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AnotherLesson

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We got loan for a timeshare through Holiday Inn Club Vacations. We did this less than 2 months ago and see no use for it now, unlike what we expected. Mainly because we were told that going to adult only resorts would be easier, however we have found that that isn't true. We want out of our timeshare either by selling it (someone would get the timeshare and 60,000 pts through Holiday Inn that's given yearly) or we want the loan to be dissolved and Holiday Inn to take back the property. Any advice? We want simply for the loan to be covered if it can be sold. We do not care to make a profit.
 

tschwa2

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We got loan for a timeshare through Holiday Inn Club Vacations. We did this less than 2 months ago and see no use for it now, unlike what we expected. Mainly because we were told that going to adult only resorts would be easier, however we have found that that isn't true. We want out of our timeshare either by selling it (someone would get the timeshare and 60,000 pts through Holiday Inn that's given yearly) or we want the loan to be dissolved and Holiday Inn to take back the property. Any advice? We want simply for the loan to be covered if it can be sold. We do not care to make a profit.
Unfortunately your timeshare is worth pennies on the resale market. Far less than what you owe. Depending on your MF's for those points, you could probably sell it for $1-$500 if you had it paid off completely. Anyone who tells you that you can sell for enough to cover the loan is trying to scam you out of an upfront fee to list. You don't have a lot of options at this point. You might as well start by contacting the HICV. Find out who might have the authority to accept a deed back. Contact them by both phone and letter. Likely with a loan attached the answer will be- no thank you. You then have to decide if you can back the loan and then try to give it away/give it back to HICV or if you want to default on the loan and the MF's and take whatever hit on your credit that is applied.
 

AnotherLesson

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Unfortunately your timeshare is worth pennies on the resale market. Far less than what you owe. Depending on your MF's for those points, you could probably sell it for $1-$500 if you had it paid off completely. Anyone who tells you that you can sell for enough to cover the loan is trying to scam you out of an upfront fee to list. You don't have a lot of options at this point. You might as well start by contacting the HICV. Find out who might have the authority to accept a deed back. Contact them by both phone and letter. Likely with a loan attached the answer will be- no thank you. You then have to decide if you can back the loan and then try to give it away/give it back to HICV or if you want to default on the loan and the MF's and take whatever hit on your credit that is applied.

Thanks for responding. We need guidance on this for sure. How would we default on a loan? We've never done that. The loan is for almost $11,000, any idea how much damage that would do to our credit? Random questions I know.
 

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skotrla

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Thanks I looked into that. Definitely not an option unfortunately. Looking like we will just be asking $500-$2,000 for it if possible and just pay off the lump sum ourselves.

We buy/sell several HICV timeshares per month and can tell you what it is worth if you provide the resort, week, unit size, and annual maintenance.

-Scott
Owner, HICV Google+ Group
 

theo

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We buy/sell several HICV timeshares per month and can tell you what it is worth if you provide the resort, week, unit size, and annual maintenance.

-Scott
Owner, HICV Google+ Group

I do not claim to know anything about HIVC, but have nonetheless read elsewhere in these TUG forums that associated HICV points essentially just "dissolve and disappear" from a HIVC deed upon subsequent resale, with the ownership reverting back to only the underlying deeded week.

You state that you routinely "buy / sell several HICV ownerships per month". Can you definitively state whether that assertion is accurate? :shrug:
 
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tschwa2

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Similar to Vistana which has some mandatory resorts, HICV has 3 properties that are basically mandatory points properties that transfer as points. Like in the Vistana system, the mandatory resorts with good point to MF ratio's have better resale values than the ones that revert back to deeded weeks only or are mandatory but have high MF's.
 

AnotherLesson

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The annual MF is less than $500 to whoever will take the deed over. We are going to do a lower interest loan to pay off the mortgage this week so we have that cleared to transfer the deed.
 

skotrla

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The annual MF is less than $500 to whoever will take the deed over. We are going to do a lower interest loan to pay off the mortgage this week so we have that cleared to transfer the deed.

$500 for 60K annual points is high maintenance, which means the unit is truly worth nothing. I rent points for $7/1K, so $490 for 70K points, and since I am Elite, you get free upgrades, no commitments and no annual HICV dues.

-Scott
Owner, HICV Google+ Group
 

AnotherLesson

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$500 for 60K annual points is high maintenance, which means the unit is truly worth nothing. I rent points for $7/1K, so $490 for 70K points, and since I am Elite, you get free upgrades, no commitments and no annual HICV dues.

-Scott
Owner, HICV Google+ Group

We aren't planning to rent it or anything. Just give it away free and clear. We are taking it as a learning curve. Hopefully someone will find worth in it since we aren't asking anything for it.
 

WackyLucy

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$500 for 60K annual points is high maintenance, which means the unit is truly worth nothing. I rent points for $7/1K, so $490 for 70K points, and since I am Elite, you get free upgrades, no commitments and no annual HICV dues.

-Scott
Owner, HICV Google+ Group

I notice that you did not answer the question posed yesterday (see post #10 above), asking about HICV points "disappearing" upon resale.
Can you please answer that question? Seems to me to be an important and highly relevant issue for the topic at hand.
 

tschwa2

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I answered in post 11. 3 resorts retain points upon resale and the rest revert back to the fixed or floating week on the deed. The 3 mandatory points resorts in HICV are Gatlinburg, Myrtle Beach, and Lake Geneva.
 

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I answered in post 11. 3 resorts retain points upon resale and the rest revert back to the fixed or floating week on the deed. The 3 mandatory points resorts in HICV are Gatlinburg, Myrtle Beach, and Lake Geneva.

Thank you. I read your post #11 response yesterday, but it lacked the specificity of your clarification today. Thanks for those details. :thumbup:
 

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Thank you. I read your post #11 response yesterday, but it lacked the specificity of your clarification today. Thanks for those details. :thumbup:


Not sure anybody in this thread cares but with Holiday Inn Vacation Club points are transferable upon new deed owner taking it over.
 

WackyLucy

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...with Holiday Inn Vacation Club points are transferable upon new deed owner taking it over.

That is not true or accurate except at (3) specific resorts, as I understand tschwa2's detailed input, clearly expressed in post #16 above. :shrug:
 
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AnotherLesson

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We were told otherwise but we will see as we go through the process. Like I said, we will be giving it away for free. Maintenance is already paid for 2016/2017.
 

WackyLucy

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We were told otherwise but we will see as we go through the process. Like I said, we will be giving it away for free. Maintenance is already paid for 2016/2017.

Let's clarify. Were you "told" this (orally) or is it actually expressed (in writing) within your contract? Only one of the two matters at all.
Timeshare sales weasels know that they can say anything at all (and they do), also knowing that only the actual contract content matters.
The contract itself likely states and reinforces that very thing. If it's not plainly expressed within the four corners of the contract, all bets are off.

Tschwa2 is very knowledgeable, well informed and clearly experienced; I am strongly inclined to accept tschwa2's specific details as accurate.

I wish you luck, but respectfully submit that you might need to more clearly understand what you bought and any associated resale limitations.
Even if you plan to give it away for free (which you might well have to do), you surely don't want to misrepresent the product to a new recipient.
 
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AnotherLesson

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Let's clarify. Were you "told" this (orally) or is it actually expressed (in writing) within your contract? Only one of the two matters at all.
Timeshare sales weasels know that they can say anything at all (and they do), also knowing that only the contract content matters.
The contract itself likely states and reinforces this indisputable fact in writing.

Tschwa2 is one of the most knowledgeable, well informed and experienced people posting on TUG; I am inclined to take that specific info as accurate.

I wish you luck, but respectfully submit that you might need to more clearly understand what you bought and any associated resale limitations.
Even if you plan to give it away for free (which you might well have to do), you surely don't want to misrepresent the product to the new recipient.

Agreed. We are learning as we go and value the information on this site to help guide as through as we give it away. We are digging into the written contract more today to see what the ins and outs are.
 

WackyLucy

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How would we default on a loan? We've never done that. The loan is for almost $11,000.....

Simply not paying another penny will of course inevitably result in default and foreclosure. Your down payment is permanently gone in any case.

It seems that you may be willing to pony up $11,000 to pay off a loan for something worth between zero and (maybe) a few hundred dollars, even once fully paid off. Personally, I have difficulty making that math work, particularly since you may well still have great difficulty even giving it away for free.
You may really need or want to avoid that 5-7 years' duration negative credit report hit after defaulting on the $11k loan; that's for you to decide.

You might benefit from at least an initial consultation with a licensed attorney in your area regarding your (few) options and the actual consequences of whatever choice you make. We can't see your contract here and you may or may not be able to decipher its' legal mumbo jumbo entirely on your own.
The Internet alone (including these discussion forums) is inadequate basis on which to make five figure decisions. Just a thought...
 
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AnotherLesson

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Simply not paying another penny will of course inevitably result in default and foreclosure. Your down payment is permanently gone in any case.

It seems that you may be willing to pony up $11,000 to pay off a loan for something worth between zero and (maybe) a few hundred dollars, even once fully paid off. Personally, I have difficulty making that math work, particularly since you may well still have great difficulty even giving it away for free.
You may really need or want to avoid that 5-7 years' duration negative credit report hit after defaulting on the $11k loan; that's for you to decide.

You might benefit from at least an initial consultation with a licensed attorney in your area regarding your (few) options and the actual consequences of whatever choice you make. We can't see your contract here and you may or may not be able to decipher its' legal mumbo jumbo entirely on your own.
The Internet alone (including these discussion forums) is inadequate basis on which to make five figure decisions. Just a thought...


We decided to pay it off in full and we will this week. Thanks for your input.
 
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