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Another "Convince me to cancel my timeshare purchase" Thread

How bad was my purchase?

  • Chris Brown bad

    Votes: 3 50.0%
  • Michael Jackson bad

    Votes: 1 16.7%
  • Albert Fish bad

    Votes: 2 33.3%

  • Total voters
    6

unfie

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Like some of you, I recently stumbled upon this website when looking up information on timeshares after a presentation. I'm currently at a Hilton Grand Vacations hotel in Las Vegas and got suckered into purchasing a timeshare at a presentation yesterday. The purchase is a bit on the low end, but maybe someone can tell me where on the scale of "bad" it lies (Chris Brown vs. Michael Jackson vs. Albert Fish).

Details
Deeded property location: HGVC Las Vegas
Purchase price: $16,900 with $2,310 up front
Points: 3,400 every even year (2022, 2024, etc.) with a 3,400 incentive bonus
Interest rate: 13.9%
HOA: $186 on odd years and $833 on even years

I purchased this yesterday, so I'm still within the 7-day window to cancel. Maybe for some of you seasoned folks, this might be a "no duh, cancel it and get a resale!" but I'd just like to confirm. I only briefly got to look up information on the day of the presentation, but ended up reading more into things today.
 

DeniseM

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• You can buy the same thing on the resale market for a fraction of the cost.

• You should exercise your legal right and rescind the purchase immediately.

• Don't go back to the timeshare office - they will just pour the pressure on.

• Instead, follow the instructions in the purchase papers and send them a certified letter today.

• How to rescind a timeshare purchase: https://tug2.net/timeshare_advice/cancel_timeshare_purchase.html
 

amycurl

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HGVC is the most resale-friendly of all of the hotel-branded timeshare systems. Rescind this purchase, then come back and start reading the stickies in the HGVC thread, and then figure out what you want to purchase on the resale market.

BUT FIRST--RESCIND!
 

hgvcowner88

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Definitely worth rescinding! I rescinded on one of my purchases and so glad I did. Also on mine that I didn't rescind, I got way more bonus points (which is what I wanted). The unit you got can be purchased on eBay or on the resale market for super cheap.
 
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Iggyearl

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When you take into account that the cost of a "retail" timeshare is 50% overhead, administrative, promotions and commissions, you know that you are overpaying by a large factor. The resale value is the true "worth" of your purchase. If you want to vacation in timeshares, study the market and the industry on Tug. Then make an informed decision. And remember, you didn't "purchase" a timeshare - you were "sold" a timeshare.
 
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GT75

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One of the worst deals out there (sorry, I don’t know your scale). You would probably have to pay someone to take that deed from you. You will be able to find a much better deed on the resale market for a lot less. Recommend that you rescind.
 

kanerf

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You could probably pick up the same deed resale for about what you paid upfront, around $2500.
 

unfie

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Thanks for the input so far. I looked up some timeshares on the market, and there are definitely better deals to be had. I'll get started on the rescind letter.
 

emeryjre

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My standard response to your question is: Do you have more money than you know what to do with? If so, then go ahead with the purchase. If you are willing to substitute some time researching the timeshare industry and HGVC in particular, you can save significant money. Get the timeshare period and timeshare size that you want. You may not have done that in your current purchase. Number one rule in the timeshare industry is that timeshare salespeople lie a lot of the time. So you have no real idea what you have purchased.

Rescind and research is my advice.
 
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brp

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In addition to all said above, I see that this is being financed at a very high rate. That makes bad into considerably worse. Rescind NOW!
Do not pass Go. Do not fork over $16K+.

Cheers.
 

letsgobobby

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This is beyond bad, rescind immediately.
 
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rickandcindy23

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You already talked yourself into rescinding. Let me add my vote that you need to rescind. Buy resale and save thousands of $$$.

Just think of what you can buy with that kind of dough at sellingtimeshares.net, Seth Nock's company, TUG member and very fair guy. Lots of brokers that work for him that know Hilton well, so you don't need to deal with Seth directly. There are other resale agents, too.

I am not a shill for that website, but I watch it for timeshares I want to purchase.

If you cannot afford to purchase resale without financing, wait until you have the cash to buy. Don't finance a timeshare.
 
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dori47

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I bought both of my units resale, but wondering if just renting from everyone here makes even more sense!
 
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dayooper

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I bought both of my units resale, but wondering if just renting from everyone here makes even more sense!
It might. It all depends on where you buy. I’m not sure I could get 2 2 bedroom rentals on the beach at Ocean Oak in June for under $3000. That’s what it cost me with my points.
 

GT75

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I bought both of my units resale, but wondering if just renting from everyone here makes even more sense!
I also agree with @dayooper, it really depends where you want to go. I have heard that LV might be better (cheaper) to just rent, but I don't think that I would be able to get a 3-Br ski season rental at Breckenridge for either New Years nor Spring break for $1900 nor February 2 Br ski rental at Park City for $1400. Those are just a couple of examples, many more could be provided.
 

Gwendyc

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Earlier this year, I got 4800 even year points in Orlando resale for about $3500. Sure, there's no bonus points in resale, but you might be able to get 3400 even year points resale for about the amount you would have to put down on a developer purchase.
 

dayooper

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Earlier this year, I got 4800 even year points in Orlando resale for about $3500. Sure, there's no bonus points in resale, but you might be able to get 3400 even year points resale for about the amount you would have to put down on a developer purchase.
At most resorts you can get a gold 1 bedroom free! That being said, I wouldn’t purchase (or take on free) a gold 1 bedroom. Not enough points and too hard to get rid of if you need to. My suggestion to the OP is to figure out how they would use the ownership and move on from there. Where/when do you want to go and how many people are in your travel party.

I wouldn’t purchase anything but platinum for a points generator. In my case, I wouldn’t buy anything smaller than a 7000 point platinum (maybe a 6200 point 1 bedroom plus). I have found that I will always find a way to use our points. Whether it’s more trips, higher level rooms or bringing more people, our points will be used.
 
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RX8

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Not to beat a dead horse but this is a bad deal, rescind! I would consider this Michael Jackson bad only because this doesn’t fall into serial killer category (I had to look up Albert Fish).

if you stick with this deal you will be paying a minimum of $3,300 each year for the next ten years (P&I plus MF). Your total outlay, including interest is about $29,000.All for something that is worth zero, or maybe even less, on the resale market.

Many people on TUG do not recommend financing timeshares. With financing you are essentially stuck with it if you ever need to get rid of it to get out from the annual maintenance fees. No one will pay off your mortgage because the timeshares are worth a tiny fraction of the retail price. In your case, it is essentially worth zero meaning you will have to give it away for free. You would need to pay off the mortgage before you can even give it away.

My suggestion, take your time and learn all you can about timeshares. “Test drive” different timeshare resorts, systems by renting (check out the last minute rental forum on TUG). You may find that another timeshare system may work better for you and your family than this HGVC. When you are ready to pull the trigger, buy resale and pay cash. Note, I joined TUG before I purchased a timeshare and I didn’t pull the trigger until 18 months later. Now I have 33 timeshares. All that is true except the 33 timeshares part.
 
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munboy

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You could probably pick up the same deed resale for about what you paid upfront, around $2500.
3400 EOY? They could probably get it on the free timeshares board...
 

Aptman

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I think it's a great deal, but that being said, you should rescind, give me the money, and I'll get you the same timeshare (we can even split the difference).
 

T_R_Oglodyte

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Chris Brown vs. Michael Jackson vs. Albert Fish).
You're not even close. In a musical realm, imagine that the worst of Yoko One still surpasses. Or if you want to go culinary, it's worse than barbecued lutefisk drizzled with a chocolate vinagrette.

 

rickandcindy23

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I just hope the OP did rescind, and of course they should because this is a bad deal. You will pay more in interest over the life of the loan than the principle (initial purchase price) you paid. Such good deals on Hilton right now that it is tempting to buy, but I am trying to get out of a bunch of my timeshares, not into more timeshares.
 

silentg

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Recind, you will be glad you did.
 

TUGBrian

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"there is literally no reason whatsoever for you NOT to rescind this contract" levels of bad.

hope that helps! =)
 

Ty1on

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Wait don't rescind! Let me tell you why!!!

Just kidding, definitely rescind.
 
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