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Is it worth the offer HGVC

Gfsi10

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I was offered a proposal in my purchase of a 3bdrm unit for $25k (Myrtle Beach). The incentive offered in points is 7000 (Gold) every other year and 17000 in bonus points to be used in 4 yrs. They made an error in my contract by not subtracting a VIP payment. (Vacation Introduction Program)

The VIP cost $1795 (pd last year for 7200 points). After using the VIP, the contract stated that if I were to purchase a timeshare from HGVC within 1 yr. then, the VIP payment will be subtracted from the timeshare purchase price and the timeshare price offered will be a frozen price from 2018. This was written in my VIP contract last year).

During my purchase last week, I singed quickly through all the documents as they pushed the papers. Later when I returned home I reviewed the documents closely. I noticed that the $1795 was not subtract. Therefore I notified my seller and sent a rescind letter.

To correct their mistake I am now being offered an additional 14000 bonus points totaling 31,000 bonus pts. This is because I sent a letter to rescind my contract this week. If I withdraw the rescinded letter the additional bonus points will be offered in an amended contract.

Please give me your feedback
 

dayooper

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I was offered a proposal in my purchase of a 3bdrm unit for $25k (Myrtle Beach). The incentive offered in points is 7000 (Gold) every other year and 17000 in bonus points to be used in 4 yrs. They made an error in my contract by not subtracting a VIP payment. (Vacation Introduction Program)

The VIP cost $1795 (pd last year for 7200 points). After using the VIP, the contract stated that if I were to purchase a timeshare from HGVC within 1 yr. then, the VIP payment will be subtracted from the timeshare purchase price and the timeshare price offered will be a frozen price from 2018. This was written in my VIP contract last year).

During my purchase last week, I singed quickly through all the documents as they pushed the papers. Later when I returned home I reviewed the documents closely. I noticed that the $1795 was not subtract. Therefore I notified my seller and sent a rescind letter.

To correct their mistake I am now being offered an additional 14000 bonus points totaling 31,000 bonus pts. This is because I sent a letter to rescind my contract this week. If I withdraw the rescinded letter the additional bonus points will be offered in an amended contract.

Please give me your feedback

I wouldn’t accept their offer. Gold 7000 points every other year for $25000? You can get a 2 bedroom annual platinum in Vegas with great MF’s for a third of that. The bonus points may seem like a lot, but when they are up, you still have the larger 3 bedroom MF’s and have spent $25000 on an every other year time share. I wouldn’t think twice about it.

Since you have already recsinded, now research how the HGVC system works and, if it’s still right for you, make an informed resale purchase. I would even look at other systems, just make sure.
 

TDub1313

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Others will say it more eloquently but, RESCIND. Just search for “rescind” and you will see all of the others that came before you with the same question- “I bought X for Y did I get a good deal?” The answer is always no - if you bought from the developer. Or, “I got X number of bonus points, that makes it worth it right?” It doesn’t. It would almost be impossible to use that many before they expire.
Rescind, read here, and then decide. You only have one chance to rescind. If you love the deal after researching things that deal will always be there. Just call them back as they will gladly take the $25k.
As a point a of reference I got 7k annual platinum points in Hawaii (affiliate) for free (take over dues/fees only). MF are higher but I only had closing costs and enrollment as my up front $.
You don’t need *need* a timeshare today. You *need* to read as much as you can here then buy the timeshare you *want*.
Best of luck. You will enjoy the HGVC program infinitely more if you pay pennies on the dollar.
 

Panina

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Hi,
Welcome to tug. You already rescinded which is good because you paid too much. I was able to find a resale in Myrtle Beach 8400 points each year for under $6000. This was a good deal and took patience to get. I suggest learning all you can about HGVC and once you understand it fully you will be able to exactly determine what you need and want.
 

Cyberc

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You did right by rescinding.

On another note bonus points expires 2 years after you got them. If they claim 4 years it’s either an error or they changed the rules. I bet it’s an error and unless otherwise stated in the contract the 2 years applies.
 

Gfsi10

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I wouldn’t accept their offer. Gold 7000 points every other year for $25000? You can get a 2 bedroom annual platinum in Vegas with great MF’s for a third of that. The bonus points may seem like a lot, but when they are up, you still have the larger 3 bedroom MF’s and have spent $25000 on an every other year time share. I wouldn’t think twice about it.

Since you have already recsinded, now research how the HGVC system works and, if it’s still right for you, make an informed resale purchase. I would even look at other systems, just make sure.
Thank you! I appreciate the feedback and knowledge.
 

Gfsi10

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You did right by rescinding.

On another note bonus points expires 2 years after you got them. If they claim 4 years it’s either an error or they changed the rules. I bet it’s an error and unless otherwise stated in the contract the 2 years applies.

I suppose they meant I could move the points under RCI. Too much information during those sessions to absorb. Thank you and your response is appreciative.
 

Gfsi10

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Hi,
Welcome to tug. You already rescinded which is good because you paid too much. I was able to find a resale in Myrtle Beach 8400 points each year for under $6000. This was a good deal and took patience to get. I suggest learning all you can about HGVC and once you understand it fully you will be able to exactly determine what you need and want.

Thank you! I appreciate the feedback and knowledge. Lots to learn and I am finding it in this forum.
 

Gfsi10

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Others will say it more eloquently but, RESCIND. Just search for “rescind” and you will see all of the others that came before you with the same question- “I bought X for Y did I get a good deal?” The answer is always no - if you bought from the developer. Or, “I got X number of bonus points, that makes it worth it right?” It doesn’t. It would almost be impossible to use that many before they expire.
Rescind, read here, and then decide. You only have one chance to rescind. If you love the deal after researching things that deal will always be there. Just call them back as they will gladly take the $25k.
As a point a of reference I got 7k annual platinum points in Hawaii (affiliate) for free (take over dues/fees only). MF are higher but I only had closing costs and enrollment as my up front $.
You don’t need *need* a timeshare today. You *need* to read as much as you can here then buy the timeshare you *want*.
Best of luck. You will enjoy the HGVC program infinitely more if you pay pennies on the dollar.

Thank you! I appreciate the feedback and knowledge. It is important to tap into the knowledge in this forum.
 

Gfsi10

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I wouldn’t accept their offer. Gold 7000 points every other year for $25000? You can get a 2 bedroom annual platinum in Vegas with great MF’s for a third of that. The bonus points may seem like a lot, but when they are up, you still have the larger 3 bedroom MF’s and have spent $25000 on an every other year time share. I wouldn’t think twice about it.

Since you have already recsinded, now research how the HGVC system works and, if it’s still right for you, make an informed resale purchase. I would even look at other systems, just make sure.

Thank you! I appreciate the feedback and knowledge. I will definitely ‘research’ and tap the knowledge of those like you and others in this forum.
 

GT75

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I agree with the advice already given. In addition, this is a bad deal because your yearly MFs will be very high (because gold season 3 bd).

The salesperson is just trying to salvage the sale by adding more bonus points onto the sale. @Cyberc is correct, these bonus points must be used within 2 years of the sale.
 

Talent312

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Annual maintenance fees are based on size of unit, not season. They should always be factored into the cost. Thus, its far better to buy a 1 BR platinum than a 3 BR gold. Buying down in size and up in season will save you a ton in the long run.
.
 

SmithOp

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I suppose they meant I could move the points under RCI. Too much information during those sessions to absorb. Thank you and your response is appreciative.

Congrats, you seemed to have retained some of the finer details of HGVC Rules. I think you are correct, they add 2 years for an RCI deposit. The downside of that is almost all trades in RCI are lesser quality, HGVC and Disney are the top shelf in RCI. Disney exchanges are very rare, mostly 1br at Saratoga Springs.

Welcome to the TUG site.


Sent from my iPad using Tapatalk Pro
 

dayooper

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Take a look at these resources. They were a big help in deciding what to buy when we were ready.

HGVC Primer and FAQ

HGVC MF's at each resort (An awesome spreadsheet created by @GT75 that breaks down the best MF's per point is included)

For $15 a year, I would join Tug. The most unbiased resorts reviews I have found are here on Tug and you can only access them with a Tug membership. Best $15 I've spent in vacationing in a long time.

Each of the major TS chains has their own forum with helpful articles and MF lists. Take a peek at those and see if they may work for you better than HGVC.

Lastly, ask questions. The collective knowledge here is awesome. There is no one way that's best for everyone. Find what's best and enjoy your vacations!
 

Gfsi10

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Hi,
Welcome to tug. You already rescinded which is good because you paid too much. I was able to find a resale in Myrtle Beach 8400 points each year for under $6000. This was a good deal and took patience to get. I suggest learning all you can about HGVC and once you understand it fully you will be able to exactly determine what you need and want.

I need to understand this more because I really do like HGVC properties.
When you purchased your resale, are you only allowed to stay at Myrtle Beach or do you have options to stay at a different locations?
 

Panina

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I need to understand this more because I really do like HGVC properties.
When you purchased your resale, are you only allowed to stay at Myrtle Beach or do you have options to stay at a different locations?
Where you have points you get home resort priority for view and size and time. If you choose not to use it you can book elsewhere, at a different hgvc resort, subject to availability, or at your home resort for a different time, size, view unit.

This sticky here on tug will give you alot of info
https://tugbbs.com/forums/index.php...y-hilton-club-booking-window-overview.274977/
 

brp

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Where you have points you get home resort priority for view and size and time. If you choose not to use it you can book elsewhere, at a different hgvc resort, subject to availability, or at your home resort for a different time, size, view unit.

This sticky here on tug will give you alot of info
https://tugbbs.com/forums/index.php...y-hilton-club-booking-window-overview.274977/

To expand upon this excellent answers (and this is in @Panina's link, but worth noting) - there are the pretty large set of regular HGVC properties with the same window definitions. Then there is a smaller set of "by Hilton Club" properties with more restrictive windows for non-owners. Seems dense in info at first, but does eventually make sense.

Cheers.
 

Nomad420

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You did right by rescinding.

On another note bonus points expires 2 years after you got them. If they claim 4 years it’s either an error or they changed the rules. I bet it’s an error and unless otherwise stated in the contract the 2 years applies.
Yeah, two years to the day you stepped into the office and NOT when the deal closes. At least that was how it was for me. I don't think we closed the deal for 3 months.
 

Gfsi10

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Gfsi10

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Gfsi10

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I agree with the advice already given. In addition, this is a bad deal because your yearly MFs will be very high (because gold season 3 bd).

The salesperson is just trying to salvage the sale by adding more bonus points onto the sale. @Cyberc is correct, these bonus points must be used within 2 years of the sale.

I truly appreciate you and everyone who has given such valuable feedback. Knowledge is Power and I Thank You all
 
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