Buyer’s Remorse

[Mylene]

We owned a 2BR Gold with 5000 points in Orlando and today we upgraded to a 2BR Platinum with 7000 points. Total for the upgrade is $17 000. I just found this site and reading through I am wondering if we should not have bought new. I understand how someone who doesn’t own a TS can buy one after market for $1 a point but can an owner upgrade their points buying something after market without owning 2 TS? Also isn’t there a 48 hrs rule where you can rescind the transaction? I am wondering if we should do that. Any thoughts on all this? Thank you!

 

[travelhacker]

First things first, you need to rescind.

I'm glad you came here. Others will come along with great specific advice for how to rescind. You should be able to get a 7000 point Orlando week for somewhere around 5-8K, and you won't have to give up your Gold Week. If you just want 7000 points, you should be able to sell your 5000 point Orlando week without too much trouble, and you'll be FAR better off.

Do NOT call your sales agent (since they have the most to lose by rescinding).

Time is of the essense with the recission period, you have 10 days to do so. I would search "rescind" in the search bar and you should get plenty of great advice for how to do so.

 

[dayooper]

Recind, research, resale.

 

[DazedandConfused]

Ouch that is a lot of $$$$

I love HGVC, but bought resale for about $1 per point - thys $17,000 will buy you 17,000 points

I would cancel and follow the instructions exactly on how to rescind.

Did you pay in full or take payments? What interest rate are they charging?

 

[Ianneyan]

Rescind asap!

 

[jjking42]

Rescind ASAP

 

[Mylene]

Ouch that is a lot of $$$$

I love HGVC, but bought resale for about $1 per point - thys $17,000 will buy you 17,000 points

I would cancel and follow the instructions exactly on how to rescind.

Did you pay in full or take payments? What interest rate are they charging?

We took payments at 10.4% but we were planning to pay in full in a month.

 

[Mylene]

I did several searches for “rescind” on TUG and can’t seem to find the instructions anywhere.

 

[jjking42]

There should be instructions with your purchase paperwork. Do not call and speak to the sales man . They will lie and string you along until it’s too late and you can’t cancel. Read this thread

https://www.tugbbs.com/forums/index...-rescind-cancel-my-timeshare-purchase.189301/

 

[jjking42]

http://tug2.net/timeshare_advice/cancel_timeshare_purchase.html

 

[Talent312]

In your sales contract there are instructions on how to rescind.
Follow them eggsactly. ID the contract & include a copy of the face-page.
All who signed the contract must sign the letter. Use certified mail.

Owning two TS's is not so terrible. I own three. Some own many more.
But if you only want one, you can sell it yourself & use a transfer service.
You can advertise it in the marketplace here, on Redweek, or eBay...
Or use a broker like www.judikoz.com or www.sellingtimeshares.net
For transfers, the most recommended outfit is LT Transfers.

.

 

[TheTimeTraveler]

We owned a 2BR Gold with 5000 points in Orlando and today we upgraded to a 2BR Platinum with 7000 points. Total for the upgrade is $17 000. I just found this site and reading through I am wondering if we should not have bought new. I understand how someone who doesn’t own a TS can buy one after market for $1 a point but can an owner upgrade their points buying something after market without owning 2 TS? Also isn’t there a 48 hrs rule where you can rescind the transaction? I am wondering if we should do that. Any thoughts on all this? Thank you!

You work hard for your money. Keep your hands in your pockets and RESCIND immediately. Use USPS Certified Mail to send in your rescission. You will thank us forever.

Do some research and you will find what you just purchased can actually be obtained for pennies on the dollar.

It's a no brainer!

Keep us posted.




.

 

[Mylene]

There should be instructions with your purchase paperwork. Do not call and speak to the sales man . They will lie and string you along until it’s too late and you can’t cancel. Read this thread

https://www.tugbbs.com/forums/index...-rescind-cancel-my-timeshare-purchase.189301/

Thank you for the info. I have a few more questions if you don’t mind. What happens after I rescind? Does it go back to what we had before? So we would go back to a 2BR Gold week 5000 points? Is that possible since we technically sold the deed back to them and bought a new 2BR Platinum 7000 points at a different resort. And if we go back to what we had isn’t it hard to sell because it is Gold and not Platinum? We still owe 8K on that one so would it make more sense to keep it and then buy a 2BR Platinum with the 17K we saved? But then we have 2 MFs so that’s like 2.5K a year. I really appreciate your help and sorry for being clueless.

 

[ocdb8r]

Thank you for the info. I have a few more questions if you don’t mind. What happens after I rescind? Does it go back to what we had before? So we would go back to a 2BR Gold week 5000 points? Is that possible since we technically sold the deed back to them and bought a new 2BR Platinum 7000 points at a different resort. And if we go back to what we had isn’t it hard to sell because it is Gold and not Platinum? We still owe 8K on that one so would it make more sense to keep it and then buy a 2BR Platinum with the 17K we saved? But then we have 2 MFs so that’s like 2.5K a year. I really appreciate your help and sorry for being clueless.

Nothing to be sorry about!

Just so everyone here is clear - when you upgraded, did they relieve you of the 8k balance on the original Gold week? What was the total you owed after the transaction (17k or 17K+8k balance on the original week)?

 

[DazedandConfused]

Thank you for the info. I have a few more questions if you don’t mind. What happens after I rescind? Does it go back to what we had before? So we would go back to a 2BR Gold week 5000 points? Is that possible since we technically sold the deed back to them and bought a new 2BR Platinum 7000 points at a different resort. And if we go back to what we had isn’t it hard to sell because it is Gold and not Platinum? We still owe 8K on that one so would it make more sense to keep it and then buy a 2BR Platinum with the 17K we saved? But then we have 2 MFs so that’s like 2.5K a year. I really appreciate your help and sorry for being clueless.

You should revert back to your original contract.

If you want more points, then buy them resale. You can buy 5,000 gold or 7,000 platinum or more or less (lots of options)

Do not worry about future resale value, just assume you will probably sell for break even on your resale, I am not sure if you will ever get your original purchase from hilton price back, and for sure you will never get back $17,000 for 7,000 points in Orlando

You can buy resale from Las vegas as that is currently a good deal or just buy more from Orlando. the choice is yours

Who cares about 2 MF as all your points are the same at 9 months. Annual dues are about 15 cent per point on average. Thus
5,000 points = $750
7,000 points =$1050
12,000 points = $1800

I am not sure where your $2,500 estimate is coming from

 

[jjking42]

you would cancel the platinum week and get the gold week back . The gold week has some resale value and you should be able to sell it but for much less than the 8k you owe on it. Best to just keep it and use it. Pay it off as fast as possible. Once the gold week is paid off you can decide to keep or sell.

 

[Mylene]

Nothing to be sorry about!

Just so everyone here is clear - when you upgraded, did they relieve you of the 8k balance on the original Gold week? What was the total you owed after the transaction (17k or 17K+8k balance on the original week)?

No they did not so total is 25K

 

[Talent312]

HGVC won't "close" the deal until after the rescind period has passed and time for mail to arrive. They'll prolly just circular file your paperwork and everything should revert to the way it was. If there are issues, follow up with the real estate office, not the sales office.

You can't sell a TS with a mortgage on it, so either:
1. Make use of it until it's paid off (then keep or sell).
B. Refinance with a personal loan or HELOC on your current home (then keep or sell).
-- This might also reduce your interest rate.
,

 

[Mylene]

You should revert back to your original contract.

If you want more points, then buy them resale. You can buy 5,000 gold or 7,000 platinum or more or less (lots of options)

Do not worry about future resale value, just assume you will probably sell for break even on your resale, I am not sure if you will ever get your original purchase from hilton price back, and for sure you will never get back $17,000 for 7,000 points in Orlando

You can buy resale from Las vegas as that is currently a good deal or just buy more from Orlando. the choice is yours

Who cares about 2 MF as all your points are the same at 9 months. Annual dues are about 15 cent per point on average. Thus
5,000 points = $750
7,000 points =$1050
12,000 points = $1800

I am not sure where your $2,500 estimate is coming from

The 2BR Parc Soleil MF is $1500 and the 2BR Sea World is $1200. So if we owned both it would be $2700 MFs annually.

 

[DazedandConfused]

The 2BR Parc Soleil MF is $1500 and the 2BR Sea World is $1200. So if we owned both it would be $2700 MFs annually.

What is breakdown of MF to points owned

 

[Passepartout]

The definition of 'rescission' is to set affairs back to before the purchase as if it never happened. So send a simple 'I/We wish to cancel and rescind the purchase of #_______________ Dated_________________ Signed Husband_______ Wife__________.

It need be no more complicated than this. Send it USPS Certified. And you're done.

Then consider blowing $15 to join TUG as a member. It's the best timesharing money you can spend to give you access to thousands of reviews, sightings of hard-to-get resorts, and much more.

Welcome to TUG!

Jim

 

[JIMinNC]

I'll add one other recommendation...in the future, never finance a timeshare purchase. If you can't afford to pay cash, you can't afford it. Financing means you are stuck with it, can't sell it, and the interest rates are usually high. Generally a bad deal any way you look at it. If I understand correctly, after the deal you just did, you now owe $25,000 on the two weeks. The value of those two weeks combined is probably $8000 or less, so you are $17,000 "under water" from the start.

So, rescind; keep what you have until you pay it off; and then maybe buy a resale week if you need a second week, can pay cash for it, and can afford the maintenance fees for both.

 

[Mylene]

What is breakdown of MF to points owned

The 2BR Parc Soleil $1500 MF is Gold and 5000 points. The 2BR SeaWorld $1200 MF Platinum and 7000 points. SeaWorld has lower MF for a 2BR.

 

[Mylene]

The definition of 'rescission' is to set affairs back to before the purchase as if it never happened. So send a simple 'I/We wish to cancel and rescind the purchase of #_______________ Dated_________________ Signed Husband_______ Wife__________.

It need be no more complicated than this. Send it USPS Certified. And you're done.

Then consider blowing $15 to join TUG as a member. It's the best timesharing money you can spend to give you access to thousands of reviews, sightings of hard-to-get resorts, and much more.

Welcome to TUG!

Jim

I will definitely do that!! I am so grateful to have found this site!

 

[Mylene]

I'll add one other recommendation...in the future, never finance a timeshare purchase. If you can't afford to pay cash, you can't afford it. Financing means you are stuck with it, can't sell it, and the interest rates are usually high. Generally a bad deal any way you look at it. If I understand correctly, after the deal you just did, you now owe $25,000 on the two weeks. The value of those two weeks combined is probably $8000 or less, so you are $17,000 "under water" from the start.

So, rescind; keep what you have until you pay it off; and then maybe buy a resale week if you need a second week, can pay cash for it, and can afford the maintenance fees for both.

Great advice! That is exactly what I am going to do!