 a point should generally pass on gold weeks.   You can do much better than the deal you got_


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## CartmanLikesPie (Aug 7, 2007)

Wow!  You guys really are fast!  Thanks for sharing the knowledge.  I was just worried that I might be giving up something valuable with the bonus, but it appears not...you guys just saved me a bundle while putting my mind at ease - Thanks Again! :whoopie:


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## Sandy (Aug 7, 2007)

And welcome to TUG!


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## djs (Aug 7, 2007)

When you recind, make sure to follow the instructions TO THE LETTER, FedEx is not "better" if you are instructed to send it via Certified Mail (nor is any other courrier service).  The date it is postmarked is the date you sent the notice, and unless there's anything contrary to that in your instructions you will be fine.  

Financing is not the way to go on a purchase like this, you would wind up paying an additional 53% by going this route, not quite as bad as loan sharks, but not good either.


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## Dave M (Aug 7, 2007)

Not only is sending the cancellation letter via FedEx or another courier not better, it's worse, at least in this case. 

Florida law treats the effective date of cancellation as the date postmarked, assuming cancellation is sent via mail. Thus, sending it certified mail with a receipt is the best way to send it, proving when you mailed it. 

That same law treats a hard-copy cancellation letter sent other than via mail as being effective only _when and if_ it is received by the developer. Thus, sending the cancellation letter via FedEx, UPS, DHL or a similar service is a bad idea!


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## ksr (Aug 7, 2007)

Just to give you some info on bonus points that you may/may not know (that I'm sure was told to me, but I didn't fully undertand until after we had signed, got home and turned the paper over that had the bonus points.. I just heard you get 14000 bonus points to use anytime)..

To book a resort w/HGVC, they can only be used for open season - you can't use bonus points (at least we couldn't use ours) for club reservations or to book home resort.  

We have used ours for a long w/e in Vegas and to pay club dues for 2007.
We still have over 9000 bonus points needed to be used by early next year.  

Planning to take another long w/e in vegas and use remaining points to pay for 2008 dues or transfer to HH points - this has been just fine w/us, and athough at first I was upset that I couldn't book a week in Hawaii (felt I was misled.. blah blah), I got over it quickly and am very please w/my purchase!


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## CartmanLikesPie (Aug 9, 2007)

ksr said:


> Just to give you some info on bonus points that you may/may not know (that I'm sure was told to me, but I didn't fully undertand until after we had signed, got home and turned the paper over that had the bonus points.. I just heard you get 14000 bonus points to use anytime)..
> 
> To book a resort w/HGVC, they can only be used for open season - you can't use bonus points (at least we couldn't use ours) for club reservations or to book home resort.



Now that you mentioned this, I checked my paperwork and I do see that!  That is definitely NOT how the sales rep talked about the bonus points when they gave us so many.

Not that it really matters now because I mailed off the rescind letter today   !
Thanks again to everyone who gave me such good advice and helped me understand the value of my "bonus" and the timeshare itself.  I will be lurking & learning...


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## mtgolfer (Aug 9, 2007)

Just to give you an idea of what you can get with a little patience.  I have 14,000 points and paid a total of $18,326 including closing costs and this years usage.  Be patient and you can land some very good deals.  This includes week 52 at LV Flamingo.  Good luck shopping.

Bob


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