Buyer’s Remorse

[DazedandConfused]

The 2BR Parc Soleil $1500 MF is Gold and 5000 points. The 2BR SeaWorld $1200 MF Platinum and 7000 points. SeaWorld has lower MF for a 2BR.

wow...parc soleil is 30c per point (mega high) and SeaWorld is 17c (reasonable)

I personally would sell Parc Soleil asap (unless there is some compelling reason to own such as annual conference at convention center) and buy SeaWorld or las Vegas or Big Island Hawaii.

Platinum or Plat plus weeks have lower cost of annual dues per point than gold weeks, but cost more to buy per point

Or simply HOLD your Parc Soleil and buy a 7,000 point platinum week and blend the two annual dues

$1500 + $1200 / 12,000 = 22.5 cents per point

I all depends on how long you plan to be a member as the longer it is the more you want low dues and the shorter it is the more you want to buy a cheap trader and not worry about dues as much

 

[Mylene]

wow...parc soleil is 30c per point (mega high) and SeaWorld is 17c (reasonable)

I personally would sell Parc Soleil asap (unless there is some compelling reason to own such as annual conference at convention center) and buy SeaWorld or las Vegas or Big Island Hawaii.

Platinum or Plat plus weeks have lower cost of annual dues per point than gold weeks, but cost more to buy per point

Or simply HOLD your Parc Soleil and buy a 7,000 point platinum week and blend the two annual dues

$1500 + $1200 / 12,000 = 22.5 cents per point

I all depends on how long you plan to be a member as the longer it is the more you want low dues and the shorter it is the more you want to buy a cheap trader and not worry about dues as much

That sounds like what we would want to do. We love HGVC and plan to own long term. If I had the 2 TS and 12 000 points, would it show up as having 12 000 points total available in my account? So I could book pretty much anything I want in the Platinum season? Thanks a million for all the advice!

 

[ocdb8r]

Ok, I think others have given you the big picture. Rescind NOW. Then you have some decisions to make:

1) Leave things the way they were...enjoy your 5000 points to the best of your ability.

2) If you're intent on owning new points, you're not going to be able to finance a resale purchase (at least not in the traditional sense). You'll need to:
a) pay off the mortgage balance on your existing Gold week;
b) sell your existing Gold week at a loss (unless you want to keep it);
c) have cash available to purchase a resale Platinum contract (which you should be able to find at $1/point or less if you really scour and can be patient for a good deal).

At the end of the day, you'll be out approximately $13-14k total (8k to pay off existing loan+7k for a resale 7000 point contract minus the $1500 to $2000 you should be able get for the Gold week if you sell it).

If you keep both weeks, you'll be out $15-16K total....but you'll have 12k points (and double overall maintenance fees)

In both cases you're WAY better off than what HGVC sold you direct!

 

[Passepartout]

can an owner upgrade their points buying something after market without owning 2 TS? Also isn’t there a 48 hrs rule where you can rescind the transaction? I am wondering if we should do that. Any thoughts on all this? Thank you!

It wasn't totally clear where you bought this upgrade, but if it's in Florida, the rescission period is 10 days. This time frame varies by state. For instance if you bought in Nevada it'd be just 5 days. But do us (and yourselves) a favor and don't wait. Write the letter and get it in the mail.

Jim

 

[ocdb8r]

But do us (and yourselves) a favor and don't wait. Write the letter and get it in the mail.

CERTIFIED MAIL with RETURN RECEIPT so you have proof!

 

[JIMinNC]

wow...parc soleil is 30c per point (mega high) and SeaWorld is 17c (reasonable)

I personally would sell Parc Soleil asap (unless there is some compelling reason to own such as annual conference at convention center) and buy SeaWorld or las Vegas or Big Island Hawaii.

Parc Soleil is high, but that is exacerbated because it's a Gold week with basically the same maintenance fee as a Platinum week.

The OP said they still owe $8000 on their 5000 point week, so they would have to pay that off to sell it. That might be a constraint that could make it hard to do, depending on their ability to pay it off and take the immediate loss.

 

[terces]

Here is a deal I am very happy with - $8000 for 7000 points at Las Vegas Boulevard includes use of 2019 points that the previous owner paid the MF's for, so net cost was $8000 - 854 = $7146, therefore bang on $1 per point. Annual fees are $854 = 12.14 cents per point. The Boulevard in my opinion has an under-funded Reserve Fund so there is a tiny bit of liability, but overall this is a powerful trading tool and I can generally book 1 bedroom with full kitchen, outstanding accommodation, in numerous high quality HGVC resorts for under $100 per day.

 

[OldGuy]

Any thoughts on all this?

I'll be as delicate as I can be, and I hope you don't take it personally, because I don't know you personally, but your post makes it obvious that you have a lot to learn.

So, like 100% have, or will, say, rescind.

Then learn.

Here, maybe this will soften my words>>>>>>>

 

[GT75]

I will add to the others and strongly suggest that you rescind. Once that is completed then take your time and research what would be best for you and your family. We have some great HGVC tug members who are all willing to help. In addition, we have some good resources.

 

[Mylene]

I'll be as delicate as I can be, and I hope you don't take it personally, because I don't know you personally, but your post makes it obvious that you have a lot to learn.

So, like 100% have, or will, say, rescind.

Then learn.

Here, maybe this will soften my words>>>>>>>

I am not offended at all. You are completely right. Until yesterday I had no idea that there was a resale market out there. So indeed I have a lot to learn and happily doing so

 

[brp]

OK, stop posting and rescind. Then come back

Cheers.

 

[OldGuy]

I am not offended at all. You are completely right. Until yesterday I had no idea that there was a resale market out there. So indeed I have a lot to learn and happily doing so

The timeshare industry relies on customers/owners/prospects not being informed. Even with how easy it is to be nowadays, most probably aren't.

 

[GTLINZ]

Until yesterday I had no idea that there was a resale market out there. So indeed I have a lot to learn and happily doing so

It is like the words in the song Hotel California - you have to find the passage back to the place you were before - and that passage is rescinding! You have plenty of time AFTER to figure it all out. All focus now is on RESCINDING.

It is a very good thing you found Tug now while you can still RESCIND.

I bought a sampler package in 2005, found Tug, RECINDED that and used it to purchase resale after a lot of research.

And God Bless Tug - everyone !

 

[GMan82]

I second, third, and fourth everyone’s response. I bought 8400 points from the developer and learned a hard lesson. I didn’t know to rescind, but was able to pay it off over 3 months, doing all I could to cushion the blow (funneling through Hilton AMEX surpass for the points + status, enjoying great upgrades to suites in the US and abroad, and free wekeend nights etc) and have been thoroughly enjoying my HGV points.

However, since HGV doesn’t really differentiate retail vs resale owners at a level that’s worth anything, I suggest buying resale for any other points you require. That’s what I’ll do. I don’t mind the sales presentations as much now, so I take advantage of the owner updates for the perks, but more for the ridiculously reduced rates at some nice places.

The links mentioned above seem to be repeated often on this board. So I’d listen to the experienced members here.

Pay off the loan, and enjoy the product. Buy more points on the resale market.

 

[CPNY]

We owned a 2BR Gold with 5000 points in Orlando and today we upgraded to a 2BR Platinum with 7000 points. Total for the upgrade is $17 000. I just found this site and reading through I am wondering if we should not have bought new. I understand how someone who doesn’t own a TS can buy one after market for $1 a point but can an owner upgrade their points buying something after market without owning 2 TS? Also isn’t there a 48 hrs rule where you can rescind the transaction? I am wondering if we should do that. Any thoughts on all this? Thank you!

Rescind this ASAP. Follow everyone’s advice and the exact instructions on rescinding. Do it the right way with proof of rescission. Then buy resale.

 

[OldGuy]

Speaking of rescinding, and repeating myself, there has been an movement underway to allow rescinding any time before the first use of a timeshare. If it wasn't for the lobbying of ARDA, Arizona would have put that into law this year.

So, reality is not lost on lawmakers, and they are realizing that 5 or 7 or 10 days does absolutely nothing to help the buyer know what they actually bought. It is a cooling-down period, and nothing more. In the case of Arizona, it was a lawmaker who had gotten screwed buying a timeshare, then realizing there was nothing available to help her.

More real reality is it takes actual use to know, and then when things get changed on the buyer, should they have a right to rescind on that.

I'm not trying to be scary; I'm just saying that with 1.5 million dissatisfied timeshare owners, lawmakers will realize that what is is not doing the job, so, unless the industry does . . . .

 

[JIMinNC]

Speaking of rescinding, and repeating myself, there has been an movement underway to allow rescinding any time before the first use of a timeshare. If it wasn't for the lobbying of ARDA, Arizona would have put that into law this year.

So, reality is not lost on lawmakers, and they are realizing that 5 or 7 or 10 days does absolutely nothing to help the buyer know what they actually bought. In the case of Arizona, it was a lawmaker who had gotten screwed buying a timeshare, then realizing there was nothing available to help her.

More real reality is it takes actual use to know, and then when things get changed on the buyer, should they have a right to rescind on that.

I'm not trying to be scary; I'm just saying that with 1.5 million dissatisfied timeshare owners, lawmakers will realize that what is is not doing the job, so, unless the industry does . . . .

I suspect the campaign contributions from ARDA and their PAC will have more influence on lawmakers than 1.5 million timeshare owners.

 

[OldGuy]

It did in Arizona, even when the bill's sponsor was one of the 1.5 million.

They did get some more stringent consumer protections passed, though.

 

[brp]

Speaking of rescinding, and repeating myself, there has been an movement underway to allow rescinding any time before the first use of a timeshare. If it wasn't for the lobbying of ARDA, Arizona would have put that into law this year.

I actually don't agree with this. I think that folks have to take some responsibility for their actions, and this, to me, seems unreasonable to the timeshare sales folks. And I say this as someone who doesn't like the salesweasels, in general.

Maybe something like 30 days.

Cheers.

 

[Wgk101]

Even if they increased the time for rescission, there would still be buyers , who at the 25 day out of thirty rescission period asking this board what they should do

 

[brp]

Even if they increased the time for rescission, there would still be buyers , who at the 25 day out of thirty rescission period asking this board what they should do

Agreed. There would. There will always be people who buy something and then have second thoughts. These things usually have fixed (relatively short) return periods during which people can re-evaluate their purchase decisions.

Cheers.

 

[OldGuy]

Buying a timeshare is not like buying anything else that I can think of. At best, buyers have a vague idea of what they think they bought.

There's not many things you buy that you don't really know what you bought for a long, long time, and, then, so often it is not what it was represented to be.

Not my opinion . . . the actual words of thousands of buyers when you peruse things like BBB complaints, or google something like WXYZGate or ABCDGreen Complaints.

So many of the deadbeats trying to unload their timeshares say exactly that, that when they tried to use it, they couldn't, or couldn't get what they were told they could, etc.

That is the issue lawmakers will address if the industry doesn't.

(Not how long the cooling-off period should be.)

 

[brp]

Buying a timeshare is not like buying anything else that I can think of. At best, buyers have a vague idea of what they think they bought.

Except that information exists if people make the effort to find it.

In any event, that's my opinion, and I expected most/all here to disagree.

Cheers.

 

[PigsDad]

Except that information exists if people make the effort to find it.

In any event, that's my opinion, and I expected most/all here to disagree.

I agree with you! My personal experience is that I researched the s**t out of it before I purchased. Maybe that is why I tend to have little sympathy for those who play the victim card when they never did any research or even read the contract before the recession date. I'm not saying that the timeshare sales staff are angels, but people need take ownership of their decisions in the end. It's not like anyone held a gun to their head to sign and never do any research of their own. JMHO.

Kurt

 

[dayooper]

I actually don't agree with this. I think that folks have to take some responsibility for their actions, and this, to me, seems unreasonable to the timeshare sales folks. And I say this as someone who doesn't like the salesweasels, in general.

Maybe something like 30 days.

Cheers.

Yes, I agree, people need to take responsibility for their actions, but why don’t the developers and salesman have to take responsibility for what they say?