BUYERS REMORSE

[Passepartout]

Let's not forget that resale wouldn't exist if someone didn't buy a developer VOI first. Some people like to pay extra for a new BMW or Mercedes when a used Chevy would do. Can you justify the cost from a pure $ standpoint? Not really. But intangibles knowing that you have "new" or brand prestige, or comfort that the car will work vs. a used car can be factors beyond pure economics. Calling it a scam is over the top. Some people are busy executives and don't have time to research the overly-complicated timeshare market and scour EBay for a resale deal or don't want the risk of getting scammed by resale.

They just want to vacation and move on. For some people, $50k - $100k is not a big deal or big risk compared to the cost and maintenance of a second home. I have a well-to-do friend who blew $50k on designer clothes, wines and champagnes that he brought home on a trip to Europe. Was he scammed because he could buy the same thing at the local outlet mall for a fraction of the price? or was there something to the experience of shopping on the Champ d'Elysee at Chanel? or at a winery in France?

Not really a great analogy. Timeshares, whether purchased from the developer or from an owner who wants to divest from it are exactly the same. There is only a 'brand new' timeshare once. The day after the place opens, it's used. Someone slept in the bed the night before, sat at the table, had their food in the fridge.

Afford it or not, ALL timeshares are used.

Jim

 

[billymach4]

Not really a great analogy. Timeshares, whether purchased from the developer or from an owner who wants to divest from it are exactly the same. There is only a 'brand new' timeshare once. The day after the place opens, it's used. Someone slept in the bed the night before, sat at the table, had their food in the fridge.

Afford it or not, ALL timeshares are used.

Jim

While I agree that timeshares are a sort of pseudo-virtual object. Almost akin to crypto currency.... almost but not quite as worthless. There is some inherent value to a good branded system. That being said I can relate to how this OP feels in their remorse. Use it, enjoy it. Learn the in's and out's. Hang out here at TUG and have a good time.

I might also add... That yes someone has to buy and pay full freight in order to create the resale market. We here at TUG will discourage all that want to buy direct from the Sales office. For that I am sorry you fell victim.

You ask any Tugger here and we have tall tales of our first experience with the Sales office.
Some of us were lucky. Some not so lucky to have found TUG in Time!

 

[CalGalTraveler]

Not really a great analogy. Timeshares, whether purchased from the developer or from an owner who wants to divest from it are exactly the same. There is only a 'brand new' timeshare once. The day after the place opens, it's used. Someone slept in the bed the night before, sat at the table, had their food in the fridge.

Afford it or not, ALL timeshares are used.

Jim

You are missing my point. People pay a premium for intrinsic value beyond pure economics. Otherwise no one would ever buy luxury items - and its not simply because they are new vs.resale.

 

[Passepartout]

You are missing my point. People pay a premium for intrinsic value beyond pure economics. Otherwise no one would ever buy luxury items - and its not simply because they are new vs.resale.

Oh, I get your point exactly. If getting from point 'A' to point 'B', was what was important, nobody would buy a Mercedes Benz.

 

[timesharesrock]

I own both a retail dead and resale deed. Bought retail 10 years ago for about $22K for about 8,000 points, with 30,000 bonus points, picked up another 7,000 points via resale a few years after that, and adding another resale hopefully this month (another 16,000 points). If I just look at the retail deed and how much we've traveled with it we are still ahead of the game (including the MAINT fees). We used the bonus points to book 4 1 Bed Rooms in Hawaii for a week. If you assume $400 (which is probably low we stayed in July during High Season) a night for the 28 nights that equals about the half of what we paid for. It's all about maximizing points when you're staying (try to avoid staying Friday/Sat/Sun nights) or at least miss one of them as the point count is higher. Also for us with two kids it gives us the flexibility to spread out, kitchen to cook breakfast or eat a meal or two in the room adds up to huge savings. The places we've traveled and the fun we've had both my wife and I (Hawaii 5 times and plus the rooms I mentioned above where we brought our family, Miami multiple times, Carlsbad, Orlando more times than I count, Marco Island) , and now our two boys (5 & 7), you can't put a price on it the memories and time spent together (I know that sounds corny).

Also to put it in perspective we just stayed a Marriott in Singer Island over Thanksgiving, 2 bedroom suite that costs $800 per night (we like to explore locations out of the HGVC brand). Those four nights cost me $3,200 (was worth every penny and kids had a blast) and the property was just as nice as the HGVC locations. If you look to work the points correctly you will have a blast with it! And if you want more points pick some up via re-sale. Just my two cents at a 10 year HGVC owner and Marriott Bonvoy Platinum member.

 

[CPNY]

1. What did you buy? (resort, season, points)

I bought into HGV at 30k with 19000 points bonus to use within 2 years w/ about 8k points per year

1. Do you have a loan?

I haven't paid anything yet. My plan was to just pay it all off immediately to avoid the high interest rate.

1. Can you afford to travel to this timeshare every year and pay annual maintenance fees?

I can definitely afford to travel, I think i'm just overwhelmed by how clear of a scam this is after reading so much on this forum and others and wish i hadn't signed on that dotted line.

1. What does your home week rent for. If you have a loan, can you rent out your home week for maintenance fees and loan payments until it is paid off?

I'm not sure this is applicable.


As stated previously, you can try to send a letter of rescission. Do this now. If your timeshare is in certain states such as Florida, South Carolina or California, you can let it go into foreclosure, but you may get hassled by bill collectors and may get a ding on your credit record if you have a loan, but it will go away after a few years if HGVC won't work with you to rescind.

Yea i don't want the hit on my credit. It's almost 800 and i feel like the constant debt collectors calling would be too much anxiety (!)


I really appreciate all these replies. Making me feel better already!

It’s not a scam, you just over paid. It would be a scam if you bought HGVC in Vegas and were given a deed to some unknown timeshare in Guatemala.

you’re not the only person who over paid for their timeshare. Welcome to the club. Learn how to use what you have, you may be like most of us who end up buying more on the resale market to really make it work for you. I went from a disgruntled owner of one overpriced timeshare, to owning 5 and using them all

also, good idea to pay it off quickly. So many sign up for the 30K mortgage and at the end of paying their monthly payment, they actually spent 60K on it. So consider your plan and ability of paying it off quickly as saving you 30K