Should I get out??? [Duplicate threads merged]

[jnjn]

Hello, I am new here. I really appreciate everyones's help. Three days ago, I purchased a Hilton Grand timeshare from the developer. As I am sure many people were, I was in a rush. I took a few minutes to do some research and found online prices were lower. They claimed that Hilton held first right of refusal and would not let them go really cheap. They gave me more bonus miles amd said it was from a member who upgraded. Here is what I bought:

Las Vegas Hilton (across from Hilton)
Gold Season
5,000 points annually
8000 bonus miles
$910 Maintanance fees
$595 closing costs
$21790

Is this a good deal? Can I do way better on here? Would Hilton really block a sale?

They claimed there were point transfer oppty that I would not get on the open market.

My question:
1. Can I cancel? What fees am I out?
2. Should I cancel?

I would like to spend more time looking for answers already posted but time is of the essence...thanks so much!!

 

[urple2]

You will get many responses and all will tell you to get out... That is way too much money to spend for 5000 points... The materials you should have will tell you how to rescind...Follow that info exactly...get proof of receipt when you respond to them by mail. I believe you have 7 days... Get out. Good luck!

 

[jnjn]

Should I get out???

[I have merged your threads - please note that duplicate posts are not permitted on TUG - DeniseM Moderator]

 

[itradehilton]

1. yes, you can cancel -read the fine print for days and procedures.
2. look here for resale prices.

 

[riverdees05]

I don't own Hilton, but that is a lot of money to spend where you could probably buy resale and save several thousand dollars. The timeshare market is really depressed right now are there are many bargains to be had. If it were me, I could resend - read the documents on exactly how to do it and follow that to the letter, plus send a certified letter with a return. Then join TUG, spend time on it, redbook, ebay, timeshareforums, etc. for a few months and then if you still want to buy from the developer - you can get the same deal.

 

[chriskre]

You can definetely do much better resale. There are a few brokers who do resales. I am working with one now, Seth Nock who is getting me a pretty decent deal. Hope that helps.

 

[DeniseM]

You should rescind immediately! - you can buy the exact same thing on the resale market for a fraction of the price. Here is an FAQ about rescinding - it was written for another company, but besides that, everything applies to you.

Hilton is not exercising ROFR these days - they don't want more timeshares to sell!

 

[calgal]

Rescind ASAP, and then buy resale. Timeshares are great but you can save many thousands of dollars buying in the after market, and you end up with the same product.

 

[ricoba]

Yes, rescind as soon as possible. Then take your time here on TUG asking questions and learning more about HGVC & timesharing. Not only will you learn a lot about timesharing, you'll also meet lots of helpful friendly folks...and of course it goes without saying you will be saving THOUSANDS of $$$$! :whoopie:

Resale prices are currently at a record low, it's a great time to buy a timeshare...RESALE!

 

[flexonguy]

I have seen recent E-bay sales of 5000 gold points going between $2700 to $3500 these days. Does not mater where you own in HGVC. Resend with certified letter overnight if you have to.

Then research research research...

AND THIS FORUM IS AN EXCELLENT PLACE TO START.

Goodluck

 

[Sunshine Wanted]

I agree with everyone else - rescind. For the amount you paid, I believe you would be able to get more points (than 5000) - and platinum points instead of gold.

Last Christmas, we went to a presentation while staying at HGVC Waikoloa. We were very tempted, and ended up walking out with a "trial" package. I then logged on to TUG, learned some and rescinded our trial package. The advice I got from TUG was to sit on my hands and not buy for awhile (I think I was told a year). I didn't follow the "year" advice, but did read-read-read and learn everything I could. I made spreadsheets, I had notes... The first unit we tried to purchase Hilton did take back (right of first refusal). We kept looking and found exactly what we wanted and are thrilled. Our timeshare closed in April. What we paid doesn't even come close to what the developer was asking.

Good luck with your decision, as it is up to you. Everyone is different in their wants and needs, but educate yourself.

 

[yumdrey]

Yes, you should rescind asap!
If you are not comfortable with ebay sales, buy something from a reputable Hilton broker... still, annual 5000 points are between $4,500 -$5000 these days. Just 25% of what you paid.

 

[JudyS]

You will get many responses and all will tell you to get out... That is way too much money to spend for 5000 points... The materials you should have will tell you how to recind...Follow that info exactly...get proof of receipt when you respond to them by mail. I believe you have 7 days... Get out. Good luck!

Exactly -- you want to rescind, ASAP.

Remember, if you rescind but later decide that you want to buy directly from Hilton, they will still be there, and will probably offer you the same deal, or a better one. If you don't rescind, and later regret your purchase, you are stuck.

As for whether Hilton would actually exercise right of first refusal, a few of the hotel-brand timeshares do sometimes buy back timeshares that go for very low prices. However, in the current economic climate, such buybacks have gotten quite rare (except maybe for the Disney Vacation Club.)

There is a broker named Seth Nock who has a very good reputation for selling hotel-brand timeshares. If you google his name, you should be able to find his website. (He also sometimes participates here on TUG.) He can help you find a Hilton timeshare to buy, and advise you as to whether there is a risk of losing the sale to right of first refusal.

 

[Red315]

Hello, I am new here. I really appreciate everyones's help. Three days ago, I purchased a Hilton Grand timeshare from the developer. As I am sure many people were, I was in a rush. I took a few minutes to do some research and found online prices were lower. They claimed that Hilton held first right of refusal and would not let them go really cheap. They gave me more bonus miles amd said it was from a member who upgraded. Here is what I bought:

Las Vegas Hilton (across from Hilton)
Gold Season
5,000 points annually
8000 bonus miles
$910 Maintanance fees
$595 closing costs
$21790

Is this a good deal? Can I do way better on here? Would Hilton really block a sale?

They claimed there were point transfer oppty that I would not get on the open market.

My question:
1. Can I cancel? What fees am I out?
2. Should I cancel?

I would like to spend more time looking for answers already posted but time is of the essence...thanks so much!!

I would get out if you hadn't already done so. We were going back and forth between DVC and HGVC for the last week. We got quotes from both (direct) and it was just so costly. I found a broker who is fabulous. Here is what I am under contract with currently. he will not write a contract for anything that could potentially fall under ROFR.

Las Vegas strip
gold
5,000 points
5,500 plus closing costs will come to 7200.
maintenance - 750

Basically I am getting the same thing you are, just for a lot less.

 

[smokyhill]

Didn't figure right.

 

[Bill4728]

I would get out if you hadn't already done so. We were going back and forth between DVC and HGVC for the last week. We got quotes from both (direct) and it was just so costly. I found a broker who is fabulous. Here is what I am under contract with currently. he will not write a contract for anything that could potentially fall under ROFR.

Las Vegas strip
gold
5,000 points
5,500 plus closing costs will come to 7200.
maintenance - 750

Basically I am getting the same thing you are, just for a lot less.

Gold points pass ROFR all the time for less than $1/pt. Buying a 2bd gold season TS in Vegas (5000 Pts) for $5500 is not a deal. and closing costs should be around $400 not the $1700 you're paying. You may be working with a good broker but your still paying ~ $2000 too much.

Granted you are saving about $15,000 off HGVC price but why pay an extra $2000 more than you need to?

PS Personally, I do not try to find the very lowest price. BUT $2000 is more than I'd be comfortable to "over pay" for the help of a good broker.

 

[Red315]

Thanks!

he actually just called me and told me that the closing costs are 750 less as the seller already banked his 09 points so i will get that without need to pay 09 maintenance fees.

 

[Red315]

I forgot to metion that it includes 09 and 10 points for a total of 10,000.

 

[Aptman]

I'd rescind, but....

There's clearly 2 schools of thought here:

1) You can be like most of us, who try to buy resale and spend as little as possible, usually on the order to 1/3 to 1/4 the price of buying from the developer for the exact same product (in your situation it's the exact same product, if you are buying a lot of points, like over 14,000 per year, there are a few VERY MINOR benefits you get for buying from the developer that almost no one on these boards thinks are worth much if anything). This means you could rescind and spend $4k - $5k for what you just spent $20k for,

or....

2) There have to be some suckers out there who spend astronomical sums of money buying these things from the developer so the developer can pay to build these very wonderful properties. Many of these buyers end up so disgusted with themselves for paying so much that they under-utilize the properties and eventually sell them, so people like us can buy them and stay in these really gorgeous places for a lot less money than it would cost retail.

You just need to decide which person you want to be. By virtue of the fact that you're on this website, it seems like you're in group 1, but I certainly don't cast any aspersions to those in group 2, they have kindly contributed to the great vacations I take at Hilton properties. It's not like we're hiding the information - it's here for anyone who does a Google search.

Now, if it was me, or I'd venture to guess, any other TUG Member who's been online longer than 10 minutes, I'm going with group 1. That's where I'd suggest you go. Don't delay your rescission, though. They will do everything they can to put a roadblock in your way. Which, I guess, is proof that they got the better end of the deal in this transaction.

 

[Catguy]

There have to be some suckers out there who spend astronomical sums of money buying these things from the developer so the developer can pay to build these very wonderful properties. Many of these buyers end up so disgusted with themselves for paying so much that they under-utilize the properties and eventually sell them, so people like us can buy them and stay in these really gorgeous places for a lot less money than it would cost retail.

You just need to decide which person you want to be.

In defense of those of us who discovered this site after the rescission period had passed, I have to say I find this a bit offensive! Though I won't argue with your conclusion (that rescission followed by resale purchase is the way to go), I think your characterization is way overblown. I, for one, am well aware of how much I (over)paid and therefore will make every attempt to soak this program for all I can to try to get some return on my purchase. Thanks to the advice of people on these boards (like you), I have no doubt I'll be able to make more effective use of my timeshare.

Do I like knowing I could have gotten in for less? No. Does it inhibit my ability to enjoy what I have? Not one bit!

 

[DeniseM]

In defense of those of us who discovered this site after the rescission period had passed, I have to say I find this a bit offensive!

I think Aptman was trying to be humorous, and I don't think you should take it personally.

BTW - I am one of those suckers who bought from the developer pre-TUG!

 

[jnjn]

I think Aptman was trying to be humorous, and I don't think you should take it personally.

BTW - I am one of those suckers who bought from the developer pre-TUG!

Aptman, I am going to stay with the developer. Their 100% truthful sales techniques and their rugged good looks are enough for me!!!

 

[DeniseM]

Aptman, I am going to stay with the developer. Their 100% truthful sales techniques and their rugged good looks are enough for me!!!

You are going to fit right in here! :rofl:

 

[jnjn]

Thanks Denise!!!

Here is a status update. I did get out. Thanks so much for the info!!! You were a huge help. I did not wait although I did research. I am dealing with Seth on two 5k point units. I am looking forward to being a long time TUG member!! Thanks again!!

 

[Catguy]

I think Aptman was trying to be humorous, and I don't think you should take it personally.

BTW - I am one of those suckers who bought from the developer pre-TUG!

I actually did find it funny... perhaps just a little too close to the bone, you know? Maybe I'm just too brandy-new and the wound hasn't healed!