Cancel HGVC at Elara

[Stilldre]

So I just got sucker into a deed yesterday in Vegas at The Elara with my parents only because of my lack of knowledge surrounding timeshares. All 3 of our names are on the deed, do you recommend going back to the club directly to cancel or is that just a waste of time. Also if a rescind letter is the only option how do I word it since all 3 of our names is on it?

 

[dougp26364]

Just say you wish to exercise your right to rescind the contract and have all three signatures on the letter. Send it certified mail return receipt to prove date it was sent and date it was received. Expect a phone call begging you to keep the contract or even threatening you that you’ll never ever be allowed to stay at a Hilton timeshare on a special presentation deal or attend a presentation for gifts again. Ignore them and rescind the contract ASAP.

If you walk it in, make sure you get proof they accepted your letter of intent to rescind the deal. Otherwise it might get “lost”. Personally, I’d go with the letter and avoid a face to face confrontation and any additional wasted time as they try to salvage the sale.

 

[HuskerATL]

In addition to what dougp26364 said, I put the names on the contract, the contract number, the location of the property where you bought at, and then all three people sign and send certified USPS before the deadline in the contract. Some contracts have a cancelation page that you just sign and send back so look in the contract. If they don't, then they will provide the address to send it to. It, more than likely, will not be the same location where you had your meeting.

 

[Stilldre]

Just say you wish to exercise your right to rescind the contract and have all three signatures on the letter. Send it certified mail return receipt to prove date it was sent and date it was received. Expect a phone call begging you to keep the contract or even threatening you that you’ll never ever be allowed to stay at a Hilton timeshare on a special presentation deal or attend a presentation for gifts again. Ignore them and rescind the contract ASAP.

If you walk it in, make sure you get proof they accepted your letter of intent to rescind the deal. Otherwise it might get “lost”. Personally, I’d go with the letter and avoid a face to face confrontation and any additional wasted time as they try to salvage the sale.

Thank you so much for this info. I definitely don't want any confrontation with them and wasting my vacation time while here in Vegas. I will definitely get this signed and mailed off today at the nearest post office here in Vegas.

 

[Stilldre]

In addition to what dougp26364 said, I put the names on the contract, the contract number, the location of the property where you bought at, and then all three people sign and send certified USPS before the deadline in the contract. Some contracts have a cancelation page that you just sign and send back so look in the contract. If they don't, then they will provide the address to send it to. It, more than likely, will not be the same location where you had your meeting.

Thank you so much they provided me a hard copy of the "Time Share Notice of Cancellation" document. I'lll copy it and have them sign and return separately as you suggested. It looks like it's a 5 day calendar cancellation, I'm assuming weekends count is that correct?

 

[HuskerATL]

I would get it off before the weekend to be safe. It is the mailed date that matters, not when they receive it.

 

[lmgmhg]

This just happened to me and hubby on the 25th. I found this place and sent my rescission letter and paperwork by overnight mail on the 29th. I am crossing my fingers no issues. We really want to get a HGVC on resale.

 

[letsgobobby]

This just happened to me and hubby on the 25th. I found this place and sent my rescission letter and paperwork by overnight mail on the 29th. I am crossing my fingers no issues. We really want to get a HGVC on resale.

welcome, if you followed the instructions exactly you'll be fine.

 

[4TimeAway]

This just happened to me and hubby on the 25th. I found this place and sent my rescission letter and paperwork by overnight mail on the 29th. I am crossing my fingers no issues. We really want to get a HGVC on resale.

Hope you are able to rescind.


They are very effective at the time pressure of today and buyers should push back. Sure, they can throw in a shiny prize, but the trick is to understand the value of what you are buying and that simply can't be done in 90 minutes. Another trick they also do is to lower the offering say every other year, during the off season, and then only a studio, but don't really talk about that when they drop the price.



Hell, I consider myself fairly educated and have 100 hours of reading and podcasts, but still feel like I know very little of the tips and tricks to unlocking the value of a timeshare.

The value on the resale market is so incredible it almost feels too good to be true. What I mean is a 2-bedroom condo in Hawaii is worth say, $500,000 at 50 weeks a year, that's $10,000 which is about what the timeshare resale market prices it at. Sure, you pay MF and it's not a great deal, but the hassle factor is so much lower.

 

[muscae]

You can not buy a 2BR condo in Waikiki that is close to Hilton quality for $500k. They would be much higher. Once you buy that condo there are monthly HOA and maintenance fees which when annualized are higher than a TS MF. You can not compare buying a condo which is an investment to buying a TS which provides a vacation.

 

[4TimeAway]

You can not buy a 2BR condo in Waikiki that is close to Hilton quality for $500k. They would be much higher. Once you buy that condo there are monthly HOA and maintenance fees which when annualized are higher than a TS MF. You can not compare buying a condo which is an investment to buying a TS which provides a vacation.

Please tell me more and share your thoughts.


I live in Los Angeles and have considered Marina del Rey with Land Lease Charges that make my eye bleed.

 

[lmgmhg]

Thank you everyone. We are hoping everything runs smooth with the rescind.

 

[letsgobobby]

You can not buy a 2BR condo in Waikiki that is close to Hilton quality for $500k. They would be much higher. Once you buy that condo there are monthly HOA and maintenance fees which when annualized are higher than a TS MF. You can not compare buying a condo which is an investment to buying a TS which provides a vacation.

I'd say the truth is somewhere in between, Lagoon 2 BR OV easily available for $10,000 including fees. That's $520,000 annualized. Similar quality/location would be minimum $1,000,000 so point to the TS. But Lagoon MF is $2000 and annualized that is $104,000, far more than comparable HOA/tax/insurance. Point to direct ownership. Then beyond that TS has no maintenance or repairs (though special assessments possible just like your own unit), point to TS.

Would we consider 4 weeks at Lagoon for $40,000 up front and $8000 per year a fair deal? absolutely.

 

[CPNY]

Thank you everyone. We are hoping everything runs smooth with the rescind.

How much was your contract for? We like to track how much TUG has saved owners from rescinding! Congrats on finding TUG in time!!!

 

[CPNY]

So I just got sucker into a deed yesterday in Vegas at The Elara with my parents only because of my lack of knowledge surrounding timeshares. All 3 of our names are on the deed, do you recommend going back to the club directly to cancel or is that just a waste of time. Also if a rescind letter is the only option how do I word it since all 3 of our names is on it?

how much was your contract for? We like to track how much TUG has saved owners from rescinding! Congrats on finding TUG in time!!!

Make sure everyone who signed the contract signs the rescission letter!! Look to buy another system resale!

 

[HuskerATL]

Would we consider 4 weeks at Lagoon for $40,000 up front and $8000 per year a fair deal? absolutely.

I wouldn't but I buy cheap/low MF weeks and then use them in places like that. I just booked two units there for next summer which cost me about $400 total for 6 nights.

 

[4TimeAway]

I'd say the truth is somewhere in between, Lagoon 2 BR OV easily available for $10,000 including fees. That's $520,000 annualized. Similar quality/location would be minimum $1,000,000 so point to the TS. But Lagoon MF is $2000 and annualized that is $104,000, far more than comparable HOA/tax/insurance. Point to direct ownership. Then beyond that TS has no maintenance or repairs (though special assessments possible just like your own unit), point to TS.

Would we consider 4 weeks at Lagoon for $40,000 up front and $8000 per year a fair deal? absolutely.

This is exactly how I look at it.

One other thing is owning a "vacation home" is a real work. A month of usage is about right for something like this. What you give up is control and 365 availability, but that is not a dealbreaker for the time it frees up.

Then you add in the ability to downgrade the unit and get two months instead of one or get two units, so friends and family have their own space and it really solves many challenges with "owning" a place and hosting people. When you add the ability to use different locations, it seems to really be a lifestyle upgrade.


If you can afford them, I see no reason to not prefer timeshares over having multiple homes. I will probably keep two homes, but in retirement I can see a homebase, an RV and some timeshares as being a semi-frugal, but enjoyable lifestyle.

I guess this can scale if you are uber wealthy with the private residence clubs but committing that kind of capital to an ongoing $1,000+ a night idea seems where the just buy some places could make sense. However, my clients who have tried this seem to be excited when they buy the $5M Park City Home, but then learn of needing facilities engineer to oversee the home, especially the elevator, and winterization issues it becomes a bit of an albatross.

We all commit ourselves to liabilities and call them assets, then we pay others to fix the mess we create. A timeshare to me is a known liability that we can just use and enjoy.

 

[4TimeAway]

I wouldn't but I buy cheap/low MF weeks and then use them in places like that. I just booked two units there for next summer which cost me about $400 total for 6 nights.

I think the ability to be location flexible is very important to unlocking the timeshare value proposition.

The idea of optimizing for MF makes sense, but if it's a few more dollars to get a bit of priority at the location you want, I see for some it makes sense to "overpay" a bit.

 

[HuskerATL]

I think the ability to be location flexible is very important to unlocking the timeshare value proposition.

The idea of optimizing for MF makes sense, but if it's a few more dollars to get a bit of priority at the location you want, I see for some it makes sense to "overpay" a bit.

I agree about flexibility and that is why cheap weeks are important. You can use those points anywhere at a lower cost than the folks who own there. It is thousands of dollars difference multipled by a however many years you own when you own many weeks like we do.

Most owners never use homeweek and if you don't, there is no advantage to owning there. There are exceptions with HC though.... If you use them. There are only a few properties that I would say are worth owning there for HW purposes and paying extra for.

 

[4TimeAway]

I agree about flexibility and that is why cheap weeks are important. You can use those points anywhere at a lower cost than the folks who own there. It is thousands of dollars difference multipled by a however many years you own when you own many weeks like we do.

Most owners never use homeweek and if you don't, there is no advantage to owning there. There are exceptions with HC though.... If you use them. There are only a few properties that I would say are worth owning there for HW purposes and paying extra for.

I fear many people start with purchase price, $1 is great, but the pt/MF Ratio is terrible.

The strategy I'm using is to buy platinum, high point shares at locations I might want to use at peak times, knowing I'm spending say 20% more for than the best pt/MF.

I think there was a chart somewhere, but it is a dance between initial cost/MF ratio and if homeweek is attractive to you.

One thing I also fear is people don't think about location risks (hurricane, fires, volcanos, etc.). I think it's worth spreading your shares in different locations and/or companies.

 

[HuskerATL]

I fear many people start with purchase price, $1 is great, but the pt/MF Ratio is terrible.

The strategy I'm using is to buy platinum, high point shares at locations I might want to use at peak times, knowing I'm spending say 20% more for than the best pt/MF.

I think there was a chart somewhere, but it is a dance between initial cost/MF ratio and if homeweek is attractive to you.

One thing I also fear is people don't think about location risks (hurricane, fires, volcanos, etc.). I think it's worth spreading your shares in different locations and/or companies.

There is a balance between price and season. I agree that for the same price or similar, platinum is the best because you have the lowest MF/pt cost by property/unit type but I look at the whole cost picture which includes purchase price, closing costs, and MFs. If a platinum is significantly higher than a gold, then the gold may make sense. Just to compare the total cost, you can have a $1000 purchase price with a $2000 closing and $1,800 MFs versus a Craig that is $2k purchase price and a 195 pound legal fee and less than $1k MFs. I would go for the Craig.

 

[letsgobobby]

yes i think those Craig deeds fly under the radar.

But i always think about exit strategy and try to buy deeds that you are unlikely to get stuck with later. for me plat is better than gold for that reason.

 

[muscae]

There is a balance between price and season. I agree that for the same price or similar, platinum is the best because you have the lowest MF/pt cost by property/unit type but I look at the whole cost picture which includes purchase price, closing costs, and MFs. If a platinum is significantly higher than a gold, then the gold may make sense. Just to compare the total cost, you can have a $1000 purchase price with a $2000 closing and $1,800 MFs versus a Craig that is $2k purchase price and a 195 pound legal fee and less than $1k MFs. I would go for the Craig.

You are overstating the vegas MF in your comparison. 2BR Plat at blvd is $991, Elara is $1268 in the sticky. Congrats for getting the Craig MF at an old exchange rate. At today's rate Craig lodges MF is $1065 given the 805 pounds you put in the sticky.

I personally would be wary of a foreign purchase due to currency exchange rate fluctuations. But to each their own....

I know I wouldn't want to have a Coylumbridge unit and looking to either have to go to Scotland every year Orr try to rent it out. Yes, I am aware of the difference between the HGVC relationship between COy and Craig. Again, to each his own. To help OP, do your research and purchase within your comfort level for price and risk.

 

[dayooper]

yes i think those Craig deeds fly under the radar.

But i always think about exit strategy and try to buy deeds that your are unlikely to get stuck with later. for me plat is better than gold for that reason.

This is the most underrated aspect of buying. If we have to divest ourselves of our ownership, our 2 deeds can sell easily or we can even give them away no problem. A cheaper, less desirable deed might be harder to get rid of.

 

[HuskerATL]

You are overstating the vegas MF in your comparison. 2BR Plat at blvd is $991, Elara is $1268 in the sticky. Congrats for getting the Craig MF at an old exchange rate. At today's rate Craig lodges MF is $1065 given the 805 pounds you put in the sticky.

I personally would be wary of a foreign purchase due to currency exchange rate fluctuations. But to each their own....

I know I wouldn't want to have a Coylumbridge unit and looking to either have to go to Scotland every year Orr try to rent it out. Yes, I am aware of the difference between the HGVC relationship between COy and Craig. Again, to each his own. To help OP, do your research and purchase within your comfort level for price and risk.

Actually, the one that I stated was right of a sales sheet for W57Th and the Craig was $692 this year and will be $700 something this year.

Even if the exchange rate changes, they will still be lower than almost every domestic MF plus with Lodges sharing amenities with Suites, they have little risk of going the Coy route