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Looking for advice for either divesting TS or scaling back

speedburner

newbie
Joined
Nov 16, 2019
Messages
1
Reaction score
0
Points
1
Location
Akron, Ohio
Resorts Owned
HGVC Anderson Ocean Club
Hello everyone,

I have been a HGVC owner since February 2018; it's the usual story, I had been travelling with HH for work, got invited to the stay at Parc Soleil, and genuinely enjoyed the property, got talked into the sale during the presentation. Used the original purchase once to stay at Parc Soleil again for the WDW Marathon. They had me again for another bonus week in February of this year, and managed to upsell me to a 5,800 (annually) 2BP Gold week at Anderson Ocean Club.

The monthly payments since the upsell have hit me far harder than anticipated amidst other financial commitments, and seeing the maintenance fees for the end of the year now have just made me clench.

I don't recall exactly what my original contract was (I want to say it was 1,500 also at AOC) but at the very least that monthly payment was far more manageable.

I also don't see myself being able to travel to most of the HGVC destinations within the next few years pending other commitments, so I'm debating between trying to see if they will let me scale down, or to just try to get out of it all together.

Reading other posts it looks like getting out with the majority of the loan balance intact is somewhere between impossible and a guaranteed bankruptcy, but lately my credit rating is already on the mediocre side so I'm not sure what else an extra hit would do anyway.

Does anyone have any experience with trying to step down a contract, or is that just not something that's done?

I'm also a newbie as to what HGVC weeks tend to be more valuable on the resale market than others, I know the 1500-1600 point ones seem to be practically worthless, but not sure how the 5K ballpark ones do.

Thanks everyone for any advice you can give.
 
Last edited:

Hsahota1

TUG Member
Joined
Apr 29, 2018
Messages
109
Reaction score
43
Points
139
Location
Canada
Resorts Owned
HGV
If the MFs are low the 1500-1600 points one you will likely need to give away for free plus pay all the fees associated with it. List it in the bargain section and hopefully there’s someone who wants to add some points.

Check what the 5000 points go for on eBay or here.

you could always not pay and that will hit your credit.
 

SmithOp

TUG Review Crew
TUG Member
Joined
Jun 17, 2010
Messages
7,609
Reaction score
3,403
Points
499
Location
Huntington Beach, CA
Resorts Owned
HGVC King's Land 2BR Premier 23.040K Points.
Platinum points can sell for up to $1 a point if its got a good maint fee to point ratio (under 15 cents a point). From there it goes downhill if its gold or silver season, some of them are over 30 cents a point maint fee ratio. Those are not desirable on the resale market, you have to pay someone to take it.

I doubt if you could downsize back to the lower point contract, or would even want to with it being worthless on the resale market.


Sent from my iPad using Tapatalk Pro
 

CalGalTraveler

TUG Review Crew: Veteran
TUG Member
Joined
Dec 21, 2014
Messages
9,736
Reaction score
8,270
Points
498
Location
California
Resorts Owned
HGVC, MVC Vistana
If property has a mortgage you cannot sell or give it away.

Call HGVC and see what they can work out. They may be willing to work out a downsize rather than incur the cost of foreclosure.

Report back what they say.
 
Last edited:

Talent312

TUG Review Crew: Veteran
TUG Member
Joined
Jul 4, 2007
Messages
17,461
Reaction score
7,277
Points
948
Resorts Owned
HGVC & GTS
If you made a large down payment (like 50%), a 3rd-party buyer might be willing to pay it off for you. Otherwise, your best solution is a deed-back in lieu of foreclosure. Tell HGVC that you won't be making any more payments and immune to their threats, and they may be willing to send you a quitclaim deed.
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