Deed to points advice

[WhatwouldDavidDo]

I have a week 10 floating week at Cypress Pointe, Orlando. I went to a deed to points presentation with HGVC. Myself & my family do not want to go to our home resort every year & are finding it increasingly hard to find available resorts with Diamond Resorts who has been bought out by HGVC. The price to convert is $12,000 plus fees for 5500 points yearly. Of course we were given 75,000 points for this year plus an extra week vacation. It sounded like a more usable way to vacation so I signed up. Should I cancel the contract (only a few days left) & try to deed back my week & try to do something else? My husband passed last year & he was the numbers man. Just trying not to get screwed over & do what’s best for me & my family’s future! Thanks for any advice!

 

[dioxide45]

This should probably be in the HVC / Diamond Resorts forum. There are very few situations where it makes sense to go from a deeded week to points. That is usually a method to just separate you from your money. You are really just throwing good money after bad. Point systems sound great, but they have other problems. If you don't really want the timeshare, then your best option is to cancel and try to deed back. Though the HVC deedback program is temporarily paused.

 

[WhatwouldDavidDo]

This should probably be in the HVC / Diamond Resorts forum. There are very few situations where it makes sense to go from a deeded week to points. That is usually a method to just separate you from your money. You are really just throwing good money after bad. Point systems sound great, but they have other problems. If you don't really want the timeshare, then your best option is to cancel and try to deed back. Though the HVC deedback program is temporarily paused.

Thank you!

 

[TUGBrian]

moved this to the HVC/DRI forum for you!

 

[WhatwouldDavidDo]

moved this to the HVC/DRI forum for you!

Thank you since I’m new to this forum & learning to navigate!

 

[GT75]

bought out by HGVC.

So, I take it that you own a former DRI resort now HVC (Hilton Vacation Club) resort. It was actually bought out by HGV (Hilton Grand Vacations), To correct your terminology. HGV is the parent. HGVC is actually Hilton Grand Vacation Club which is another TS club under HGV.

Honestly, I am only trying to help with the nomenclature. HGV has made the naming scheme so darn confusing which I believe is on purpose.

 

[GT75]

Should I cancel the contract

I would certainly suggest that you cancel going from a deed HVC/DRI contract to point contract. Point contract from all that I have read (I am not a HVC/DRI member) are worthless (they have no resale value and are very hard to get rid of). Deed contracts are a little better in that they can use DEX system to exchange. So, until you sort this out (wait for other comments also from DRI members), rescind and reevaluate your options. You only have a small window to rescind.

 

[cindyc]

@WhatwouldDavidDo

Rather than paying to convert to points, I suggest you look into deposotimg into Destintion Exchange (aka DEx). This is HGV's (previously DRI) exchange program many of the HGV resorts include the process of it in your Maintenance Fees.

There are many great options for Deeded Week owners and you have 5 years to book your. You can also take a look at inventory and know exactly what is available to book. Personally, I have booked Point at Poipu, Cabo Azul each 3 times and a great summer weeks in Telluride, CO and Big Sky, CO and Park City, UT.

Of course you could also deposit your week into either II or RCI, but that would be a more expensive option.

 

[SmithOp]

By all means rescind ASAP and learn how to exchange your deeded unit!

5500 points is not many, your options to exchange points would be very limited. Did they mention HGV Max as how you would exchange the points? If you did not leave the presentation fully understanding how to use Max that is another reason to rescind.

 

[TPNOVO]

STRONGLY SUGGEST YOU RESCIND WHILE YOU CAN!

Converting my deeded Ridge on Sedona week purchased in 1998, to The Club/points system in 2009, was my biggest mistake!! I bought the minimum “new points” in US Collection (trust), 1500, which I now realize are entirely useless separate from the 5000 points they agreed to give me each year for my Ridge ownership. My last maintenance fees for the deeded ownership were $690, compared to combined fees of $923 for the tiny bit of US Collections fees plus the Club dues.

Upon deciding to get out, I’ve learned the deeded week has MUCH more value for others to use with DEX, and nobody will likely touch my points (they also put heavy restrictions on resale points buyers), so I’m waiting for their Transitions program to resume to just pay them $250 to take that part back. I listed the deeded week here for free, and found a taker within a week.

People here have been a wealth of helpful info on options and best path forward. I’m sure you can get a lot more guidance on what makes more sense for you, than converting your deeded ownership to points!

 

[TPNOVO]

If this is your resort, this table shows how it could trade out using DEX and depositing for Tier credit, for travel within 5 years after depositing it.

That is from page 29 of this guide, for traditional/deeded ownership:
https://cmsprod.diamondresorts.com/sites/default/files/destination-xchange-owner-guide_5.pdf

 

[WhatwouldDavidDo]

STRONGLY SUGGEST YOU RESCIND WHILE YOU CAN!

Converting my deeded Ridge on Sedona week purchased in 1998, to The Club/points system in 2009, was my biggest mistake!! I bought the minimum “new points” in US Collection (trust), 1500, which I now realize are entirely useless separate from the 5000 points they agreed to give me each year for my Ridge ownership. My last maintenance fees for the deeded ownership were $690, compared to combined fees of $923 for the tiny bit of US Collections fees plus the Club dues.

Upon deciding to get out, I’ve learned the deeded week has MUCH more value for others to use with DEX, and nobody will likely touch my points (they also put heavy restrictions on resale points buyers), so I’m waiting for their Transitions program to resume to just pay them $250 to take that part back. I listed the deeded week here for free, and found a taker within a week.

People here have been a wealth of helpful info on options and best path forward. I’m sure you can get a lot more guidance on what makes more sense for you, than converting your deeded ownership to points!

Thanks for all your information. I overnighted my rescission today! So now to learning how to better use what I already have!

 

[Jodyv]

I have a deeded timeshare (Grandview Las Vegas) and have attended owner's updates the past couple of years. It seems to me that trying to get you to change from weeks to points is a money-making opportunity for the time-share company. And I THINK, not positive, because I wasn't listening carefully, that the offer was to trade my deeded week for a points offer and pay another couple thousand dollars. of course, I would get a free week or so, so there were some advantages, but "free" weeks aren't really free. Some years the "free" week I have isn't easily used...

 

[GT75]

It seems to me that trying to get you to change from weeks to points is a money-making opportunity for the time-share company.

Almost 100% of the owner's updates have reported that the salesperson suggest that you buy something.